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What is the new minimum capital requirement for asset reconstruction companies as per the Reserve Bank of India?
As of October 11, 2022, what is the initial capital requirement that asset reconstruction companies must meet by March 31, 2024?
What role does the Reserve Bank of India play in the functioning of asset reconstruction companies?
What is the maximum age limit for a Managing Director or Chief Executive Officer in an ARC as per governance requirements?
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What must every asset reconstruction company maintain regarding its capital adequacy ratio?
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What is the primary purpose of an asset reconstruction company (ARC)?
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When will the regulation regarding the new minimum capital requirement for ARCs take effect?
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What is the minimum net worth required for Small Finance Banks to convert into Universal Banks?
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What is the significance of the Net Owned Fund (NOF) requirement for ARCs?
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How long must an SFB have a satisfactory track record to be eligible for conversion into a UB?
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What is the prescribed Capital to Risk-Weighted Assets Ratio (CRAR) requirement for SFBs to convert into UBs?
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Who topped the Forbes 2024 Billionaires List?
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Which individual is ranked as the only Indian in the top 10 of the Forbes 2024 Billionaires List?
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At what age is Nikhil Kamath recognized as the youngest Indian billionaire?
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Which of these billionaires has a net worth of $195 billion?
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Which requirement is NOT part of the eligibility criteria for SFBs to transition into UBs?
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What is the primary cause of the drought that Zimbabwe is experiencing?
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What significant milestone is NATO commemorating this year?
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Which country's President has begun his third term, extending tenure until 2030?
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What percentage of Zimbabwe is affected by the drought according to President Mnangagwa?
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What is India's goal regarding urea imports by the end of 2025?
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Who was elected as Ireland’s youngest-ever prime minister?
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What key issues are exacerbating the drought in Zimbabwe?
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What was Simon Harris's position before becoming prime minister?
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What is the main goal of the partnership between PayU and PayPal?
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How does the Aadhaar ATM service introduced by IPPB primarily function?
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Which feature of the Global Collaborative Co-Financing Platform is meant for sharing project pipelines?
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What technological solution does PayU implement for a more efficient merchant onboarding process?
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What is one of the aims of the Co-Financing Forum within the Global Collaborative Co-Financing Platform?
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Which payment methods will be offered to customers at checkout through the partnership with PayU and PayPal?
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Which organizations were involved in launching the Global Collaborative Co-Financing Platform?
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Where will the Co-Financing Portal be hosted?
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What is the capability of the newly inaugurated green hydrogen pilot project at NJHPS?
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What type of electrolyzer is used in the green hydrogen plant?
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Which organization launched the START Online Training Program?
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What is the duration for which the START 2024 program is set to be conducted?
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What is the capacity of the fuel cell associated with the green hydrogen pilot project?
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From where does the renewable energy used in the green hydrogen plant originate?
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What is the name of the individual who inaugurated the green hydrogen pilot project?
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Which of the following identifies the main target audience for the START 2024 program?
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Study Notes
IRDAI
- IRDAI stands for Insurance Regulatory and Development Authority of India.
- Chairperson of IRDAI is Debasish Panda.
- Founded in 1999.
- Headquarters are in Hyderabad, Telangana.
- Owned by the Ministry of Finance, Government of India.
Reserve Bank of India's Master Direction on Asset Reconstruction Companies
- RBI issued a master direction for Asset Reconstruction Companies (ARCs), effective from April 24, 2024.
- The direction raises the minimum capital requirement to begin securitization to Rs 300 crore from Rs 100 crore.
- The direction provides a glide path for ARCs to achieve the required Net Owned Fund (NOF) of Rs 300 crore by March 31, 2026.
- ARCs with an NOF of Rs 1,000 crore can act as resolution applicants.
- ARCs can invest funds in government securities and deposits with scheduled commercial banks, SIDBI, NABARD.
SJVN Limited Inaugurates India’s 1st Multipurpose Green Hydrogen Pilot Project
- SJVN Limited inaugurated India's first multipurpose green hydrogen pilot project at the Nathpa Jhakri Hydro Power Station (NJHPS) in Jhakri, Himachal Pradesh.
- The project will cater to the HVOF coating facility of NJHPS and generate electricity through a fuel cell.
- The project utilizes a 20 Nm^3/Hr alkaline electrolyzer to produce hydrogen gas from water.
- The project uses renewable energy from SJVN's solar power plant in Wadhal, Himachal Pradesh.
ISRO Launches ‘START’ Online Training Program for Space Science Enthusiasts
- ISRO launched ‘Space Science and Technology Awareness Training (START)’, an online training program for space science enthusiasts.
- The program targets PG and final year undergraduate students in physical science and technology.
- The program will be conducted during April and May 2024.
- ISRO solicits Expressions of Interest to host START 2024 in institutes, universities, and colleges across India.
RBI Lays out Framework for Voluntary Transition of Small Finance Banks(SFBs) to Universal Banks(UBs)
- RBI laid out a framework for the voluntary transition of Small Finance Banks (SFBs) to Universal Banks (UBs).
- The framework outlines eligibility conditions for conversion into UBs.
- The eligibility criteria include:
- Minimum net worth of Rs 1000 crore.
- Scheduled status with a satisfactory track record of performance for 5 years.
- Meeting the prescribed Capital to Risk-Weighted Assets Ratio (CRAR) of 15%.
- Listed shares on a recognized stock exchange.
Forbes World’s Billionaires List 2024: Indian Billionaires Make Their Mark
- Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited (RIL), is the only Indian in the top 10 billionaires globally.
- Nikhil Kamath, cofounder of Zerodha, is the youngest Indian billionaire in the Forbes list at the age of 37.
National News
- India aims to halt urea imports by the end of 2025 by boosting domestic production and promoting alternative fertilizers.
- India currently relies on imports for 30% of its annual urea demand.
PayU partners with PayPal to enhance cross border payments for Indian merchants
- PayU, a leading online payment solution, has partnered with PayPal to improve cross-border payments for Indian merchants.
- PayU will leverage PayPal ISU2.0 API to provide customers a personalized, secure, and inclusive payment experience.
- The partnership will simplify merchant onboarding and allow Indian merchants to open PayPal accounts using AI.
- Customers will be offered various payment methods like PayPal, PayPal Pay later, and local Alternative Payment Methods (APMs).
10 Multilateral Development Banks (MDBs) Launched new “Global Collaborative Co-Financing” Platform
- 10 MDBs launched the Global Collaborative Co-Financing platform on the sidelines of the 2024 IMF and World Bank Spring meetings in Washington D.C.
- The platform has two components:
- Co-Financing Portal: a secure platform for registered co-financiers to share project pipelines.
- Co-Financing Forum: a platform for discussion of co-financing opportunities, best practices, and common issues.
IPPB Introduces Aadhaar ATM Service for Convenient Cash Withdrawals
- The India Post Payments Bank (IPPB) has introduced the Aadhaar ATM service for its users.
- The service works based on the Aadhaar Enabled Payment System (AePS) introduced by the National Payments Corporation of India (NPCI).
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Description
This quiz covers the basics of Indian regulatory bodies, including the Insurance Regulatory and Development Authority of India (IRDAI) and the Reserve Bank of India's directives regarding Asset Reconstruction Companies (ARCs). Additionally, it addresses the inauguration of India’s first multipurpose Green Hydrogen Pilot Project by SJVN Limited. Test your knowledge on these important developments in India's financial and energy sectors.
