Banking, Financial and Economic Awareness

Main Headlines:

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.

sale of Bharat Petroleum Corporation Limited’s stake in Numaligarh Refinery

(Source: News on AIR)

Topic: Appointments

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

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

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

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

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

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

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.