Banking, Financial and Economic Awareness

Topic: RBI

1. RBI decides to introduce a new 10-year Government Security (G-Sec).

  • RBI has decided to introduce a new 10-year Government Security (G-Sec).
  • New 10-year G-Sec will become benchmark paper. Through this, the government will borrow ₹14,000 crores at the upcoming auction on 09 July.
  • If the outstanding amount reaches about Rs 1.20 lakh crore, a new 10-year G-Sec is issued. Outstanding limit in the current 10-year G-Sec has reached about ₹1.20-lakh crore.
  • RBI has used nearly three-fourth of 5.85% G-Sec/GS via its G-Sec Acquisition Programme and special open market operations.5.85 percent 2030 GS was first issued on December 1, 2020.
  • Government will overall borrow Rs. 26,000 crore on 09 July. Government will borrow this amount through the auction of the 4.26 % GS 2023 (₹3,000 crore), New GS 2031 (₹14,000 crore) and 6.76 % GS 2061 (₹9,000 crore).
  • The date of repayment in the case of 4.26% GS 2023 is 17 May 2023. The date of repayment in the case of New GS 2031 is 12 July 2031. In the case of 6.76 % GS 2061, the date of repayment is 22 February 2061.
  • On July 8, RBI will purchase five G-Secs aggregating Rs20, 000 crore under its G-Sec Acquisition Programme (G-SAP 2.0).
  • RBI will conduct the next purchase under G-SAP 2.0 on July 22, 2021 for Rs 20,000 crore.

Topic: Appointments

2. BBB recommends 10 candidates to panel for filling vacancies of Executive Directors in various PSBs in 2021-22.

  • Banks Board Bureau (BBB) has recommended 10 candidates to panel for filling vacancies of Executive Directors in various PSBs in 2021-22.
  • BBB has shortlisted 10 candidates out of 40 candidates from various PSBs. Their names are given in the following table.

10 candidates recommended by BBB to panel for Executive Directors in PSBs in 2021-22

Rajneesh Karnatak

Joydeep Dutta Roy

A V Rama Rao

Nidhu Saxena

Ashok Chandra

Kalyan Kumar

Asheesh Pandey

Ashwani Kumar

Ramjass Yadav

Shiv Bajrang Singh

  • This panel will be used for filling vacancies in the financial year in 2021-22.
  • Only candidates having completed at least 2 years as General Managers or/and Chief General Manager and 3 years of residual service as of April 1, 2020 were considered by BBB.

Topic: Corporates/Companies

3. PhonePe partners with Flipkart to digitize cash-on-delivery payments.

  • PhonePe has partnered with Flipkart to digitize cash-on-delivery payments and launch contactless ‘Scan and Pay’ feature for Flipkart’s pay-on-delivery orders.
  • The partnership would reduce personal contact. With this facility, customers will scan PhonePe QR code to make contactless payments for deliveries from Flipkart.
  • PhonePe is a Bangalore-based Indian digital payments and financial services company. It was founded by Sameer Nigam, Rahul Chari and Burzin Engineer in 2015.
  • Flipkart is an e-commerce company. It is headquartered in Bangalore. Myntra and PhonePe are its subsidiaries. It was founded by Sachin Bansal and Binny Bansal.

Topic: Committees/Commissions/Taskforces

4. Government establishes Advisory Council for Open Network for Digital Commerce (ONDC).

  • Government has established Advisory Council for Open Network for Digital Commerce (ONDC).
  • Advisory Council comprises Nandan Nilekani, Anjali Bansal and senior representatives from the government and retailers organisations.
  • Other members of Advisory Council are RS Sharma, Adil Zainulbhai, Arvind Gupta, Dilip Asbe, Suresh Sethi, Praveen Khandelwal and Kumar Rajagopalan.
  • Additional Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT) is the Convener of Advisory Council.
  • Open Network for Digital Commerce (ONDC) is a project of DPIIT. It has been assigned to the Quality Council of India (QCI).
  • It aims at promoting open networks developed\ on open sourced methodology, using open specifications and network protocols independent of any specific platform.

Topic: Reports and Indices

5. NIBRI increases to 91.3 for the week that ended on July 4.

  • Nomura India Business Resumption Index (NIBRI) has increased to 91.3 for the week that ended on July 4.
  • NIBRI is now only 8.7 percentage points below pre-pandemic levels and 3.6 percentage points below pre-second wave level.
  • Google’s workplace and retail and recreation mobility indices increased 3.1 percentage points (pp) and 6.9 pp, respectively. Apple driving index increased 10.3 pp.
  • Power demand increased 6.9% week-on-week after a 7.8% increase in the previous week. Labour participation rate declined to 39.6%.

Topic: Reports and Indices

6. Services Purchasing Managers’ Index (PMI) contracts to 41.2 from 46.4 in May.

  • Services Purchasing Managers’ Index (PMI) contracted to 41.2 from 46.4 in May.
  • This level is the lowest in 11 months. It will affect the GDP growth rate during April-June quarter.
  • Services have a maximum share in India’s GDP with over 57 % contribution. Manufacturing has around a 17 % share in GDP.
  • Recently, Manufacturing PMI for June has declined to 48.1. As per IHS Markit, the decline in jobs was widespread across the five monitored sub-sectors and led by Consumer Services.

Topic: Miscellaneous

7. Invest India wins most innovative Investment Promotion Agency 2021 award.

  • Invest India has been awarded the world's most innovative Investment Promotion Agency 2021 by OCO Global.
  • Commerce and Industry Minister Piyush Goyal and Information and Broadcasting Minister Prakash Javadekar congratulated Invest India for winning the award.
  • OCO Global is a leading economic development advisory firm. It works with governments and companies worldwide on international investment and trade attraction.
  • Invest India:
    • It is the National Investment Promotion and Facilitation Agency of India.
    • It was established in 2009 as a non-profit venture.
    • It works under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
    • CEO & MD: Deepak Bagla

Topic: Indian Economy

8. India recorded highest ever exports in first quarter of 2021.

  • India recorded the highest ever exports in the first quarter of 2021.
  • Despite the second wave of the COVID-19 pandemic, India exported goods of 95 Billion dollars in the first quarter of this financial year.
  • The export of engineering goods has increased by 5.2 billion dollars than the previous first quarter of 2019-20.
  • For the current financial year, India has set a target of 400 billion US dollars merchandise exports.
  • India has also received the highest ever Foreign Direct Investment of 81.72 billion US dollars in the financial year 2020-21.
  • Refined Petroleum, Diamonds, Packaged Medicaments, Jewellery, and Rice are the top export products of India.

 

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