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

By PendulumEdu | Last Modified: 09 Sep 2022 12:56 PM IST
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Topic: Regulatory Bodies/Financial Institutions

1. FSSAI awards 5-star ‘Eat Right Station’ certification to Chandigarh railway station of Indian Railways.

  • FSSAI has awarded 5-star ‘Eat Right Station’ certification to Chandigarh railway station of Indian Railways.
  • FSSAI grants this certification to railway stations following standard food storage and hygiene practices.
  • FSSAI also awards this certification to railway stations setting benchmarks in providing safe and wholesome food to passengers.
  • Chandigarh railway station is the fifth station in India to get this certification from FSSAI. The other four stations are given below.
  • The certification is part of the ‘Eat Right India’ movement being run by the Food Safety and Standards Authority of India (FSSAI). FSSAI launched 'The Eat Right Movement’ on 10th July, 2018.

Food Safety and Standards Authority of India (FSSAI):

It was established in September 2008 under Food Safety and Standards Act, 2006.

It is a statutory body. It is headquartered in New Delhi.

Rita Teotia is its current chairperson. It consists of a chairperson and 22 members.

It has six regional offices. They are located in Delhi, Guwahati, Mumbai, Kolkata, Cochin, and Chennai.

Topic: Indian Economy

2. April-July fiscal deficit reaches at lowest level in nine years.

  • Fiscal deficit for the April-July period of FY22 has reached at 21.3 % of the budget estimate, which is the lowest level in nine years.
  • As per monthly account data prepared by the Controller General of Accounts (CGA), net tax collection reached close to the ₹5.30 lakh crore mark.
  • This is 34.2 % of the budget estimate (BE). Net tax collection was just 12.4 % during the corresponding period of last fiscal.
  • Total expenditure stood at just 28.8 % of BE. Last year, the total expenditure was 34.7 % of BE during the corresponding period.
  • Revenue and capital expenditure contracted 4.7 % during the April-July period as against a growth of 11.3 % during the corresponding period of last fiscal.
  • Capital expenditure increased at 14.8 %, non-interest revenue expenditure contracted 12.6 %.
  • Sharp growth in revenue and contractionary non-interest revenue expenditure has resulted in fiscal deficit at end of July 2021 at ₹3.21 lakh crore, which is lowest in the last nine years.
  • Fiscal deficit is the difference between the government’s total income and total expenditure.

Topic: Banking System

3. Eight banks join account aggregator network.

  • Eight banks have joined an account aggregator network that will enable customers to easily access and share their financial data.
  • These eight banks are State Bank of India, ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, and Federal Bank.
  • Neo bank Fi has also joined the account aggregator network. It is one of the first fintechs to join the ecosystem.
  • RBI’s account aggregator framework went live on 02 September. Four banks are already live with data accessible for consumers via Account Aggregators, and the rest will shortly go live.
  • Four NBFC-AAs including Finvu, OneMoney, CAMS Finserv, NESL has received operational licenses. PhonePe, Perfios, Yodlee have received in-principle approval.
  • Account aggregators (AAs) act as a bridge, to collect data from financial information providers and share the data with financial information users. 
  • Lending agencies or wealth management companies that provide financial services to individuals are financial information users.

Topic: Regulatory Bodies/Financial Institutions

4. Securities and Exchange Board of India (SEBI) shortlists five firms for fraud detection project.

  • SEBI has shortlisted TCS, Wipro, Capgemini Technology Services, L&T Infotech, and NEC Corporation India for fraud detection projects.
  • The firms have been selected for implementing data analytics-based software to detect fraud and alert the regulator to take corrective measures and levy penalties.
  • The project will be completed in 12 months from the date of signing of the agreement.
  • SEBI has an Integrated Market Surveillance System for cross-market surveillance.
  • It uses the SMARTS software engine for alert generation and graphical analysis.
  • It now aims to implement Data Analytics Projects and build Data Models to leverage artificial intelligence and machine learning.

Topic: Appointments

5. Ashish Singhal takes charge as MD of SVC Bank.

  • Ashish Singhal has taken charge as Managing Director of SVC Bank (SVC Co-operative Bank).
  • Ajit Venugopalan retired as Managing Director of SVC Bank on August 31.
  • Shamrao Vithal Co-op. Bank Ltd. (SVC Cooperative Bank Limited) is a Mumbai-based bank. Durgesh S. Chandavarkar is its Chairman.

Topic: Appointments

6. Mahindra Finance appoints Raul Rebello as its new Chief Operating Officer (COO).

  • Mahindra & Mahindra Financial Services Limited (also called MMFSL and Mahindra Finance) has appointed Raul Rebello as its new COO.
  • Raul Rebello has experience of rural banking and financial inclusion.
  • Prior to joining Mahindra Finance, Rebello was associated with Axis Bank Limited as EVP & Head – Rural Lending & Financial Inclusion.

Topic: Corporates/Companies

7. PhonePe gets an insurance broking licence from IRDAI.

  • PhonePe has received an insurance broking licence from Insurance Regulatory and Development Authority of India (IRDAI).
  • PhonePe entered the insurtech sector with a limited insurance ‘corporate agent’ licence last year.
  • The limited licence allowed the company to partner with only three insurance companies per category.
  • Now, PhonePe can distribute insurance products from all insurance companies in India.
  • Last week, PhonePe got in-principle approval from RBI to operate as an account aggregator.
  • Earlier, PhonePe has also launched ‘Corona Care’, a dedicated insurance product for its users.
  • PhonePe is a Bangalore-based Indian digital payments and financial services company. It was founded by Sameer Nigam, Rahul Chari and Burzin Engineer in 2015.

Topic: Indian Economy

8. India’s GDP growth rate rise to 20.1% in Q1FY22.

  • India’s GDP growth rate rose to 20.1% in Q1 of 2021-22.
  • GDP in the first quarter of 2021-22 is estimated at 32.38 lakh crore rupees at Constant Prices, as against Rs 25.66 lakh crore in Q1 of 2020-21, showing a growth of 20.1 percent.
  • Increase in consumer spending and improved manufacturing are the main factor of rise in India’s GDP growth. This is India's fastest growth since official quarterly data started being released from 1990s.
  • In the quarter of 2021-22, Gross value added (GVA) growth in the manufacturing sector has accelerated to 49.6 percent while Farm sector GVA growth was 4.5 percent.
  • Construction sector GVA increase by 68.3 percent compared to 49.5 percent contraction in the last year. The Mining sector has grown by 18.6 percent.
  • Electricity, gas, water supply, and other utility services segment grew by 14.3 percent, against 9.9 percent contraction in the last year.

GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time.

Real GDP is the GDP calculated at constant prices, nominal GDP is the GDP calculated at current prices.

Gross value added (GVA) is defined as the value of output less than the value of intermediate consumption. It is used to measure the output or contribution of a particular sector.

Topic: Appointments

9. Appointments Committee of the Cabinet approves appointment of J B Mohapatra as Chairman of CBDT.

  • Appointments Committee of the Cabinet has approved the appointment of Jagannath Bidyadhar Mohapatra (J B Mohapatra) as Chairman of the Central Board of Direct Taxes (CBDT).
  • In May 2021, Mohapatra was given additional charge of CBDT Chairman when the extended tenure of incumbent Pramod Chandra Mody (PC Mody) ended.
  • Mohapatra is an IRS officer of the 1985 batch. He was already serving as a member of CBDT since May.
  • Central Board of Direct Taxes (CBDT) frames policy for the Income Tax Department of the country. It is headed by a Chairman. It consists of six members.


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