1. The license of Sarjeraodada Naik Shirala Sahakari Bank Ltd has been cancelled by RBI due to lack of adequate capital and earning prospects.
- The bank with its present financial position is unable to pay its present depositors in full.
- RBI has prohibited it from conducting business with effect from the close of business on March 02, 2022.
- The bank was not complying with various sections of the Banking Regulation Act, 1949.
- On liquidation, every depositor would be entitled to receive deposit insurance claim up to Rs 5,00,000 from Deposit Insurance and Credit Guarantee Corporation (DICGC).
- RBI has also given an order to appoint a liquidator for the Sarjeraodada Naik Shirala Sahakari Bank Ltd.
2. Sanjiv Kapoor has been hired as Chief Executive Officer of Jet Airways.
- Sanjiv was earlier Chief Commercial Officer at Vistara. He has earlier worked as Chief Operating Officer (COO) of SpiceJet.
- Vipula Gunatilleka has been appointed as Chief Financial Officer (CFO) of Jet Airways.
- Under its new promoters, Jet Airways is expected to resume flights in May.
- Murari Lal Jalan is proposed Non-Executive Chairman of Jet Airways. Jalan is Lead Partner of the Jalan-Kalrock Consortium.
- Jalan-Kalrock Consortium is a consortium of Kalrock Capital and businessman Murari Lal Jalan.
- In October 2020, it got approval for its resolution plan to revive and restart Jet Airways.
Topic: Indian Economy/Financial Market
3. IIAM and Jupitice have signed MoU to offer digitalised Alternative Dispute Resolution (ADR) services.
- Indian Institute of Arbitration and Mediation (IIAM) will become India’s first-ever fully-digitalized ADR Centre to provide online institutional ADR services.
- Jupitice, world’s first Justice Technology (JusTech) company, will provide its technological support to IIAM.
- IIAM’s ADR Centre will get digital transformation and disputants will be able to prepare their pleadings and upload supporting documents on a single platform remotely.
- They will also be able to draft and submit proposals, appear online and conduct the entire proceedings on a single platform remotely.
- IIAM will become India’s first ADR institution to conduct its end-to-end operations online.
- IIAM provides institutional Alternative Dispute Resolution (ADR) services. It was started in 2001. It is a non-profit organization registered in India.
4. RBI has exempted investments by Primary UCBs in the capital of Umbrella Organisation (UO) from the non-SLR securities holding limitations.
- This will encourage Primary urban co-operative banks (UCBs) to subscribe to the capital of UO and acquire its membership.
- As per RBI’s 2009 circular on ‘Investments in Non-SLR securities by Primary UCBs’, non-Statutory Liquidity Ratio (non-SLR) investments were limited to 10% of total deposits of the bank as on March 31 of the previous year.
- According to the same circular, investments in unlisted securities were not to exceed 10% of the total non-SLR investments at any time.
- In June 2019, RBI gave regulatory approval to National Federation of Urban Co-operative Banks and Credit Societies Ltd. (NAFCUB) for the formation of a UO for the UCB sector.
- The approval also permitted UCBs to subscribe to the capital of the UO on a voluntary basis.
- Debentures/bonds, preference shares, equity shares, mutual fund units, commercial paper, and investment in securities issued by a securitisation/reconstruction company are Non-SLR securities.
5. RuPay has been announced by Indian Premier League Governing Council as Official Partner for TATA IPL.
- TATA IPL will begin on 26 March 2022. The partnership will be a multi-year partnership.
- RuPay is the first-of-its-kind Global Card payment network from India. It is a flagship product of National Payments Corporation of India (NPCI).
- NPCI was incorporated in 2008. It is an umbrella organization for operating retail payments and settlement systems in India.
Topic: Regulatory Bodies/Financial Institutions
6. SEBI has found non-compliance on Indiabulls Housing Finance’s website.
- SEBI has informed the company of non-compliance related to availability of certain information on its website.
- It further ordered the company to take corrective measures as well as to inform stock exchanges in a month.
- Corporate finance investigation department has been carrying out a probe since May 12, 2020 on various allegations against the company.
- Securities and Exchange Board of India (SEBI):
- SEBI was set up in 1988 and given statutory status in 1992. Its headquarters is located in Mumbai.
- It is a regulator of the securities market in India and aims to protect the interests of investors in securities market.
- Madhabi Puri Buch is the current chairman of SEBI.
Topic: Banking System
7. Indian Overseas Bank (IOB) has sanctioned ₹1,000 crore loan to Jammu and Kashmir Infrastructure Development Finance Corporation Ltd (JKIDFC).
- The bank has already disbursed ₹500 crore of the total sanctioned amount to JKIDFC.
- The bank has sanctioned loans as part of its plan to widen credit growth and funding infrastructure.
- Indian Overseas Bank is a nationalized bank headquartered in Chennai. Partha Pratim Sengupta is its MD and CEO.
8. $25-million Agri Seed Fund launched by Flipkart-backed agtech platform, Ninjacart.
- The fund has been launched to support emerging and new-age start-ups in agriculture sector.
- Ninjacart will make seed investments in start-ups, entrepreneurs and tech innovators who provide unique, sustainable and tech-enabled solutions.
- Ninjacart will also lend these startups access to the agri-platforms extensive technology infrastructure.
- Ninjacart is largest Fresh Produce Supply Chain Company of India.
9. Tata Elxsi and Renesas Electronics Corporation have announced partnership.
- The partnership is for establishment of a design centre in Bengaluru for electric vehicles.
- Renesas Electronics Corporation is a Japanese company. It is an advanced semiconductor solutions provider.
- Tata Elxsi is a design and technology services company of Tata Group.
10. Coal India (CIL) and Bharat Heavy Electricals (BHEL) will collaborate for coal gasification projects.
- Coal Ministry aims to achieve 100 MT gasification by 2030. For this, CIL has taken up four projects.
- The projects will be implemented in phases. In the first phase, the project based on low ash coal available in CIL will be taken up.
- In August 2020, Coal Minister has said that India aims for 100 MT coal gasification by 2030 with ₹4 lakh crore investments.
- India has reserve of about 344 billion tonne (BT) of non-coking coal. Out of this, 163 BT are proven reserves.
- Coal gasification is cleaner option than burning of coal. Syngas, produced from gasification, can be used to produce gaseous fuels such as hydrogen, substitute natural gas (SNG or Methane) and Di-Methyl Ether (DME).
11. Hero MotoCorp launched new electric mobility brand named as Vida.
- The first electric two-wheeler under Vida will be launched in India on July 1, 2022.
- The company will produce electric vehicles at a factory in Chittoor, Andhra Pradesh.
- Hero MotoCorp had previously announced that its first e-scooter would be released in March.
- Hero MotoCorp is an Indian two-wheeler manufacturer headquartered in New Delhi. Pawan Munjal is its MD and CEO.