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.


Growth in June 2022

Growth in June 2021

Manufacturing sector



Power sector



Mining sector



Capital goods output

(a measure of investment)



Consumer durables segment



Primary goods segment

(accounts for 34% of IIP)



Consumer non-durable segment


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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