Topic: Reports and Indices
1. Report on 2nd round of Quarterly Employment Survey released by Union Labour Minister.
- Union Labour Minister Bhupender Yadav has released a report on the second round of the Quarterly Employment Survey.
- Nine sectors hired around two lakhs more people during July-September 2021 as compared to April-June 2021.
- These nine sectors are Manufacturing, Construction, Trade, Transport, Education, Health, Accommodation and Restaurant, IT/ BPO and Financial Services.
- These nine sectors have generated 3.10 crore employment in the July-September 2021 quarter. It was 3.08 crore during the April-June 2021 quarter.
- According to the survey, 90% of the establishments had less than 100 workers, while 30% of the IT/BPO establishments had at least 100 workers.
- The overall percentage of female workers has also increased in this quarter as compared to the first quarter.
- 87% of the estimated workforce in these nine selected sectors were regular workers while 2% were casual workers.
- In the construction sector, 20% of the workers are contractual and 6.4% are casual workers.
- 5.6% of the total establishments had reported vacancies. 65% of vacancies were due to unspecified reasons while 23% are due to resignation.
2. Brian Acton to be interim CEO of Signal.
- Brian Acton will be interim CEO of Signal. Moxie Marlinspike, the founder and Chief Executive Officer of Signal is leaving his position.
- Brian Acton is the co-founder of WhatsApp. Acton is also on the Signal Foundation board.
- Marlinspike will continue to remain on the Signal board.
- Signal is a cross-platform centralized encrypted instant messaging service. It is developed by Signal Foundation.
- Signal Foundation (Signal Technology Foundation) is an American non-profit organization. It was founded by Moxie Marlinspike and Brian Acton.
3. EbixCash Pvt Ltd appoints former RBI ED Uma Shankar as independent director to its board.
- EbixCash Pvt Ltd has appointed former RBI Executive Director Uma Shankar as an independent director to its board.
- She is currently an Independent Director on the Boards of Karnataka Bank and IDBI Capital Markets and Securities Ltd.
- She was Chairperson of the Standing Committees on Cyber security and Data analytics.
- She was also head of an interdepartmental group to study the feasibility of introducing Central Bank digital currency.
4. Centre extends additional charge of Navrang Saini as IBBI chairperson till 5 March 2022.
- Centre has extended additional charge of IBBI whole time Member Navrang Saini as Insolvency and Bankruptcy Board of India (IBBI) chairperson till 5 March 2022.
- Navrang Saini was assigned the additional charge in October 2021 for a period of three months (till January 13, 2022).
- The post of Insurance Regulatory and Development Authority (IRDAI) chairman is vacant for more than eight months.
- Its erstwhile Chairman Subhash C Khuntia had demitted office in the first week of May 2021 on completion of his term.
- In September 2021, Ministry of Corporate Affairs had assigned the charge of the post of NFRA Chairman to Ashok Kumar Gupta, Chairman, Competition Commission of India (CCI), for a period of three months with effect from October 1.
- Insolvency and Bankruptcy Board of India (IBBI):
- It was established on 1 October 2016 under the Insolvency and Bankruptcy Code, 2016.
- It is responsible for the implementation of the IBC code.
- It is a unique regulator that regulates a profession as well as process.
- Chairperson of IBBI: Navrang Saini (additional charge till 5 March 2022).
Topic: Banking System
5. CSB Bank’s MD & CEO decides to opt for early retirement on health grounds.
- CSB Bank’s MD & CEO C VR Rajendran has decided to opt for early retirement on the health ground.
- The bank’s board has accepted the request of C VR Rajendran to take early retirement from the position.
- The bank’s board has requested Rajendran to continue in office till March 31, 2022.
- The board has further decided to form a search committee to identify and evaluate candidates for the position of MD & CEO.
- The committee comprises of the chairperson of the Nomination and Remuneration Committee and two members of the board.
- C VR Rajendran has held the position of bank’s MD & CEO since December 2016.
- CSB Bank is an Indian private sector bank. It is headquartered in Thrissur, Kerala.
6. KVG Bank and Mecwin Technologies Ltd signed MoU to introduce farmer-friendly solar powered pumps sets.
- Karnataka Vikas Grameena Bank (KVG Bank) and Mecwin Technologies Ltd have signed an MoU to introduce farmer-friendly solar powered pumps sets.
- Bengaluru-based Mecwin Technologies Ltd is specialized in production and management of solar irrigation pump-sets.
- KVG Bank was the first bank to introduce solar loan schemes. It has the largest branch network in rural areas.
- Karnataka Vikas Grameena Bank (KVG Bank) is an Indian Regional Rural Bank sponsored by Canara Bank.
7. The validity of RBI’s Directions for Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru extended.
- The validity of RBI’s Directions for Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru extended till May 10, 2022.
- RBI has brought the bank under its directions with effect from the close of business on January 10, 2020.
- Rs 1 lakh per depositor is the withdrawal limit for depositors of the bank during the entire period it remains under RBI Directions.
8. Shriram Transport Finance Company provides initial price guidance of about 4.45 per cent for its Social Bond issue.
- Shriram Transport Finance Company (STFC) has provided initial price guidance of about 4.45 percent for its Social Bond issue.
- The initial price guidance has been provided for STFC’s ‘Senior Secured Social Bond’ of ‘US Dollar benchmark size’ of 3.5 years tenor.
- Initial price guidance shows the yield to maturity at which the bond is expected to be issued. A benchmark size fund raising is usually for $500 million or $1 billion.
- The proceeds from social bonds will be used as per STFC’s Social Finance Framework and as may be permitted by RBI’s External Commerce Borrowing guidelines.
- Social bonds are bonds instruments where proceeds are used for social projects.
Topic: Infrastructure and Energy
9. Kochi becomes India’s first city to have a water metro project.
- Kochi in Kerala has become India’s first city to have a water metro project.
- The project envisages an integrated water transport system with 15 identified routes.
- The project is operated by Kochi Metro Rail Ltd. Kochi Metro Rail plans to operate 23 boats this year on 15 routes.
- The project has a total cost of ₹819 crore. Its major part is financed under Indo-German Financial Cooperation.
- Kerala government will provide ₹102 crore and land acquisition cost of ₹72 crore.
10. Cargill opens its first Innovation Centre in India.
- American global food corporation, Cargill has opened its first Innovation Centre in India.
- The Innovation Centre is located in Gurugram. It is equipped with a sensory lab and demonstration kitchen.
- It will serve companies in the dairy, beverage, bakery and convenience food segments.
- Innovation Centre is part of the company’s larger investment commitment of $240 million in India, which was announced in 2017.
- This is the company’s fourth innovation centre in Asia after Shanghai, Beijing and Singapore.