Banking, Financial and Economic Awareness of 6, 7 and 8 June 2021

By PendulumEdu | Last Modified: 08 Jun 2021 20:35 PM IST
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Topic: Reports and Indices

1. Global Wind Energy Council (GWEC) releases India wind energy market outlook.

  • Global Wind Energy Council (GWEC) has released India wind energy market outlook.
  • India will install 20GW of wind capacity over 2021-25 as per India wind energy market outlook.
  • Central tenders will contribute about 90% of this capacity addition.
  • As per the report, wind capacity awarded by centre decreased from 6.4GW in 2018 to 1GW in 2020.
  • The report says that the volume awarded by hybrid tenders increased from 0.8GW in 2018 to 2.8GW in 2020.
  • Government has a fixed target of 175 GW of installed renewable energy capacity by 2022. This would require a doubling of current wind capacity within the next two years.
  • India is the world’s fourth largest onshore wind market by cumulative installations. It is third largest carbon emitter in the world.
  • Global Wind Energy Council was set up in 2005. Its headquarters is located in Brussels, Belgium.

Topic: Miscellaneous

2. IREDA extends bid submission deadline for implementation of CPSU scheme phase-II.

  • Indian Renewable Energy Development Agency Ltd (IREDA) has extended the bid submission date to June 15 for implementation of CPSU scheme phase-II.
  • Central Public Sector Undertaking (CPSU) scheme phase-II aims to set up 12,000 MW grid-connected solar projects with viability gap funding (VGF).
  • Under the scheme, the cost difference between domestic and imported solar cells and modules is covered through VGF. Currently, the maximum permissible VGF is ₹55 lakh per MW.
  • CPSU should submit their responses by June 15 and successful bidders are to be selected by July 20.
  • Indian Renewable Energy Development Agency Ltd. (IREDA):
    • It comes under the administrative control of the Ministry of New & Renewable Energy (MNRE).
    • It is a Mini Ratna (Category – I) Government of India Enterprise. It is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987.

Topic: Miscellaneous

3. India’s first international maritime services cluster to be set up at GIFT City.

  • India’s first international maritime services cluster will be set up by Gujarat Maritime Board (GMB) at GIFT City.
  • The Maritime Cluster will comprise ports, shipping, logistics services providers and government regulators. These all will be present in the same geographic vicinity.
  • It will also have an Alternate Dispute Resolution (ADR) Centre.
  • GIFT City in Gandhi Nagar is the first and only functional International Financial Services Centre (IFSC) in India. Tapan Ray is MD & Group CEO, GIFT City.

Topic: Corporates/Companies

4. Tata Digital to invest $75 million in CureFit Healthcare.

  • Tata Digital will invest $75 million in CureFit Healthcare and CureFit Founder and CEO Mukesh Bansal will join Tata Digital as Tata Digital’s President.
  • Tata Sons had recently acquired a majority stake in bigbasket.
  • Indian fitness market is expected to reach $12 billion by 2025.
  • Tata Digital, a wholly-owned subsidiary of Tata Sons. N Chandrasekaran is Chairman of Tata Sons.

Topic: RBI

5. RBI imposes monetary penalty on Bank of India and on Punjab National Bank.

  • RBI has imposed a monetary penalty of ₹4 crore on Bank of India and of ₹2 crore on Punjab National Bank
  • RBI conducted statutory Inspection for Supervisory Evaluation (lSE) of Bank of India.
  • Bank of India has also conducted a review and submitted a Fraud Monitoring Report (FMR) dated January 1, 2019.
  • The examination of ISE and FMR has shown non-compliance with RBI’s directions.
  • RBI had imposed a penalty on Punjab National Bank for non-compliance with RBI’s direction in Master Directions on “Frauds – Classification and Reporting by commercial banks and select FIs” dated July 01, 2016.
  • Bank of India:
    • It is a government of India owned bank. It’s headquartered in Mumbai. Atanu Kumar Das is the MD & CEO of Bank of India.
    • It was founded in 1906. It is a founder member of SWIFT (Society for Worldwide Inter Bank Financial Telecommunications).

Topic: Appointments

6. Hitendra Dave to be appointed as Chief Executive Officer of HSBC India.

  • Hitendra Dave will be appointed as Chief Executive Officer (CEO) of HSBC India on receipt of regulatory approval.
  • He has been appointed as interim CEO, with effect from June 7. He will succeed Surendra Rosha.
  • Earlier, he was head of Global Banking and Markets of HSBC India.
  • HSBC is a British multinational investment bank and financial services holding company.

Topic: Banking System

7. Bank of Baroda’s Board of Directors approves set off of bank’s accumulated losses.

  • Bank of Baroda’s Board of Directors has approved setting off of the bank’s accumulated losses of Rs 11,048.44 crore.
  • The bank will use an equivalent amount standing to the credit of Share Premium Account (SPA).
  • The setting off of accumulated losses against SPA will be taken into account during current financial year 2021-22, subject to necessary approvals.
  • Due to the setting-off of the accumulated losses at one go, the Capital Adequacy Ratio (CAR) of bank will decrease.
  • Share premium is one important component of Common Equity Tier 1 Capital.

Topic: Appointments

8. R Radhakrishna takes charge as new CGM of Chennai circle of SBI.

  • R Radhakrishna has taken charge as the new Chief General Manager (CGM) of Chennai circle of SBI.
  • Before he was appointed CGM, he served as GM, Commercial Clients Group Regional Office in Bengaluru.  
  • State Bank of India (SBI):
    • It is a nationalized public sector bank and the largest lender of India.
    • In 2017, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Indore, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and Bharatiya Mahila Bank were merged with State Bank of India.
    • Life Insurance Corporation of India (LIC) is the largest non-promoter shareholder in SBI.
    • Headquarters: Mumbai, Maharashtra
    • Tagline: The Banker to Every Indian




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