Banking Awareness of 18, 19 and 20 March 2023

Topic: Reports and Indices

1. Only 15% of the total investments in renewable energy globally in previous calendar year went to developing countries.

• This is according to a recent report by International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI).
• As per the report, annual investments to developing countries have been declining since 2018.
• The region is home to nearly 70% of the world’s population. According to the report, it continues to get comparatively low investments.
• The report said Brazil, Chile and India got bulk of these investments.
• The report is titled global landscape of renewable energy finance 2023.
• It pointed out that global investments in the renewable sector reached a record high of $500 billion in 2022.
• The least developed countries received only 0.84% of the total renewable energy investments on average between 2013 and 2020.
• As per the report, the share of renewable energy investments in developing countries is declining year on year. It declined from 27% of total investment in renewable energy in 2017 to 15% in 2020.
• In India, investment per capita increased by 34% between 2015 and 2021.
• According to World energy transitions outlook 2022 of IRENA, annual investments of $5.7 trillion would be required on an average between 2021 and 2030.
• Climate Policy Initiative is an international climate policy organization. It is based in San Francisco, California.
• International Renewable Energy Agency (IRENA):
  • It is an intergovernmental organization. It is mandated to promote the adoption and sustainable use of renewable energy.
  • It was founded in 2009. Its statute became effective in 2010. It is headquartered in Masdar City, Abu Dhabi.
  • It is an official UN observer. Its director general is Francesco La Camera.

Topic: Indian Economy/Financial Market

2. India’s goods exports declined 8.8% in February 2023.

• After decline, goods exports reached to $33.8 billion in February 2023.
• India’s goods exports stood at $37.15 billion in February 2022.
• Imports also declined 8% in February 2023 to $51.31 billion. Trade deficit narrowed to $17.43 billion.
• Commerce Secretary Sunil Barthwal said that overall exports target (goods and services combined) pf $750 billion in 2022-23 would be surpassed.
• Last fiscal, goods and services exports stood at $676 billion.
• Exports increased 7.55% y-o-y to $405.94 billion during the April-February 2022-23.
• Imports during the same period increased 18.82% to $653.47 billion. The fiscal deficit widened to $247.53 billion.
• Out of 30 key sectors, 14 have shown a growth in exports in February 2023.
• Electronic goods exports increased 29.85% in February 2023 to $1.93 billion. 
• Gems & jewellery, spices and marine products are other sectors that did well in exports.

Topic: Banking System

3. Bank of Baroda has entered into partnership with Tamil Nadu government.

• Under the partnership, co-branded RuPay Platinum Debit Card will be offered to the beneficiaries of Pudhumai Penn scheme of Tamil Nadu government.
• The card provides personal accident insurance coverage up to ₹2 lakh per annum.
• The first year’s joining and annual fees have been waived off.
• The aim of Pudhumai Penn scheme is to improve the enrollment ratio of girls from government schools to higher educational institutions.
• Under this scheme, every girl is provided a financial assistance of ₹1,000 per month till the completion of their degree course.
• Bank of Baroda:
  • It is the second largest public sector bank in India.
  • Chairman: Hasmukh Adhia
  • Tagline: India’s International Bank
  • It is headquartered in Vadodara, Gujarat. Sanjiv Chadha is its MD & CEO.

Topic: Banking System

4. State Bank of India will donate ₹24 crore to IISc, Bengaluru.

• SBI’s donation will be used for building a multi-specialty hospital (Orthopaedics Wing), as a part of its corporate social responsibility activity.
• The name of the hospital will be Bagchi-Parthasarathy Hospital.
• The hospital is planned at the IISc postgraduate Medical School.
• It will cater to the clinical training and research of the MD-PhD students.
• The project is likely to be completed by 2025. SBI and Indian Institute of Science (IISc) have signed an MoU on 16 March 2023.

Topic: Appointments

5. Financial Services Institutions Bureau (FSIB) recommended Ashwani Kumar as MD of UCO Bank.

• FSIB has recommended the name of Indian Bank Executive Director Ashwani Kumar for the post of MD of UCO Bank.
• Before serving in Indian Bank, he served as chief general manager of Mumbai Zone of Punjab National Bank.
• He will replace Soma Sankara Prasad whose tenure will end on 31 May 2023.
• The final decision would be taken by the Appointments Committee of the Cabinet headed by PM Narendra Modi.
• FSIB is an autonomous body that is mandated to recommend persons for appointment as whote-time Directors and non-executive Chairpersons on the Boards of financial services institutions. It was constituted on 1 July 2022. It is headed by former secretary of DoPT Bhanu Pratap Singh.
• UCO Bank (formerly United Commercial Bank) is a central public sector bank under the ownership of Ministry of Finance. It was established in 1943. Its headquarters is in Kolkata. Its founder was G D Birla.

Topic: Corporates/Companies

6. Government set up a centralised facility for the voluntary closure of companies.

• The Ministry of corporate affairs has set up a quick and faceless facility for winding up operations and exit.
• The government has set up a Centre for Processing Accelerated Corporate Exit (C-PACE) at the Indian Institute of Corporate Affairs (IICA) in Haryana.
• It has been set up under section 396 of the Companies Act.
• The new centralised facility will make decisions on corporate requests for winding up.
• Now, companies didn’t have to go to the Registrar of Companies (RoCs) in the state.
• The government has reduced the time taken for the voluntary closure of companies from about one to two years to less than six months.
• The faceless approach will reduce human discretion and any subjectivity in the process.
• It will improve the overall regulatory framework and ensure the predictability of regulatory decisions.

Topic: Miscellaneous

7. Prime Minister Modi announced that mega Textile Parks will be established in seven states.

• Prime Minister Narendra Modi announced that PM MITRA mega textile parks would be set up in seven states.
• PM MITRA mega textile parks would be set up in Tamil Nadu, Telangana, Karnataka, Maharashtra, Gujarat, MP, and UP.
• The PM MITRA mega textile parks will attract investment and creates lakhs of Jobs. These parks will provide infrastructure for the textile sector.
• PM MITRA mega textile parks will be a great example of 'Make in India' and 'Make For the World’.
• PM MITRA parks will help in achieving the United Nations Sustainable Development Goal 9.
• It will develop integrated large-scale and modern industrial infrastructure facilities for the entire value chain of the textile industry.
• PM MITRA:
  • The government has issued a notification for setting up of 7 Mega Integrated Textile Region and Apparel in 2021.
  • It was launched with a total outlay of Rs 4,445 crores.
  • It is inspired by the 5F (Farm to Fibre to Factory to Fashion to Foreign) vision
  • Sites for PM MITRA Parks are selected by a Challenge Method based on objective criteria.

Topic: Indian Economy/ Financial Market

8. Union Cabinet has approved the listing of the Indian Renewable Energy Development Agency (IREDA) on the Stock Exchanges.

• Cabinet Committee on Economic Affairs (CCEA) approved an Initial Public Offer (IPO) by the sale of Government’s stake in IREDA to raise funds by the issue of fresh equity shares.
• The listing process will be driven by the Department of Investment and Public Asset Management (DIPAM).
• This decision supersedes an earlier decision taken by CCEA in June 2017.
• Earlier, government has made a capital investment of 1500 crore rupees in March 2022.
• Recently, RBI granted ‘Infrastructure Finance Company’ status to IREDA.
• IREDA:
  • Presently, IREDA is wholly owned by Government of India. It is a Mini-ratna (Category-I) Central Public Sector Enterprise (CPSE).
  • It is involved in financing of Renewable Energy and Energy Efficiency projects in India.
  • It is registered as a Non-banking Financial Company (NBFC) with RBI.

Topic: Awards and Prizes

9. Hello Ujjivan app won 13th Aegis Graham Bell Awards (AGBA).

• Hello Ujjivan app has won the 13th AGBA in the "Innovation in Consumer Tech" category.
• 13th AGBA is an initiative of Aegis School of Data Science.
• It is backed by the Ministry of Electronics and Information Technology, NITI Aayog and Skill India to foster an innovative culture in India.
• Hello Ujjivan is the app of Ujjivan Small Finance Bank. It has been co-created with Navana.AI. It was launched in February 2023.
• It is the first mobile banking app in India that enables vernacular, visual and speech features to give bank’s customers access to banking financial services who have limited ability to read and write.
• Aegis Graham Bell Awards is a homage to Alexander Graham Bell. They were established by Aegis School of Business, Data Science and Cyber Security in 2010 to celebrate innovators and their innovations.

Topic: Appointments

10. K Krithivasan has been appointed as the CEO-designate of TCS.

• IT major TCS CEO Rajesh Gopinathan has given his resignation, and the company has appointed K Krithivasan, its global head of the BFSI division, as CEO-designate with immediate effect.
• The board has named K Krithivasan as CEO effective March 16, 2023.
• Gopinathan will remain with the company until September 15, 2023, to provide support to his successor.
• Tata Consultancy Services (TCS): It is an Indian multinational information technology services company. It is headquartered in Mumbai. Its largest campus located in Chennai. It is a subsidiary of the Tata Group.

Topic: Appointments

11. Deepak Mohanty appointed as chairperson of the Pension Fund Regulatory and Development Authority (PFRDA).

• IES officer Mamta Shankar has been appointed as a whole-time member (economics) of the PFRDA.
• Shri Mohanty is a former Whole Time Member of PFRDA.
• Ms. Shankar was the Senior Economic Adviser in the Department of Food and Public Distribution.
• Pension Fund Regulatory and Development Authority (PFRDA) was established in October 2003. Its headquarters is in New Delhi.
• PFRDA board includes a chairperson and not more than 6 members. Out of these members, at least 3 should be whole-time members, to be appointed by the Central government.

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