Current Affairs

2 January, 2022

International

CCI Approves Acquisition of 96.42% Stake In JPL By Worldone Private Limited

The Competition Commission of India (CCI) has approved the acquisition of a 96.42% stake in Jindal Power Limited(JPL), a subsidiary of Jindal Steel & Power Limited(JSPL), by Worldone Private Limited. Worldone Private Ltd is a private company owned by the Promoter Group of JSPL, managing and holding investments across various listed and unlisted companies JSPL is a part of the OP Jindal Group that works in steel, power, mining and infrastructure sectors.

Background:

i.In July 2021, JSPL received the Rs 7,401-crore revised offer from Worldone Private Limited to acquire the 96.42% stake in JPL.
ii.Out of the Rs 7,401 crore, Rs 3015 crore will be paid in cash and the remaining Rs 4,386 crore will be settled in assumption and takeover of liabilities and obligations of JSPL, in relation to inter-corporate deposits and the capital advances extended by JPL to JSPL.
About Jindal Power Limited(JPL):
Jindal Power Limited (JPL), a subsidiary of Jindal Steel & Power Limited(JSPL), is engaged in the business of generating thermal power by using coal as a fuel source.
Chairman– Anil Kumar Jha
Managing Director– Kamal Kumar Agarwal
Headquarters– New Delhi, Delhi

National

LIC Inaugurated “Digi Zone” To Enhance its Digital Footprint

Life Insurance Corporation (LIC) of India has inaugurated “Digi Zone”, at Bandra Kurla Complex, Mumbai, Maharashtra, as part of its effort to enhance its digital footprint. LIC’s Digi Zone can be used by the customers to purchase policies online, pay the premium and avail of other services. As a part of its efforts to become a tech-driven life insurer, LIC will offer information related to its products and services through kiosks installed on the Digi Zone premises.

TRIFED Signs MoU with Rambhau Mhalgi Prabodhini for Development of Tribal Population

Tribal Cooperative Marketing Development Federation of India (TRIFED) signed a Memorandum of Understanding (MoU) with Rambhau Mhalgi Prabodhini- Nation First Policy Research Centre (RMP-NFPRC) to leverage knowledge, expertise and institutional strengths.

Flagship Programmes of TRIFED:
1.Mechanism for Marketing of Minor Forest Produce (MFP)
i.TRIFED in association with State Government Agencies has implemented the ‘Mechanism for Marketing of MFP through Minimum Support Price (MSP) & Development of Value Chain for MFP’ Scheme across 21 states. The scheme has injected more than Rs 3000 crores directly in the tribal economy since April 2020.

ii.The prices of MFPs were increased by up to 90 percent in May 2020 and 23 new items were included in the MFP list.
iii.This scheme, which comes under the Ministry of Tribal Affairs, draws its strength from The Forest Rights Act of 2005 which aims to provide fair prices to tribal gatherers of forest produce.
2.Van Dhan Vikas Yojana
The Van Dhan Vikas Yojana has emerged as a source of employment generation for tribal gatherers and forest dwellers and the home-bound tribal artisans, which ensures that the money earned would directly reach tribals.
About Tribal Cooperative Marketing Development Federation of India (TRIFED):
It comes under the Ministry of tribal affairs
Aim – To improve the livelihoods of the tribals and work towards their empowerment.
Establishment – August 1987
Managing Director (MD) – Pravir Krishna
Headquarters – New Delhi, Delhi

Economy

Govt Approved 19th Tranche of Electoral Bonds

Ahead of assembly elections in five states such as Uttar Pradesh, Uttarakhand, Punjab, Himachal Pradesh and Goa, the government has approved the issuance of the 19th tranche of electoral bonds, which will be open for sale from January 1 to 10, 2022.

ii.What are Electoral Bonds?
These are the alternative financial instrument that could be used for making donations to political parties, it was formed as part of efforts to bring transparency in political funding.
iii.Who can buy it?

Electoral Bonds can be purchased by a person who is a citizen of India or entities incorporated or established in India. Any party registered under section 29A of the Representation of the Peoples Act, 1951 and has secured at least 1 percent of the votes polled in recent General/Assembly elections (i.e. election of Lok Sabha or legislative assembly) are eligible to receive electoral bonds.

iii.Limit: There is no limit on the number of bonds an individual or company can purchase.
iv.Validity: An electoral bond will be valid for 15 days.
About Election Commission of India (ECI):
Head Office – New Delhi, Delhi
Chief Election Commissioner – Sushil Chandra
Election Commissioner – Anup Chandra Pandey, Rajiv Kumar

LIC, GIC, New India Assurance Continue to be Identified as D-SIIs for 2021-22: IRDAI

Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC) and New India Assurance continued to be identified by Insurance Regulator and Development Authority of India (IRDAI) as Domestic Systemically Important Insurers (D-SIIs) for 2021-22. They were also consequently subject to enhanced regulatory supervision and IRDAI has asked the three insurers to raise the level of corporate governance, identify all relevant risks and promote a sound risk management culture.

Note– IRDAI annually identifies D-SIIs and publishes the names of these insurers for public information. LIC, GIC, and New India Assurance were the D-SIIs from 2020-21.

About D-SIIs:
i.It refers to insurers of large size, market importance and domestic and global inter-connectedness whose distress or failure would cause significant dislocation in the domestic financial system.
ii.Thus the continued functioning of D-SIIs is critical for the uninterrupted availability of insurance services to the national economy
iii.In line with the Reserve Bank of India’s benchmarking D-SIIs are perceived to be ‘too big or too important to fail’ (TBTF). This entails any form of government support at the time of crisis in future.

For example, the LIC of India is the largest domestic institutional investor betting on local debt and equities. It is estimated to have an asset size of over Rs 38 lakh crore. In July 2021, the Cabinet Committee on Economic Affairs (CCEA) approved the listing of LIC.

iv.D-SIIs would also be subjected to additional regulatory measures to deal with the systemic risks and moral hazard issues.
About Insurance Regulatory and Development Authority of India (IRDAI):
Incorporated – 2000
Headquarters – Hyderabad, Telangana

SBI Card, Paytm join hands for Card Tokenization to Protect Cardholders’ Data

SBI (State Bank of India) Cards and Payment Services has collaborated with Paytm to enable their cardholders to tokenize their cards on devices and make payments through Paytm. Currently, only cards issued in the Indian Territory are enabled on Paytm network but this partnership enables SBI Cardholders to transact through Paytm network in international locations. The card tokenization facility is available only on Android NFC (near field communication) devices.

What are RBI Guidelines for tokenization?
RBI mandated to store customer’s card information in the form of an encrypted form i.e. Card-On-File (COF) to secure transactions. COF turns sensitive cardholder data into randomly generated 16 digit numbers called “token” with no meaningful value, if breached. These tokens then allow payments to be processed without disclosing any customer details. Therefore this mandate disallows businesses, payment aggregators, and acquiring banks from storing customers’ credit/debit/prepaid card information. Earlier all stakeholders are required to ensure full compliance with the tokenization framework by December 31, 2021. But on December 21, 2021, this deadline was extended by 6 months to June 30, 2022.

About SBI (State Bank of India) Card:
Managing Director & CEO– Rama Mohan Rao Amara
Headquarters– Gurugram, Haryana

Sports

South African Cricketer Quinton de Kock Announced Retirement from Test Cricket

South African cricketer (wicketkeeper & Batsman) Quinton de Kock(29 years old) has announced his retirement from Test Cricket with immediate effect. He has committed to play international limited-overs cricket (white-ball cricket).
About Quinton de Kock:
i.Quinton de Kock hails from Johannesburg, Gauteng, South Africa.
ii.He has been twice named the South African Cricketer of the Year in 2017 and 2020.
iii.He has Captained the South African Cricket team (the Proteas) in One Day International(ODI) and T20I between 2018 and 2021.
iv.He made his test debut against Australia in Gqeberha, South Africa in 2014.
v.He has also played in the Indian Premier League(IPL) representing Sunrisers Hyderabad, Delhi Daredevils, Royal Challengers Bangalore, and Mumbai Indians.
Highlights:
i.He scored 3300 runs at an average of 38.82 in 54 Tests, with six centuries and 22 fifties. He took 221 catches and made 11 stumpings.
ii.He is one of the 12 wicket-keepers with more than 3000 runs and 232dismissals (including 221 catches and 11 stumpings) in tests.
iii.He has also taken 48 catches (47 catches and 1 stumping) in 11 matches, 3rd most number of catches in the inaugural ICC World Tests Championship.
iv.He also has 6 dismissals in an inning (personal best) against England in Centurion in 2019.

Miscellaneous

SBI to Acquire Around 10% stake in IICC

State Bank of India(SBI) is set to acquire around 10% stake in the India International Clearing Corporation (IICC), the first international clearing corporation set up at GIFT-IFSC that acts as a central counterparty providing clearing and settlement and risk management services.
This clears and settles index and single stock derivatives, currency derivatives and debt securities. SBI is expected to complete up to a 9.95% stake subject to a maximum investment of Rs 34.03 crore, in IICC by March 2022, With this strategic investment, IICC is aimed at strengthening the financial markets infrastructure.

Reliance New Energy Solar Acquires 100% Stake in Faradion

Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of Reliance Industries, has signed a definitive agreement to acquire 100 percent shareholding in Faradion Ltd. through secondary transactions for a total value of British Pound Sterling (GBP) 94.42 million based on an enterprise value of £100 million.
Highlights:
RNESL has also agreed to subscribe to new equity shares of Faradion for an aggregate of GBP 31.59 million. Out of GBP 31.59 million, GBP 25 million in growth capital for accelerating commercial roll out and the remaining for repayment of debt and other fees.
Note – The agreement is in line with Mukesh Ambani’s plan of investing Rs 75,000 crore over the next 3 years to build a new clean energy business aimed at RIL’s commitment to be net carbon neutral by 2035.

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Daily Current Affairs | 20th January 2022

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