1. RBI has released an Alert List of 34 entities.
- These entities are not authorized to deal in forex under the FEMA Act,1999 and to operate electronic trading platforms for forex transactions.
- RBI said that the Alert List is not exhaustive. It is based on known entities at the time of publication.
- The Alert List has been uploaded on RBI’s website. Some of the entities include AnyFX, OctaFX (official sponsor of Delhi Capitals), Ava Trade, Binomo, e Toro, Exness, FBS, Forex.com, XTB, etc.
- RBI said if an entity does not appear in the list, it should not be assumed to be authorised by the RBI.
2. S Krishnan has been appointed as Managing Director and CEO of Tamilnad Mercantile Bank.
- Krishnan Sankarasubramaniam has been appointed with effect from September 4, 2022 for three years.
- He earlier served as MD & CEO of Punjab & Sind Bank.
- IDBI Bank’s Board of Directors have approved the re-appointment of Samuel Joseph Jebaraj as Deputy Managing Director (DMD) on the Bank’s board.
- His appointment has been approved for a period of three years with effect from September 20, 2022.
- Tamilnad Mercantile Bank is a Thoothukudi (Tamil Nadu)-based bank.
- In June 2022, it received SEBI’s approval to raise funds through an initial public offering (IPO).
- IDBI Bank:
- It was set up in 1964. It is headquartered in Mumbai.
- Life Insurance Corporation of India (LIC) is the promoter of the IDBI Bank. It is having management control, with 49.24% stake.
- The Government of India is co-promoter of the IDBI Bank without management control, with 45.48% stake.
Took charge as new CEO of Indigo
Ajit Kumar Saxena
Selected for CMD post in MOIL Limited
Mahesh V Iyer
Chairman of Mahanagar Gas Ltd
MD and CEO of Tamilnad Mercantile Bank
D Y Chandrachud
New Chairman of National Legal Services Authority (NALSA)
CMD of Shipping Corporation of India
Utpal Kumar Singh
Additional charge as CEO of Sansad TV
CEO of Starbucks
Yamuna Kumar Chaubey
CMD of NHPC
Rajesh Kumar Srivastava
Interim Chairman of ONGC
MD and CEO of Mercedes-Benz (tenure starts from Jan 2023)
CMD of IDFC First Bank (wef 1 October 2022)
Topic: Regulatory Bodies/Financial Institutions
3. The licenses of 16 food business operators have been suspended by FSSAI.
- The licenses have been suspended for not displaying the calorie count of food items on their menus.
- The mandatory menu labelling norms for the hospitality industry have become effective from July 1.
- Menu labelling norms are applicable to restaurant and hotel players with central licenses.
- Restaurant chains operating outlets in 10 or more than 10 locations must also comply with these norms.
- E-commerce aggregators selling food products of these restaurants must also declare menu labelling of the food items on their platforms.
- In addition to mentioning calories, serving size and allergen information is also required to be mentioned.
- Food Safety and Standards Authority of India (FSSAI):
- It was established on 05 September 2008. It is a statutory body.
- It is headquartered in New Delhi. FSSAI consists of a chairperson and 22 members.
Topic: Indian Economy/Financial Market
4. Moody’s Investors Service continued to have India’s sovereign rating at Baa3 with a stable outlook.
- Moody’s Investors Service has forecast real GDP growth at 7.6% for the year ending March 2023.
- GDP growth for 2023 has been kept at 6.3%. CPI inflation is projected at 6.8% in this fiscal and at 5% next fiscal.
- It expects current account deficit to widen to 3.9% of GDP in fiscal 2022 from 1.2% in fiscal 2021.
- On 1 September, Moody’s had slashed India’s economic growth projection for 2022 to 7.7% from its previous forecast of 8.8%.
- Moody’s Investors Service said rising challenges to the global economy are unlikely to derail India’s ongoing recovery from the pandemic in 2022 and 2023.
- These challenges are the impact of the Russia-Ukraine war, higher inflation and tightening financial conditions.
- The agency said India’s economy is to be highly exposed to climate change risks.
- A stable outlook shows that there is a low likelihood of a rating change over the medium term.
- Moody’s Investors Service is one of the Big Three credit-rating agencies. It is headquartered in the USA.
5. Ministry of Corporate Affairs (MCA) has now widened the pool of start-ups that can avail fast track corporate insolvency process.
- The facility of fast track corporate insolvency resolution process (faster winding up of business within 90 days) would be available to start-ups falling under ‘startup’ definition of February 2019.
- Earlier, only those start-ups falling under the ‘startup’ definition of May 2017 were eligible for the fast track corporate insolvency resolution process.
- In February 2019, the definition of startups was widened and the period for which an entity would be considered as a start-up was increased from 7 to 10 years.
- The ceiling turnover limit in any financial year was increased from ₹25 crore to ₹100 crore.
- India recorded 15,400% increase in number of start-ups from 471 in 2016 to 72,993 as of June 30, 2022.
- A fast track corporate insolvency resolution process should be completed within 90 days from insolvency commencement date.
- Adjudicating Authority can extend it by further 45 days, if a resolution is passed at a meeting of the committee of creditors and supported by a vote of 75% of the voting shares.
- Government initiatives for Startups:
- Government launched Startup India initiative in 2016.
- As part of Startup India initiative, the government is implementing Fund of Funds for Startups (FFS) scheme and Startup India Seed Fund Scheme (SISFS).
- FFS scheme and SISFS are to provide financial assistance to Startups through Alternative Investment Funds and incubators respectively. FFS was set up with a corpus of ₹ 10,000 crore.
- An Action Plan for Startup India was released on January 16, 2016. It comprised of 19 action items.
6. Union Cabinet has approved PM SHRI Schools (PM ScHools for Rising India) scheme.
- The scheme of PM SHRI schools is to be implemented with a total project cost of Rs. 27360 crores.
- This includes a central share of Rs. 18128 crores for the period of five years from the year 2022-23 to 2026-27.
- PM SHRI School would be implemented through the existing administrative structure available for Samagra Shiksha, KVS & NVS.
- PM SHRI Schools is a new centrally sponsored scheme. This scheme will be for the development of over 14500 schools as PM SHRI Schools.
- Under the scheme, the schools will be developed as PM SHRI Schools by strengthening select existing schools being managed by Central Government/ State/ UT Government/ local bodies.
- PM Shree Schools will showcase all the components of the National Education Policy (NEP) 2020.
- They will act as exemplary schools. They will also provide support and guidance to other schools in their vicinity.
- The PM SHRI schools will strive to create and nurture holistic and well-rounded individuals equipped with key 21st-century skills.
- Selection of PM SHRI schools will be done through Challenge Mode.
- More than 18 lakh students are expected to be direct beneficiaries of the scheme.
7. PM Modi virtually addressed plenary session of the 7th Eastern Economic Forum (EEF).
- The EEF 2022 took place from 5–8 September 2022 in the Far Eastern Federal University (FEFU) campus in Vladivostok, Russia.
- In his speech, Prime Minister Modi stated that India is prepared to bolster its relationships with Russia on Arctic subjects.
- He said that there is immense scope for enhancing cooperation in the field of energy.
- In the Eastern Economic Forum in 2019, he had announced India's Act Far-East policy.
- As a result, India’s cooperation with the Russian Far East has increased in many fields.
- India was the first country to open a consulate in Vladivostok. The 30th anniversary of the establishment has been completed.
- Russia is the largest investment destination for Indian oil and gas companies.
- Eastern Economic Forum (EEF):
- It was established by Vladimir Putin in 2015.
- It is a key international platform for establishing and strengthening ties within the Russian and global investment communities.
- It is held each year since 2015 in Vladivostok, Russia.
8. Union Cabinet approved a long-term leasing policy of railway land for implementing the PM Gati Shakti programme.
- The policy includes a reduction in land licensing fee to 1.5% of its market value per annum.
- The land licensing fee for the use of railways-owned land parcels is currently 6%.
- The new policy will provide land leases for up to 35 years, rather than the current five years.
- The new policy will help in increasing the railway’s share in freight transportation and increase the revenue of railways.
- The policy change will help in the construction of 300 PM Gati Shakti cargo terminals and the creation of 1.25 lakh jobs.
- The new land policy of railway land will pave way for privatisation of the Container Corporation of India (Concor).
- Concor is involved in the transportation and handling of containers under the aegis of the Ministry of Railways.
- The new policy will help in the development of public utilities like electricity, gas, water supply, telecom cable, sewage disposal, drains, and optical fibre cables (OFC), pipelines, etc.
- The policy will also allow the use of railway land at a nominal cost for the establishment of solar plants on railway land.
Topic: Banking System
9. Karnataka Bank is now included in the Karnataka Government’s integrated financial management system (IFMS) – Khajane-II.
- Karnataka Bank has now become part of Khajane-II for implementing single nodal agency (SNA) account system for Centrally-sponsored schemes.
- Karnataka Bank is actively engaged in government businesses after the appointment as agency bank by RBI.
- The bank will now strengthen the Government’s efforts in implementing sponsored schemes for disbursal of cash benefits to the targeted beneficiaries through direct credit to their bank account.
- Karnataka Bank is a Scheduled Commercial Bank based in Mangaluru, Karnataka. It is a private sector bank.
- IRDAI has given direct insurance broking licence to Lord’s Mark Insurance Broking for selling life and general insurance products.
- Lord’s Mark Insurance Broking is the insurance division of Lord’s Mark Industries, which manufactures stationery and supplies, LED products, solar power solutions etc.
Topic: Banking/Financial Schemes
10. About 16.32% of the total bank assets in Maharashtra under Pradhan Mantri MUDRA Yojana are unpaid as of June 2022.
- Highest non-performing assets (NPAs) are recorded at 60.54% in Parbhani district in the backward Marathwada region of Maharashtra.
- Parbhani is followed by Hingoli having NPAs of 33.31%. The third highest MUDRA NPA is in Mumbai.
- As of June 2022, over ₹30,019 crore were taken as loan under the MUDRA scheme by more than 53 lakh borrowers in Maharashtra.
- Out of this ₹4,898 crore taken by 6.19 lakh borrowers has been classified as NPAs.
- State-run banks account for a majority ₹4,031 crore of the overall ₹4,898 crore of bad loans.
- The NPAs of private sector banks are at ₹435 crore. Two regional rural banks have ₹325 crore of NPAs.
- Pradhan Mantri MUDRA Yojana was launched in April 2015. It was launched for providing loans to non-corporate and non-farm small/micro enterprises.