Banking, Financial and Economic Awareness of 15 and 16 December 2020

Topic: Infrastructure and Energy

1. PM Modi laid foundation for world’s largest hybrid renewable energy park.

• PM Modi laid the foundation for the world’s largest hybrid renewable energy park near Vighakot village in Kutch district, Gujarat.
• The park will generate 30,000 MW (30 GW) power through solar panels and windmills on 72,600 hectares area.
• Gujarat government is setting up the park. India’s largest renewable power generator, Adani group and Indian wind turbine manufacturer, Suzlon, are private players taking part in the development of the park. 
• Adani Green Energy Limited, Central PSU NTPC and Sarjan Realties Ltd, Gujarat State Electricity Corporation Ltd (GSECL) and Gujarat Industrial Power Company Ltd (GIPCL) are other prospective developers at the park.
• During the foundation laying ceremony, PM Modi said that the park would save 5 crore tonnes of carbon dioxide emissions.
• Half of the capacity of the park is likely to be developed in the next three years and full capacity is likely to be developed in the next five years.

Topic: Banking/Financial Schemes

2.  A new digital payment app, ‘DakPay’, launched by Department of Posts (DoP) and India Post Payments Bank (IPPB).

• A new digital payment app, ‘DakPay’, has been launched by the Department of Posts (DoP) and India Post Payments Bank (IPPB).
• DakPay will provide banking services and postal products online. It will allow users to order and avail of postal financial services very near to where the user lives.
• DakPay will also provide domestic money transfers and interoperable banking services to the customers of any bank. It can also be used for utility bill payment services.
• Government is also thinking about whether it should provide credit facilities through the DakPay.
• India Post Payments Bank (IPPB) is a public sector payments bank operated by the India Post. It was started on 1 September, 2018. Its tagline is Aapka Bank, Aapke Dwaar.
• India Post (Department of Posts) was formed in October 1854 by Lord Dalhousie. It is headquartered in New Delhi. It works under the Ministry of Communications.

Topic: Appointments

3. Re-appointment of Uday Kotak as MD & CEO of Kotak Mahindra Bank approved by RBI.

• The Reserve Bank of India has approved the re-appointment of Uday Kotak as MD & CEO of Kotak Mahindra Bank for the next three years.
• RBI also approved the appointment of Prakash Apte, as part-time Chairman, and Dipak Gupta as Joint MD of Kotak Mahindra Bank.
• The term of these appointments will start on 1 January 2021.
• Kotak Mahindra bank:
  • Kotak Mahindra Bank is a private sector bank in India.
  • Its CEO is Uday Kotak.
  • It was established in 2003.
  • “Lets make money simple, Ab Kona Kona Kotak” is the slogan of Kotak Mahindra Bank.

Topic: Indian Economy

4. Retail inflation (CPI based inflation) declined to 6.93% in November.

• Retail inflation (CPI based inflation) declined from a six-year high level of 7.61% in October to 6.93% in November.
• Retail inflation of 6.93% in November is above government’s inflation target of 4% within range of plus/minus 2%.
• RBI mainly includes retail inflation when it decides monetary policy.  Lower food inflation has led to lower CPI-based inflation. Core inflation or the inflation excluding the food and energy sector is still high at 5.5%.
• Inflation based on Consumer Food Price Index (CFPI) or food price inflation declined from 11% in October to 9.43% in November.
• In November, both retail inflation and food price inflation for rural India were higher by 0.5% points when compared with their values (6.73% and 9.43%) for urban India.
• Among major states, inflation was highest in Bihar (9.8%), West Bengal (9.42%), Andhra Pradesh (9.08%) and Telangana (8.99%) in November. Delhi recorded the lowest inflation at 3.43%.
• WPI based inflation increased from 1.48% in October to 1.55% in November.  The gap between WPI based inflation and CPI-based inflation reached a five-month high of 5.5% in November 2020. Changes in different sectors of WPI are given in the table:

(Source: The Hindu)

Topic: Indian Economy

5. India’s overall exports during April-November 2020-21 records negative growth of 14% over April-November period of last year.

• India’s overall exports during April-November 2020-21 have recorded negative growth of 14% over the April-November period of last year.
• During April-November 2020-21, India’s overall exports stood at USD 304.25 Billion. This includes merchandise exports of USD 173.66 Billion and services export of USD 130.66 Billion.
• India’s overall imports during April-November 2020-21 have recorded negative growth of 29.66% over the April-November period of last year.
• During April-November 2020-21, India’s overall imports stood at USD 290.66 Billion. This includes merchandise imports of USD 215.69 Billion and services imports of USD 74.98 Billion.
• During April-November 2020-21, the overall trade surplus is recorded at USD13.59Billion. During the same period in 2019-2020, the deficit of USD 61.06 billion was recorded.

(Source: PIB)

Topic: Regulatory Bodies/Financial Institutions

6. A scheme for approval of Hygiene Rating Audit Agencies launched by Quality Council of India (QCI).

• A scheme for approval of Hygiene Rating Audit Agencies has been launched by the Quality Council of India (QCI) at the request of FSSAI.
• The scheme aims to increase the Hygiene Rating in India by making number of recognized Hygiene Rating Audit Agencies in India greater.
• Recognized Hygiene Rating Audit Agencies check the obeying of food hygiene and safety procedures laid by FSSAI.
• FSSAI Food Hygiene Rating is an online, transparent scoring and rating process for food businesses supplying food directly to consumers. Food establishments are rated in the form of smileys (1 up to 5) after audit.
• Quality Council of India (QCI):
  • It was established in 1997 jointly by the government and the Indian industry represented by ASSOCHAM, CII and FICCI.
  • The nodal ministry for QCI is the Ministry of Commerce and Industry. It has 38 members. It is an autonomous body under the Department of Industrial Policy and Promotion.
  • It is headquartered in New Delhi.  Its Chairman is Adil Zainulbhai.

Read Banking Awareness PDF - 15 and 16 December 2020