Banking, Financial and Economic Awareness of 1, 2 and 3 June 2021

Topic: Indian Economy

1. India’s good exports increased to $32.21 billion in May.

• As per data released by Commerce & Industry Ministry, India’s good exports increased to $32.21 billion in May.
• India’s good exports in May increased by 67.39% as compared to the same month last year.
• India’s good exports in May also remained higher than the exports of $30.63 billion in April.
• Increase in exports is mainly led by sectors like gems and jewellery, petroleum products and engineering items.
• India’s import of goods increased by 68.54% to $38.53 billion over May 2020. However, Imports in May lower than imports in April ($45.72 billion).
• Trade deficit in May remained at an eight-month low at $6.32 billion. This was less than trade deficit of $15.1 billion in April.
• Commerce Ministry has fixed an export target of $400 billion for 2021-22. In the last fiscal (2020-21), exports were valued at $290.18 billion. This was 7.4% lower than exports worth $313.36 billion in 2019-20.

Topic: Appointments

2. Amul’s Managing Director Dr. Rupinder Singh Sodhi elected to the board of International Dairy Federation (IDF).

• Amul’s Managing Director Dr. Rupinder Singh Sodhi has been elected to the board of International Dairy Federation (IDF).
• Dr. Rupinder Singh Sodhi (RS Sodhi) was nominated by Indian National Committee to IDF. The nomination by Indian National Committee to IDF was accepted unanimously.
• In November 2020, National Dairy Development Board (NDDB)’s then chairman Dilip Rath was also unanimously elected to the board of the International Dairy Federation (IDF).
• International Dairy Federation (IDF):
  • It is an international non-governmental, non-profit association having members from National Committees constituted by dairy organisations in each country.
  • It was set up in 1903. It is headquartered in Brussels, Belgium.

Topic: Agriculture

3. APEDA sets up Export Promotion Forum (EPF) to promote exports of dairy products.

• APEDA has set up Export Promotion Forum (EPF) to promote exports of dairy products.  
• The EPF will include officials from the Ministry of Fisheries, Animal Husbandry and Dairying, and Export Inspection Council.
• APEDA has also identified two clusters- Mathura in Uttar Pradesh and Banaskantha in Gujarat - to develop dairy products.
• Farmers and small dairy owners in two clusters will be given virtual training. They will also be helped in capacity building to become exporters.
• Agricultural and Processed Food Products Export Development Authority (APEDA):
  • It is an Apex-Export Trade Promotion body. It was set up under Agriculture and Processed Food products Export Development Authority Act.
  • It was founded on 13 February 1986. It is headquartered in New Delhi. Dr. M. Angamuthu is its chairman.

Topic: Taxation

4. Finance Ministry notifies amendment in Central Goods and Services Tax (CGST) Act.

• Finance Ministry has notified amendment in Central Goods and Services Tax (CGST) Act.
• The amendment has been notified to facilitate charging of interest on net cash (tax) liability, retrospectively.
• Now, states will be required to amend State Goods and Services Tax (SGST) Act and notify the amendments.
• Net cash liability is calculated by deducting input tax credit from gross GST liability. Tax is deposited within the prescribed timeline.
• After the prescribed date, assesse is required to pay interest on cash liability. 
• The amendment intends to remove any ambiguity on the issue of charging interest on net cash liability from the date of implementation of GST (1 July 2017).

Topic: Miscellaneous

5. BIS recognizes RDSO of Indian Railways as the first standard development organization.

• Bureau of Indian Standards (BIS) has recognized the RDSO of Indian Railways as the first standard development organization under its ‘One Nation One Standard’ initiative.
• Research Design & Standards Organisation (RDSO)’s recognition as the first standard development organisation (SDO) will remain valid for 3 years.
• Under its ‘One Nation One Standard’ initiative, BIS is attempting to provide recognition to standard developing bodies.
• Bureau of Indian Standards (BIS):
  • It is an Indian national standard body that works under the aegis of the Ministry of Consumer Affairs, Food and Public Distribution.
  • It is a statutory body that was established by the Bureau of Indian Standards Act, 2016.
  • Its headquarters is in New Delhi.

Topic: Indian Economy

6. Global rating firm Moody’s lowers India’s GDP growth forecast.

• Global rating firm Moody’s has revised India’s GDP growth forecast for FY22 from 13.7% to 9.3%.
• It has also revised India’s GDP growth forecast for FY23 from 6.2% to 7.9%.
• The agency said that it expects a decline in economic activity in April-June quarter.
• In addition to Moody’s, SBI’s Economic Research Division, ICRA and others have also lowered projections for GDP growth.

Topic: Agriculture

7. Horticulture Cluster Development Programme (CDP) virtually launched by Union Minister of Agriculture and Farmers’ Welfare Shri Narendra Singh Tomar.

• Horticulture Cluster Development Programme (CDP) has been virtually launched by Union Minister of Agriculture and Farmers’ Welfare Shri Narendra Singh Tomar.
• Total 53 clusters have been selected for the programme. In the pilot phase, the programme will be implemented in 12 horticulture clusters. The clusters of pilot phase are given below.
  • Shopian (J&K) and Kinnaur (H.P.) for Apple
  • Lucknow (U.P.), Kutch (Gujarat) and Mahbubnagar (Telangana) for Mango
  • Anantpur (A.P.) and Theni (T.N.) for Banana
  • Nasik (Maharashtra) for Grapes
  • Siphahijala (Tripura) for Pineapple
  • Solapur (Maharashtra) and Chitradurga (Karnataka) for Pomegranate
  • West Jaintia Hills (Meghalaya) for Turmeric
• Horticulture Cluster Development Programme is a central sector programme implemented by the National Horticulture Board (NHB) of the Ministry of Agriculture and Farmers’ Welfare
• It aims at growing and developing identified horticulture clusters to make them globally competitive.
• Horticulture CDP will benefit about 10 lakh farmers. It will attract investment of Rs 10,000 crore when implemented in all the 53 clusters.
• National Horticulture Board (NHB):
  • It was set up by the government in 1984. It is headquartered at Gurugram.
  • It was set up on the basis of recommendations of "Group on Perishable Agricultural Commodities", headed by Dr. M. S. Swaminathan.

Topic: Appointments

8. S K Majumdar appointed as Chief Financial Officer (CFO) of Canara Bank.

• S K Majumdar has been appointed as Chief Financial Officer (CFO) of Canara Bank, with effect from May 31, 2021.
• S K Majumdar has been General Manager of the Bank. He will take place of V Ramachandra, Chief General Manager of the bank.
• Canara Bank was established in 1906. It is headquartered in Bengaluru.
• Lingam Venkat Prabhakar is its CEO. Recently, the government has merged syndicate bank with Canara bank.

Topic: RBI

9. The licence of Pune-based Shivajirao Bhosale Sahakari Bank cancelled by RBI.

• The RBI has cancelled the licence of Pune-based Shivajirao Bhosale Sahakari Bank.
• The bank has ceased to carry on banking business, with effect from close of business on May 31.
• It was placed under RBI Directions from the close of business on May 4, 2019.
• RBI has requested Registrar of Cooperative Societies, Maharashtra to issue an order for winding up of bank and to appoint a liquidator for the bank.
• Now, the process for paying the depositors of the bank as per Deposit Insurance and Credit Guarantee Corporation (DICGC). Act, 1961 will start.
• On liquidation of the bank, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a ceiling of ₹5 lakh from Deposit Insurance and Credit Guarantee Corporation.

Read Banking Awareness PDF - 1, 2 and 3 June 2021