Banking Awareness of 15, 16 and 17 March 2023

By Priyanka Chaudhary | Last Modified: 15 Apr 2023 17:04 PM IST
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Topic: Banking System

1. HDFC Bank and Flipkart Wholesale has launched the first co-branded credit card for small merchants and Kirana members.

  • The credit card is exclusively for members of Flipkart Wholesale.
  • The card can be used in over 200 countries around the world. It will run on the Diners Club International network.
  • It will assist smaller retailers manage their cash flows better.
  • Cardholders will be given 5% cashback on online spending on Flipkart Wholesale.
  • They will also receive ₹1,500 worth of activation cashback at zero joining fee.
  • Flipkart Wholesale is the omnichannel B2B (business-to-business) platform of the Flipkart Group. 
  • HDFC Bank:
    • HDFC Bank is India's largest private sector bank. It is India’s second largest lender after State Bank of India. 
    • It is headquartered in Mumbai. It was founded in 1994. The CEO of HDFC Bank is Sashidhar Jagdishan.

Topic: MoUs/Agreements

2. J&K Bank has signed corporate agency agreement with LIC.

  • Jammu and Kashmir Bank will service LIC’s life insurance products through its branch network.
  • The agreement will be effective from April 1, 2023.
  • Jammu and Kashmir Bank functions as a universal bank in J&K. It functions as a specialised bank in the rest of the country.
  • It is a Scheduled Commercial Bank. It has its Corporate Headquarters at Srinagar.

Topic: Indian Economy/Financial Market

3. Wholesale inflation declined to 3.85% in February 2023.

  • Wholesale price based inflation declined for the ninth consecutive month.
  • WPI inflation declined to 25-month low of 3.85% in February 2023.
  • WPI-based inflation rate was 4.73% in January 2023. It was 13.43% in February 2022.
  • Inflation in food articles increased to 3.81% in February 2023. This was 2.38% in January 2023.
  • In pulses, inflation was 2.59% in February 2023. In vegetables, inflation was (-) 21.53% in February 2023.
  • In February 2023, inflation in oilseeds was (-) 7.38%.
  • Fuel and power basket inflation declined to 14.82% in February 2023 from 15.15% in January 2023.
  • Inflation in manufactured products was 1.94% in February 2023.

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Topic: Indian Economy/Financial Market

4. Retail inflation declined marginally to 6.44% in February 2023.

  • It has declined mainly on account of easing in prices of food and fuel items.
  • Consumer Price Index (CPI)-based inflation rate was 6.52% in January 2023 and 6.07% in February 2022.
  • Rate of inflation for the food basket was 5.95% in February 2023.
  • Retail inflation has stayed above the RBI's upper tolerance range of 6% since January 2022, with the exception of November and December 2022.
  • RBI is required to make sure that retail inflation remains at 4% with a range of 2% on either side.

Topic: Awards and Prizes

5. RBI Governor Shaktikanta Das has been granted the ‘Governor of the Year’ Award at Central Banking Awards 2023.

  • He has received the 'Governor of the Year' 2023 Award from the international publication Central Banking.
  • Shaktikanta Das has been granted the award because he steered the financial markets through multiple crises.
  • These crises include the pandemic and inflation caused by the war in Ukraine.
  • Former governor Raghuram Rajan was the first Indian to be granted this award in 2015.
  • Das is currently in his second term as RBI governor. He is the 25th governor of RBI. He was appointed RBI governor in December 2018.
  • He is an IAS officer of the Tamil Nadu cadre. He was preceded by Urjit Patel as RBI governor.
Monthly Banking/ Financial Awareness Books
February Financial Awareness 2023 January Financial Awareness 2023
December Financial Awareness 2022 November Financial Awareness 2022

Topic: Appointments

6. Siddhartha Mohanty has been appointed as interim chairman of LIC for three months.

  • Siddhartha Mohanty’s appointment has become effective from March 14.
  • He was currently serving as MD and CEO of LIC Housing Finance.
  • He has taken place of M R Kumar, who completed his term as the Chairman on 13 March 2023.
  • M R Kumar’s term has been extended twice. First, the government had extended the term from June 30, 2021 till March 13, 2022, and then till 13 March 2023.
  • Life Insurance Corporation:
    • It is the country's biggest life insurer and the fifth-largest life insurer in the world.
    • It is also the tenth-largest insurance company in the world by total assets.
    • LIC has 13.35 lakh agents and services policies worth Rs 27.80 crore.
    • LIC is led by one Chairman and four MDs.

Topic: Corporates/Companies

7. RBI granted ‘Infrastructure Finance Company’ status to IREDA.

  • RBI accorded ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA).
  • IREDA was earlier classified as an ‘Investment and Credit Company (ICC)’.
  • Now, IREDA will be able to take higher exposure in RE financing. This status will also help in accessing a wider investor base for fund mobilisation.
  • With IFC status, IREDA will contribute more to achieving the government target of 500 GW installed capacity of non-fossil fuels by 2030.
  • IFC status is a significant milestone for IREDA and is a reward for its infrastructure financing and development with a focus on Renewable Energy.
  • IREDA with the motto: “Energy for Ever” is supporting financing new and renewable sources of energy since 1987.
  • Indian Renewable Energy Development Agency Ltd. (IREDA):
    • It is a Mini Ratna (Category – I) Enterprise.
    • It is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987.
    • It provides financial support to specific projects and schemes for generating electricity through new and renewable sources.
    • It is under the control of the Ministry of New and Renewable Energy (MNRE).

Topic: World Economy

8. New York-based commercial bank, Signature Bank has been shut down.

  • It has become 2nd US bank to be shut down by regulators in the US.
  • Recently, Silicon Valley Bank was shut down by United States regulators.
  • Federal Deposit Insurance Corporation (FDIC) has been appointed as a receiver.
  • This means that FDIC will liquidate the assets of Signature Bank to pay back depositors and others.
  • In order to protect depositors, FDIC transferred all the deposits of Signature Bank to Signature Bridge Bank, N.A.
  • Signature Bridge Bank is a full-service bank that will be operated by the FDIC.
  • Both depositors and borrowers will become customers of Signature Bridge Bank. They will have uninterrupted customer service.
  • Bridge bank is a chartered national bank. It operates under a board. The board is appointed by the FDIC. Bridge bank purchases assets of a failed bank.

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Daily Banking Awareness Quiz | 7, 8 and 9 March 2023

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Daily Banking Awareness Quiz | 4, 5 and 6 March 2023

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Daily Banking Awareness Quiz | 1, 2 and 3 March 2023

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Daily Banking Awareness Quiz | 26, 27 and 28 February 2023

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