Banking Awareness of 16 and 17 March 2022

By PendulumEdu | Last Modified: 22 Mar 2022 16:56 PM IST
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Topic: Appointments

1. Banks Board Bureau has recommended the names for positions of MD & CEO in three banks.

  • These three banks are Union Bank of India, Indian Overseas Bank and Punjab & Sind Bank.
  • The name of A Manimekhalai has been recommended for the post of MD & CEO of Union Bank of India.
  • A Manimekhalai is currently executive director at Canara Bank.
  • The name of Ajay Kumar Srivastava has been recommended for the post of MD and CEO in Indian Overseas Bank.
  • Swaroop Kumar Saha has been recommended for position of MD and CEO at the Punjab & Sind Bank.

Topic: Corporates/Companies

2. ₹2,060-cr borrowal fraud has been reported by PNB in NPA account of IL&FS Tamil Nadu Power Company Ltd (IL&FSTNPL).

  • PNB has reported the fraud to RBI in the non-performing asset (NPA) account of IL&FSTNPL after examination of forensic audit report by Grant Thornton India.
  • As per RBI’s prudential norms, PNB has already made a provision of ₹824 crore.
  • State Bank of India, Bank of India and Punjab & Sind Bank have also taken fraud declaration action on the account of the company.
  • IL&FSTNPL was set up by IL&FS Energy Development Company, which is a subsidiary of Infrastructure Leasing & Financial Services Ltd (IL&FS).

Topic: Banking System

3. SBI will establish an Innovation, Incubation and Acceleration Centre (IIAC) at Hyderabad.

  • IIAC will build in-house capability to bolster State Bank of India’s current performance.
  • It will be operational in six to nine months of on-boarding a consultant.
  • IIAC will act as a central body to govern and drive fin-tech partnerships and implement change across the bank.
  • State Bank of India:
    • It is a nationalized public sector bank and the largest lender of India.
    • It is headquartered in Mumbai. Its tagline is The Banker to Every Indian. Its chairman is Dinesh Kumar Khara.

Topic: Banking System

4. J&K Bank has won National award for outstanding performance for financial year 2020-21.

  • The bank has won award for its best performance in Self Help Group Bank Linkage.
  • Union Minister for Rural development, Giriraj Singh gave the award to Delhi Zonal Head of the bank during an event held to celebrate International Women’s Day (8 March 2022).
  • J&K Bank is a scheduled commercial bank with headquarters in Srinagar, Jammu and Kashmir.
  • It is one of the oldest private sector banks in India. It was incorporated in 1938.

Topic: Indian Economy/Financial Market

5. Moody’s Investor Service has lowered India’s growth projection for calendar year 2022 from 9.5% to 9.1%.

  • Moody’s has also lowered the growth projection for calendar year 2023 to 5.4%.
  • Further, it has reduced the global forecast for the current calendar by 70 basis points to 3.6%.
  • It has also revised the inflation estimate to 6.6% for 2022. This is 1.6% higher than previous estimate.
  • Moody’s inflation forecast for 2023 is now 5%. This is 0.8% higher than the February forecast.
  • According to the agency, high oil prices will raise households’ cost of living directly and indirectly.
  • Moody’s Investor Service is one of the Big Three credit-rating agencies. It is headquartered in the USA.

Topic: Indian Economy/Financial Market

6. India’s exports of cotton textile products have crossed government’s target of $12.50 billion for current financial year.

  • India’s cotton textile exports have crossed $14-billion-mark in the last 11 months.
  • Government’s decision to extend RoSCTL (Rebate on State, Central taxes and levies) scheme for made-ups and garments for 3 years till March 31, 2024, has increased exports.
  • Further, coverage of the complete value chain of textile products under RoDTEP (Rebate on Duties and Taxes on Exported Products) scheme has also contributed to rising in exports.

Topic: Banking/Financial Schemes

7. Government has selected 75 companies under PLI scheme for automobile and auto component industry.

  • Production-linked Incentive (PLI) scheme for automobile and auto component industry will commence for 5 years from fiscal year 2022-23.
  • The scheme has an outlay of Rs25, 938 crore. It has attracted a proposed investment of Rs74, 850 crore over a period of five years.
  • The scheme was notified on September 23, 2021. Under the scheme, the incentives are applicable for determined sales of advanced automotive technology products manufactured in India from April 1, 2022 onwards for five consecutive years.    
  • The scheme has two components. They are Champion OEM incentive scheme and Component Champion incentive scheme.

Topic: Agriculture

8. India’s maize exports has increased six times between 2016-17 and 2020-21.

  • This fiscal year, exports may increase by 25% from year-ago.
  • India had exported 5.66 lakh tonnes (lt) maize during 2016-17. It exported 28.79 lt maize in 2020-21.
  • Bangladesh, Vietnam and Nepal are the top three buyers of India’s maize.
  • It is estimated that India’s maize production may increase from 259 lt in 2016-17 to 324.2 lt in 2021-22 crop year (July-June).
  • Exports of 11 major kharif crops have more than doubled from 103.56 lt in 2019-2020 to 211.59 lt in 2020-21.
  • These crops are rice, bajra, maize, ragi, tur, urad, moong, castor, sesame, niger and soyabean.
  • During this period, exports of seven rabi-grown crops increased to 24.05 lt from 4.21 lt.
  • These crops are wheat, barley, gram, mustard, masur, linseed and safflower.

Topic: Miscellaneous

9. Piyush Goyal has asked States to decide on decriminalisation of Legal Metrology Act.

  • He was speaking at World Consumer Rights Day (15 March) event.
  • Legal Metrology Act, 2009 enforces standards related to weights and measures.
  • Presently, it prescribes imprisonment and a fine for second or subsequent offences.
  • He said that under three main sections 25, 33 and 36 (1) of Legal Metrology Act, the cases of second offences were only 11 in 2018-19.
  • Section 33 provides penalty for use of unverified weights or measures.
  • Section 36 (1) provides a penalty for selling of non-standard packages.
  • Section 25 dealt with a penalty for use of non-standard weights and measures.

 

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