Business, Economy & Banking Current Affairs - 2020

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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CSIR, BHEL signs MoU to push ‘Make in India’ initiative

The Council of Scientific & Industrial Research (CSIR) has signed a Memorandum of Understanding (MoU) with Khadi and Village Industries Commission (KVIC) on promotion of honey production Khadi outlets to also display CSIR products.

Key Highlights of MoU

MoU is signed to leverage expertise available in CSIR with effort of KVIC for promotion of honey production as well as to enable wider outreach of CSIR technologies and products.

MoU will help formalize working relationship between two organizations, CSIR and KVIC in areas like honey testing, promotion of Honey Mission alongside CSIR Aroma Mission as well as proposed CSIR Floriculture Mission. It will also explore display of CSIR technology products at important KVIC outlets, enlisting of CSIR licensees in KVIC network in a way that CSIR products can reach to wider audience.

About Khadi and Village Industries Commission (KVIC)

It is a statutory body established by Union Government, under the Parliament’s ‘Khadi and Village Industries Commission Act of 1956’. It was founded in 1956 with headquartered in Mumbai. It works under Union Ministry of Micro, Small and Medium Enterprises (MSME), with regard to khadi and village industries within India.

About Council of Scientific and Industrial Research (CSIR)

It was established by Government of India as an autonomous body in September 1942. It has since then emerged as the largest research and development organisation in India. Over the years, CSIR has been pursuing R&D in various sectors and has developed a portfolio of processes, technologies and products in these sectors.

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RBI Unveils Guidelines on Small Finance Banks

The Reserve Bank of India (RBI) has released ‘Guidelines for ‘on tap’ Licensing of Small Finance Banks (SFB) in the Private Sector’. With these new guidelines, RBI has introduced major changes from earlier Guidelines issued by the apex bank on 27 November 2014, for licensing of Small Finance Banks in private sector.

New Guidelines on SFBs

  1. Licensing window will be open ‘on-tap’. The on-tap facility allows RBI to accept applications and grant licence for banks throughout the year. This policy also allows aspirants to apply for universal bank licence any time, subjected to fulfilling certain conditions. As of now, the RBI has issued licences to 10 SFBs.
  2. Minimum paid-up voting equity capital/ net worth requirement shall be Rs.200 crore.
  3. For Primary (Urban) Co-operative Banks (UCBs), aspiring to voluntarily transit into SFBs, initial requirement of net worth shall be at Rs.100 crores that will have to be increased to Rs.200 crores within 5 years from date of commencement of business. However, the net-worth of all SFBs currently in operation is in excess of Rs.200 crore.
  4. SFBs will have general permission to open banking outlets from date of commencement of operations.
  5. SFBs will be given scheduled bank status immediately upon commencement of operations.
  6. Payments Banks like Paytm an IndiaPost and Fino can apply for conversion into SFB after 5 years of operations, if they are otherwise eligible as per these guidelines.

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