Banking, Financial and Economic Awareness

Half Yearly (Jan - June 2021)
2021 Book

Banking Awareness

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.

Installed solar generation capacity at April end

40.5GW

Projects under construction/installation

36.48GW

Projects under auction

24.42GW

Approved domestic solar capacity (total)

101.39GW

  • 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.

S. Janakiraman, Managing Director, State Bank of India (Chairman of the advisory group)

T. T. Srinivasaraghavan, Former MD & Non-Executive Director, Sundaram Finance (Member)

Gautam Thakur, Chairman, Saraswat Co-operative Bank Ltd. (Member)

Subir Saha, Group Chief Compliance Officer, ICICI Bank Ltd. (Member)

Ravi Duvvuru, President & CCO, Jana Small Finance Bank (Member)

Abadaan Viccaji, Chief Compliance Officer, HSBC India (Member)

  • 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 1st 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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