Banking, Financial and Economic Awareness

2020-09-08

1. L&T Power gets a number of orders in India and Oman

  • L&T Limited’s subsidiary company, L&T Power Transmission & Distribution, has got a number of orders in India and Oman.
  • The projects in India include the establishment of 400kV substations with reactors and 170 km transmission links for an infrastructure project in Telangana.
  • The projects in Oman include the construction of 400kV overhead lines to connect three grid stations.
  • It has also got an order from Konkan Railway Corporation Ltd. The order is for providing electrical and mechanical sections for two systems in the Katra Dharam section of the Udhampur Srinagar Baramulla rail link project.
  • L&T Power is a subsidiary of Larsen & Toubro (L&T) Limited, an Indian conglomerate headquartered in Mumbai.

2. GEAC allows confined field trials of two Bt brinjal varieties

  • Genetic Engineering Appraisal Committee (GEAC) has allowed confined field trials of two Bt brinjal varieties, Janak and BSS-793.
  • The permission has been given to a Jalna-based firm, Beejsheetal Research Private Ltd, for trials in seven states between 2020 and 2023.
  • The trial can be started only after permission from the state agricultural departments.
  • Two Brinjal varieties carry a new bacterial gene Bt CryiFa1 (Event 142).
  • In 2009-10, the government stopped field trials of a Bt brinjal variety developed by Monsanto-Mahyco.
  • Transgenic Bt brinjal crop lowers down the frequency of spraying of pesticides and also the cost of the crop.
  • Genetic Engineering Appraisal Committee (GEAC):
    • It is a statutory body.
    • It comes under the Ministry of Environment, Forest and Climate change (MoEF&CC).
    • Special Secretary/Additional Secretary of MoEF&CC is its chairman.
    • It consists of 24 members.
    • It holds meetings every month.
    • It carries out the appraisal of proposals for the release of genetically engineered products and their field trials. It can take punitive action under the Environment Protection Act.

3. Sterling and Wilson Solar Ltd gets two orders in Australia

  • Sterling and Wilson Solar Ltd has got Rs. 1600 crore worth orders in Australia.
  • The company is already constructing three projects of more than 300 MW in Australia. Two new orders have installed capacity of more than 300 MW.
  • Globally, the company is having projects of 10.6 GW of solar power projects. 1,177 MW Solar PV plant in Abu Dhabi is one of them. This is the world’s largest single-site solar plant.
  • Sterling and Wilson Solar Ltd is headquartered in India. Shapoorji Pallonji and Company Private Limited is its parent organization.

 

 

 

4. Amazon bans sale of seeds by foreign sellers in US

  • Amazon has banned the sale of seeds by foreign sellers in US over security concerns.
  • US residents and people in other parts of the world, including UK have received seeds in e-commerce packages from China.
  • National Seed Association of India (NSAI) has also issued a warning on the entry of suspicious seeds in India. NSAI’s warning is based on the International Seed Testing Association (ISTA) warning.
  • International Seed Testing Association (ISTA) is an association of authorized laboratories checking the marketability of seed as per the laws of various countries.
  • National Seed Association of India (NSAI) is the apex association of the Indian seed industry representing industry and various stakeholders. It was formed in 2007.
  • Amazon is an American company. It is headquartered in Seattle, Washington. Jeff Bezos is its founder and CEO. Audible, Whole Foods Market, AbeBooks are its subsidiaries. 

5. Rs 47,000 crore loans approved under PMAY-CLSS

  • HDFC has approved Rs 47,000 crore worth loans under Pradhan Mantri Awas Yojana (PMAY)-Credit Linked Subsidy Scheme (CLSS).
  • HDFC has given subsidy to more than two lakh home buyers under PMAY-CLSS and has become the first lander and first financial institution to do so.
  • Under CLSS, home loans are provided to economically weaker sections (EWS), low income group (LIG) and middle income group (MIG). The loans are given for acquiring or building homes.
  • For EWS/LIG, the credit-linked subsidy is given for loans up to Rs 6 lakhs at 6.5% for 20 years or till the tenure of loan, whichever is earlier.
  • For MIG, credit-linked subsidy is given for loans up to Rs 9 lakh in case of MIG-I and Rs 12 lakhs in case of MIG-II at 4% and 3% respectively. The subsidy is given for 20 years or till tenure of loan whichever is earlier.
  • Credit Linked Subsidy Scheme (CLSS) is a component of PMAY. PMAY (Urban) was launched by the government on 25 June 2015 to provide housing for all in urban areas by 2022. Pradhan Mantri Gramin Awas Yojana (PMGAY) provides housing in rural areas. It was earlier named as Indira Awas Yojana (1985).
  • Phases of PMAY (U): PMAY (U) has three phases. Phase 1 (from April 2015 to March 2017) and Phase 2 (from April 2017 to March 2019) respectively cover 100 cities and 200 additional cities.  Phase 3 (from April 2019 to March 2022) covers the remaining cities.
  • HDFC Bank Limited is headquartered in Mumbai. HDFC Bank is India‘s largest private sector bank. It was founded in 1994. CEO of HDFC is Aditya Puri.

6. RBI provides parameters based on recommendations of expert committee

  • RBI has provided five financial parameters based on recommendations of an expert committee headed by former chairman of ICICI bank, KV Kamath. 
  • The financial parameters are related to leverage, liquidity and debt serviceability and must be used by lenders in finalizing resolution plans for eligible borrowers in 26 sectors. 
  • The five parameters are given below:
    • Total Outside Liabilities (TOL)/Adjusted Tangible Net Worth (ATNW)
    • Total Debt/EBITDA (Earnings before interest, taxes, depreciation and amortization)
    • Current Ratio (shall be 1.0 and above in all cases)
    • Debt Service Coverage Ratio (DSCR) (shall be 1.0 and above in all cases)
    • Average DSCR (shall be 1.2 and above in all cases)
  • RBI has provided two conditions for eligibility of borrowers for resolution. These are as follows:
    • Borrowers should be classified as standard.
    • Borrowers should have arrears of less than 30 days as on March 1, 2020
  • On August 7, 2020, RBI has formed five-membered expert committee headed by KV Kamath to recommend financial parameters for resolution plan in Resolution Framework for COVID-related stress.
  • The committee gave its report on September 4, 2020. RBI has largely accepted the report.

7. Vodafone Idea Ltd (VIL) rebrands its services as Vi

  • Vodafone Idea Ltd (VIL) has rebranded its services as Vi after two years since its formation by the merger of Vodafone and Idea Cellular.
  • Now, VIL will not offer its services as two separate brands (Vodafone and Idea).
  • VIR is also thinking about raising up to Rs 25,000 crore rupees to meet its Adjusted Gross Revenue (AGR) dues.
  • The company has also completed the integration of 93% network of Vodafone and Idea.
  • The company is required to pay its AGR dues over the next 10 years as ruled by Supreme Court.
  • Ravinder Takkar is MD and CEO of Vodafone Idea Ltd (VIL).
  • Adjusted Gross Revenue (AGR):
    • In 1999, government and telecom companies replaced the fixed license fee model with the revenue-sharing fee model.
    • Since 2005, they have disagreed over the calculation of AGR, a fee-sharing mechanism between the Department of Telecommunication and telecom companies.

(Source: Indian Express)

8. Signature Visa Debit Card launched for the high net worth individuals

  • Signature Visa Debit Card has been launched for high net worth individuals by Bank of India (BoI).
  • The card has been launched for high net worth individuals, who maintain Rs 10 lakhs and above as average quarterly balance.
  • The card carries a separate spending limit on POS & e-commerce and ATM. The spending limit on POS & e-commerce is Rs 5 lakhs. On ATM, the spending limit is Rs 1 lakh.
  • MD & CEO of Bank of India, Atanu Kumar Das, has also inaugurated Rural Self Employment Training Institutes (RSETIs). Inaugurated RSETIs are located at Barabanki in Lucknow and Giridih in Jharkhand.
  • Bank of India is owned by the government of India. It is headquartered in Mumbai. Its MD & CEO is Atanu Kumar Das. Its tagline is Relationships beyond Banking.

 

 

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