Banking, Financial and Economic Awareness of 9 and 10 July 2021

Topic: Infrastructure and Energy

1. Cabinet approves ₹23,123 crore emergency response package to fight Covid.

• The Union Cabinet has approved a ₹23,123 crore package for developing healthcare infrastructure and boosting emergency response.
• The package has been announced for creating 20,000 additional ICU (intensive care unit) beds and setting up of pediatric units in all districts.
• It is the second phase of the package. The first phase was approved in 2020 to fight against the Covid pandemic.
• The main objective of the package is to accelerate health system preparedness ahead of a potential third wave of COVID-19.
• The package will be implemented from July 1, 2021 to March 31, 2022. In this package, Center has contributed ₹15,000 crores while States’ share was ₹8,123 crore.

Topic: Corporates/Companies

2. Kotak Mahindra Asset Management Company launched a global innovation fund of fund.

• Kotak Mahindra Asset Management Company (Kotak MF) has launched a global innovation fund of funds.
• The global innovation fund of fund will invest in global innovators such as Amazon, Facebook, VISA, AstraZeneca, and Netflix.
• It will invest in Wellington Global Innovation Fund units. Wellington Global Innovation Fund units will invest in these companies.
• The new fund offer opened on 08 July 2021. It will close on July 22.
• Wellington Management is a US-based investment management firm.

Topic: Corporates/Companies

3. Tata Power wins a contract worth ₹400 crore from Kerala State Electricity Board Limited (KSEBL).

• Tata Power has won a contract worth ₹400 crore from the Kerala State Electricity Board Limited (KSEBL).
• As part of the contract, the company will develop an 84 MW solar rooftop project for domestic consumers across the State.
• The company has won this project in a bid announced by KSEBL in February 2021 under the ‘Soura Subsidy scheme’.
• Tata Power is the largest power generation company in India. It is based in Mumbai, Maharashtra. It is part of the Tata Group.

Topic: Corporates/Companies

4. Bharat Dynamics Limited signs contract with Ministry of Defence.

• Bharat Dynamics Limited has signed a contract with the Ministry of Defence to manufacture and supply Akash missiles to Indian Air Force.
• The contract is worth ₹499 crore. During FY 21, Bharat Dynamics Limited has received orders worth about ₹2,803 crore.
• Commodore Siddharth Mishra (Retd) is CMD of Bharat Dynamics Limited.
• Bharat Dynamics Limited is supplying Akash missiles to Indian Army and Indian Air Force.
• It is the prime production agency for projects under Integrated Guided Missile Development Programme (IGMDP). Akash is one of the missiles under IGMDP.

Topic: Appointments

5. Re-appointment of Shyam Srinivasan as Managing Director and CEO of Federal Bank has been approved.

• Re-appointment of Shyam Srinivasan as the Managing Director and CEO of Federal Bank has been approved by RBI for a three-year period.
• Re-appointment of Shyam Srinivasan approved for a three-year period with effect from September 23, 2021, till September 22, 2024.
• Federal Bank is an Indian private sector bank with headquarters in Aluva, Kochi. Its CEO is Shyam Srinivasan. Its tagline is your perfect banking partner.

Topic: Agriculture

6. NCML commissions a public silo storage facility of 50,000 tonnes capacity at Sonipat in Haryana.

• National Commodities Management Services Ltd (NCML) has commissioned a public silo storage facility of 50,000 tonnes capacity at Mohana village in Sonipat, Haryana.
• The public silo storage facility at Sonipat is one of the 13 modern storage silo complexes being built by NCML in Bihar, Punjab, Haryana, and Uttar Pradesh.
• These silo complexes are being built by NCML in Partnership with the Food Corporation of India.
• National Commodities Management Services Ltd (NCML) is India’s largest and integrated post-harvest solution provider. Siraj Chaudhry is its Managing Director & CEO.

Topic: Agriculture

7. Modifications in financing facility under ‘Agriculture Infrastructure Fund’ approved by cabinet.

• Modifications in financing facility under ‘Agriculture Infrastructure Fund’ have been approved by cabinet.
• Government has made APMCs eligible to get loans from ₹1-lakh crore Agriculture Infra Fund.
• State agencies, national and State federations of cooperatives, federations of Farmers Producers Organizations (FPOs) and federations of Self Help Groups (SHGs) would also be eligible for loans from Agriculture Infra Fund.
• Government has made all projects put up by one eligible entity will be eligible for interest subvention for loans up to Rs. 2 crore.
• For private sector entities, there will be a limit of a maximum of 25 such projects.
• The limit of 25 projects will not apply to state agencies, national and state federations of cooperatives, federations of FPOs and federation of SHGs.
• The period of financial facility has been increased from 4 to 6 years upto 2025-26. The overall period of the scheme has been increased from 10 to 13 upto 2032-33.
• The cabinet has also approved Agriculture Ministry’s proposal making the post of Coconut Development Board chairman a non-executive one.

Read Banking Awareness PDF -9 and 10 July 2021