Banking Awareness of 18, 19 and 20 January 2022

By PendulumEdu | Last Modified: 20 Jan 2022 17:11 PM IST
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Topic: Miscellaneous

1. CCEA approves proposal for equity infusion of ₹1,500 crore in IREDA.

  • Cabinet Committee on Economic Affairs (CCEA) has approved a proposal for equity infusion of ₹1,500 crore in Indian Renewable Energy Development Agency (IREDA).
  • This will enhance the lending capacity of IREDA, a non-banking financial company (NBFC) in the renewable energy sector.
  • As of September 2021, solar energy had the highest share of IREDA loans at ₹9,442.16 crores.
  • Solar energy’s share is roughly 32.7% of all loans disbursed by IREDA.
  • Indian Renewable Energy Development Agency (IREDA):
    • It is a Mini Ratna (Category – I) Government of India Enterprise.
    • It comes under the administrative control of the Ministry of New and Renewable Energy.
    • It is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987.

Topic: Appointments

2. Dileep Sanghani becomes the new chairman of IFFCO.

  • Dileep Sanghani has been chosen as the new Chairman of the Indian Farmers Fertiliser Cooperative (IFFCO).
  • After the death of incumbent Chairman Balvinder Singh Nakai on October 11, 2021, the elections were conducted.
  • Dileep Sanghani was unanimously chosen as the 17th chairman of IFFCO by its board of directors.
  • Dileep Sanghani is the chairman of the Gujarat State Cooperative Marketing Federation Ltd. (GUJCOMASOL).
  • Sanghani was elected President of the National Cooperative Union of India (NCUI), the country's apex cooperative body, in 2021.
  • Indian Farmers Fertiliser Cooperative Limited (IFFCO):
    • It is a multi-state cooperative society. It is engaged in the business of manufacturing and marketing fertilizers.
    • It has also introduced Nano-urea in liquid form in the country.
    • It is headquartered in New Delhi. It was founded on November 3, 1967.

Topic: Appointments

3. Ministry of Civil Aviation appoints Vikram Dev Dutt as new CMD of Air India.

  • Ministry of Civil Aviation has appointed Vikram Dev Dutt as the new Chairman and Managing Director (CMD) of Air India.
  • He is an IAS officer. He succeeds Rajiv Bansal, who is currently Union Civil Aviation Secretary.
  • Dutt’s appointment as CMD of Air India comes before the take-over of its management by the Tata Group under the Centre’s divestment programme.
  • In October 2021, Tata Sons group has won the bid for acquiring Air India.

Topic: Appointments

4. Narendra Kumar Goenka appointed as new Chairman of AEPC.

  • Apparel Export Promotion Council (AEPC) has appointed Shri Narendra Kumar Goenka as its new Chairman.
  • He has taken charge from Padma Shri Dr. A Sakthivel.
  • Mr. Goenka has been a member of the Council for more than 20 years.
  • Exports of apparel increased by 22% to 1.46 billion dollars in December 2021, compared to 1.20 billion dollars in December 2020.
  • Apparel Export Promotion Council (AEPC):
    • Under the jurisdiction of the Ministry of Textiles, the AEPC is India's official organisation of apparel exporters.
    • The AEPC was founded in 1978. Its headquarters is in Gurugram.

Topic: Regulatory Bodies/Financial Institutions

5. The time period for filing settlement applications lowered to just 60 days.

  • SEBI has lowered down time period for filing settlement applications from the current 180 days to just 60 days.
  • As of now, applicants can file settlement applications within 60 days of the date of receipt of show-cause notice.
  • However, applicants can get additional 120 days by paying an additional 25% over the settlement charges. Now, SEBI has removed this provision of additional 120 days.
  • The time for submission of revised settlement terms has been reduced to 15 days from the date of the internal committee (IC) meeting. The current rule provided 10 days plus additional 20 days.
  • SEBI has also amended norms governing foreign portfolio investors (FPIs). SEBI can now grant exemption to FPIs from strict enforcement of any of the provisions of these regulations.

Topic: Banking System

6. Federal Bank and Equirus Wealth launch US Dollar offshore fund.

  • Federal Bank and Equirus Wealth have launched US Dollar offshore fund.
  • This is in partnership with Singapore-based global fund management company, SCUBE Capital.
  • Both NRI and Resident customers of Federal Bank can invest in this fund.
  • It offers a portfolio return guidance of nearly $6.50% per annum. This is with a fund tenor of 3 years from the date of fund closure with an option to extend by one year.
  • Federal Bank is an Indian private sector bank with headquarters in Aluva, Kochi. Its CEO is Shyam Srinivasan. Its tagline is your perfect banking partner.

Topic: Appointments

7. The appointment of Rupa Devi Singh as Non-Executive Chairman of DCB Bank approved.  

  • The appointment of Rupa Devi Singh, Independent Director, as Non-Executive Chairman of DCB Bank has been approved by its board of directors.
  • The appointment is subject to approval from RBI and shareholders of the bank.
  • According to Section 10B (1A) (i) of the Banking Regulation Act, 1949, the appointment of a part-time chairman requires prior approval of RBI.
  • DCB Bank is a private sector scheduled commercial bank in India.

Topic: Corporates/Companies

8. Tata Consultancy Services becomes title sponsor and technology consulting partner of Toronto Waterfront Marathon.

  • Tata Consultancy Services (TCS) has become the title sponsor and technology consulting partner of Toronto Waterfront Marathon.
  • TCS’ title and technology sponsorship of the TCS New York City Marathon was renewed earlier.
  • TCS also became the new title and technology sponsor of the TCS London Marathon this year.
  • TCS is an Indian multinational information technology services and consulting company. It is headquartered in Mumbai.

Topic: Miscellaneous

9. Pune-based startup Repos wins National Start-up Award 2021.

  • Pune-based startup Repos has won National Start-up Award 2021 in the Energy distribution category.
  • Department for Promotion of Industry and Internal Trade (DPIIT) has organized the first-ever Startup India Innovation Week from 10 January 2022 to 16 January 2022.
  • On 15 January, PM Modi announced that January 16 will be celebrated as National Startup Day.

Topic: Banking System

10. Axis Bank and CRMNEXT win IBS Intelligence Global FinTech Innovation Awards 2021.

  • Axis Bank and CRMNEXT have won IBS Intelligence Global FinTech Innovation Awards 2021 for the Best CRM System Implementation.
  • CRMNEXT is the world’s most powerful banking CRM (Customer Relationship Management) platform. It is the leading CRM platform for banks.
  • Axis Bank has implemented CRMNEXT for sales and service modernization.
  • Axis Bank is the third-largest private bank in India. It is headquartered in Mumbai. Its MD & CEO is Amitabh Chaudhry.




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