Banking, Financial and Economic Awareness of 10, 11 and 12 March 2021

Topic: Appointments

1. GP Samanta appointed as Chief Statistician of India.

• GP Samanta has been appointed as Chief Statistician of India and he will replace Kshatrapati Shivaji.
• GP Samanta will also serve as Secretary in the Ministry of Statistics and Program Implementation (MoSPI). He will be occupying the post for two years from the date of joining the office.
• After the superannuation of Pravin Srivastava, Kshatrapati Shivaji was given an additional charge in MoSPI in September.  Pravin Srivastava superannuated in August 2020.
• Dr. Pronab Sen was the first Chief Statistician of India. Chief Statistician of India is the secretary of the National Statistical Commission (NSC).

Topic: Miscellaneous

2. Nearly 15,812 and 3.8 lakh contract workers registered over Shramik Kalyan e-application portal of Indian Railways.

• Nearly 15,812 and 3.8 lakh contract workers have registered over the Shramik Kalyan e-application portal of Indian Railways.
• Through this portal, Indian Railways ensures 100% compliance in payment of minimum wages to contract workers.
• Contractors are required to regularly upload wage payment data on this portal. All PSUs coming under the Ministry of Railways are using the Shramik Kalyan e-application portal.
• Shramik Kalyan e-application portal was launched on 1 October 2018.

Topic: Appointments

3. New Executive Directors (EDs) take charge of four different banks.

• New Executive Directors (EDs) have taken charge of different banks (Union Bank of India (UBI), Central Bank of India (CBoI), Bank of Maharashtra (BoM) and Bank of India (BoI).
• The names of newly appointed Executive Directors are given in the next table.

• Imran Amin Siddiqui has been appointed as Executive Director (ED) of Indian Bank for three years. He was General Manager of Indian Bank.

Topic: Reserve Bank of India

4. Certificate of Authorisation (CoA) of RiddiSiddhi Bullions Ltd and AGS Transact Technologies Ltd revoked by RBI.

• Certificate of Authorisation (CoA) of RiddiSiddhi Bullions Ltd and AGS Transact Technologies Ltd revoked by RBI.
• The CoA of these Payment System Operators (PSOs) has been revoked for establishing, owning and operating White Label ATMs (WLAs).
• RBI exercised its powers in Section 8 of the Payment and Settlement Systems Act, 2007, to revoke CoA of the PSOs.
• White Label ATMs (WLAs) are ATMs that are established, opened and operated by non-banks. Under Section 8 of the Payment and Settlement Systems Act, 2007, RBI can revoke CoA granted by it to PSOs.

Topic: Banking System

5. ‘Wearable contactless payment devices’, called ‘Wear ‘N’ Pay’ introduced by Axis Bank.

• ‘Wearable contactless payment devices’, called ‘Wear ‘N’ Pay’, has been introduced by Axis Bank.
• Device will enable customers to pay on the go. It is in the form of a band, key chain and watch loop.
• It is presently available at a fee point of Rs 250. Customers will be required a PIN to complete the transaction beyond the limit of Rs 5000.

Topic: Appointments

6. Pallav Mohapatra appointed as MD and CEO of Asset Reconstruction Company (India) Ltd (Arcil).

• Pallav Mohapatra has been appointed as MD and CEO of Asset Reconstruction Company (India) Ltd (Arcil).
• Pallav Mohapatra has earlier served as MD and CEO of Central Bank of India (CBoI). Vinayak Bahuguna has earlier served as MD and CEO of Arcil.
• Arcil was established in 2002. It is the oldest asset reconstruction company in India.   

Topic: MoUs/Agreements

7. Power Finance Corporation and its subsidiary REC Limited (formerly Rural Electrification Corporation Limited) sign MoU with Kholongchhu Hydro Energy Ltd.

• Power Finance Corporation and its subsidiary REC Limited (formerly Rural Electrification Corporation Limited) has signed MoU with Kholongchhu Hydro Energy Ltd.
• The MoU aims to provide a terms loan of ₹4,058 crore for a 600 MW hydroelectric project in Trashi Yangtse, Bhutan.
• The proposed project will be funded in a debt-to-equity ratio of 70:30. The project will be commissioned in the financial year that will end in March 2026. It will generate about 2,569 million units of energy.
• Hydroelectric power plant will be built by a joint venture between India’s SJVN and Bhutan’s Druk Green Power Corporation, Kholongchhu Hydro Energy Ltd.
• SJVN is a hydroelectric  power generation PSU. It is a joint venture between Government of India and Government of Himachal Pradesh.

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