1. SEBI amends SEBI (SAST) Regulations, 2011 to enhance promoter’s shareholding Sebi amends regulations raise funds
After exercising the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the board of SEBI has amended the regulation 3, in sub-regulation (2) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI-SAST) to enhance the acquisition limit for promoters of a listed company.
The amendment allows promoters owning 25% or more of the shares or voting rights in a company to increase his shareholding by upto 10% in a year in comparison to the earlier 5% limit.
2. RBI Proposes New Rules for Housing Finance Companies; Increases Min NOF to Rs 20cr RBI proposes new rules
On June 17, 2020, RBI being a new regulator of housing finance companies (HFCs) has proposed changes to be prescribed for HFCs with an aim to increase their efficiency and address concerns of liquidity and double financing.
Non-deposit (ND) taking HFCs (HFC-ND) with asset size of Rs 500 crore & above; and all deposits taking HFCs (HFC-D), irrespective of asset size, will be treated as systemically important HFCs.
Housing loans must account for at least 50% of HFCs’ assets of which at least 75% should be towards individual housing loans. HFCs which do not fulfil this criterion will be treated as NBFC – Investment and Credit Companies (NBFC-ICCs)
3. India elected for 8th term as non-permanent member of UN Security Council for 2021 & 2022; will hold presidency in August, 2021
India was elected unopposed for a 8th term as a non-permanent member of the United Nations Security Council (UNSC) for two years (2021 & 2022) starting January 2021 by gaining 184 votes in the 193-member General Assembly.
India was the only candidate for the lone seat from the Asia-Pacific category & India will hold the Presidency of the council in August 2021.
India has previously been elected as a non-permanent member of the Council for the years 1950 & 1951, 1967 & 1968, 1972 & 1973, 1977 & 1978, 1984 & 1985, 1991 & 1992 and most recently in 2011 & 2012.
4. Formal Jobs in India Increases by 28.6% to 78.58 Lakh in 2019-20: EPFO
According to the payroll data of EPFO (Employees’ Provident Fund Organisation), the formal employment in India saw an 28.6 % increase at 78.58 lakh in 2019-20 as compared to only 61.12 lakh added in 2018-19.
The main reason for this is the low withdrawal by EPFO subscribers due to the government’s policy reforms such as implementing GST, allowing fixed income contracts as well as better returns on PF (Provident Fund) deposits.
5. ICICI Home Finance Launches SARAL, Affordable Housing Loan Scheme ICICI Home Finance
ICICI Home Finance Company Limited(HFC) launched SARAL, a special affordable housing loan scheme to finance homes in urban and rural areas.
The beneficiaries are women, lower, middle income customers and economically weaker sections, with a maximum household income up to Rs 6 lakh per annum.
The loan requires compulsory ownership of a woman in the country’s rural areas from Rs 3 lakh to Rs 6 lakh
6. Karnataka Bank Launches Health Insurance Policy to Cover COVID-19 in Partnership with Universal Sompo General Insurance Company
Karnataka Bank launches COVID-19 health insurance
Karnataka Bank in partnership with Universal Sompo General Insurance Company has launched a health insurance policy.
The policy aims to cover the individuals’ COVID-19 pandemic related health expenses.
The health cover can be availed at a nominal premium(current price without taking inflation or other factors into account) of Rs 399, inclusive of all taxes.
7. Tata AIA Life Insurance Partners with East Consultancy Services to Offer Aadhaar-Based Paperless Offline e-KYC ServiceTata AIA Life ties up with East Consultancy Services
Tata AIA Life Insurance partnered with East Consultancy Services to offerAadhaar-based paperless offline e-Know Your Customer(KYC) service.
The offer is in line with the measures to combat the COVID-19 pandemic.
The e-KYC service will offer uninterrupted service to customers during the online application process for the company’s life insurance solutions.
8. Bank of Baroda to Fully Digitize Lending Operations Bank of Baroda to completely digitise lending operations
Bank of Baroda, India’s 3rd largest lender to fully digitise its lending operations including home, agriculture, Micro, Small and Medium Enterprises(MSME), personal and auto loans.
The bank has set up a new vertical, digital lending Department at the corporate office, which will have substantial overlap with various credit verticals including Retail, MSME, Agri & service verticals like Analytics centre, Risk Management, Marketing.
9. Volkan Bozkir Becomes the 1st Turkish to be Elected as the President of 75th UN General Assembly
Volkan Bozkir(69) from Turkey was elected as the president of the 75th United Nations(UN) General Assembly. He is the 1st turkish to hold this post.
ii.He will hold the post for 1 year. Volkan Bozkir will succeed Tijjani Muhammad-Bande when the annual session opens on September 15, 2020.
iii.He won unopposed with the support of 178 UN member states by secret ballot.
10. Kubatbek Boronov Appointed as Kyrgyzstan’s Prime Minister
On June 17, 2020 Kubatbek Boronov(55) was appointed as Kyrgyzstan’s Prime Minister. Kyrgyzstan’s President Sooronbai Jeenbekov signed an order to appoint him. He succeeded Mukhammedkalyi Abylgaziyev who resigned on June 15 following accusations of corruption.
Kyrgyzstan’s parliament approved the candidacy of Kubatbek Boronov with 105 votes out of 116.
Kubatbek Boronov has served as the first deputy prime minister(since April 2018) in the previous cabinet and also was the former Emergency Minister(from 2011 to 2018)
Kyrgyzstan parliamentary elections are expected to take place in October 2020.
Since 2010, the country had 9 different prime ministers including Kubatbek Boronov.