Weekly BeeBooster 16th Nov to 22nd Nov 2019 Finance and Banking Sundaram BNP Paribas HF renamed Sundaram Home Finance Ltd. The name of Sundaram BNP Paribas Home Finance Ltd. has been changed to Sundaram Home Finance Ltd., following the receipt of all regulatory approvals relating to the acquisition of BNP Paribas Personal Finance S.A. France. In June 2019, Sundaram Finance Ltd. (SFL) and BNP Paribas Personal Finance had reached an agreement, whereby BNP Paribas Personal Finance had agreed to sell its entire 49.9% equity stake in Sundaram BNP Paribas Home Finance Ltd. to SFL. The transaction was completed on September 30 after regulatory approvals. ICICI Lombard, Fino tie up to offer sachet insurance products ICICI Lombard General Insurance Company and Fino Payments Bank will launch a dengue and malaria policy that covers treatment up to ₹ 10,000 at a premium as low as ₹ 49. This policy is aimed at addressing the specific needs of Fino’s customers. ICICI Lombard has been partnering with Fino to offer non-life insurance solutions to its customers since 2017. RBI slaps ₹ 2.5 crore penalty on BoB The RBI has imposed a penalty aggregating ₹ 2.50 crore on Bank of Baroda for non-compliance with the directions issued by it in various accounts of Srijan Mahila Vikas Sahyog Samiti at the Bhagalpur Branch. NBFCs with over ₹500 cr assets size now under IBC On the heels of putting in place a generic framework for insolvency proceedings of Systemically Important Financial Service Providers (FSP), the Centre has now specifically brought Non Banking Finance Companies (NBFCs) with over ₹500 crore assets size under the Insolvency and Bankruptcy Code (IBC) fold. After discussions with the central bank, the corporate affairs ministry issued a notification specifying the categories of financial service providers (FSPs) that can be taken up for resolution under the "generic framework" of the Insolvency and Bankruptcy Code. The ministry notified the framework for dealing with systemically important FSPs, excluding banks, under the Code wherein sectoral regulators can seek resolution of stressed entities. 1 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected] Weekly BeeBooster 16th Nov to 22nd Nov 2019 The introduction of the "generic framework" comes against the backdrop of the ongoing liquidity crisis in the non-banking financial companies (NBFCs) that has also sparked concerns about overall stability of the financial sector. RBI imposes Rs. 1.75 crore penalty on Indian Bank The RBI has imposed monetary penalty aggregating to ₹ 1.75 crore on Indian Bank for non- compliance. In a regulatory filing, RBI said the bank failed to comply with its directions on opening of savings bank accounts for a cooperative society, window dressing of the balance sheet, as on March 31, 2018, and had delayed reporting of frauds. About Indian Bank: Headquarters: Chennai Tagline: Your Own Bank New rules framed under IBC for rescue of non-bank lenders The Government of India has issued fresh rules under the Insolvency and Bankruptcy Code (IBC) to govern the rescue of non-bank lenders. The new rules are likely to help out distressed shadow banks and housing financiers, which have been battling a liquidity crunch for a year. These entities will be covered by a special window under the bankruptcy code, which will be notified from time to time. Reserve Bank of India has been given the authority to decide which companies will be taken up to a bankruptcy tribunal under these rules. The bankruptcy tribunal will appoint an administrator who will be nominated by the regulator, will try to stitch together a turnaround plan. In case a turnaround of the financial institution is not possible, the tribunal will gather the views of the regulator before deciding to liquidate it. India to contribute $13.5 mn for UN development activities for 2020 India will contribute USD 13.5 million for various operational activities of development across the UN agencies for the year 2020. The contribution was announced at the UN General Assembly Pledging Conference for Development Activities. The contribution is in line with the country’s long-standing tradition of supporting development activities across the UN system. 2 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected] Weekly BeeBooster 16th Nov to 22nd Nov 2019 About 16 countries pledged a total of USD 516 million at the 2019 United Nations Pledging Conference for Development Activities. Periodic Labour Force Survey (PLFS) 2017-18 According to the Periodic Labour Force Survey (PLFS) 2017-18 conducted by the National Sample Survey Office (NSSO), the estimated female labour force participation for women aged 15 years and above in the country during 2017-18 saw the decline to 23.3 %.Periodic Labour Force Survey (PLFS) 2017-18Statistics showed that just 1 out of 5 persons in the 15-30 years age bracket entering the labour force is expected to be a female in the five years ending 2023. This is because many female between the age group of 15 &19 years not active in the labour force, instead choosing to opt for higher education. An internal study undertaken by the National Skills Development Corporation (NSDC), a public-private-partnership working under the aegis of the Ministry of Skill Development & Entrepreneurship, reveals that 7 crore additional individuals in the working-age (i.e 15-59 years) are expected to enter the labour force by 2023, of which 84.3 %/ 5.9 crore will be in the age group of 15-30 years. Behind Asian economies: According to World Bank data, India’s female labour force participation (23.3%) rate ranks far behind other Asian economies in 2019, including Vietnam (73 %), China (61 %), Singapore (60 %), Bangladesh (36 %), and is closer to the estimates in countries such as Lebanon (24 %), Pakistan (24 per cent) Libya (26 %), Tunisia (24 %) and Sudan (24 %). Youth entrants: The total youth (aged 15-30 years) is projected to enter the labour force is around 1.29 crore in 2023. State’s contribution: Uttar Pradesh will be the top state to contribute to the youth entrants (15- 30 years) during 2019-23 followed by Maharashtra, Madhya Pradesh, Bihar, Tamil Nadu and Karnataka. These 6 states will account for 50% (about 3 crore) of the new youth entrants by 2023. Male & Female: The highest -28.5 lakh of new entrants will be the female youth in the year 2023, while among male youth, 1 crore new entrants is expected to enter in workforce by 2023. India ranks 59 on IMD World Talent Ranking India has slipped 6 places to 59 rank on a global annual list of 63 countries, due to low quality of life and expenditure on education, according to the latest edition of IMD World Talent Ranking. The list was topped by Switzerland. The ranking, based on the performance in three main categories — investment and development, appeal, and readiness. 3 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected] Weekly BeeBooster 16th Nov to 22nd Nov 2019 India is lagging fellow BRICS countries — China ranked 42nd on the list, Russia (47th) and South Africa (50th). Company Law Committee (CLC) which was set up by the Ministry of Corporate Affairs (MCA) on 18th September 2019 presented its Report on 18th November 2019 to Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitaraman. CLC was constituted of 11 members including Shri Injeti Srinivas, Secretary, MCA who is Chairman of CLC. The Company Law Committee was constituted by the Ministry of Corporate Affairs in September, 2019, inter alia, to further decriminalise the provisions of the Companies Act, 2013 based on their gravity and to take other concomitant measures to provide further Ease of Living for corporates in the country. Under Companies Amendment Act, 2019 which was notified on 31st July 2019 had made 16 minor technical lapses in compliances of CA 2013 into CIVIL WRONG. There may be the intention of Government to bring a Bill on the recommendation by CLC in the winter session of Parliament itself. This decriminalization gives signal to the world about Narendra Modi government agenda to get India among the top 50 countries in World Bank’s ease of doing business ranking. The 29th Regional Contact Points (RCP) meeting of the Asia Pacific (A/P) region of the World Customs Organization (WCO) held at Puducherry from 18-20 November 2019. The meeting was organized by the Central Board of Indirect Taxes and Customs (CBIC). This annual meeting is designed to address regional development in a number of areas. It also discusses various issues linked to cross border trade procedures and to enhance communication and experience sharing between the member countries. The meeting highlighted the cultural importance of Puducherry. The meeting discussed issues of importance for the region and the ideas put forth by the member countries International organizations like UNCTAD, GS1 company, Global Alliance on Trade Facilitation (GATF), etc. presented the best practices on customs procedures. The use of technology will bring compliant facilitation. It also discussed the key focus areas for the region, which include enforcement, security, facilitation, capacity building, etc., progress made on different areas of customs procedures and capacity building activities done by WCO and its regional bodies like ROCB, Thailand, RILO Korea, RTCs of the region, etc. 4 | P a g e All ixamBee Mock Tests are FREE Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected] Weekly BeeBooster 16th Nov to 22nd Nov 2019 IBBI notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors The Insolvency & Bankruptcy Code, 2016, (IBC) classifies individuals into three classes, namely, personal guarantors to CDs, partnership firms and proprietorship firms, and other individuals, to enable implementation of individual insolvency in a phased manner.