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.
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.
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).
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.