Banking, Financial and Economic Awareness

Topic: Corporates/Companies

1. The Bharat Petroleum Corporation Board gives approval to sale of Bharat Petroleum Corporation Limited’s stake in Numaligarh Refinery.

• The Bharat Petroleum Corporation Board gives approval to the sale of Bharat Petroleum Corporation Limited’s 61.65% stake in Numaligarh Refinery, Assam.
• The Board approved stake sale for 9,875 crore rupees to Oil India Limited, Engineers India Ltd, and Assam Government.
• Government has also got many expressions of Interest for privatization of Shipping Corporation of India Limited.  
• Bharat Petroleum Corporation Ltd is a Maharatna oil refining and marketing company. Its headquarters are located in Mumbai.
• Numaligarh Refinery is owned by Numaligarh Refinery Limited. Numaligarh Refinery Limited is a joint venture between Bharat Petroleum Corporation, Oil India and Assam Government.

(Source: News on AIR)

Topic: Appointments

2. Gautam Thakar appointed as global CEO of OLX Autos.

• Gautam Thakar has been appointed as global CEO of OLX Autos.
• His appointment will be effective from 15 March onwards. He was President of Star Sports. He has also served with eBay India.
• OLX Autos is a pre-owned car marketplace of OLX Group. OnLine eXchange or OLX Group is headquartered in Amsterdam, Netherlands.
• It is owned by Prosus, a consumer internet company. It was founded by Fabrice Grinda and Alec Oxenford in 2006.

Topic: Appointments

3. Fullerton India Credit Company appoints Shantanu Mitra as its CEO and MD.

• Fullerton India Credit Company has appointed Shantanu Mitra as its CEO and MD.
• He has earlier worked with Standard Chartered and Citibank. He has also worked with Fullerton India.
• Fullerton India Credit Company is a Mumbai based non - banking financial company in India.

Topic: Appointments

4. Sharad Goklani appointed as President and Chief Technology Officer (CTO) of AU Small Finance Bank.

• Sharad Goklani has been appointed as President and Chief Technology Officer (CTO) of AU Small Finance Bank.
• He will report to Chief Information Officer (CIO), Ankur Tripathi of AU Small Finance Bank.
• He has earlier worked at Equitas Small Finance Bank and companies like Bharti Airtel and NIIT Limited.
• AU Small Finance Bank (SFB):
  • It was founded in 1996 as AU Financiers (India) Ltd.
  • In 2017, AU Financiers (India) Ltd became a small finance bank.
  • It is headquartered in Jaipur.
  • Its chairman is Mannil Venugopalan.

Topic: Banking System

5. SBI collaborates with JP Morgan to use its blockchain-based data network, Liink.

• SBI has collaborated with JP Morgan to use its blockchain-based data network, Liink.
• The Liink will enable SBI to exchange payment related information with other financial institutions on platform.
• Onyx is the name of JP Morgan’s business unit focused on blockchain development. The US based bank J.P. Morgan established Onyx in October. It operates Liink.
• J.P. Morgan is an American multinational investment bank headquartered in New York.

Topic: Banking System

6. Fino Payments Bank Limited included in the second schedule to RBI Act, 1934.

• Fino Payments Bank Limited has been included in the second schedule to RBI Act, 1934.
• The inclusion of Fino Payments Bank Limited in 2^nd schedule to RBI Act, 1934 has been mentioned by RBI in its notification released on 22 February 2021.
• The banks in second schedule to RBI Act, 1934 are called Scheduled Banks. Scheduled Banks are further categorized into Scheduled Commercial Banks and Scheduled Co-operative Banks.
• As per RBI website, Scheduled Commercial Banks were further categorized into five categories until 2005. They are given below:
  • State Bank of India and its Associates
  • Nationalised Banks
  • Regional Rural Banks
  • Foreign Banks
  • Other Indian Scheduled Commercial Banks (in the private sector)
• Scheduled Banks are required to comply with the specific requirements prescribed by RBI. They should have paid-up capital and reserves of value equal to or more than Rs 5 lakh. 
• Fino Payments Bank was launched in 2017 by Fino Paytech Limited. Fino Paytech Limited was set up as a payments technology company in 2006.

Topic: Banking System

7. Digital savings account opening facility via Video-Know Your Customer (KYC) launched by two SBI-sponsored RRBs.

• Digital savings account opening facility via Video-Know Your Customer (KYC) has been launched by two SBI-sponsored RRBs.
• The names of two SBI-sponsored RRBs are Telangana Grameena Bank and Andhra Pradesh Grameena Vikas Bank.
• They have become India’s first Regional Rural Banks to adopt Digital savings account opening facility via Video- KYC.

Topic: Appointments

8. Matam Venkata Rao appointed as MD and CEO of Central Bank of India.

• Matam Venkata Rao has been appointed as MD and CEO of the Central Bank of India.
• He was serving as Executive Director of Canara Bank until 1 March 2021. 
• He has been appointed for a period of three years. In May 2020, his name was recommended by Bank Board Bureau for appointment as MD and CEO of Central Bank of India.
• He has been appointed in place of M D Pallav Mohapatra. M D Pallav Mohapatra retired as MD & CEO of Central Bank of India on February 28, 2021.
• Central Bank of India was founded in 1911. Its headquarters are in Mumbai.