Banking, Finance & Economy Current Affairs - 2022-23

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Recently ,Ittira Davis: He was appointed as MD and CEO of Ujjivan Small Finance Bank. He has replaced Nitin Chugh.

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Microsoft Corp. is set to acquire game making company, Activision Blizzard Inc., in an all-cash transaction for 68.7 billion. (95.00 per share). This acquisition will boost the competitiveness of Microsoft in the mobile gaming business and virtual-reality technology, across mobile, PC, console and cloud and will provide building blocks for the metaverse.

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Bharat Dynamics (BDL) rose 7.51% to Rs 524 after the company signed a contract worth Rs 3,131.82 crore for manufacture and supply of Konkurs – M anti-tank guided missiles to the Indian Army.

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Vedanta has partnered with Foxconn which is based in Taiwan

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India and Nepal have entered into MoU during a virtual ceremony. The MoU was signed for the long-term supply of urea and DAP (Di-ammonium phosphate) fertilizers. It will be supplied to Nepal from India under the Government to Government (G2G) agreement. The MoU was signed by India’s Secretary (Chemical and Fertilizer), Rajesh Kumar Chaturvedi, and Nepal’s Secretary (Agriculture and Livestock Development), Dr. Govinda Prasad Sharma. The MoU will also enhance agriculture cooperation between both countries. It will enhance the economy and food security in Nepal. The MoU was signed to fulfill the shortages of fertilizer being faced and enhance agricultural productivity in Nepal.

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The Reserve Bank of India has instructed regulated entities (REs) lending to the microfinance sector to ensure that loans are collateral-free and not secured by a lien on the borrower’s deposit account, that repayment obligations are capped, that interest rates are not usurious, and that there is no prepayment penalty. The central bank’s harmonised regulatory framework for regulated lenders, which includes scheduled commercial banks, small financing banks, NBFC-MFIs, and NBFC-Investment and Credit Companies, includes these clauses.

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Bajaj Auto Ltd appointed Dinesh Thapar as its chief financial officer. Thapar joins Bajaj Auto from Reliance Retail where he was group chief financial officer for the past three years, the company said in a statement.

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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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GooglePay launched a tap-to-pay feature for UPI transactions in collaboration with Pine Labs.

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The United Nations Development Programme (UNDP) and the partners of the Adaptation Innovation Marketplace (AIM) have approved $2.2 million in climate action grants.