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BUSINESS AND ECONOMY - May 2018

May 2018

May 31, 2021

State Bank of India Raises Cash Withdrawal Limits

  • The State Bank of India (SBI) has increased the cash withdrawal limits through cheques and withdrawal forms for its customers at non-home branches.
  • The revised ceiling for cash withdrawal for self through withdrawal form accompanied by savings bank passbook has been raised to Rs. 25,000 per day.
  • Further, the ceiling for cash withdrawal by a customer for himself through cheque has been raised to Rs. 1 lakh.
  • In terms of third-party cash withdrawals, the bank has increased the daily upper limit to Rs. 50,000. Withdrawals for third parties would be allowed only through cheques and no cash payment would be allowed through withdrawal forms.

Saudi Arabia Committed to Meet India's Crude Oil Requirement

  • Saudi Arabia, the world's largest oil exporter, is committed to meet India's requirements of petroleum products, an affirmation that came in the wake of the country pitching for easing global output cuts to rein in surging oil prices.
  • Saudi ambassador Dr. Saud bin Mohammed Al Sati said that Saudi Arabia made investments worth USD 2.81 billion in India in 2020 and is looking at a greater momentum in bilateral economic ties in areas like petroleum, renewable energy, IT and artificial intelligence.
  • His comments came in response to a question on Saudi Arabia's position on India pressing for easing cuts in crude oil production by OPEC and OPEC Plus as high oil prices are hurting the consumption-led recovery of several countries like itself.

Govt. Expands Credit Lifeline for MSMEs amid Second Wave

  • The government has expanded the Rs 3-trillion Emergency Credit Line Guarantee Scheme (ECLGS) to help businesses hit by the second wave of the Covid-19 pandemic. Dubbed ECLGS 4.0, the scheme has added the civil aviation sector and loan to health institutions for on-site oxygen generation plants.
  • The Centre has also removed the loan outstanding ceiling of Rs. 500 crore of loan outstanding. However, the maximum additional loans they can take under the scheme is limited to 40 per cent of the outstanding loan, or Rs. 200 crore, whichever is lower.
  • Loans given under ECLGS 1.0 will be eligible for additional assistance up to 10 per cent, raising the total guaranteed loan up to 30 per cent of outstanding as on February 29, 2020.
  • The 100 per cent guarantee cover offered to hospitals, nursing homes, clinics, and medical colleges for setting up oxygen plants will be available for loans up to Rs 2 crore, with the interest rate capped at 7.5 per cent.

FDI in Computer Software, Hardware Jumps Threefold

  • Foreign direct investment (FDI) in computer software and hardware jumped over threefold to USD 26.14 billion during 2020-21 on account of significant growth in the country's technology space, according to data from the Department for Promotion of Industry and Internal Trade.
  • The sector received USD 7.67 billion FDI in 2019-20 and USD 6.41 billion in 2018-19.
  • The computer software and hardware sector accounted for about 43 per cent in the total USD 59.63 billion foreign inflows that India attracted in 2020-21.

May 30, 2021

Banks Begin Process of Restructuring of Loans up to Rs. 5 crore

  • To provide support to small businesses hit by the second coronavirus wave, banks have initiated the process of restructuring of loans up to Rs. 25 crore in line with the Covid-19 relief measures announced by the Reserve Bank earlier this month.
  • Many lending institutions have got board approval for the resolution framework and eligible borrowers are being contacted.
  • For example, the Bank of India has sent messages to its eligible customers to submit their willingness to debt recast online.

IBF to be Renamed as IBDF

  •  Apex body of broadcasters, Indian Broadcasting Foundation (IBF) has extended its purview to cover digital streaming platforms. Also, it will be renamed as Indian Broadcasting and Digital Foundation (IBDF).
  • Extended coverage will bring broadcasters and OTT (over-the-top) platforms, under one roof. Decision was taken in the view of substantial jump in their viewership base during covid-19 pandemic.
  • To regulate them, IBDF is considering to form a new wholly-owned subsidiary which will handle all matters of digital media. A self-regulatory body called 'Digital Medic Content Regulatory Council (DMCTC)' will also be established for digital OTT platforms.
  • IBF is a unified representative body of television broadcasters, established in 1999. About 250 Indian television channels are associated with it. IBF act as spokesman of India Broadcasting Industry. It is the parent organisation of Broadcasting Content Complaints Council (BCCC), established in up 2011, to examines content-related complaints. IBF will now be renamed as "Indian Broadcasting and Digital Foundation" to bring digital OTT platforms under its purview.

DoT Allocates Spectrum to Telcos for 5G Trials

  • The Department of Telecom has allocated spectrum to telecom operators to start 5G trials in the country, sources said. "Telecom operators have been allocated spectrum in 700 Mhz band, 3.3-3.6 gigahertz (Ghz) band and 24.25-28.5 Ghz band across various locations.
  • Earlier in May 2021DoT had approved applications from Reliance Jio, Bharti Airtel, Vodafone Idea and MTNL for conducting 5G trials without using technologies from Chinese companies.
  • DoT had approved trials of 5G with Ericsson, Nokia, Samsung and C-DOT. Jio will conduct trials using its indigenous technology.

May 29, 2021

US Pips Mauritius as 2nd Largest Source of FDI in India in 2020-21

  • The US replaced Mauritius as the second largest source of foreign direct investment into India during 2020-21 with inflows of USD 13.82 billion, according to government data.
  • Singapore remained the top source of foreign direct investment (FDI) into the country for the third consecutive fiscal at USD 17.41 billion.
  • During the last financial year, India attracted USD 5.64 billion in FDI from Mauritius, according to the data by the Department for Promotion of Industry and Internal Trade (DPIIT).
  • The island country was followed by UAE (USD 4.2 billion), Cayman Island (USD 2.79 billion), Netherlands (USD 2.78 billion), UK (USD 2.04 billion), Japan (USD 1.95 billion), Germany (USD 667 million), and Cyprus (USD 386 million).

Tata Group Acquires Majority Stake in BigBasket

  • After Tata Sons announced the acquisition of BigBasket, the e-grocery player's co-founder and Chief Executive (CEO), Hari Menon, said it is going to be business as usual at the company.
  • Cementing its foray into the online grocery market, Tata Sons, through its subsidiary Tata Digital, has acquired a majority stake in BigBasket. While the company declined to comment on valuations, reports suggest Bigbasket's valuation at $2 billion.
  • The Competition Commission of India had last month approved Tata Digital's acquisition of up to 64.3 per cent of the total share capital of BigBasket's parent company Supermarket Grocery Supplies.

Tata Consultancy Services Named the Best Big Company to Work for in the UK

  • Tata Consultancy Services has been listed among top 25 Best Big Companies to work for in the United Kingdom and among the Best Companies in the Consultancy sector.
  • The Best Big Companies list honours 25 organisations with at least 2,000 employees based on an anonymous survey that assesses employee experience across engagement, culture, work environment, leadership, well being, diversity and giving back to the community.
  • TCS was recognised for prioritising the health and wellness of its employees with initiatives like virtual access to a GP, HR outreach sessions and mental health awareness programmes, and commitment to reskill employees while on remote work.

Tata Group Acquires Majority Stake in BigBasket

 

RBI Slaps Fine on HDFC Bank over Violations in Auto Loan Portfolio

  • The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 10 crore on country's largest private sector lender HDFC Bank for violating regulatory compliance in auto loan portfolio.
  • The RBI in its statement said, upon examining the documents in the matter of marketing and sale of third-party non-financial products to the banks' customers, it found that the bank was in contravention of the provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949.
  • The RBI acted on the matter after it received a whistleblower complaint regarding the irregularities in the auto loan portfolio of the bank.

Ashoka Buildcon Bags Order from Maldives' Fahi Dhiriulhun Corp.

  • Highways developer Ashoka Buildcon bagged an order worth Rs. 1,018.36 crore from Maldives' Fahi Dhiriulhun Corporation for design and construction of 2,000 social housing units.
  • The company has received a letter of acceptance from Fahi Dhiriulhun Corporation, a state-owned company of the Government of the Republic of the Maldives, for the project viz. design and construction of 2,000 social housing units in Hulhumale on engineering, procurement and construction (EPC) basis.

Canara Bank Announces 3 Loan Schemes

  • State-run Canara Bank announced three loan schemes as part of the fight against the pandemic under which it will offer healthcare credit, business and personal loan to individuals.
  • The Canara Chikitsa healthcare credit facility will offer loans from over Rs. 10 lakh to Rs. 50 crore to registered hospitals, nursing homes, medical practitioners, diagnostic centres, pathology labs and all other units engaged in the servicing healthcare infrastructure.
  • The Canara Jeevanrekha healthcare business loan will offer loan up to Rs. 2 crore at a concessional interest rate for manufacture and supply of healthcare products such as medical oxygen and oxygen cylinders and oxygen concentrators to registered hospitals and nursing homes or other manufacturers and suppliers.
  • Under the third category of loan -- Canara Suraksha personal loan scheme -- the lender will offer loan from Rs. 25,000 – Rs. 5 lakh as immediate financial assistance to customers for COVID-19 treatment during admission or post discharge.

Canara Bank Gets Board Approval to Raise up to Rs. 9,000 cr in FY22

  • State-owned Canara Bank is looking to raise up to Rs. 9,000 crore through equity and debt this financial year, as per the approval granted by the board of directors.
  • The board of directors of the bank in its meeting approved the capital raising plan for the year 2021-22 amounting up to Rs. 9,000 crore by way of equity and debt instruments.
  • Under this capital raise approval, the bank will raise equity capital amounting up to Rs. 2,500 crore by way of qualified institutional placement (QIP) during the current fiscal.
  • Capital up to Rs. 4,000 crore is to be raised by issuing additional tier I Basel III compliant bonds, and the rest of Rs. 2,400 crore is to be raised by issuing additional tier II Basel III compliant bonds.

May 28, 2021

Paytm Plans to Launch India's Biggest IPO

  • Digital payments provider Paytm is all set to make its market debut as early as this year, with an aim to raise $3 billion (around Rs. 22,000 crore). If successful, this could be the biggest initial public offering (IPO) by an Indian company, breaking Coal India's 2010 record of Rs. 15,475 crore.
  • According to reports, the board of One97, parent company of Paytm, is all set to meet to formally approve the IPO plan.
  • Paytm -- backed by investors like SoftBank Group, Ant Group and Berkshire Hathaway -- is targeting a valuation of $25 billion to $30 billion, 1.5-1.8 times the current valuation of $16 billion.
  • Paytm has emerged as one of the largest digital payments players in the country and ranks third in terms of UPI payments with a market share of around 12 per cent.

Yes Bank Implements TransUnion's Onboarding Solution

  • Private sector lender YES Bank announced the implementation of TransUnion's onboarding solution, which will enable it to onboard its credit card customers seamlessly.
  • The solution has been uniquely designed to enable a digital, streamlined onboarding process that delivers the experience consumers prefer such as fewer customer information fields to input, no physical paperwork, and comparatively lesser time required for completing the credit card application.
  • An in-person interaction with customers for physical documentation and processing is now replaced with a digital process wherein a digital application link is sent to the customer, which the customer can complete along with a video KYC.
  • The solution also reduces the integration time and effort for the bank, while encompassing credit and risk decision workflow for digital end-to-end on-boarding.

Amazon Buys MGM

  • Amazon is going Hollywood. The online shopping giant is buying MGM, the movie and TV studio behind James Bond, 'Legally Blonde' and 'Shark Tank', with the hopes of filling its video streaming service with more stuff to watch.
  • Amazon is paying $8.45 billion for MGM, making it the company's second-largest acquisition after it bought grocer Whole Foods for nearly $14 billion in 2017.
  • The deal is the latest in the media industry that's aimed at boosting streaming services to compete against Netflix and Disney+. AT&T and Discovery announced on May 17 that they would combine media companies, creating a powerhouse that includes HGTV, CNN, Food Network and HBO.

Maruti Suzuki Ties up with Three Firms for Production of Oxygen Generators

  • The country's largest carmaker Maruti Suzuki is collaborating with manufacturers to boost production of oxygen generators in the country.
  • Maruti has tied up with three small-scale companies, Airox Nigen Equipments, SAM Gas Products and Gaskon Engineers, for producing oxygen generators.
  • Maruti Suzuki decided to involve itself in scaling up production of oxygen generators by small scale units to help overcome the critical shortage of oxygen.

May 27, 2021

Lithium Buys Pune-based SaaS Mobility Platform Company

  • Bengaluru-based electric mobility start-up Lithium Urban Technologies has bought employment transportation software platform SmartCommute. The International Finance Corporation- and LGT Capital-backed company, which claims to be the biggest owner of electric vehicles in the world outside of China with 1,200 units, is diversifying its portfolio from employee transportation to public transport as well.
  • With the acquisition, Lithium would be able to provide a full range of transportation solutions across all vehicle categories including the conventional internal combustion engine (ICE) vehicles.

Singapore Airlines Not to Go for M&A

  • In a further indication that Singapore Airlines will not join Tata Sons for the bidding of Air India, the company has said that it is not going to go for any merger & acquisition with the fund it has raised and instead will use it to shore up liquidity of the company. This comes as the process for financial bidding of Air India has started. Tata Sons with whom SIA owns and operates Vistara is one of the frontrunners to acquire the state-owned carrier.
  • The company however will continue to invest in Vistara and said that the airline's fleet will grow to 70 by mid of 2023. Vistara currently has 47 planes with a mix of Airbus A320 family and Boeing 787.

Hitachi ABB Power Grids in India to go Carbon Neutral by 2030

  • Hitachi ABB Power Grids in India announced it would achieve carbon-neutrality targets by 2030 in its own operations. It has already signed power purchase agreements with some of the green power generators in Gujarat including Amplus Solar Solutions and will be signing more such contracts to move to 100 per cent green energy by March 2022.
  • As part of its drive to 'build back better', the company is adopting a three-dimensional approach to decarbonization. The programme is designed to reduce the carbon footprint of its own operations and in the products that it delivers.

BPCL Declares Rs. 12,581 cr Dividend Ahead of Privatisation

  • Bharat Petroleum Corporation Ltd (BPCL) declared a record Rs. 12,581 crore dividend, more than half of which will go to the government, ahead of the privatisation of the company.
  • The board of directors has recommended a final dividend of Rs 58 per equity share (including one-time special dividend of Rs. 35 per equity share of Rs. 10 each) for the financial year ended March 31, 2021 subject to the approval of the shareholders.
  • The government, which is selling its entire 52.98 per cent stake in BPCL, will get Rs 6,665.76 crore plus dividend distribution tax.
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