27th September 2022

REC Ltd becomes 12th company to gets ‘Maharatna’ company status.

Power sector-focussed non-banking finance company (NBFC) REC Ltd. has been accorded the status of a ‘Maharatna’ Central Public Sector Enterprise, thus providing it with greater operational and financial autonomy. The granting of ‘Maharatna’ status will impart enhanced powers to the company’s board while taking financial decisions. REC Ltd. is the 12th company to be given the Maharatna Status.

The board of a ‘Maharatna’ CPSE can make equity investments to undertake financial joint ventures and wholly-owned subsidiaries and undertake mergers and acquisitions in India and abroad, subject to a ceiling of 15 per cent of the net worth of the CPSE concerned, limited to ₹5,000 crores in one project. The board can also structure and implement schemes relating to personnel and human resource management and training.

Which of the following company has been given the ‘Maharatna’ company status by the central government?

Indian author & poet Meena Kandasamy won German PEN award.

Indian author and poet Meena Kandasamy has been announced as this year’s recipient of the Hermann Kesten Prize by the PEN Centre in Germany’s Darmstadt. The Hermann Kesten Prize honours personalities who, in the spirit of the charter of the PEN association, stand up for the rights of persecuted authors and journalists.

The PEN Center, Germany, will present the award to the Indian author at a ceremony in Darmstadt on November 15 this year. The winner will receive an amount of €20,000 ($19,996) as prize money. This year, the PEN Center is also honouring the website “Weiter Schreiben” (German for “Keep writing”) with a special award for encouragement, for giving authors in exile and writers from conflict zones a platform to express their thoughts.

Who has been named as the recipient of the Hermann Kesten Prize by the PEN Centre in Germany’s Darmstadt?

M Venkaiah Naidu released a book on PM Modi’s selected speeches.

Former Vice President M Venkaiah Naidu released a collection of Prime Minister Narendra Modi’s selected speeches at Akashvani Bhawan in New Delhi. The book titled “Sabka Saath Sabka Vikas Sabka Vishwas” Prime Minister Narendra Modi Speaks (May 2019-May 2020)’ was released in the presence of Kerala Governor Arif Mohammad Khan at a function here organized by the Ministry of Information and Broadcasting. During the release of the book, former Vice President M. Venkaiah Naidu said that the book gives the readers a glimpse into PM Narendra Modi’s vision for India’s future and a clear roadmap of journey ahead, through his speeches on diverse topics of national importance.

Who has released a collection of Prime Minister Narendra Modi’s selected speeches ‘Sabka Saath Sabka Vikas Sabka Vishwas at Akashvani Bhawan in New Delhi?

National Cinema Day 2022 observed on 23rd September.

The National Cinema Day was previously announced to be held on September 16, however, on request from various stakeholders and in order to maximize participation, it was rescheduled to September 23. The day has been scheduled by the Multiplex Association of India (MAI). Over 4,000 screens at multiplexes from across the country, including PVR, INOX, Cinepolis, Carnival, and Delite, have teamed up to offer a “celebratory admission price” of Rs 75 to mark National Cinema Day.

National Cinema Day 2022 is celebrated on which day?

RBI canceled licence of Maharashtra-based Laxmi Cooperative Bank.

Reserve Bank of India has canceled the license of Solapur-based The Laxmi Co-operative Bank Limited as the lender does not have adequate capital and earning prospects. The Laxmi Co-operative Bank Limited submitted the data, which shows more than 99 percent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).

• The DICGC has already paid Rs 193.68 crore of the total insured deposits on 13th September 2022.
• The Laxmi Co-operative Bank ceases to carry on banking business, with effect from the close of business.
• The Laxmi Co-operative Bank Limited has failed to comply with the requirements of the Banking Regulation Act 1949.
• After the cancellation of its license, Laxmi Co-operative Bank Limited is prohibited from conducting the business of banking, which includes acceptance of deposits and repayment of deposits, and others.
• The Commissioner for Corporation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
• On liquidation, every depositor will be entitled to receive a deposit insurance claim amount of his/her deposits up to Rs 5 lakh from DICGC.

The Reserve Bank of India (RBI) terminated the licence of which of the following co-operative bank citing inadequate capital and earning prospects in September 2022?

Nation Observes Antyodaya Divas 2022: 25 September.

AntyodayaDiwas is celebrated annually on 25th September in India. It marks the birth anniversary of Indian leader Pandit Deendayal Upadhyaya and is celebrated in his honour to remember his life and legacy. He was one of the most prominent personalities in the history of Indian politics. This year, the AntyodayaDiwas marks the 105th birth anniversary of Upadhyaya. He was the co-founder of Bharatiya Jana Sangh (BJS) and a Rashtriya Swayamsevak Sangh (RSS) thinker.

AntyodayaDiwas is celebrated annually on _______ in India.

UCO Bank becomes first lender to get RBI’s approval for rupee trade.

UCO Bank has received the approval of the Reserve Bank of India to open a special Vostro account with Gazprom Bank of Russia for trade settlement in Indian rupees. UCO Bank which is a Kolkata-based lender is the first bank to receive the regulator’s approval following the decision of RBI to allow Indian Banks to settle trade in Indian currency in July.UCO Bank was formerly known as United Commercial Bank which was established in 1943 in Kolkata. It is one of the nationalized banks in India. It is under the ownership of the Ministry of Finance, Government of India.

Which of the following has become the first bank to receive regulator’s approval following the RBI’s decision to allow Indian banks to settle trade in Indian currency?

TerraPay partnered with NPCI to enable cross-border transactions via UP.

TerraPay, a Dutch payments infrastructure company has joined forces with India’s NPCI International Payments (NIPL) to facilitate cross-border transactions for Indian consumers and merchants. Indian consumers and merchants who have an active Unified Payments Interface Id (UPI Id) will be able to transfer money abroad. This service will utilize TerraPay’s infrastructure and the UPI network.

• The UPI-enabled QR code-based service will allow Indian customers with active UPI IDs to make transactions through 350 million bank accounts across the globe.
• The firms seek to expand the use of UPI payments and QR for international transactions by merchants.
• The customer-initiative UPI payments and QR transactions require two-factor authentication.
• The two-factor authentication is capable of minimizing disputes and issues related to grievance redressal.
• TerraPay also expects to create interoperability among different financial instruments it drives as well as offer digital payments.
• UPI which is real-time payments (RTP) system developed by the National Payments Corporation of India.

Which company has partnered with NPCI International Payments Ltd (NIPL) to enable cross-border transactions via Unified Payments Interface (UPI)?