Finance: GK, General Studies and Current Affairs

India- Maldives projects inaugurated

In early December, the Prime Minister of India and the President of Maldives jointly inaugurated 4 development projects in the island nation: LED lighting project in Mahe – will save 80% of energy. RuPay card facility launched in Maldives. Inauguration of 3 fish processing plants in Addu Atoll. (Kaamiyaab) Fast Interceptor Craft gifted to Maldives ..

Finance Minister presents First Supplementary Demand of Grants

The Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman on Thursday, 28 November 2019 sought Parliament’s approval for capital infusion as a part of the first supplementary demand of grants for Rs 21,246.16 crore which will include: 1)About Rs, 8,820 crores will be spent for the newly-formed Union Territories of Ladakh and Jammu and ..

ArcelorMittal’s takeover of Essar cleared by apex court

On 15 Nov, the three judge bench of the Supreme Court has accepted world’s largest steelmaker, Arcelor Mittal’s offer to pay an aggregate Rs 42,000 crore as an upfront amount to the secured financial creditors of bankrupt Essar Steel.  This creates a path  for Arcelor Mittal to take over Essar and enter the world’s second ..

MCA notifies Insolvency and Bankruptcy Rules, 2019

On 15 Nov, the Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules).  The rules will provide a framework for insolvency and liquidation proceedings of Financial Service Providers (FSPs) other than banks. These rules will be applicable ..

CCI nod for merger of BOB and BNPP

On 14 Nov, the Competition Commission of India (CCI) has approved the merger of the BNP Paribas (BNPP) Mutual Fund and the Baroda (BOB) Mutual Fund, under the Competition Act, 2002. The parties propose to amalgamation includes BOB BOB Asset Management Company (AMC) into BNPP AMC and BNPP Trustee Company (TC) into BOB TC. After ..