Banking Awareness of 10 and 11 December 2021

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. 

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.

Topic: MoUs/Agreements

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

• 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.

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%.

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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