Business, Economy & Banking Current Affairs MCQs

Notes:
Moody’s Investors Service released a report titled ‘Macroeconomics India: Economic shocks from 2nd COVID wave will not be as severe as last year’s’.
In the report, it slashed India’s growth projection to 9.6 per cent for 2021 calendar year, from its earlier estimate of 13.9 per cent. It also observed that faster vaccination progress will be important in restricting economic losses to June quarter.

Notes:
As per the Finance Ministry’s recent notification, tax on expenses incurred on Covid treatment of an employee, borne by employers or any another person, is exempted.
This exemption is applicable to any amount paid by the employer, and limited to Rs 10 lakh if received from any other person. This covers treatment of Covid-19 during FY20 and subsequent years.

Notes:
The Government of India has hiked the foreign direct investment (FDI) limit in pension fund management under the national pension system (NPS) from 49% to 74%. This move is expected to make more players available in this sector.
Presently the 4 out pension fund managers of NPS – HDFC Pension Management, ICICI Prudential Pension Funds, Kotak Mahindra Pension Fund and Aditya Birla Sun Life have significant foreign investments in them.

Notes:
Adani Electricity Mumbai Limited (AEML) which is a group company of the Adani Transmission Ltd has proposed to set up Global Medium-Term Notes bonds programme for $2-billion.
This along with sustainability-linked bond issuance is a part of the company’s plan to raise capital of the company.

Notes:
Reserve Bank of India (RBI) has modified rules for extending loans to directors of other banks and relatives of directors.
As per the amendments, banks can extend personal loans up to ₹5 crore to directors of other banks and directors’ relatives other than spouses without board approval. The earlier limit for such loans was ₹25 lakh. The regulations apply to directors, including the CMD of other banks, any firm in which they are interested as a partner or guarantor, or any company in which they hold interest.

Notes:
Forbes released Fortune 500 global list of companies on August 2, 2021.
As per the list, Reliance Industries Ltd. (RIL) is the highest ranked Indian company in a fiscal year ended on or before March 31, 2021. Globally, It is on 155th position. Apart from RIL, there are other Indian companies also such as Tata Motors, Indian Oil Corporation, Oil and Natural Gas Corporation, Rajesh Exports, Bharat Petroleum Corporation Ltd.
Reliance Industries Limited is an Indian multinational conglomerate company which includes different sectors such as energy, petrochemicals, natural gas, retail, telecommunications, mass media, textiles etc. It was founded on 8 May, 1973 by Dhirubhai Ambani. Mukesh Ambani is the current CEO of Reliance Industries Limited.
Forbes is an American business magazine. It is owned by Integrated whale media investments and Forbes family. It features articles on finance, industry, investments and marketing topics. It is based in New Jersey, USA.

Notes:
IIFL Finance has partnered with Bangalore and Gurgaon-based FinBox to offer innovative digital credit products to its merchants. The investment services company will offer digital credit avenues to its merchants, B2B e-commerce traders; using FinBox’s embedded buy-now-pay-later (BNPL) and working capital credit products. Through this partnership, IIFL and FinBox will disburse ₹1,000 crore in loans over the next 2 quarters, through a completely digital model. Rajat Deshpande, co-founder and chief executive officer FinBox said that the FinBox Embedded Finance Platform powers credit on multiple B2B, e-commerce and retailer aggregator platforms. FinBox’s artificial intelligence and machine learning-powered underwriting capability will enable to extend credit even to MSMEs with thin-to-no credit history.

Notes:
Reserve Bank of India (RBI) on August 12, 2021 has imposed a penalty of Rs 1 crore on Cooperatieve Rabobank U.A. for deficiencies in regulatory compliances. The penalty has been imposed for contravention of certain provisions of the Banking Regulation Act, 1949 and directions related to ‘transfer to reserve funds’. RBI said a penalty of Rs 5 lakh has been imposed on Village Financial Services Ltd, Kolkata, for non-compliance with certain provisions of the Know Your Customer Directions, 2016. RBI has also imposed penalty of Rs 13 lakh on Ahmednagar Merchant’s Cooperative Bank, Ahmednagar, Maharashtra, and Rs 2 lakh on The Mahila Vikas Co-operative Bank, Ahmedabad.