Banking Awareness of 12, 13 and 14 October 2021

By PendulumEdu | Last Modified: 14 Oct 2021 19:24 PM IST
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Topic: RBI

1. RBI gives banking licence to Unity Small Finance Bank Ltd.

  • RBI has granted banking licence to Unity Small Finance Bank Ltd.
  • Unity Small Finance Bank Ltd was set up jointly by Centrum Financial Services Ltd (CFSL) and Resilient Innovations Private Limited (BharatPe).
  • With the establishment of Unity Small Finance Bank Ltd, the number of SFBs in the country will go up to 12.
  • On June 18, RBI had accorded “in-principle” approval to CFSL to set up a Small Finance Bank (SFB).
  • CFSL is a wholly owned subsidiary of Centrum Capital. Centrum’s MSME and micro-finance businesses will be merged into USFBL.
  • Jaspal Bindra, Executive Chairman, Centrum Group, said that we are excited to partner with BharatPe and aspire to be India’s first digital bank. Ashneer Grover is Co-Founder and Managing Director of BharatPe.
  • BharatPe has appointed Rajnish Kumar, former Chairman of State Bank of India, on its Board. He will also be the Chairman of the Board.

Topic: Appointments

2. Chairman and Managing Director of JSW Steel, Sajjan Jindal, elected as chairman of World Steel Association.

  • Chairman and Managing Director of JSW Steel, Sajjan Jindal, has been elected as chairman of World Steel Association for the year 2021–22.
  • He is the first representative from India to occupy the position of chairman of World Steel Association.
  • World Steel Association, often abbreviated as worldsteel, members represent about 85 % of the world’s steel production.
  • It was established in 1967. It is headquartered in Brussels, Belgium. It is one of the largest industry representations in the world.

Topic: Infrastructure and Energy

3. Chennai Port Trust in discussion with RVNL to participate in SPV for multimodal Logistics Park.

  • Chennai Port Trust is in discussion with Rail Vikas Nigam Ltd (RVNL) to participate in Special Purpose Vehicle (SPV) for multimodal Logistics Park at Mappedu in Tiruvallur near Chennai.
  • This multimodal Logistics Park is among the 1st to be chosen for implementation under Centre’s scheme of Bharatmala Pariyojna.
  • Under this scheme, 35 multimodal Logistics Park are planned across India.
  • Chennai Port Trust, Tamil Nadu government and National Highways Authority of India had signed MoU for multimodal Logistics Park at Mappedu.
  • The multimodal Logistics Park will be developed over 158 acres of land and will have road and rail connectivity.

Topic: Infrastructure and Energy

4. Renewable energy sector added 5,730 MW new capacity during April-September 2021.

  • Renewable energy sector has added 5,730 MW new capacity during April-September 2021.
  • In the same period last year, 2,152 MW was added. This means that the new capacity addition has more than doubled during the first half of this fiscal compared with the year-ago period.
  • 4,273 MW new capacity was added in the first half of FY20.
  • The first quarter of the current fiscal added 2,522 MW capacity and second quarter added 3,208 MW of new capacity.
  • Solar sector remains the major driver of new capacity addition. It added 5,039 MW.
  • Ground-mounted solar segment added 3,702 MW and rooftop sector added 1,134 MW. Off-grid category brought in about 202 MW. Wind segment added 623 MW of new capacity.
  • In 2015, the central government has added a total capacity target of 175 GW by the end of 2022. Now, it has raised the capacity target to 450 GW by 2030.

Topic: Indian Economy

5. As per projection by IMF, India will continue to be the world’s fastest growing major economy.

  • IMF has projected that India will continue to be the world's fastest-growing major economy with a growth rate of 9.5 % in 2021.
  • IMF has projected that the Indian economy will grow at 8.5 % in 2022. According to IMF, world economy will grow at 5.9% in 2021 and 4.9% in 2022.
  • United States is projected to grow at 6% in 2021 and 5.2 % in 2022. China, on the other hand, is projected to grow at 8 % this year and 5.6 % next year.

International Monetary Fund (IMF):

IMF is an international organization. It is designed to promote global monetary cooperation.

Its headquarters is located in Washington DC. It was established in 1944.

The Managing Director of IMF is Kristalina Georgieva. It has 190 members.

Topic: Banking System

6. PhonePe launches ClickPay for its customers.

  • PhonePe has, in association with NPCI Bharat BillPay Ltd (NBBL), launched ClickPay for its customers.
  • ClickPay is a unique payment link that makes it possible for customers to make recurring online bill payments.
  • This link sent by the biller will lead the customer directly to the payment page, etching the bill amount instantly.

NPCI Bharat BillPay Ltd (NBBL) is a wholly-owned subsidiary of National Payments Corporation of India, It came into effect from 1 April 2021. Noopur Chaturvedi is it CEO.

PhonePe is a Bangalore-based Indian digital payments and financial services company. It was founded by Sameer Nigam, Rahul Chari and Burzin Engineer in 2015.

Topic: Appointments

7. Centre gives additional charge of Chairperson of IBBI to Navrang Saini.

  • Centre has given additional charge of Chairperson of Insolvency and Bankruptcy Board of India (IBBI) to Navrang Saini for three months.
  • He is a Whole Time Member of IBBI. M S Sahoo was the first Chairperson of IBBI since October 1, 2016. He demitted office recently.
  • Centre has already started the process of search for a new Chairperson for IBBI.

Insolvency and Bankruptcy Board of India (IBBI):

It was established on 1 October 2016 under the Insolvency and Bankruptcy Code, 2016.

It is responsible for the implementation of the IBC code.

It is a unique regulator that regulates a profession as well as process.

Topic: Appointments

8. PESB selects Sukla Mistry as next Director (Refineries) at Indian Oil.

  • Public Enterprises Selection Board (PESB) has selected Sukla Mistry as next Director (Refineries) at Indian Oil.
  • She is currently Executive Director and Refinery Head at IOCL’s Barauni refinery.
  • She is the only woman to helm a refinery in the country.
  • She could become the next CMD of Indian Oil Corporation Limited (Indian Oil). Its present Chairman and Managing Director Shrikant Madhav Vaidya step down in August 2023.
  • IOCL is listed in the Fortune Global 500 list of the world's biggest corporations.

Public Enterprises Selection Board (PESB):

It was formed in 1987. It comes under the Department of Personnel and Training (DoPT).

It has a part-time or full-time Chairperson. In addition to a part-time or full-time Chairperson, PESB has three full-time members.

Topic: Miscellaneous

9. Microsoft CEO Satya Nadella gets this year’s CK Prahlad award for Global Business Sustainability Leadership.

  • Microsoft CEO Satya Nadella has got this year’s CK Prahlad award for Global Business Sustainability Leadership.
  • Microsoft’s President and Vice Chair Brad Smith, Chief Financial Officer Amy Hood and Chief Environment Officer Lucas Joppa have also got the award.
  • Microsoft’s four leaders (Nadella, Hood, Smith and Joppa) have got the award for their collaborative leadership aimed at changing Microsoft into a carbon negative company by 2030 and to remove all its historical emissions by 2050.
  • Other awardees include leadership by an individual executive to Ecolab Chairman and former CEO, Douglas M. Baker, Jr.
  • The award recognises exceptional, globally significant private-sector action exemplifying basic connection between sustainability, innovation and long-term business success in a globalising world.
  • The award was created in 2010 by Corporate Eco Forum to honour Indian American Prahlad, its founding advisory board member.

Topic: Corporates/Companies

10. Power Finance Corporation accorded 'Maharatna' status by government.

  • Power Finance Corporation (PFC) has been accorded 'Maharatna' status by the government.
  • Department of Public Enterprises, under the Ministry of Finance, has issued an order to this effect.
  • Government has given PFC greater operational and financial autonomy by according 'Maharatna' status.
  • The grant of 'Maharatna' status to PFC will give enhanced powers to PFC’s Board while taking financial decisions.
  • The board of Maharatna CPSEs can make equity investments for financial joint ventures and wholly owned subsidiaries. It can undertake mergers and acquisitions in India and abroad.
  • However, this is subject to a ceiling of 15% of the net worth of the concerned CPSE, limited to Rs 5,000 crore in a single project.
  • RS Dhillon, Chairman and Managing Director, PFC said that PFC has been accorded 'Maharatna' status due to its exceptional financial performance during the last three years.

Power Finance Corporation Ltd (PFC):

Power Finance Corporation Ltd (PFC) was formed in 1986. It is headquartered in New Delhi. Rural Electrification Corporation (REC) is its subsidiary.

PFC is the largest infrastructure finance company dedicated to the power sector. It is under the administrative control of the Ministry of Power.

Topic: Infrastructure and Energy

11. Adani group takes over operation, management and development of Jaipur Airport and Thiruvananthapuram airport.

  • Adani group has taken over operation, management and development of Jaipur Airport and Thiruvananthapuram airport.
  • Earlier, Guwahati was handed over to the Adani group. Adani Enterprises had earlier won the bid for three airports.
  • On 19 January, Airports Authority of India had signed three concession agreements for Operations, Management and Development of Guwahati, Jaipur and Thiruvananthapuram airports through the public-private-partnership (PPP) mode with the Adani Group.
  • Concessionaires were required to take up the Guwahati, Jaipur and Thiruvananthapuram airports, fulfilling certain conditions within 180 days from 19 January.
  • Mangaluru, Lucknow and Ahmedabad Airports were handed over to Adani Enterprises between October 31 and November 7 in 2020.





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