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BANKING & FINANCE News 17th Jan 2017

By: D.K Choudhary
 
Market Regulator SEBI Tightens Mergers & Acquisitions Norms Among Unlisted Firms
i. The Capital market regulator of India, Securities and Exchange Board of India (SEBI) on January 14 tightened the norms associated to Mergers and Acquisitions (M&A) of Indian companies.
ii. The public shareholding of the resultant entity created by the merger of an unlisted and a listed company has to be more than 25 per cent.
iii. The unlisted entity can only merge with those companies that are listed on exchanges such as the National Stock Exchange (NSE) and BSE.
iv. Sebi has permitted the mutual fund sector to invest in instruments such as real estate investment trusts (ReITs). It has also permitted them to use celebrities for industry-level advertisements. However, celebrities can only be used for industry-level ads and not at the fund house or the scheme level.
v. The involvement of Celebrities would enable growth of MF sector and simplify communication between investors and companies.
 
Mysuru Printing Press Breaks Record by Printing Highest No. of Currency Notes in a Month
i. As per the data released by the President of Note Mudran Limited Employees Union, A Ramdass, the RBI Note Mudran printing press in Mysuru printing highest number of currency notes in December breaking all its past record.
ii .It printed 10.9 million currency note in a day that even broke the world record made an American currency printing press of printing 8.7 million notes in a day.
iii. As per the data, 1350 million currency notes were printed in December 2016 in Mysuru which employess 650 workers who work for 12 hours in two shifts.
iv. Besides, the printing wastage was also reduced to 2 percent which in America was 4 percent. Similarly, cost of printing in American Press was Rs. 4 per currency while in Mysuru, printing a single currency costed just Rs. 3.40.
v. RBI Note Mudran printing press is a subsidiary of Reserve Bank of India that was established in 1995 to meet the demand and supply for the bank notes.
vi. It has two presses: one at Mysuru, Karnataka and the other at Salboni, West Bengal.
 
India Signs Financing Agreement with World Bank for US$ 48 Million for “Nagaland Health Project”
The Joint Secretary of Department of Economic Affairs, Mr. Raj Kumar and Acting Country Director of the World Bank Mrs. Genevieve Connors are signed s financing agreement for IDA credit of US$ 48 million for the ‘Nagaland Health Project’ on January 16, 2017.
Nagaland Health Project :
i. The Nagaland Health Project has approved by the world bank on December 19, 2016. The deadline of Nagaland health Project is 31st March, 2023.
ii. Aim : To improve health services and increase their utilization by communities in targeted locations in Nagaland.World Bank to support Swachh Bharat Mission
iii. The project will support an existing systems and mechanisms involving communities under the National Health Mission.
World Bank :
♦ CEO : Dr. Jim Yong Kim
♦ Headquarters: Washington, D.C., USA
♦ Motto: Working for a World Free of Poverty
♦ Founded: 27 December 1945
 
Central & SBI Card launch premium co-branded card
i. Future Group’s fashion and lifestyle departmental store Central joined with SBI Card launched a second co-branded credit card to offer benefits to consumers in the premium lifestyle and fashion space on January 16, 2017
ii. The Central SBI SELECT and SELECT+ Cards will offer an accelerated reward points structure
1.20 reward points for every Rs 100 spent in Central stores.
2.10 reward points per Rs 100 spent spent in dining and entertainment
3.2 reward points per Rs 100 in other categories
SBI app names :
♦ SBI has recently launched a Digital Platform, Mobile App powered by Manipal Global Education Services’ (MaGE) EduNxt Platform.This app will acts as a digital mentor to Probationary Officers and Trainee Officers right.
♦ Other apps :
SBI Pay , SBI Buddy, mVisa, NO Queue, MobiCash
 
IRDAI forms panel to review life insurance product norms
i. The Insurance Regulatory and Development Authority of India (IRDAI) has formed a 8 member committee headed by Amitabh Chaudhry, CEO of HDFC Standard Life Insurance Company to review life insurance product regulations on January 16, 2017
ii. The committee will analysis the existing framework of IRDA-linked and non-linked insurance product regulations
iii. They will review other key aspects like changing economic and insurance market environment, customers’ needs and expectations and insurance product flexibility and innovations.
iv. IRDAI instructed to the committee to submit its report before March 15, 2017.
Committee Members :
♦ Head : Amitabh Chaudhry, CEO of HDFC Standard Life Insurance Company
♦ K S Gopalakrishnan, CEO, Aegon Religare Life Insurance, Sai Srinivas, Appointed Actuary, Bajaj Allianz Life Insurance and Sandeep Bakshi, CEO, ICICI Prudential Life
IRDAI :
♦ Chairman, IRDA‎: ‎T.S. Vijayan
♦ Headquarters: ‎Hyderabad

About D.K Chaudhary

Polityadda the Vision does not only “train” candidates for the Civil Services, it makes them effective members of a Knowledge Community. Polityadda the Vision enrolls candidates possessing the necessary potential to compete at the Civil Services Examination. It organizes them in the form of a fraternity striving to achieve success in the Civil Services Exam. Content Publish By D.K. Chaudhary

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