Banking Awareness of 15, 16 and 17 March 2023

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

Main Headlines:

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

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

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.

Topic: Indian Economy/Financial Market

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

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

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

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

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.