Banking, Financial and Economic Awareness

Topic: Appointments

1. Axis Bank board approved re-appointment of Amitabh Chaudhry as MD & CEO of Axis Bank.

  • Axis Bank board has approved the re-appointment of Amitabh Chaudhry as the Managing Director and CEO of Axis Bank for three years.
  • He will assume the charge from 1 January, 2022.
  • The appointment will be approved by the Reserve Bank of India and shareholders of the Bank.
  • Before joining Axis Bank, he was the MD and CEO of HDFC Standard Life Insurance Company.
  • Axis Bank is the third-largest private bank in India that is headquartered in Mumbai.

Topic: Appointments

2. T Rabi Sankar, Executive Director, RBI, appointed as Deputy Governor of Reserve Bank of India (RBI) for a period of three years.

  • T Rabi Sankar, Executive Director, RBI, has been appointed as Deputy Governor of Reserve Bank of India (RBI) for a period of three years.
  • His appointment was approved by the Appointments Committee of the Cabinet. He succeeds B P Kanungo, who retired on 2 April.
  • RBI has four Deputy Governors. The names of other three serving Deputy Governors are Mahesh Kumar Jain, Michael Patra and M Rajeshwar Rao.

Topic: Appointments

3. Harsha Bangari recommended by BBB for the post of MD in Exim Bank.

  • The name of Harsha Bangari has been recommended by Banks Board Bureau (BBB) for the post of Managing Director (MD) in Export-Import Bank of India.
  • He is presently serving as Deputy Managing Director (DMD) in Exim Bank.
  • Samuel Joseph Jebaraj, DMD, IDBI Bank, has been recommended as candidate on the Reserve List for the post of MD in Exim Bank.
  • David Rasquinha is the current MD of Exim Bank. He was appointed for five years on July 20, 2014.

Topic: Banking/Financial Schemes  

4. Finance Ministry releases Rs. 8873.6 crore to the states.

  • Finance Ministry has released Rs. 8873.6 crore State Disaster Response Fund (SDRF) to the states.
  • Out of this amount, up to 50% or Rs.4436.8 crore can be used by states for Covid-19 containment measures.
  • First installment of SDRF is usually released in June as per the recommendations of the Finance Commission.
  • However, this year amount has been released as a special dispensation at the recommendation of the Home Ministry.
  • This is the first installment of Central Share of the SDRF for the year 2021-22 to all the States.
  • State Disaster Response Fund (SDRF):
    • The State Disaster Response Fund (SDRF) is constituted under Section 48 (1) (a) of the Disaster Management Act, 2005.
    • The Central Government contributes 75% of SDRF allocation for general category States/UTs and 90% for special category States/UTs.
    • Disaster (s) covered under SDRF: Cyclone, drought, earthquake, fire, flood, tsunami, hailstorm, landslide, avalanche, cloudburst, pest attack, frost and cold waves.

Topic: Government Schemes and Initiatives

5. SIDBI launches two new quick credit delivery schemes, SHWAS and AROG.

  • SIDBI has launched two new quick credit delivery schemes, SHWAS and AROG.
  • These schemes will help MSMEs in the fight against the Covid-19 pandemic. Their names are given below.
    • SHWAS (SIDBI assistance to Healthcare sector in War Against the Second wave of Covid-19)
    • AROG (SIDBI Assistance to MSMEs for Recovery & Organic Growth during a pandemic)
  • SWAS and AROG schemes envisage 100 % funding up to an amount of ₹2 crore to an MSME unit.
  • They have been launched to provide funding for production and services related to supply of oxygen cylinders, and essential drugs.
  • SIDBI Assistance to Facilitate Emergency response against corona virus (SAFE) scheme was launched by SIDBI last month.

Topic: Indian Economy

6. Central government releases Rs 79,403.73 crore to states.

  • Central government releases Rs 79,403.73 crore to states under National Health Mission (NHM) in the last three years (2017-18 to 2019-20).
  • UP, MP and Rajasthan are top three States, which got maximum grants. They are followed by Maharashtra and Assam.
  • These top five states got 41% of total NHM Grants during 2017-18 to 2019-20. UP got the highest allocation (16% of total allocation of all states).
  • Most of the North-East States have got less than 1 % of NHM grants. Tamil Nadu and West Bengal are among top 5 when it comes to expenditure.
  • India’s public health expenditure increased from 0.9 % of GDP in 2015-16 to 1.1 % of GDP in 2020-21.
  • National Health Policy, 2017 aims to increase public health expenditure to 2.5 % of the GDP by 2025.
  • National Health Mission (NHM) consists of National Rural Health Mission (NRHM) and National Urban Health Mission (NUHM).

Topic: RBI

7. Central Banks and Supervisors Network for Greening the Financial System (NGFS) joined by RBI.

  • Central Banks and Supervisors Network for Greening the Financial System (NGFS) has been joined by RBI as a Member.
  • NGFS was launched at the Paris One Planet Summit in December 2017.
  • It is a group of Central banks and supervisors willing to contribute to the development of the environment and management of climate risk in the financial sector.
  • One Planet Summit was held in December 2017. It was hosted by France in Paris. It was co-organized with the UN and the World Bank.

 

 

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