Banking Awareness of 11, 12,13 and 14 May 2025

Topic: Indian Economy/Financial Market

1. India’s retail inflation declined to six year low level of 3.16% in April.

• The retail inflation declined from 3.34 percent in March to 3.16 percent in April.
• This is the lowest year-on-year inflation after July, 2019 as per data released by Ministry of Statistics and Programme Implementation.
• Inflation in rural and urban areas stood at 2.92% and 3.36%, respectively.
• Decrease in inflation of Vegetables, Pulses and Products, Fruits, Meat and fish, Personal care and Cereals are the causes for decline in headline inflation and food inflation.
• The food inflation rate in April, based on All India Consumer Food Price Index, provisionally stood at 1.78%.
• This declined from 2.69 percent recorded in March.
• Food inflation rate for rural areas was 1.85 percent in April against 2.82 percent in March.
• Food inflation rate for urban areas sharply declined from 2.48% in March to 1.64% in April.
• As per the ministry, food inflation was lowest after October, 2021.

Topic: Banking System

2. Canara Bank has launched a new banking solution called “CANARA TruEdge.”

• It offers specialised Current and Savings Accounts for institutional clients.
• The product is aimed at sectors like healthcare, education, and religious organisations.
• It also serves other non-individual entities with specific banking needs.
• The goal is to provide tailored financial solutions for different institutional operations.
• The suite is introduced with the tagline “Grow with trust, lead with edge.”
• There is no initial deposit required to open an account.
• The product features a five-tier Monthly Average Balance (MAB) structure.
• It includes various charge waivers and premium banking services.
• Customers get access to integrated digital banking tools.
• Premium debit cards are also offered under this suite.
• Institutions are provided with free Coursera licenses for development.
• Dedicated relationship managers offer personalised support.
• This support is available across Canara Bank branches nationwide.

Topic: Banking System

3. Union Bank of India has launched a new scheme called ‘Wellness Deposit’ for retail customers.

• This is a unique offering that combines a fixed deposit with health insurance benefits.
• The deposit has a fixed tenure of 375 days.
• It includes a super top-up health insurance cover for the same duration.
• The scheme offers an annual interest rate of 6.75%.
• Senior citizens are eligible for an additional 0.50% interest.
• It is open to resident individuals aged between 18 and 75 years.
• Customers can open the account individually or jointly.
• In joint accounts, only the primary holder gets the insurance coverage.
• The deposit amount must be between ₹10 lakh and ₹3 crore.
• Customers are allowed to close the deposit prematurely if needed.
• They can also avail of loans against the deposit.
• The scheme provides a ₹5 lakh health insurance policy with cashless hospitalisation.
• This insurance is valid for the entire 375-day period.
• Customers also get lifestyle benefits through a RuPay Select Debit Card.

Topic: Summits/Conferences/Meetings

4. Investor Education and Protection Fund Authority (IEPFA) and SEBI held a strategic planning meeting on May 9, 2025, at SEBI’s BKC office in Mumbai.

• The meeting focused on preparations for the launch of the “Niveshak Shivir” campaign.
• This initiative is meant to simplify the process of recovering unclaimed dividends and shares.
• Senior officials attended the session. Representatives from NSE, BSE, NSDL, CDSL, Link Intime, and KFin Technologies also participated.
• “Niveshak Shivir” will set up helpdesks to support investors throughout the claim process.
• These helpdesks will allow investors to directly interact with company representatives and RTAs.
• Investors with dematerialized shares nearing transfer to IEPFA should contact the concerned company for assistance.
• Those with physical share certificates must check the IEPFA website to verify the status of their shares.
• They may also contact the company’s Registrar and Transfer Agent for help.
• The IEPFA portal has a search tool to check whether the shares are still with the company or have been transferred.
• “Niveshak Shivir” will begin in Mumbai and Ahmedabad later this month.
• It will expand to other cities with large volumes of unclaimed investor assets.
• IEPFA operates under the Ministry of Corporate Affairs.
• It works to raise investor awareness and ensure easier access to financial redress.
• Initiatives like “Niveshak Shivir” support these goals by improving outreach and transparency.

Topic: RBI

5. The Reserve Bank of India has imposed a fine of Rs 1.72 crore on the State Bank of India.

• This was due to SBI’s failure to comply with specific regulatory guidelines.
• The violations involved norms related to loans, customer liability in unauthorized digital transactions, and rules for opening current accounts.
• Jana Small Finance Bank has also been fined Rs 1 crore by the RBI.
• This penalty was issued for breaching certain provisions of the Banking Regulation Act, 1949.
• The RBI stated that these penalties are based on compliance failures.
• They are not meant to question the validity of any customer transactions or agreements made by the banks.

Topic: Reports and Indices

6. India is steadily reducing maternal and child mortality.

• This progress aligns with its Sustainable Development Goals (SDG) for 2030.
• The Sample Registration System (SRS) Report 2021 was released on May 7, 2025. It was released by the Registrar General of India.
• It shows that India’s Maternal Mortality Ratio (MMR) dropped from 130 to 93 per 100,000 live births between 2014–16 and 2019–21.
• The Infant Mortality Rate (IMR) declined from 39 to 27 per 1,000 live births from 2014 to 2021.
• The Neonatal Mortality Rate (NMR) reduced from 26 to 19 per 1,000 live births in the same period.
• The Under-Five Mortality Rate (U5MR) fell from 45 to 31 per 1,000 live births between 2014 and 2021.
• India’s fertility rate reached 2.0 in 2021, down from 2.3 in 2014.
• The sex ratio at birth improved from 899 in 2014 to 913 in 2021.
• Eight states have met the SDG target for MMR of 70 or fewer.
• These include Kerala, Maharashtra, Tamil Nadu, and five others.
• Twelve states and union territories have achieved the U5MR goal of 25 or fewer deaths per 1,000 live births.
• Six states and UTs have reached the NMR target of 12 or fewer.
• India’s performance in reducing mortality outpaces global trends.
• The United Nation Maternal Mortality Estimation Inter-agency Group (UN-MMEIG) Report 2000-2023 shows an 86% drop in MMR in India from 1990 to 2023.
• Globally, the average decline in that period was only 48%.
• According to the United Nations Inter-agency Group for Child Mortality Estimation (UN IGME) Report 2024, India reduced U5MR by 78%.
• IMR declined by 71%, and NMR by 70%, from 1990 to 2023.
• These rates are better than the global averages of 61%, 58%, and 54%, respectively.

Topic: Miscellaneous

7. Andhra Pradesh granted property tax exemption to defence personnel.

• Property tax exemption has been granted by the Andhra Pradesh government for houses owned by Indian Defence personnel within gram panchayat limits.
• The announcement was made by Deputy Chief Minister Pawan Kalyan.
• This decision was taken by the NDA-led state government under Chief Minister N. Chandrababu Naidu as a gesture of gratitude towards the armed forces.
• The Panchayat Raj Department has issued the decision benefiting personnel of the Army, Navy, Air Force, Paramilitary, and CRPF.
• This decision honours the indomitable courage of our defence forces personnel who dedicate their lives to protecting the nation.
• Earlier limited to only retired personnel or those serving on the borders, the exemption has now been extended to all active personnel irrespective of their posting.
• The benefit will apply to one house where the personnel or their spouse resides or which they jointly own.
• The step has been recommended by the Director of Sainik Welfare and is intended to honour the sacrifice and courage of the nation’s uniformed forces.
• Deputy CM Pawan Kalyan also paid homage to Agniveer Murali Naik, who was martyred in cross-border firing along the Line of Control in Jammu and Kashmir during Operation Sindoor.
• He announced an ex-gratia of Rs 50 lakh for Murali Naik’s parents, along with the allotment of five acres of agricultural land, and a 300-square-yard house site.

Topic: Appointments

8. Justice Surya Kant appointed as the executive chairman of NALSA.

• Justice Surya Kant of the Supreme Court has been appointed as the Executive Chairman of the National Legal Services Authority (NALSA).
• The appointment was made by President Droupadi Murmu under the provisions of the Legal Services Authorities Act, 1987.
• Justice Kant is set to take over the position from Justice BR Gavai, who will be assuming office as the 52nd Chief Justice of India on May 14.
• The appointment will be effective from May 14, 2025, as per the official notification issued by the government.
• Justice Kant is a former chief justice of the Himachal Pradesh High Court and a former judge of the Punjab and Haryana High Court.
• His tenure as executive chairman will continue until November 23, 2025, after which he is expected to be elevated as the 53rd Chief Justice of India.
• NALSA, constituted under the Legal Services Authorities Act, 1987, aims to provide free legal services to the weaker sections of society.
• As per the act, the Chief Justice of India serves as the Patron-in-Chief of NALSA.
• The President, in consultation with the Chief Justice, appoints a serving or retired judge of the Supreme Court as the acting chairperson of NALSA.

Read Banking Awareness PDF - 11 12,13 and 14 May 2025