Banking, Finance & Economy Current Affairs - 2022-23

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Recently , The ITC Limited has entered into a partnership with Invest India. They have partnered to crowdsource innovative ideas and solutions for the single-use plastic (SUP) substitution.

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The GoI will hold 35.8% stakes in Vodafone Idea (Vi) in the form of Equity. In this regard, the company’s board approved the conversion of Rs 16,000 crores in interest into equity

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The government of India has appointed K V Kamath as chairperson of the National Bank for Financing Infrastructure and Development (NaBFID).

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India has entered into an MoU with Australia to cooperate in the field of Tourism.

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The Technology Development Board (TDB) has signed MoU with Skyshade Daylights Private Limited, Hyderabad. The MoU was signed to promote start-ups in Daylight Harvesting Technology. The TDB is a statutory body of the Department of Science & Technology. The MoU was signed in the presence of Union Minister of State (IC) Science & Technology; Minister of State (IC) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr. Jitendra Singh. Science & Technology has decided to promote Start-up in the latest Daylight Harvesting Technology. This will reduce carbon footprint and enhance energy efficiency.

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Minister of Labour and Employment and MoEFCC, Bhupender Yadav has launched a book titled “Role of Labour in India’s Development”. V V Giri National Labour Institute has published the book. The publishing of the book is part of the ‘Iconic Week’ celebrations of the ‘Azadi Ka Amrit Mahotsav’

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United Nations (UN) Secretary-General, Antonio Guterres has announced the appointment of Indian development economist Jayati Ghosh as a member of the UN’s newly established Advisory Board on Effective Multilateralism. The new advisory board will be asked to build on the ideas in Our Common Agenda including the centrality of women and girls, and the need to take into account the interests of young people and future generations to make concrete suggestions for more effective multilateral arrangements across a range of key global issues.

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NCLT orders Corporate insolvency of Supertech builders, accepting a plea of creditors led by Union Bank of India.

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Singapore-based E-commerce platform “Shopee” has closed its operation in the country just 3 months after its launch. Social commerce platform Shopee is exiting India citing “global market uncertainties”, less than six months after it launched in the country. This is despite the platform, which is owned by Singapore-based consumer internet company Sea Group, becoming one of the most downloaded apps on Android Play Store shortly after its launch. During its stint in India, besides the heat on Sea Group through the banning of Garena Free Fire, Shopee had run into several hurdles. Earlier this year, an FIR was filed against the company in Lucknow alleging duplicate products being delivered from the platform. Further, a complaint was also filed against Shopee with the Competition Commission of India for indulging in “deep discounting”. The antitrust body earlier this month dismissed the complaint. Shopee had also faced opposition from a group of local traders led by the Confederation of All India Traders (CAIT), which had called for a ban of the platform and had also written to Finance Minister Nirmala Sitharaman alleging violations of India’s FDI rules by the company.

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Meta CEO Mark Zuckerberg is the world’s richest self-made billionaire aged 40 and under with a total wealth of $76 billion.