Banking and Financial Awareness November 2019: Week IV

Banking and Financial Awareness November 2019: Week IV

Asian Development Bank has signed a $451million loan agreement with Government of India

  • The main objective of this agreement is to strengthen the power connectivity between southern and the northern parts of the Chennai-Kanyakumari Industrial Corridor (CKIC ) in Tamil Nadu.
  • It will develop CKIC as a manufacturing center.
  • It will also help in the development of renewable energy based power generation through wind and solar resources.

Insolvency and Bankruptcy Board of India (IBBI) has amended the 2016 Insolvency and Bankruptcy code

  • This amendment came into force from 29th November, 2019.
  • This code envisages the Corporate insolvency resolution process for the insolvency and reorganization of the corporate debtors.

Institute of Financial Management has been established by Indian Railways in Hyderabad, Telangana

  • This project has been developed by Rail Vikas Nigam Ltd. (RVNL) @ Rs.85crore.
  • It has 10 different functional blocks and also a green building which is capable of generating 90% of its own power needs through solar installation.

A web portal has been inaugurated for the exchange of information on Information technology by the Central Board of Direct Taxes (CBDT)

  • The portal will facilitate the access by the public and financial institutions.
  • It will provide link to import circulars and guidelines issued by the regulatory authorities in India as well as international bodies.

Dewan Housing Finance Corporation Ltd. (DHFL) has been referred as the first financial service firm to be taken to the National Company of Law Tribunal (NCLT)

  • It has a debt of Rs.83873crore.
  • Under section 227 of Insolvency and Bankruptcy Code 2016, RBI has filed an application of corporate insolvency resolution against DHFL.

The Non-banking financial company, Aditya Birla Finance Ltd. (ABFL) has become the 1st company to list its commercial papers on stock exchange

  • The date of listing the paper is 28th November 2019 and its maturity date is 7th February, 2020.
  • The maturity period of commercial papers is from 7 days to 1 year from the date of issue.
  • It provides effective information about corporate borrowing and liquidity position.
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