Banking Awareness of 13, 14 and 15 August 2022

By Priyanka Chaudhary | Last Modified: 15 Aug 2022 08:56 AM IST
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Topic: Indian Economy/Financial Market

1. India’s industrial production grew in double digit for the second month continuously.

  • Industrial production stood at 12.3% in June 2022. It stood at 19.6% in May 2022. It was 6.7% in April 2022.
  • Consumer Price Index (CPI)-based retail inflation decreased to 5 month low level of 6.71% in July as against 7.01% in June.
  • Index of Industrial Production (IIP) had grown by 13.8% in June 2021.
  • Factory output had expanded by 13.8% in June 2021. Factory output is measured in terms of the Index of Industrial Production (IIP).
  • In April-June 2022, IIP grew 12.7% compared with 44.4% growth in the same period a year ago.

Sector

Growth in June 2022

Growth in June 2021

Manufacturing sector

12.5%

13.2%

Power sector

16.4%

8.3%

Mining sector

7.5%

23.1

Capital goods output

(a measure of investment)

26.1%

27.3%

Consumer durables segment

23.8%

28%

Primary goods segment

(accounts for 34% of IIP)

13.7%

12%

Consumer non-durable segment

2.9%

3.9% contraction

Source: Data released by Statistics and Programme Implementation Ministry                      

Topic: Banking System

2. Federal Bank has become first bank that has listed its payment gateway on Income Tax Department’s TIN 2.0 platform.

  • The TIN 2.0 platform of the Income Tax Department went live on July 1, 2022.
  • The payment gateway has been enabled to provide one more payment option to taxpayers.
  • Federal Bank is an Indian private sector bank with headquarters in Aluva, Kochi.
  • Shyam Srinivasan is CEO of Federal Bank. Its tagline is your perfect banking partner.

Topic: Banking System  

3. YES Bank and IBSFINtech have entered into partnership.

  • They have entered into partnership to provide enhanced digital services for corporate clients.
  • They have partnered to explore untapped opportunities emerging out of digitisation of corporate finance.
  • The collaboration will yield paperless communication between the YES Bank and corporates across the function of treasury and trade finance.
  • IBSFINtech will digitize entire process from issuing fund transfers to forex transactions to completing trade documentation.
  • IBSFINtech is a TreasuryTech Solution provider.
  • YES Bank was founded in 2004. It is headquartered in Mumbai. Prashant Kumar is its MD and CEO.

Topic: Corporates/Companies

4. Ministry of Corporate Affairs has removed 4.33 lakh companies from the Register of Companies in the last five years.

  • 49, 921 companies were removed in 2021-22. The year 2017-18 (post demonetisation) saw removal of the maximum number of companies at 2.26 lakh.
  • In 2018-19, nearly 1.13 lakh companies were removed from the Register of Companies.
  • Section 248 of the Companies Act, 2013 provides for removal of name of company from the Register of Companies in two conditions given below.
    • If the company is not carrying on any business or operation for a period of two immediately preceding financial years and
    • If the company has not made any application within the said period for obtaining the status of a Dormant Company under section 455 of the Act.

IBPS RRB Officer Scale 3 Financial Awareness Test Series

IBPS RRB Officer Scale 2 Financial Awareness Test SeriesTopic: Taxation System

5. Visakhapatnam bench of ITAT ruled that mother living with her married daughter will be treated as the daughter’s family.

  • The bench ruled that the gold belonging to the mother will not be treated as excess gold for the daughter from the Income Tax point of view.
  • As per 1994 order of Central Board of Direct Taxes (CBDT), gold jewellery to extent of 500 g per married lady, 250 g per unmarried lady and 100 g per male member of the family should not be seized.
  • Anything more than quantity prescribed will be treated as excess and liable for taxation.
  • Income Tax Appellate Tribunal (ITAT):
    • It is a quasi-judicial body. Shri G.S. Pannu is its officiating President.
    • It was formed in January 1941. Its orders are final. It is the second appellate authority with respect to direct taxes.
    • Presently, ITAT has 63 Benches at 27 different stations.

Topic: Taxation System

6. A new rule 17AA has been added to Income Tax Rules 1962.

  • New rule is titled ‘Books of account and other documents to be kept and maintained’.
  • The new rule has become effective from 10 August 2022.
  • All charitable institutions and trusts will now maintain exhaustive documents to get income tax exemptions.
  • These include records of payments received domestically or internationally, PANs or Aadhars of donors who gave voluntarily, projects completed, loans taken, investments made, etc.
  • New rule would be applicable for universities, medical colleges and hospitals as well.
  • The books of accounts and other documents may be kept in physical form or in electronic form. They shall be kept at registered office.
  • They shall be kept and maintained for a period of ten years from the end of the relevant assessment year.

Topic: Taxation System

7. Union Government released two instalments of tax devolution to State Governments on 10th August, 2022.

  • The instalments released on 10th August 2022 amounted to Rs 1, 16,665.75 crore (₹1.17-lakh crore).
  • This is against normal monthly devolution of Rs. 58,332.86  crore.
  • As per economists, the increase in the Central tax devolution, from ₹47,800 crore each in April-May-June 2022, will encourage States to increase their capital spending.
  • State-wise distribution of net proceeds of union taxes and duties for August 2022 shows that Uttar Pradesh has received maximum Rs 20,928.62 crore.
  • Bihar has received second highest amount at Rs. 11,734.22 crore.

Topic: Corporates/Companies

8. A wholly-owned subsidiary of the ADIA will invest Rs 665 crore in Aditya Birla Health Insurance (ABHI).

  • Upon completion of the transaction, Abu Dhabi Investment Authority (ADIA) will own a 9.99% stake in ABHI.
  • Aditya Birla Capital Ltd (ABCL) will hold a 45.91% stake.
  • ABHI is a 51:49 joint venture between ABCL and Momentum Metropolitan Strategic Investments (Pty) Ltd.

Topic: Corporates/Companies

9. One 97 Communications Ltd has entered into a deal with Piramal Finance to offer loans in small cities.

  • With this deal, merchant partners will be able to avail of loans of up to ₹10 lakh, with a tenure of 6-24 months.
  • The partnership will be expanded to include personal loans.
  • This partnership will expand Paytm’s loan distribution business. One 97 Communications Ltd owns Paytm.
  • Piramal Finance is a wholly-owned subsidiary of Piramal Enterprises Ltd.

 

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Daily Banking Awareness Quiz | 4, 5 and 6 August 2022

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