Business and Economy Current Affairs in November 2020

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Business and Economy Current Affairs in November 2020

Current Affairs- Business and Economy- 30th November 2020

YES Bank  has launched ‘SMS Pay’ on POS Terminals

 -By, Dr. Rituparna Dubey

Private sector lender YES Bank  has launched ‘SMS Pay’ in partnership with Worldline, A French payment and transactional services company. ‘SMS Pay’ is expected to enable merchants to accept contactless and remote payments from their customers. A Point of Sale Terminal (POS terminal) is an electronic device used to process card payments at retail locations.

Current Affairs- Business and Economy- 29th November 2020

Mitsui Sumitomo's Max Life stake swap with Max Financial Services Ltd gets approval of the Insurance Regulatory and Development Authority

 -By, Dr. Rituparna Dubey

IRDAI has approved the proposed transfer of 39.47 crore shares capital of Max Life Insurance held by Mitsui Sumitomo Insurance to MFSL.

Key Point:

  • This transfer constitutes 20.57 percent of the paid-up equity share.
  • It constitutes 21.87 % of issued and paid up share capital of MFSL
  • IRDAI was formed in 1999 and its Head Quarters are at Hyderabad

India’s gross domestic product or GDP contracted to  7.5% in the quarter ending September in comparison to the same period last year

 -By, Dr. Rituparna Dubey

According to data released by the Union ministry of statistics and program implementation (Mospi), India’s gross domestic product or GDP contracted to  7.5% in the quarter ending September in comparison to the same period last year

Key Point:

  • Indian economy contracted for the second successive quarter.
  • However, the pace of decline has narrowed sharply in the last three years.
  • This was because the farm sector remained strong and the manufacturing sector entered a positive zone.

World Investor Week from Nov 23 – 29, 2020

 -By, Dr. Rituparna Dubey

India is observing the World Investor Week from Nov 23 – 29, 2020 under the aegis of the International Organization of Securities Commissions (IOSCO) and SEBI. 

Key Points:

  • Markets regulator SEBI is observing World Investor Week (WIW) in the country from November 23 – 29, 2020.
  • As a part of the celebrations, SEBI has launched an initiative called ‘Securities Market Trainers’ (SMARTs) program
  • This is to enhance investor education and awareness.
  • HQ of IOSCO is located in Madrid, Spain

EPFO has extended the deadline for submission of Jeevan Pramaan Patra 

 -By, Dr. Rituparna Dubey

Due to the ongoing COVID-19 pandemic, the deadline for submission for the Jeevan Praman Patra has been extended.

Key Points:

  • The decision was based on  the vulnerability of the elderly population to the coronavirus
  • The EPFO has extended the time limit up to 28th February 2021 for submission of Life Certificate.
  • This is in respect of the Pensioners drawing pension under EPS 1995 act.

Current Affairs- Business and Economy- 12th November 2020

Google gets CCI approval for acquiring 7.73 % stakes of Jio

Competition Commission of India (CCI) has approved the acquisition 7.73% equity shares of Jio Platforms by Google-Limited Liabilities Corporation (Google LLC) through its subsidiary firm Google International Limited (GIL) on 12th November 2020.

Key Highlights-

  • The acquisition has been approved under Section 31(1) of the Competition Act, 2002.
  • The agreement for acquiring stakes of Jio Platform was signed in 15th July 2020.
  • Google LLC will acquire the stakes for a total amount of Rs. 33,737 crores.
  • Mukesh Dhirubhai Ambani is the Chairman and Managing Director of Reliance India Limited headquartered at Mumbai, Maharashtra.
  • Sundar Pichai is the Chief Executive Officer (CEO) of Google LLC, which is headquartered at California, United States.

 

Current Affairs- Business & Economy- 6th November 2020

SEBI introduces a new category of Equity Schemes- Flexi Cap Fund

Securities and Exchange Board of India (SEBI) has introduced ‘Flexi Cap Fund’ as a new category under Equity Schemes to protect the interests of investors in securities and to promote growth of the securities market and its regulation.

Key Highlights-

  • Flexi Cap Fund is an open-ended dynamic equity scheme that invests in large, mid or small capital company stocks.
  • The restrictions in terms of allocation to any market capital have been lifted under the Flexi Cap Fund.
  • Under this, Mutual Funds can be converted into Flexi Cap Fund.
  • The decision regarding ‘Flexi Cap Fund’ was based on the recommendations of Mutual Fund Advisory Committee (MFAC).

 

IFFCO collaborates with SBI for enhanced accessibility of its products

Indian Farmers Fertilizer Cooperative Limited’s e-bazaar has collaborated with SBI’s SBI YONO Krishi App for boosting the accessibility of its products on digital marketing platform and make online payments easier while making online purchases of its products.

Key Highlights-

  • The collaboration is aimed to increase the availability of quality agricultural inputs of IFFCO across India through its e-commerce portal ‘e-bazaar’.
  • The e-bazaar portal is available in 12 Indian languages.
  • YONO stands for You Only Need One. The SBI YONO Krishi App is an all in one application for availing most of the banking services via digital interface. This app is dedicated to the Indian farmers and it has also integrated the Kisan Credit Card to the interface.
  • 3rd November, 2020 marked 53rd Foundation Day of IFFCO. Udai Shankar Awasthi is the MD & CEO of IFFCO.

Current Affairs- Business and Economy- 5th November 2020

SEBI raises Foreign Investment Cap limit of Mutual Funds

Securities and Exchange Board of India (SEBI) has raised the Foreign Investment Cap limit of Mutual Funds from $ 300 million to $ 600 million. The circular was issued under the title of ‘Enhancement of overseas investment limit per mutual funds’.

Key Highlights-

  • SEBI has put an overall industry limit of US $ 7 billion.
  • SEBI has kept a reserved an amount of $ 50 million per fund house.
  • As per the current norms, Mutual Funds can invest in overseas Exchange Traded Funds (ETFs) subject to a maximum of US $ 200 million per mutual fund.
  • SEBI is a statutory body that regulates the securities and commodity market in India.
  • SEBI as established on 12th April 1992 under Securities and Exchange Board of India Act, 1992
  • SEBI Headquarters are situated in Mumbai
  • Ajay Tyagi is the Chairman of SEBI.

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