Banking Awareness of 12, 13 and 14 February 2026

Topic: Taxation

1. As per  Central Board of Direct Taxes data, a rise of over 9% has been seen in net direct tax collection between April 1 and February 10.

• This marks a 9.4% rise compared to ₹17.77 lakh crore collected in the same period last year.
• The Revised Estimate for direct tax revenue this fiscal stands at ₹24.21 lakh crore.
• This target was lowered by nearly ₹1 lakh crore from the original Budget Estimate.
• The tax department must collect about ₹4.77 lakh crore in the remaining weeks to meet the revised target.
• Based on the current trend, achieving Revised Estimates (RE) appears difficult.
• Corporate tax collections grew by more than 14.5% during the period.
• Non-corporate tax collections increased by around 6%. These include taxes paid by individuals and other non-corporate entities.
• Tax refunds recorded a decline again during the period.
• Revenue from Securities Transaction Tax remained nearly unchanged at around ₹50,000 crore.

Topic: Appointments

2. The appointment of R Vijay Anandh as the next Managing Director and Chief Executive Officer of City Union Bank has been approved by the RBI.

• R Vijay Anandh has been appointed for a term of three years.
• His appointment will be effective on May 1, 2026.
• The appointment is subject to approval by the bank’s shareholders.
• The RBI has approved a fixed annual remuneration of ₹2.50 crore, including perquisites.
• Anandh is currently serving as Executive Director at City Union Bank.
• Earlier, he worked at RBL Bank. He has more than 28 years of experience in the banking sector.
• N Kamakodi has been the present Managing Director and CEO of the bank since May 2011. His term will end on April 30, 2026.

Topic: MoUs/Agreements

3. The Indian Army has signed a Memorandum of Understanding with IDFC FIRST Bank.

• The MoU provides specialised banking facilities to serving and retired Army personnel.
• It also provides improved insurance benefits for serving and retired Army personnel.
• The MoU has been signed for 3 years till February 2029.
• As part of the agreement, Personal Accidental Insurance cover of 60 lakh rupees is provided without mandatory salary or pension credit. This is linked to minimum monthly credits.
• An additional nominee insurance cover of ₹35 lakh is included.
• The agreement provides air accident insurance of up to ₹1 crore. It also offers higher education support worth ₹4 lakh.
• Financial assistance of up to ₹2 lakh is provided for girl child marriage.
• IDFC FIRST Bank is an Indian private sector bank, founded in 2015 and based in Mumbai.

Topic: Indian Economy/Financial Market

4. The Industrial Relations Code (Amendment) Bill, 2026 has been passed by Parliament.

• The legislation was approved by the Rajya Sabha on 12 February after being passed earlier by the Lok Sabha.
• The Bill would help avoid complication over the continuity of certain laws replaced by the Industrial Relations Code of 2020.
• The amendment has been introduced to provide greater legal clarity under the Labour Codes.
• Provisions ensuring structured compliance and worker welfare have been incorporated in the amendment.
• Annual health check-ups have been made mandatory for workers above 40 years of age.
• Equal pay for equal work for both women and men workers has been guaranteed.
• The issuance of appointment letters to every youth along with employment has been ensured.
• The government stated that opposition to the Labour Codes is politically motivated.
• Concerns were raised by opposition members who argued that the legislation may not facilitate ease of hiring.
• After passage of the Bill, the Rajya Sabha proceeded with Special Mentions and was adjourned until the next sitting.

Topic: Indian Economy/Financial Market

5. India's retail inflation in January stood at 2.75% year-on-year under the revised Consumer Price Index (CPI) framework.

• This is the first major revision of the CPI series in more than a decade.
• The base year has been updated from 2012 to 2024.
• According to the previous series, retail inflation in December was 1.33%.
• Despite the higher rate, inflation remained within the Reserve Bank of India's tolerance band.
• According to data released by the Ministry of Statistics and Program Implementation, rural inflation stood at 2.73% in January.
• Urban inflation was slightly higher at 2.77% during the same period.
• According to the All India Consumer Price Index, food inflation reached 2.13%. Food prices had declined by 2.7% in December.
• The revised CPI reduces the weight given to food items. This reduces the overall impact of food prices on headline inflation.
• The increase in inflation in January was primarily due to rising prices of personal care products.
• Social security services also contributed to this increase. Prices for education services increased during the month.
• Clothing and footwear prices also increased. Restaurant and accommodation services became more expensive.

Topic: RBI

6. The Reserve Bank of India has taken new steps to strengthen cooperative banks.

• These steps have been taken in consultation with the Government of India.
• These reforms focus on improving financial stability, governance, and digital inclusion.
• From January 19, 2026, certain loans are eligible as priority sector lending.
• These loans are disbursed by banks to the National Cooperative Development Corporation.
• NCDC will use these funds to further lend to cooperative societies.
• Priority sector benefits apply under the relevant lending category.
• Regional rural banks are not covered under this provision. Urban cooperative banks are also not included.
• Small finance banks and local area banks are also not covered under this rule.
• Eligible loans must comply with the Master Direction on Priority Sector Lending, 2025.
• NCDC operates under the Ministry of Cooperation. It provides financial assistance to cooperative organizations.
• It plays a key role in promoting the cooperative movement.
• The amended regulations aim to increase credit flow to cooperative societies.
• Urban cooperative banks are now permitted to open new branches. This move is expected to improve their reach.
• The housing loan limit for urban cooperative banks has been increased from 10 percent to 25 percent of total loans and advances.
• Amendments have been made to the Banking Regulation Act for cooperative banks.
• The term of directors has been increased from eight years to ten years.
• To promote the adoption of digital payments, the licensing fee for cooperative banks to participate in the Aadhaar-enabled payment system has been reduced.
• The National Urban Cooperative Finance and Development Corporation Limited has been established.
• It is a non-deposit taking non-banking financial company.
• It will serve as an umbrella organization for urban cooperative banks.
• A shared service entity called Sahakar Sarathi has been created to provide technological services to rural cooperative banks.
• Rural cooperative banks have been included under the RBI's Integrated Ombudsman Scheme. This strengthens the grievance redressal system.
• Deposits in cooperative banks are insured by the Deposit Insurance and Credit Guarantee Corporation.
• This insurance covers up to ₹5 lakh per depositor per bank.

Topic: MoUs/Agreements

7. The Department of Posts has signed a Memorandum of Understanding with the National Stock Exchange of India Limited.

• The agreement enables the distribution of mutual fund products through nationwide network of India Post.
• Department of Posts will work with NSE using its vast network of over 1.64 lakh post offices across India.
• The aim of the partnership is to significantly improve last-mile access to mutual fund products, espacially in rural and semi-urban areas.
• NSE will provide its digital platform for mutual fund transactions, which manages the entire process from order placement to settlement.
• All transactions will comply with SEBI regulations.
• Selected postal employees will be trained under the agreement. They will be certified as mutual fund distributors.
• These employees will offer mutual fund products and related services.
• They must complete National Institute of Securities Markets (NISM) certification and Employee Unique Identification Number (EUIN) registration to meet regulatory requirements.
• The initiative aims to improve investor awareness and seeks to promote transparency in financial transactions.
• The MoU was signed on 10 February 2026. It will remain valid for three years from the date of execution. It has provisions for renewal by mutual consent.
• The rollout will begin with a pilot phase, covering selected locations. The program will later be expanded in stages.
• The initiative is expected to increase mutual fund penetration in Tier-2 and Tier-3 cities and strengthen financial access in rural areas.

Topic: Agriculture

8. ‘White Revolution 2.0’ launched to strengthen dairy cooperatives and empower women.

• A cooperative-led initiative titled ‘White Revolution 2.0’ has been launched by the Centre to strengthen the dairy sector and women’s empowerment.
• The programme is being implemented by the Ministry of Cooperation to expand cooperative coverage and generate employment.
• A target has been set to increase milk procurement by dairy cooperatives by 50% over the next five years.
• Milk procurement by dairy cooperatives is projected to reach 1,007 lakh kg per day by 2028–29, the fifth year of implementation.
• The strategy focuses on expanding dairy cooperatives into uncovered areas and deepening their operational reach.
• The program also addresses malnutrition through a series of activities under White Revolution 2.0.
• These include creating and strengthening approximately 1.20 lakh new and existing Dairy Cooperative Societies (DCS), Multipurpose Dairy Cooperative Societies (M-DCS), and Multipurpose Primary Agricultural Credit Societies (M-PACS).
• New milk routes will be created and existing ones expanded to ensure better market linkage for farmers.
• Infrastructure support such as milk collection units, testing equipment, and bulk milk coolers will be provided as required.
• The initiative is being funded through the National Dairy Development Programme 2.0 of the Department of Animal Husbandry and Dairying.
• Women, who form nearly 70% of the dairy workforce, are expected to gain greater economic and social empowerment through organised cooperatives.