1-5 July 2018 Current Affairs

Project Sashakt | NPAs | PSU Bank | Tata Steel JV | Bank of China | Vishwas Patel | PCI | S. Raman |

Posted on Jul 05, 2018 06:33 IST in Current Affairs.

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1) What is the name of the new project comprising of a five-prong strategy to deal with non-performing assets (NPAs) of PSU banks that was unveiled by the acting Finance Minister Piyush Goyal on 2 July 2018? - 'Project Sashakt'

Explanation: 'Project Sashakt' is the name given to an ambitious new project of the Union Finance Ministry that primarily aims to strengthen the credit capacity, credit culture and credit portfolio of public sector banks. This project comprises of a five-prong strategy to deal with non-performing assets (NPAs).

- The setup of 'Project Sashakt' was recommended by the high-level committee on restructuring stressed assets and creating more value for public sector banks (PSBs). This committee is headed by Sunil Mehta, Non-Executive Chairman of Punjab National Bank (PNB) and had submitted its report to the Finance Ministry on 1 July 2018.

- The idea behind ‘Project Sashakt’ is to ensure the operational turnaround of the banks and stressed companies so that the asset value is retained.

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2) India’s Tata Steel Ltd signed a final joint-venture (JV) agreement with which German steelmaker on 30 June 2018 that is the largest deal in Europe’s steel industry since ArcelorMittal? - Thyssenkrupp AG

Explanation: India’s Tata Steel Ltd and Germany’s Thyssenkrupp AG signed a final agreement on 30 June 2018 to establish a long-expected 50:50 steel joint venture.

- This JV has been named Thyssenkrupp Tata Steel and will have about 48,000 workers and about €17 billion ($19.9 billion) in sales. It is thus the largest deal in Europe’s steel industry since the takeover of Arcelor by Laxmi Niwas Mittal in 2006.

- Based in the Netherlands, Thyssenkrupp Tata Steel will be Europe’s second-largest steelmaker after ArcelorMittal. It forms the core of Thyssenkrupp CEO Heinrich Hiesinger’s plan to turn his steel-to-submarines conglomerate into a technology company.

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3) The Reserve Bank of India issued the banking licence to which Chinese bank to launch operations in India, as was reported in media on 4 July 2018? - Bank of China

Explanation: The Reserve Bank of India has issued licence to Bank of China to launch operations in India. This was reported in a section of media on 4 July 2018. Bank of China is one of the very few state-owned commercial banks in China.

- It is worth mentioning that Prime Minister Narendra Modi had made a commitment to Chinese President Xi Jinping to allow Bank of China to set up branches in India when they met on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Chinese city of Qingdao during June 2018.

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4) On 2 July 2018 who was appointed the Chairman of the Payments Council of India (PCI)? - Vishwas Patel

Explanation: Vishwas Patel, Director at Infibeam Avenues, on 2 July 2018 took over as the new Chairman of the Payments Council of India (PCI). PCI is the apex body that represents companies in payments and settlement system in India.

- Patel has been associated with PCI since its inception in 2013 and was serving as the co-Chairman of PCI. He takes over from Naveen Surya, who has been elevated to the post of Chairman Emeritus.

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5) What is the name of the former Chairman of Canara Bank, who on 2 July 2018 voluntarily stepped down from the RBI-appointed committee that was looking into bank frauds and bad loan divergences? – S. Raman

Explanation: S Raman, former chairman of Canara Bank, on 2 July 2018 voluntarily stepped down from the RBI-appointed committee that was looking into bank frauds and bad loan divergences after his name figured in a CBI charge-sheet.

- The Central Bureau of Investigation (CBI) had on 28 June 2018 named Raman and another former Canara Bank chairman, AC Mahajan, in connection with a Rs. 146-crore loan default by Winsome Diamonds. The diamond firm has defaulted on more than Rs. 7,000 crore of loans.

- Raman was part of the PJ Nayak committee, which reviewed governance of bank boards in 2014. He also assisted the Uday Kotak committee on corporate governance, which submitted its report last year.

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