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CURRENT AFFAIRS: BANKING & FINANCE

Shivalik Small Finance Bank raises Rs 100 Cr in equity investment

Noida-based Shivalik Small Finance Bank has raised Rs 100 crore in equity co-led by global venture capital firm Lightspeed and Sanjay Nayar-founded Sorin Investments, with participation from existing investors Accel and Quona.
The bank plans to use the funding to enhance its tech stack, strengthen its team, and further develop its product proposition to build a digital-first bank for small businesses and underserved segments.
In 2022, the bank had raised Rs 111 crore in equity co-led by global venture capital firms Accel and Quona Capital.
The bank is the first Small Finance Bank in India to have transitioned from an Urban Cooperative Bank with over 25 years of experience in offering retail banking products and services.

About Shivalik Small Finance Bank:

Shivalik became the first Small Finance Bank in India to transition from an Urban Co-operative bank namely Shivalik Mercantile Co-operative Bank (SMCB).
Founded in 1998 by Mr. Yashvir Kumar Gupta, with Mr. Suveer Kumar Gupta serving as its MD & CEO, till transition into Shivalik Small Finance Bank (SSFB).
Suveer Kumar Gupta, who played a crucial role in this transition, not only served as the first MD & CEO of SSFB but also continues to contribute as an Advisor to the Board.
Headquartered in

SBI to raise up to ₹20000 crores to fund infra projects

State Bank of India (SBI), the country’s largest lender, plans to raise Rs 20,000 crore through long-term bonds in the current financial year for funding infrastructure projects and affordable housing units.
In a filing with stock exchanges, the lender stated its central board had, at its meeting on Wednesday, approved issuing long-term bonds to raise to Rs 20,000 crore through a public issue or private placement during 2024-25.
A senior SBI executive stated that the bank had raised Rs 20,000 crore in two previous financial years (FY23 and FY24).
In September 2023, it had placed a 15-year infrastructure bond at a coupon of 7.49 per cent.

Key highlights:

The bank has already announced plans to raise up to $3 billion of long-term funds from the international market through a public offer and/or private placement of senior unsecured notes in the US dollar or any other major foreign currency in the current financial year.
The infrastructure bonds issued earlier by SBI carry an AAA credit rating by domestic credit-rating agencies with a stable outlook.
The proceeds from infrastructure bonds are exempt from regulatory reserve requirements like statutory liquidity ratio (SLR) and cash reserve ratio (CRR). The entire amount can be deployed in lending operations.
If banks were to raise similar amounts through deposits, they would have to keep 4.5 per cent of the amount with the Reserve Bank of India as CRR.
Also, they have to invest about 18 per cent of money into securities to maintain
SBI’s infrastructure loans rose 5.72 per cent year-on-year (Y-o-Y) to Rs 3.94 trillion at the end of March 2024.
Of this, major exposures were to the power sector (Rs 2.04 trillion), ports and roads (Rs 1.12 trillion) and telecom (Rs 30,376 crore).
In its annual report for FY24, SBI stated the government had further raised its budgetary allocation towards capital expenditure from Rs 10 trillion in FY24 to Rs 11.11 trillion for the current financial year.
The Government of India has introduced various initiatives to strengthen the economy, such as the National Infrastructure Pipeline (NIP) with targeted investments of $1.4 trillion, the National Monetisation Pipeline (NMP), and Performance-linked Schemes (PLI).
The need to ramp up infrastructure on a large and sustainable scale has resulted in new projects, particularly in sectors such as renewables, roads, and city gas distribution.

About SBI:

Established: 1 July 1955
Headquarters: Mumbai, Maharashtra, India
Chairman: Dinesh Kumar Khara
CFO: Kameshwar Rao Kodavanti

RBI invites applications for recognition of SROs for NBFCs

The Reserve Bank of India (RBI) invited applications for recognition of SROs for the NBFC sector.
The applications are invited under the aegis of RBI’s ‘Omnibus Framework for recognition of Self-Regulatory Organisations for Regulated Entities of the Reserve Bank’ dated March 21, 2024.

Membership criteria for NBFC SROs:

According to the RBI, the SRO for NBFC sector is primarily envisaged for NBFCs in the categories of Investment and Credit Companies (NBFC-ICCs), Housing Finance Companies (HFCs) and Factors (NBFC-Factors).
However, the SRO may also have other categories of NBFCs as its members.
The recognized SRO shall have a good mix of NBFC-ICCs, HFCs and NBFC-Factors as its members.
To ensure fair representation to smaller NBFCs, the SRO shall have at least 10% of the total number of NBFCs in the Base Layer as per Scale Based Regulatory Framework and categorised as NBFC-ICC and NBFC-Factor, as its members.
The RBI has also highlighted that the failure to achieve the aforesaid membership, within two years of the grant of recognition as SRO, would render the SRO liable for revocation of the recognition

Terms of recognition of SROs:

As per the details laid down by the RBI, the applicant should achieve a minimum net worth of Rs 2 crore within a period of one year after recognition as an SRO, or before commencement of operations as an SRO, whichever is earlier.
A maximum of two SROs for the NBFC sector will be recognised, subject
to the applicants fulfilling the prescribed criteria to the satisfaction of the Reserve Bank.
The guidelines as given in the omnibus framework for recognition of SRO for REs of the Reserve Bank, shall be adhered to for application, recognition and functioning of the SRO.

Self-Regulatory Organization (SRO):

A self-regulatory organization (SRO) is an entity such as a non-governmental organization, which has the power to create and enforce stand-alone industry and professional regulations and standards on its own.
In the case of financial SROs, such as a stock exchange, the priority is to protect investors by establishing rules, regulations, and setting standards of procedures that promote ethics, equality, and professionalism.

RBI Cancels Licence Of Mumbai-based The City Co-operative Bank

The Reserve Bank cancelled the licence of The City Co-operative Bank, Maharashtra for lacking adequate capital and earning prospects.
The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been asked to issue an order for winding up the bank and appoint a liquidator, RBI stated.
According to RBI, the cooperative bank ceases to carry on banking operations with effect from the close of business hours on June 19, 2024.
On liquidation, every depositor would be entitled to receive a deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh only from Deposit Insurance and Credit Guarantee Corporation (DICGC).
“As per the data submitted by the bank, about 87 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC,” RBI stated.
As of June 14, 2024, DICGC has already paid Rs 230.99 crore of the total insured deposits based on the willingness received from the depositors concerned of the bank.
Giving details, RBI stated the Mumbai-based cooperative bank does not have adequate capital and earning prospects.
Consequent to the cancellation of its licence, The City Co-operative Bank has been prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits.

About RBI :

Established : 1 April 1935
Headquarters : Mumbai, Maharashtra, India
Governor : Shaktikanta Das
Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

Zurich Insurance acquires majority stake in Kotak General Insurance

Zurich Insurance Company Ltd. (“Zurich”) announced the successful completion of acquiring a majority stake in Kotak Mahindra General Insurance Company Limited (“Kotak General Insurance”) from Kotak Mahindra Bank Limited (“Kotak”), following the receipt of all necessary regulatory approvals.
Zurich has acquired a 70% stake in Kotak General Insurance for a total consideration of 5,560 crores (i.e., USD 670 million), through a combination of fresh growth capital and share purchase.

Key highlights:

The transaction marks the largest foreign investment in India’s general insurance market and is the first by a foreign insurer since the foreign direct investment (FDI) limit was raised from 49% to 74% in 2021.
With this entry, Zurich is fully committed to fostering the development and expansion of India’s insurance sector in keeping with the Insurance Regulatory and Development Authority of India’s (IRDAI) goal of achieving “Insurance for All” by 2047.
The combined entity will bring to the Indian market, Zurich and Kotak’s collective commitment to trust, innovation, integrity, and customer service.
In due course, the business will adopt a new brand that represents both Zurich and Kotak as shareholders.
The transaction was announced in November 2023 and was subject to customary conditions precedent including regulatory approvals from the Reserve Bank of India, Insurance Regulatory and Development Authority of India, and the Competition Commission of India. All necessary approvals have been received.

About Zurich Insurance:

Formation: 1872
Headquarters: Zurich, Switzerland
Chairman: Michel Lies
CEO: Mario Greco

About Kotak General Insurance:

Formation: 2015
Headquarters: Mumbai, Maharashtra
MD & CEO: Suresh Agarwal

ADB approves $170 mn loan to strengthen health system in India

Multi-lateral development lender Asian Development Bank (ADB) approved a USD 170 million (over Rs 1,418 crore) policy-based loan to improve India’s health system preparedness and capacity to respond to future pandemics.
The Strengthened and Measurable Actions for Resilient and Transformative Health Systems will support the government’s National Health Policy 2017, which aims to provide quality health care services to all, ADB stated in a statement.
This policy-based loan will help fill the gaps in policy, legislative, and institutional governance and structures and contribute to India’s goal of providing universal access to quality and affordable healthcare services to strengthen pandemic preparedness and response, it stated.
The programme will strengthen disease surveillance systems to effectively respond to public health threats, it stated.
It will set up laboratory networks for infectious disease surveillance at the state, union, and metropolitan levels and will also support the establishment of robust data systems to monitor and coordinate national health programmes for the poor, women, and other vulnerable groups.

About Asian Development Bank:

Formation: 19 December 1966
Headquarters: Manila, Philippines
Membership: 68 Countries
President: Masatsugu Asakawa (from 17 January 2020)

IPPB ties with Ria Money Transfer to set up 25,000 centres

India Post Payments Bank (IPPB) announced a partnership with Ria Money Transfer to facilitate international remittances, particularly for rural customers. The service will include doorstep cash delivery.
The collaboration with Ria Money, which is part of Euronet Worldwide Inc., will enable international inward money transfer services at over 25,000 post offices with immediate effect.
IPPB plans to expand the services to over 100,000 locations owned by India Post.
Around 50-60% of the new centres would be set up in top states.
The move aims to expand IPPB’s digital paymentchannels to serve its 90 million customers.

IPPB expansion

Transactions by IPPB customers have increased tenfold to 10 million per day over the past three and a half years, with 80-90% of these transactions serving its rural customer base, and 5-10% catering to semi-urban areas.
According to IPPB data, Singapore and Malaysia are the top countries for remittances to India.
To ensure paperless doorstep delivery of remittances to customers, Ria Money Transfer and IPPB are training postmen using modules on biometric systems.

About India Post Payment Bank:

Formation: 30 January 2017
Headquarters: New Delhi, India
Under: India Post, Department of Post, Ministry of Communications, Government of India
MD & CEO: Shri. R. Viswesvaran

About Ria Money Transfer:

Formation: 1987
Headquarters: California, US
CEO: Juan Bianchi

CURRENT AFFAIRS: NATIONAL NEWS

Union Cabinet Approves MSP Hike for Kharif Crops for 2024-25 Season

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved an increase in the Minimum Support Prices (MSP) for all 14 Kharif crops for the 2024-25 crop season, which spans from July to June.
This decision aligns with PM Modi’s vision of policy continuity to support farmers and boost their income during his third term in office.

Key Highlights:

Financial Impact:
- Farmers will receive around ₹2 trillion as MSP, which is ₹35,000 crore more than the previous season, as announced by Union Railways Minister Ashwini Vaishnaw.
Significant Increases:
- Oilseeds: Nigerseed and sesamum saw the highest MSP increase by ₹983 and ₹632, set at ₹8,717 and ₹9,267 per quintal, respectively.
- Pulses: Tur (arhar) received a substantial hike of ₹550, now standing at ₹7,550 per quintal.
MSP for Major Crops:
- Paddy: Raised by ₹117 to ₹2,300 per quintal for the common grade variety and to ₹2,320 for grade A.
- Cereals: Jowar, bajra, ragi, and maize MSPs have been increased to ₹3,371-3,421, ₹2,625, ₹4,290, and ₹2,225 per quintal, respectively.
- Pulses: Moong (green gram) and urad (black gram) MSPs are now ₹8,682 and ₹7,400 per quintal, increased by ₹124 and ₹450, respectively.
- Oilseeds: Groundnut, sunflower seed, and yellow soybean MSPs are now ₹6,783, ₹7,280, and ₹4,882 per quintal, increased by ₹406, ₹520, and ₹292, respectively.
- Cotton: MSP for medium staple and long staple varieties increased by ₹501 to ₹7,121 and ₹7,521 per quintal, respectively.
Policy Context:
- The MSP hike is in line with the Union Budget 2018-19 announcement to fix MSP at a minimum of 1.5 times the average cost of production.
Margins Over Production Cost:
- The expected margin over the cost of production is highest for bajra (77%), followed by tur (59%), maize (54%), and urad (52%). For the other crops, the margin is estimated at 50%.

Implications:

The MSP hike for Kharif crops is a strategic move to enhance farmers’ incomes and support agricultural sustainability.
The increase aims to provide financial stability to farmers, encouraging higher production and self-sufficiency in crucial crops like pulses by 2027.
The decision is also expected to have a positive ripple effect on the rural economy, benefiting FMCG, consumer durables, automotive, fertilizers, irrigation, and banking sectors.

Types of Cropping patterns:

Rabi crops are those which are grown in the winter season like wheat, gram, mustard, pea, etc.
Kharif crops are sown in the rainy season. These include rice, sugarcane, cotton, etc.
Zaid crops are the summer crops such as cucumber, watermelon, etc.

Inauguration of New Nalanda University Campus by Prime Minister Narendra Modi

Prime Minister Shri Narendra Modi inaugurated the new campus of Nalanda University near Rajgir, Bihar.
The event was marked by significant dignitaries and symbolic actions, emphasizing the university’s revival and its international significance.
The inauguration of the new Nalanda University campus marks a significant milestone in India’s educational landscape, reaffirming its commitment to fostering global collaboration in academia, research, and cultural heritage.

Dignitaries Present:

Governor of Bihar, Shri Rajendra Vishwanath Arlekar
Chief Minister of Bihar, Shri Nitish Kumar
External Affairs Minister Dr. S. Jaishankar
MoS for External Affairs, Shri Pabitra Margherita
Chancellor of the University, Prof. Aravind Panagariya

Overview of Nalanda University:

Location and Establishment: The modern Nalanda University (NU) is situated near the ancient ruins of Nalanda, Bihar. It was established by an Act of the Parliament of India with the aim to revive the historical glory of Nalanda as an international institution for intellectual, philosophical, historical, and spiritual studies.
Historical Context: The foundation for NU was laid during the 2nd East Asia Summit (Philippines, 2007) and furthered in the 4th East Asia Summit (Thailand, 2009). The Nalanda University Act was passed in 2010, with substantial construction efforts initiated under the leadership of Prime Minister Narendra Modi from 2017 onwards, aligning with India’s ‘Act East’ Policy.

International Participation:

Participating Countries: Alongside India, 17 other countries are involved in this initiative: Australia, Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, Indonesia, Laos, Mauritius, Myanmar, New Zealand, Portugal, Singapore, South Korea, Sri Lanka, Thailand, and Vietnam. Ambassadors from these nations attended the inaugural ceremony, underscoring the international cooperation and support for Nalanda University.

Campus Features:

Design and Architecture: The new 455-acre campus draws inspiration from the original monasteries and buildings of ancient Nalanda Mahavihara.
Green Campus: It is designed as a ‘Net Zero Green Campus’ with sustainable features including over 100 acres of water bodies (Kamal Sagar ponds), an on-grid solar plant, water treatment and recycling facilities, and extensive green cover.
Facilities: The campus includes a 250-capacity Yoga Center, a modern auditorium, library, archival center, and a comprehensive sports complex.

Academic Focus:

Programs Offered: NU emphasizes higher education and research with offerings in:
- Buddhist studies, philosophy & comparative religions
- Languages and literature
- Ecology and environmental studies
- Sustainable development and environment
- International relations and peace studies
Student Diversity: Currently, the university hosts students from over 20 countries, reflecting its international academic environment.

MeitY seeks inputs from industry, and think tanks on digital competition bill

The Ministry of Electronics and Information Technology (MeitY) recently engaged with prominent think tanks to gather feedback on the draft Digital Competition Bill (DCB) and its potential implications for India’s startup ecosystem.
Here are the key points from the meeting and the current perspectives on the bill:

Meeting with Think Tanks:

Participants and Discussions:
- The meeting included representatives from think tanks such as Chase India, CUTS Institute for Regulation and Competition, Centre for Competition and Law, Centre for Digital Future, and others.
- MeitY officials, along with members from the Competition Commission of India (CCI), solicited inputs on how the proposed Digital Competition Bill would impact domestic startups.
- The ministry sought insights on whether further consultations are necessary and how evidence selection should be approached under the bill.

Perspectives on the Digital Competition Bill:

Support from Domestic Startups:
- Approximately 40 domestic startups, including Matrimony.com, TrulyMadly, Innov8, QuackQuack, Magicbricks, Hoichoi, and Medibuddy, have expressed support for the Digital Competition Bill.
- In a collective letter to the Ministry of Corporate Affairs (MCA), these startups indicated that they view the proposed legislation positively, considering it a step forward in promoting fair competition and addressing market challenges.
Rationale for Support:
- Startups backing the bill believe that it will foster a level playing field in the digital space, promoting competition and innovation.
- They anticipate that the legislation will create a conducive environment for startups to grow and compete against larger players in the market.
Government’s Approach:
- The Ministry is actively seeking diverse perspectives from stakeholders to ensure comprehensive deliberation on the bill’s provisions.
- Input from think tanks and industry stakeholders will likely inform potential revisions or enhancements to the draft legislation before its formal enactment.

Conclusion:

The engagement between MeitY, CCI, think tanks, and startups underscores the government’s commitment to shaping a regulatory framework that supports digital competitiveness while safeguarding the interests of all stakeholders, especially startups. The Digital Competition Bill, once finalized, aims to provide a structured approach to managing competition in the digital economy, addressing concerns related to market dominance and ensuring fair business practices.

India Approves Plan to Invest $9B to Build Mega Port Near Mumbai

The Indian government has approved the construction of Vadhavan Port, positioned north of Mumbai on the west coast, with aspirations for it to rank among the top 10 ports globally upon completion.
Vadhavan Port represents a major infrastructure initiative by the Indian government to bolster trade connectivity and operational efficiency on the west coast, thereby positioning itself as a key player in global maritime trade routes.

Location and Importance:
- Vadhavan Port will be situated less than 100 miles north of Mumbai, strategically located to serve as a crucial trade gateway between India, the Middle East, and Europe.
- The region currently hosts only two ports: Mumbai Port, constrained by the city’s urban sprawl and limited natural draft, and Jawaharlal Nehru Port, which predominantly handles containers.
Capacity and Capabilities:
- Vadhavan Port is designed with a natural draft of up to 20 meters (65 feet), enabling it to accommodate the world’s largest ships. This deep draft capability is a significant advantage over existing ports in the region.
- The port will cater exclusively to cargo, featuring designated zones for containers, dry bulk, and wet bulk shipments.
Development Timeline and Ownership:
- Originally proposed by an Australian company in 1997, the Vadhavan Port project gained momentum under the Indian government’s initiative starting in 2015.
- The cabinet has approved a substantial investment exceeding $9.1 billion for the port’s construction, which will be jointly owned by the port authority and the Maharashtra Maritime Board.
Strategic Economic Impact:
- Vadhavan Port is expected to enhance India’s maritime infrastructure significantly, facilitating smoother trade operations and boosting economic activities in the region.
- Its location and capabilities are poised to alleviate congestion at existing ports and support the growth of international trade, particularly in handling larger vessels efficiently.
Future Prospects:
- Once operational, Vadhavan Port aims to strengthen India’s position in global maritime trade and contribute to the country’s ambitious infrastructure development goals.
- The port’s development underscores India’s commitment to expanding its logistics and transportation network, crucial for sustaining economic growth and competitiveness in global markets.

CURRENT AFFAIRS: INTERNATIONAL NEWS

Alembic Pharmaceuticals Receives USFDA Approval for Generic Dabigatran Etexilate Capsules

Alembic Pharmaceuticals Ltd has secured final approval from the US Food & Drug Administration (USFDA) for its generic Dabigatran Etexilate capsules in 75 mg and 150 mg dosages.
The company also received tentative approval for the 110 mg dosage.
These capsules are used to reduce the risk of stroke and blood clots in adults with specific medical conditions.
Alembic Pharmaceuticals’ approval from the USFDA marks a significant milestone, enhancing its product portfolio in the US market and providing a cost-effective alternative to the brand-name drug Pradaxa for patients requiring anticoagulant therapy.

Key Details:

Approval and Equivalence:
- The approved Abbreviated New Drug Application (ANDA) for Dabigatran Etexilate capsules is therapeutically equivalent to the Reference Listed Drug (RLD) product, Pradaxa Capsules by Boehringer Ingelheim Pharmaceuticals, Inc.
- The approved dosages are 75 mg, 110 mg (tentative), and 150 mg.
Indications:
- Dabigatran Etexilate capsules are indicated for reducing the risk of stroke and systemic embolism in adults with atrial fibrillation not caused by a heart valve problem.
- The drug is also indicated for the treatment and reduction of the risk of recurrence of deep venous thrombosis (DVT) and pulmonary embolism (PE) in adults.
Market Size:
- According to IQVIA data, the market size for Dabigatran Etexilate capsules 75 mg and 150 mg is estimated at USD 179 million for the 12 months ending March 2024.
- The 110 mg dosage has an estimated market size of USD 5 million for the same period.

CURRENT AFFAIRS: BUSINESS NEWS

Indian Fintech and Digital Lending Firms See Significant Growth in FY23-24

The Fintech Association for Consumer Empowerment (FACE) reported substantial growth in the Indian fintech and digital lending sector for the fiscal year 2023-24.
These firms processed and sanctioned over 10 crore loans, with disbursements amounting to ₹1,46,517 crore.
This impressive growth underscores the expanding role of fintech and digital lending firms in providing accessible financial solutions across India.
The increase in both the volume and value of loans indicates a robust demand for digital lending services, reflecting the sector’s rising importance in the financial ecosystem