Banking Awareness of 10 and 11 December 2021

By PendulumEdu | Last Modified: 11 Dec 2021 18:16 PM IST
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Topic: Indian Economy

1. Industrial output grew by 3.2% in October 2021.

  • Industrial output grew by 3.2% in October 2021 while Industrial output grew by 4.5% in October last year.
  • Industrial growth based on Index of Industrial Production (IIP) grew by 3.3% in September.
  • GST collection showed 25.3% growth and core infrastructure sectors recorded 7.5% growth.
  • Capital goods production declined 1.1% in October. Overall industrial output is still below pre-Covid level. 

Index of Industrial Production (IIP):

It is a measure of changes in industrial output over a period of time.

In IIP, Mining, Manufacturing and Electricity sectors carry weightage of 75.5%, 14.2% and 10.3% respectively.

Central Statistical Organization (CSO) compiles and publishes it on a monthly basis.

Topic: Taxation

2. Charitable religious institutions liable to pay GST on renting of rooms to devotees and shops.

  • Telangana Authority for Advance Ruling (TAAR) has ruled that charitable religious institutions are liable to pay GST on renting of rooms to devotees and shops.
  • However, the rent should be more than ₹1,000 a day and ₹10,000 per month, respectively.
  • The applicant was Hyderabad-based Acharya Shree Mahashraman Chaturmas Vyvastha Samiti, which is a charitable religious institution.
  • The orders of Authority for Advance Ruling (AAR) are applicable only to applicants and jurisdictional tax officers. They are cited in similar cases.
  • Rulings of AAR have also become the basis for notifications and circulars by tax department.

Topic: Appointments

3. Gautam Raghavan elevated to the head of the White House Office of Presidential Personnel.

  • Indian-American political advisor Gautam Raghavan has been elevated to the head of the White House Office of Presidential Personnel.
  • White House Presidential Personnel Office (PPO) is also written as Office of Presidential Personnel. It is tasked with examining new appointees.
  • The post of White House PPO was held by Cathy Russell. UN Secretary-General Antonio Guterres announced his intent to appoint Cathy Russell as the next executive director of UNICEF.
  • Gautam Raghavan was posted as PPO Deputy Director since January 2020.

Topic: Banking System

4. Karnataka Bank wins two DigiDhan awards from Ministry of Electronics and Information Technology (MeitY).

  • Karnataka Bank has won two DigiDhan awards from Ministry of Electronics and Information Technology (MeitY).
  • The bank has received these awards for achieving the target with highest percentage in BHIM-UPI transactions under private sector bank category consecutively for two years (2019-20 and 2020-21).
  • Mahabaleshwara MS, Managing Director and Chief Executive Officer of Karnataka Bank, dedicated award to the bank’s esteemed customers.

Karnataka Bank is a Scheduled Commercial Bank based in Mangaluru in Karnataka. It is a private sector bank.

Topic: MoUs/Agreements

5. Bank of Baroda and Centrum Housing Finance sign MoU.

  • Bank of Baroda is the fourth largest nationalized bank in India. Its chairman is Hasmukh Adhia. Its tagline is India’s International Bank.
  • Federal Bank is an Indian private sector bank with headquarters in Aluva, Kochi. Its CEO is Shyam Srinivasan. Its tagline is your perfect banking partner.
  • Bank of Baroda and Centrum Housing Finance have signed MoU for sourcing and financing housing loan borrowers under co-lending model.
  • Federal Bank and Start Health Insurance entered into a partnership to provide health insurance products to its customers spread over banking outlets across the country.

Topic: RBI

6. RBI gives Scheduled Bank status to Paytm Payments Bank Limited.

  • RBI gave Scheduled Bank status to Paytm Payments Bank Limited (PPBL), an associate entity of Paytm.
  • Paytm Payments Bank Limited (PPBL) has been included in the Second Schedule to the Reserve Bank of India Act, 1934.
  • Paytm Payments Bank would now be eligible to partner in government-run financial inclusion schemes. It can now explore new business opportunities.
  • According to RBI Act 1934, banks satisfying RBI that its affairs are not being carried out in a manner detrimental to depositors’ interests are included in the second schedule.
  • In the last fiscal year, Paytm Payments Bank has also become the largest issuer and acquirer of FASTags in the country.

Paytm Payments Bank:

Vijay Shekhar Sharma is Chairman of Paytm Payments Bank. Paytm Payments Bank was inaugurated by former Finance Minister Arun Jaitley in 2017.

In 2017, Paytm Payments Bank opened its first branch in Noida. In 2019, it became the first profitable Payments Bank. In 2020, it became the only payments bank initiating VIDEO KYC facility.

Topic: RBI

7. RBI approves LIC to increase its stake in IndusInd Bank.

  • RBI has given approval to Life Insurance Corporation of India (LIC) to increase its stake in IndusInd Bank.
  • LIC presently holds 4.95% stake in the bank. LIC has now been permitted to increase stake to up to 9.99 % of the total issued and paid up capital of the private sector lender.
  • The approval is valid for a period of one year that is up to December 8, 2022.
  • LIC had earlier received approval from RBI to increase its stake in Kotak Mahindra Bank to 9.99%.

IndusInd Bank:

It is a Pune-based bank. It was started in 1994.

Sumant Kathpalia is its CEO. Its tagline is we make you feel richer.

Topic: Companies/ Corporates

8. Apollo TeleHealth (ATH) gets ISO certification from BSI.

  • Apollo TeleHealth (ATH) has been granted ISO 13131:2021 certification by the British Standards Institution (BSI).
  • Apollo TeleHealth (ATH) is the largest multi-specialty telemedicine network in the world.
  • ISO 13131:2021 is a part of a class of standards that provides flexible, general guidelines that support innovation in healthcare.

 

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