RBI cancelled licence of Mudhol Co-op Bank, Bagalkot, Karnataka

11 June 2022
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RBI cancelled licence of Mudhol Co-op Bank, Bagalkot, Karnataka

The Reserve Bank of India has cancelled the licence of “The Mudhol Co-operative Bank Limited, Bagalkot (Karnataka)”, thus restricting it from repayment of deposits and acceptance of fresh funds. The bank does not have adequate capital and earning prospects, the Reserve Bank of India (RBI) said while announcing the cancellation of licence. RBI also said that bank with its present financial position would be unable to pay its present depositors in full.

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Why this step taken by RBI?

• RBI said that bank with its present financial position would be unable to pay its present depositors in full.
• As per the data submitted by the bank, RBI said more than 99 per cent of the depositors are entitled to receive full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
• On liquidation, every depositor would be entitled to receive deposit insurance claim amount up to Rs 5 lakh from the DICGC.
• DICGC has already paid Rs 16.69 crore of the total insured deposits based on the willingness received from the concerned depositors of the bank, the RBI added.

Important takeaways for all competitive exams:

• DICGC Chairperson: Michael Patra;
• DICGC Headquarters: Mumbai;
• DICGC Founded: 15 July 1978.

In Ahmedabad, Prime Minister Modi inaugurates IN-SPACe

11 June 2022
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In Ahmedabad, Prime Minister Modi inaugurates IN-SPACe

The Indian National Center for Space Promotion and Authorization (IN-SPACe) was established in Ahmedabad by Prime Minister Narendra Modi. Amit Shah, the Union Home Minister, was also present at the ceremony. After inaugurating the Indian National Space Promotion and Authorisation Centre (IN-SPACe) in Ahmedabad, Prime Minister Narendra Modi reviewed its headquarters.

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KEY POINTS:

• PM Modi had previously met his high school teacher in Vadnagar, Gujarat’s Navsari. In Navsari, PM Modi also opened the AM Naik Healthcare Complex and the Nirali multi-specialty hospital.
• They have emphasised a holistic approach to improve the country’s health system for the past eight years. They have attempted to modernise the treatment facilities as well as emphasis on themes such as better diet, a healthy lifestyle, and health prevention.
• PM Modi emphasised Gujarat’s progress, calling the state’s tremendous development over the last two decades its “pride.”
• Prior to becoming Prime Minister in 2014, PM Modi held the title of Gujarat’s longest-serving Chief Minister, holding the position from October 2001 to May 2014.
• According to PM Modi, the administration has prioritised the poor’s upliftment during the last eight years.
• Prime Minister Modi lay the foundation stone for a number of development projects in Gujarat totaling Rs 3,050 crores.
• According to the Prime Minister’s Office, these projects would assist improve the region’s water supply while also increasing connection and making life easier.

UNCTAD’s World Investment Report: India ranked 7th

11 June 2022
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UNCTAD’s World Investment Report: India ranked 7th

According to the United Nations Conference on Trade and Development (UNCTAD), India jumped one position to 7th among the top recipients of foreign direct investment (FDI) in the last calendar year (2021) despite FDI inflows into the country declining. In its latest World Investment Report, UNCTAD said FDI inflows into India declined to $45 billion in 2021 from $64 billion in the preceding year. Outward FDI from India rose 43 percent to $15.5 billion in 2021.

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While the United States ($367 billion) remained the top recipient of FDI, China ($181 billion) and Hong Kong ($141 billion) also retained second and third position, respectively. Among the top 10 host economies for FDI, only India saw a decline in its FDI inflows.