1. PSU Banks go on 2-days strike
Tags: Economics/Business
Bank unions under the United Forum of Bank Unions (UFBU) have declared a nationwide strike on December 16 and 17 against the proposed privatisation of two public sector banks (PSBs).
Key Highlights:
The Public sector bank unions went on strike to protest against privatisation of banks and demand that the government withdraw the Banking Laws (Amendment) Bill, 2021.The Banking Laws (Amendment) Bill, 2021 will enable the privatisation of the two public sector banks in India . The bill has not been introduced in the Parliament.NITI Aayog has shortlisted Indian Overseas Bank and Central Bank of India for the proposed privatisation of the public sector banks.The strike has been called by the United Forum of Bank Unions (UFBU), an umbrella body of nine unions, including the All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
Public Sector Banks in Indi
Public sector banks are the banks where majority stakes (51% or more) are held by the Government of India.
Currently, India has 12 Public sector banks
List of Public sector banks:
- Punjab National Bank
- Bank of Baroda
- Indian Bank
- State Bank of India
- Canara Bank
- Union Bank of India
- UCO Bank
- Indian Overseas Bank
- Central Bank of India
- Punjab and Sind Bank
- Bank of Maharashtra
- Bank of India
2. RBI fines ICICI bank and PNB
Tags: Economics/Business
- Reserve Bank of India has imposed a fine of Rs 30 lakhs on the ICICI bank for not following the RBI direction on the “levy of charges on customer for the non maintenance of minimum balance in Saving accounts “
- RBI has fined Punjab National Bank Rs 1.80 crore for not following RBI directions on holding shares of a company as collateral .
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ICICI Bank
CEO: Sandeep Bakshi PNB(Punjab National Bank )
Lala lajpat Rai was the first person to open an account with the bank. |
3. PMJDY accounts increased from 60.38% in March’17 to 85.70% in November’21
Tags: Economics/Business
- According to the Government of India the number of Pradhan Mantri Jandhan Yojana (PMJDY) account holders in India was 43.94 crore and 31.78 crore Rupay Debit card was issued to the PMJDY account holder as on 24 November 2021.
- It covers 85.70% of the household in India as of November 2021.
- It was 60.38%in March 2017.
- The maximum PMJDY account was opened in Uttar Pradesh, 756.69 lakhs.
PMJDY SCHEME
- Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, namely, Banking/ Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner.
- It aims to bring the poor and the marginalised section of the society into the formal banking system by opening their account in banks and providing them access to credit facilities etc.
Main feature of the scheme:
One Basic Savings Bank Account (BSBD)is opened for unbanked people in any bank in India
- There is no requirement to maintain any minimum balance in PMJDY accounts.
- Interest is earned on the deposit in PMJDY accounts.
- Rupay Debit card is provided to the PMJDY account holder.
- Accident Insurance Cover of Rs.1 lakh (enhanced to Rs. 2 lakh to new PMJDY accounts opened after 28.8.2018) is available with RuPay card issued to the PMJDY account holders.
- An overdraft (OD) facility up to Rs. 10,000 to eligible account holders is available.
- PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA) scheme.
The scheme was announced on 15 August 2015 by the Prime Minister and was started on 28 August 2015.
4. Bengaluru based Neo-banking platform Open acquires Finin
Tags: Economics/Business
- Bengaluru based, Google-backed business-focused Open has acquired consumer neobanking startup Finin for $10 million in a cash-and-stock deal.
- Open, is Asia’s first neobanking platform for SME (Small and Medium Enterprises) and startups.
- It operates an SME banking platform and also provides banks with infrastructure to launch their own digital banks.
- Launched in 2019, Finin is among the first consumer-focused neobanking startups in India. The startup, which had raised about $1 million from Unicorn India Ventures and others, will see key executives, including the founder and chief executive Suman Gandham, move to Open.
- Finin offers a savings account that allows consumers to save and invest their money.
- Founded in 2019 by Suman Gandham and Sudheer Maram, Finin is backed by Unicorn India Ventures and Archana Priyadarshini.
Neo-banking
These are the 10 neo-banks in India: YOLO, FREE, 811 BY KOTAK, DIGIBANK BY DBS, FREO MONEY, INSTANT PAY, NiYo, WALRUS, YoNo BY SBI and OPEN. |
5. 12,892 companies removed from Registrar of Companies in 2020-21
Tags: Economics/Business
- According to the Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh, 12,982 companies' licences have been cancelled by the Registrar of Companies in 2020-21.
- Under section 248(2) of the Companies Act 2013, the Registrar of Companies has the power to remove a company from its list of companies and cancel its license.
6. ADB reduces India’s expected growth rate for 2021-22.
Tags: Economics/Business
- The Asian Development Bank has released its Asian Development Outlook Report
- The Asian Development Bank (ADB) has marginally lowered its growth projection for the Indian economy to 9.7% in 2021-22, from 10% estimated in September.
- The bank cited the lower than expected 8.4% growth in the July to September quarter and expects supply chain factors such as chip shortages and rising semiconductor prices to continue to suppress growth.
- Asian Development Bank Headquarter : Mandaluyong City, Manila, Philippines
- President of ADB : Masatsugu Asakawa of Japan
- It was established in 1966.
7. WPI Inflation at 13 months high
Tags: Economics/Business
- Wholesale Inflation in India increased to 14.2% in the November month 2021 as compared to 2.29% in November 2020.
- This was the eight successive month, that saw wholesale inflation inflation in double digits.
- This was also the highest wholesale inflation since 1991.
Highlights of the November Data
Core Inflation: It moved to a record high of 12.3% in the month of November
It indicates that the manufactures are passing on the higher input cost to the consumers.
Fuel and power inflation has also increased to an all time high of 39.8% due to the increase in the oil prices like petrol, diesel etc.
Primary food inflation also increased to a 13 month high of 4.9% in November due to the increase in the prices of vegetables, eggs, fish meats and spices.
The WPI inflation data is released by the Ministry of Commerce and Industry, Government of India.
Inflation It refers to the continuous increase in the price of goods and services over a period of time. Inflation is measured in India on two indexes.CPI and WPI. Consumer Price Index(CPI) :
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WPI Wholesale Price Index(WPI) A wholesale price index (WPI) is an index that measures and tracks the changes in the price of goods in the stages before the retail level. This refers to goods that are sold in bulk and traded between entities or businesses (instead of between consumers). The commodities which are included in the WPI are grouped in 4 major groups All Commodities weight% All commodities 100%
A separate fourth Index, Food Index has been made which has a weightage of 24.38 % in the WPI index. It includes: The Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group. Primary Articles : It includes both Food article and Non Food articles Food articles includes wheat,rice,pulses, vegetables,etc Non-food articles include crude oil, minerals, natural gas, oil seeds etc. Fuel and Powers: It includes coals, diesel, petrol, electricity etc. Manufactured products include: It includes industrial products like chemical products, textile, paper products etc.
NOTE Whenever government refers to:
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8. NSE launches Digital Index
Tags: Economics/Business
- NSE Indices the subsidiary company of National Stock Exchange (NSE) has launched Nifty India Digital Index.
- The Nifty India Digital Index is a sector specific index which aims to track the performance of a portfolio of stocks that broadly represent the Digital theme within basic industries like software, e-commerce, IT enabled services, industrial electronics and telecom services companies.
- The Nifty Digital Index will include stocks of 30 largest companies in the chosen basic industries sectors.
- The index is expected to act as a benchmark for asset managers and be a reference index tracked by passive funds in the form of Exchange Traded Funds (ETFs), index funds and structured products.
- The base date for the index is April 01, 2005 and base value is 1000. Index reconstitution will be done on a semi-annual basis.
What are Stock Market Index/Indices
Types of Index There are different types of Indices based on the kind of stocks which are selected to create indices. Some of the important ones are as follows :
In India there are two benchmark Indices
2. Indices created based on market capitalization of companies, such as BSE Midcap and BSE Smallcap. 3. Sector-specific indices like Nifty FMCG, Nifty Bank Index. |
9. HMD Global to export phones from India
Tags: Economics/Business
To support demand in the Middle East and North Africa (MENA) region, HMD Global, the official licensee of Nokia, has commenced export of its made-in-India Nokia 105.
- Currently exporting to the UAE, the company plans to further extend exports to other markets.
- HMD Global considers India as a strategically important market, not only from a growth potential but also as a key manufacturing hub.
- The Nokia 105 is manufactured by HDM Global's ODM partner based in Sriperumbudur, Chennai.
HMD Global HMD Global(Have My Data Global) Oy, branded as HMD and Nokia Mobile, is a Finnish mobile phone manufacturer. Founder: Jean-Francois Baril Founded: 1 December 2016 Headquarters: Espoo, Finland |
10. Imports made up 86% of India's gold supply between 2016-2020: WGC
Tags: Economics/Business
According to the World Gold Council(WGC)’s ‘Bullion Trade in India’ report:
- Imports made up 86% of India’s gold supply between 2016-2020, and inbound shipments continue to grow despite high import duty.
- Since 2012, India has imported some 6,581 tonnes of gold, averaging 730 tonnes per annum.
- In 2020, India imported 377 tonnes of gold bars and dore from over 30 countries, of which 55% came from just two countries — Switzerland (44%) and the UAE (11%).
- In the last five years, gold dore imports have increased.
- A doré bar is a semi-pure alloy of gold. It is usually created at the site of a mine and then transported to a refinery for further purification..
- There are 32 gold refineries in India.
Major Gold Mines of India-
The headquarter of the World Gold Council is London, United Kingdom |