Weekly GA Capsule 13Th May to 19Th May 2019
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Weekly GA Capsule 13th May to 19th May 2019 1 | P a g e Weekly GA Capsule 13th May to 19th May 2019 Economy & Banking.........................................................................................................................03 Government & Polity.........................................................................................................................08 International.......................................................................................................................................13 Sports..................................................................................................................................................18 Appointments.....................................................................................................................................22 Person/Event/Award..........................................................................................................................23 Important Days………………………………………………………………………………………………..26 Science and Technology…………………………………………………………………………………….28 2 | P a g e Weekly GA Capsule 13th May to 19th May 2019 Economy & Banking 1. RBI appoints former Dy. Governor of RBI R. Gandhi to Yes Bank board In a precautionary measure RBI’s decides to appoint Rama Subramaniam Gandhi to the board of Yes Bank Gandhi’s appointment comes against the backdrop of Yes Bank reporting a loss of ₹1,507 cr for March quarter and given the governance issues under the previous managing director and CEO Rana Kapoor The appointment has been made under sub-section (1) of Section 36 AB of the Banking Regulation Act, 1949 Sub-section (1) of Section 36 AB of the Banking Regulation Act, 1949 Under this section RBI can, appoint additional directors “if the Reserve Bank is of [opinion that in the interest of banking policy or in the public interest or] in the interests of the banking company or its depositors it is necessary so to do, it may, from time to time by order in writing, appoint, with effect from such date as may be specified in the order, one or more persons to hold office as additional directors of the banking company." Yes Bank HQ: Mumbai Key People Founder: Rana Kapoor Brahm Dutt (Chairman) Ravneet Gill (MD & CEO) 2. Banking sector gross NPA falls as IBC helps in better recovery As per the report by CRISIL Rating Agency: The banking sector’s gross non-performing assets (GNPA) ratio is estimated to have declined to 10 % in end-March 2019 from 11.5 %, as recoveries through the Insolvency and Bankruptcy Code (IBC) helped banks recovery bad loans. Recovery through the IBC was Rs 70,000 crore in fiscal 2019 – or twice the Rs 35,500 crore recovered through other resolution mechanisms such as the DRT,SARFAESI, and Lok Adalat – in fiscal 2018 The IBC requires a corporate insolvency resolution process (CIRP) to be completed in 180 days, which can be extended by another 90 days to a maximum of 270 days. These time limits were set in to ensure that recovery of non-performing assets (NPAs) happen in a time-bound manner and banks are able to reduce the quantum of stressed assets of more than Rs 10 lakh crore. 3. ICICI Bank collaborates with travel portal Goibibo to launch multi-currency card Industrial Credit and Investment Corporation of India(ICICI) Bank launched co-branded multi-currency card with online travel booking portal Goibibo. As per the agreement anyone travelling abroad, whether they hold an ICICI Bank savings account or not, can apply for the Goibibo ICICI Bank Travel Card on the Goibibo website and mobile app The card provides travel insurance of Rs. 2 lakh to Rs. 10 lakh ICICI Bank Limited (Industrial Credit and Investment Corporation of India) HQ: Mumbai Tag line: “Hum Hai na” 3 | P a g e Weekly GA Capsule 13th May to 19th May 2019 Key People: Girish Chandra Chaturvedi (Chairman) Sandeep Bakhshi (MD & CEO) Goibibo Co-founded by Sanjay Bhasin and Vikalp Sahni CEO: Sanjay Bhasin 4. Quit your job, take $10,000 and start a delivery business In efforts to fulfill orders faster, Amazon will help some employees transition to entrepreneurial life. An expansion of its Delivery Service Partner program, the new initiative will give Amazon employees funding to start their own businesses delivering packages for the online retail giant. Amazon employees who take the plunge will receive funding for "startup costs, up to $10,000, as well as the equivalent of 3 months of the former employee’s last gross salary. Amazon is racing to deliver packages faster and seeks to speed up its shipping time from 2 days to 1 for its Prime members. The offer is open to most part-time and full-time Amazon employees, including warehouse workers who pack and ship orders. Amazon.com Amazon Inc. is an American multinational technology company that focuses on e-commerce, cloud computing, and artificial intelligence. HQ: Washington Established: 1994 Founder: Jeff Bezos Key People: Jeff Bezos (chairman, president and CEO) Werner Vogels (CTO) 5. Ola launches credit card in tie up with SBI Card Ola has launched Ola Money SBI Credit Card in partnership with SBI Card, one of India’s largest credit card issuers. Powered by Visa, The Bangalore-based company aims to provide a flexible and convenient payment system alongside several benefits to its customers. Ola is targeting 10 million Ola Money SBI Credit Cards by 2022. Ola Money SBI Credit Card cashback offers: Cashback examples shared by the company include 7 percent cash back on Ola Cab spends, 5 percent cash back on flight bookings, 20 percent cash back on domestic hotel bookings, 6 percent cash back on international hotel bookings, 20 percent cash back on over 6,000 restaurants across the country, 1 percent cash back on other spends, and finally, 1 percent surcharge waiver on all fuel transactions. MD & CEO, SBI Card: Hardayal Prasad Co-founder and CEO of Ola: Bhavish Aggarwal. 6. BSE launches 'BSE StAR MF' mobile app for its mutual fund platform 4 | P a g e Weekly GA Capsule 13th May to 19th May 2019 BSE (Bombay Stock Exchange) launched an app named ‘BSE StAR MF’ in order to enable more participation and aid mutual fund distributors to accelerate transactions process. ‘BSE StAR MF’ is BSE’s mutual fund platform which helps distributors in purchasing and redeeming the mutual fund units on behalf of their clients. The app Store supports dynamic (real-time) client registration, digital transactions, creates and uploads mandate for SIPs (Systematic Investment Plans), generates multiple orders, tracks and permits the distributor in evaluating his business instantly. The app enables IFAs (Independent Financial Advisors) to take their business anywhere, anytime After downloading the app through google play, the sign up can be done by providing the member identification number. BSE: Bombay Stock Exchange HQ: Mumbai, Maharashtra Founded: July 1875 (oldest Stock exchange of Asia) BSE Chairman: S Ravi MD & CEO: Ashish Kumar Chauhan Indices: BSE SENSEX, S&P BSE SmallCap, S&P BSE MidCap, S&P BSE LargeCap, BSE 500 7. Doordarshan merchandise launched on Amazon India Doordarshan has partnered with online retail giant Amazon India to launch a Souvenir Store. The store will offer a whole range of merchandise which includes T-shirts, coffee mugs and sippers with the tagline “I am in your DNA, I am your Doordarshan”. The purpose of this initiative is to establish a stronger relationship with viewers of Doordarshan channel and Connecting with new-age digital India is a vision for Doordarshan Doordarshan Motto: Satyam Shivam Sundaram Parent Organisation: Prasar Bharati- Dr. A. Surya Prakash, Chairman 7. Mortgage guarantee-backed home loan Housing finance major HDFC Limited has partnered with the India Mortgage Guarantee Corporation (IMGC) to offer a mortgage-guaranteed home loan product. The partnership aims to make it possible for HDFC to further penetrate the home loan market and access an enlarged customer base, helping them to own a home of their choice The partnership statement iterated that it will support the government of India's mission under the Prime Minister Awas Yojana Scheme (PMAY) to provide housing for all by 2022." Mortgage guarantee: Mortgage guarantee is a financial product which compensates lending institutions for losses that may arise if a homeowner defaults on a mortgage loan. The risk of the home loan gets transferred from the bank/FIs to the mortgage guarantee company. HDFC HQ: Mumbai Key People: Chairman: Deepak Parekh Vice Chairman & CEO: Keki Mistry Managing Director: Renu Sud Karnad India Mortgage Guarantee Corporation CEO: Mahesh Misra 5 | P a g e Weekly GA Capsule 13th May to 19th May 2019 8. NMCG, HCL and INTACH inked tripartite MoU for Rudraksh plantation in Uttarakhand National Mission for Clean Ganga (NMCG), HCL foundation and INTACHis taking up a project of 'Plantation of Rudraksha Trees in Uttarakhand' under the 'Namami Gange' Programme. The Namami Gange Mission aims at providing comprehensive and sustainable solutions for a cleaner ecosystem along the stretch of 97 towns and 4,465 villages on the Ganga stem. The afforestation drive and the Clean Ganga Mission will go hand in hand Uttarakhand Capital: Dehradun Governor: Baby Rani Maurya Chief Minister: Trivendra Singh Rawat National Mission for Clean Ganga NMCG Director General: Rajiv Ranjan Mishra NMCG is a registered society under the Societies Registration Act 1860. NMCG has a two-tier management structure and comprises of Governing Council and Executive Committee