Banking, Financial and Economic Awareness of 8, 9 and 10 May 2021

Topic: Appointments

1. BBB recommends names of Ipe Mini and BC Patnaik for forthcoming two positions of Managing Director in LIC.

• Banks Board Bureau (BBB) has recommended names of Ipe Mini and BC Patnaik for the forthcoming two positions of Managing Director in LIC.
• Currently, LIC has four Managing Directors -Vipin Anand, Mukesh Kumar Gupta, Raj Kumar and Siddhartha Mohanty. M R Kumar is the current LIC Chairman.
• The name of Inderjeet Singh has been recommended by BBB for the position of Chairman and Managing Director of United India Insurance Company Ltd.
• Furthermore, the name of Suchita Gupta has been recommended by BBB for the post of Chairman and Managing Director in National Insurance Co Ltd.
• United India Insurance Company Ltd. is a general insurance company owned by the government of India. Its headquarters is located in Chennai. It was nationalized in 1972. Its current Chairman and MD is Girish Radhakrishnan.
• National Insurance Company Ltd. is a general insurance company owned by Ministry of Finance. Its headquarters is located in Kolkata. It was also nationalized in 1972. Tajinder Mukherjee is its current Chairman and MD.

Topic: Infrastructure and Energy

2. India achieves approved domestic solar capacity of 101.39 GW.

• As per the Ministry of Power, India has achieved an approved domestic solar capacity of 101.39 GW.
• This includes installed solar power generation capacity and projects under auction and installation.

• In June 2015, the National solar mission capacity target was increased from 22GW to 100GW by 2022.

Topic: Indian Economy

3. Eight core industries’ output increased to 32-month high of 6.8% in March 2021.

• Eight core industries’ output has increased to 32-month high of 6.8% in March 2021. 
• The output contracted 8.6% in March 2020. It contracted 3.8% in February 2021.
• The output for the entire April-March 2021 contracted 7%. Annual core sector output has seen a contraction for the first time in the last eight years.
• Coal, crude oil, refinery products and fertilisers saw a contraction. Natural gas output increased 12.3%.
• Steel, cement, electricity have registered growth. Cement output increased 32.5%, while Steel output increased 23 %.

Topic: Banking/Financial Schemes

4. European Investment Bank (EIB) and SBI agree to support Neev Fund II.

• EIB and SBI have agreed to support €100 m Neev Fund II for Small and medium-sized enterprises (SMEs).
• Neev II Fund is under the management of SBICap Ventures. SBICap Ventures is a subsidiary of the State Bank of India.
• Neev II Fund will provide growth and expansion capital to companies offering solutions for clean energy, electric vehicles and circular economy projects in India.
• European Investment Bank (EIB) is the lending arm of the European Union. It is the biggest multilateral financial institution in the world.
• Neev Fund was launched by Prime Ministers of India and UK in 2015 to catalyze investment in Indian states.

Topic: Committees/ Commissions/Taskforces

5. RBI constitutes an advisory group for assisting second Regulations Review Authority.

• RBI has constituted an advisory group for assisting the second Regulations Review Authority (RRA 2.0).
• SBI Managing Director S Janakiraman is the head of the advisory group. It has five members. Their names are given in the next table.

• RBI had constituted RRA 2.0 earlier this month to streamline regulations and lower down compliance burden of regulated entities.
• RRA 2.0 has been set up initially for a period of one year from May 01, 2021. M. Rajeshwar Rao, Deputy Governor, was appointed as Regulations Review Authority.
• First Regulations Review Authority was set up by RBI in 1999.

Topic: Corporates/Companies

6. Reliance Retail becomes second fastest growing company.

• Reliance Retail has become the second fastest growing company in the Top 250 of Deloitte’s Global Powers of Retailing 2021 report.
• South Korean e-commerce company Coupang Corp is the fastest growing company in Top 250 of Deloitte’s Global Powers of Retailing 2021 report.
• Coupang Corp has overtaken Reliance Retail. Reliance Retail was fastest growing last year.
• Reliance Retail has recorded a YoY growth of 41.8%. This was driven mainly by a 13.1% increase in the number of stores.
• 29 stores of Shri Kannan Departmental Store were acquired by Reliance Retail at the end of FY19.
• Reliance Retail has bought Vitalic Health and its online pharmacy platform Netmeds in August 2020. It has bought 96% stake in online home decor company UrbanLadder in November 2020.

Topic: Regulatory Bodies/Financial Institutions

7. National Financial Reporting Authority (NFRA) publishes a provisional database of companies and their auditors.

• National Financial Reporting Authority (NFRA) has published a provisional database of companies and their auditors as of March 31, 2019.
• Nearly 6,500 companies have been listed. They include nearly 5,300 listed companies, around 1000 unlisted companies and insurance and banking companies.
• National Financial Reporting Authority (NFRA) is a regulatory body that oversees public interest entities concerning their compliance to standards of accounting and auditing.
• All listed companies and large unlisted companies are included in the Public interest entities group.
• National Financial Reporting Authority (NFRA): Established on 1^st October 2018, NFRA supervises the work of auditors, establishes and enforces standards of accounting and auditing. Its chairperson is Rangachari Sridharan.

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