Topic: Banking System
1. Telangana State Cooperative Apex Bank (TSCAB) chosen as best state cooperative bank (SCB) in India by NABARD.
- Telangana State Cooperative Apex Bank (TSCAB) has been chosen as the best state cooperative bank (SCB) in India by NABARD.
- Karimnagar District Cooperative Credit Bank (DCCB) has been recognised as the best district cooperative credit bank (DCCB) in South India.
- The awards were announced by NABARD on its 40th foundation day celebrations.
- NABARD had shortlisted six State Cooperative Banks (SCBs) out of 33 SCBs. 45 District Cooperative Credit Bank (DCCBs) were selected out of 353 DCCBs in India.
- It is an apex development finance institution that provides credit for agriculture and other economic activities in rural areas.
- It is fully owned by the Government of India. It was formed on 12 July 1982. It has 28 regional offices.
- Chairman: Shri Govinda Rajulu Chinthala
- Headquarters: Mumbai, Maharashtra
2. Amit Jhingran takes charge as CGM of SBI, Hyderabad circle.
- Amit Jhingran has taken charge as Chief General Manager, State Bank of India (SBI), Hyderabad Circle.
- He was earlier Chief Executive Officer, SBI Chicago, USA. He has taken charge of Shri O.P.Mishra.
- Shri O.P.Mishra has been elevated as Deputy Managing Director of the Bank.
3. RBI allows Small Finance Banks (SFBs) and their holding companies to apply for amalgamation scheme.
- RBI has allowed Small Finance Banks (SFBs) and their holding companies to apply for amalgamation scheme.
- This has led to a sharp rise in shares of Equitas Small Finance Bank, Equitas Holdings, Ujjivan Small Finance Bank and Ujjivan Financial Services.
- Equitas SFB had said it would take steps to finalise the Scheme of Amalgamation. Similarly, Ujjivan SFB also had said it would take necessary steps for the amalgamation of Ujjivan Financial Services with the bank.
- RBI has informed the Association of SFBs of India about its decision to allow for the amalgamation application three months before completion of five years from the date of commencement of business of small finance bank.
- As per RBI guidelines, a promoter of Small Finance Banks (SFBs) can cease to be promoter after the mandatory initial lock-in period of five years.
- Initial promoter lock-in expires on September 4, 2021 in the case of Equitas SFB.
Topic: Banking System
4. Cryptocurrency bank Cashaa to launch its operations in India from August.
- Cryptocurrency bank Cashaa will launch its operations in India from August 2021.
- As per Kumar Gaurav, CEO and Founder, Cashaa, Cashaa will launch personal bank accounts so that personal traders can do Peer to Peer trading.
- Cashaa will also offer debit cards and loans against cryptocurrencies. It will also offer loans for buying cryptocurrencies.
- The operations will initially start in New Delhi, Gujarat and Rajasthan. Cashaa has plans to expand to Maharashtra, Uttar Pradesh and West Bengal gradually.
- As per Kumar Gaurav, all KYC norms will be followed as done by any other bank.
- Cashaa also plans to open physical branches. It has already opened up three branches.
Topic: Banking System
5. The bill for higher deposit insurance cover included in the list of 17 bills to be introduced in Monsoon Session.
- The bill for higher deposit insurance cover has been included in the list of 17 bills to be introduced in Monsoon Session.
- The list includes a Bill to amend the Limited Liability Partnership Act, the Electricity Act, and the Coal Bearing Areas (Acquisition and Development) and others.
- Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 is one of the 17 bills.
- The bill aims to enable access by depositors to their savings through deposit insurance in a time-bound manner in case of suspension of banking business of insured bank.
- Government had last year approved an increase in Deposit Insurance cover from ₹1 lakh to ₹5 lakh for bank customers.
Topic: Indian Economy
6. Retail inflation remained over 6 % for the second successive month.
- Retail inflation remained over 6 % for the second successive month. However, retail inflation for June eased slightly to 6.26% from 6.30% in May.
- Retail inflation in June has eased despite the rise in food and fuel inflation.
- Food inflation increased to 5.15 % in June from 5.01 % in May. Fuel inflation increased to 12.68 % in June from 11.58 % in May.
- Industrial growth rate, based on the Index of Industrial Production (IIP), for May grew 29.3 %.
7. US became fourth-largest crude oil supplier to India in 2020.
- As per BP’s latest report, US has become the fourth-largest crude oil supplier to India in 2020.
- As per BP’s Statistical Review of World Energy, US had supplied 10.7 million tonnes of crude oil to India in 2020.
- Iraq supplied 47 million tonnes. Saudi Arabia and UAE supplied 38 million tonnes and 22 million tonnes, respectively.
- Crude oil supplied by US accounted for nearly 5% of India’s total imports of 204 million tonnes in the year 2020.
- US also became the fourth-largest natural gas supplier to India in 2020.
- West Asian countries account for 64% of India’s imports of crude oil. Two American continents account for 18%.
- Saudi Arabia was the biggest crude oil supplier to China. China was the biggest oil importer in the world in 2020. It imported 557 million tonnes.
- India imported about 36 billion cubic metres (bcm) of liquefied natural gas (LNG) in 2020. Qatar was top most supplier. It supplied 14 bcm. Japan remained the top LNG importer in the world.
- BP (formerly The British Petroleum Company plc) is a British multinational oil and gas company.
8. Swiggy elevates Phani Kishan as its co-founder.
- Swiggy has elevated Phani Kishan, Vice President for Strategy and Investments, as its co-founder.
- Earlier, Vivek Sunder, Swiggy’s Chief Operating Officer resigned after working for three years.
- Phani Kishan joined Swiggy in 2015 as General Manager – Strategy, Analytics, CX & New Initiatives.
- Kishan will join Sriharsha Majety and Nandan Reddy, the other two co-founders of Swiggy.
- Rahul Jaimini, co-founder and CTO of Swiggy had left company last year to pursue another entrepreneurial venture.
- Swiggy is India's largest online food ordering and delivery platform. It is based in Bangalore. It was founded in 2014.