Banking Awareness 23rd January 2017 |Financial Affairs 23rd January 2017

1. SEBI accepts Tata view on corporate governance issues raised by Mistry

• In yet another setback for the Mistry camp, capital market regulator SEBI has decided to accept the explanations given by Tata Group companies on corporate governance issues raised by ousted Chairman Cyrus Mistry.
• SEBI, in its email dated October 28, had advised stock exchanges to take up the allegations made by Mistry with the respective Tata companies and seek comments on specific violations. The companies responded denying the allegations.

2. Oil prices edge up on record Indian imports and OPEC output cut deal

• Oil prices edged up on Wednesday, supported by record Indian crude imports and upcoming talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market.
• Brent crude futures were up 21 cents, or 0.4 percent, at $52.62 a barrel at 0639 GMT.
• S. West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.3 percent, from their last settlement at $50.94 per barrel.

3. Co-operative banks cannot take deposits under PMGKY

• The government has barred co-operative banks from accepting deposits under the Pradhan Mantri Garib Kalyan Yojana, 2016.
• This comes in the backdrop of the Income Tax department finding that a number of such banks were suspected of converting black money into white, during the demonetisation drive from November 8 to December 30.

4. Ministry moots zero-rate under GST for renewables

• The Ministry of Power has recommended that renewable energy should be given a zero-rate tax status under the Goods and Services Tax.
• It has predicted several adverse effects to the economy if there is any increase in power tariffs due to the new tax regime
• Having zero rate GST for renewable energy would be very critical to maintain the growth and competitiveness of the sector as well as to have affordable power.

5. TRAI to suggest Aadhaar eKYC for outstation users buying SIM

Telecom regulator TRAI is likely to recommend to the Department of Telecom (DoT) that Aadhaar-based eKYC be allowed even for outstation customers who want to get a mobile connection in a particular service area.

6. GSPC mulls revamp post-ONGC deal

After selling its stake in KG gas block to ONGC for $1.2 billion, Gujarat State Petroleum Corp (GSPC) is mulling major financial restructuring including trimming stake in some businesses such as LNG and portfolio readjustment.

7. Apple Named as The Most Innovative Company In The World

• Technology giant Apple has emerged as the most innovative company for 2016, according to Boston Consulting Group’s (BCG’s) annual list which ranks world’s 50 most innovative firms for the 11th straight year.

• Google was ranked second, followed by electric carmaker Tesla on the list. Further, ride-hailing service Uber and home rental platform Airbnb were among the firms included in the list for the first time.

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