Banking Awareness of 18, 19 and 20 August 2022

By Priyanka Chaudhary | Last Modified: 21 Aug 2022 13:55 PM IST
Half Yearly (Jul - Dec 2022)
2022 Book

Banking Awareness

Topic: RBI

1. The licence of Deccan Urban Co-operative Bank, Vijayapur, Karnataka has been cancelled by RBI.

  • RBI said the cooperative bank does not have adequate capital and earning prospects.
  • The cooperating bank ceased to conduct banking business with effect from the close of business on 18 August 2022.
  • RBI also said the ban would not be able to pay its depositors in full.
  • More than 99% of the depositors are entitled to receive their full deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
  • Commissioner for Cooperation and Registrar of Cooperative Societies, Karnataka has been requested by RBI to issue an order for winding up of the bank and appoint a liquidator for the bank.
  • RBI has imposed a ₹5,93,000 penalty on Obopay Mobile Technology India Private Limited for non-compliance with provisions of norms on Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC).

Topic: Indian Economy/Financial Market

2. Inflation rate based on the CPI-AL and CPI-RL stood at 6.60% & 6.82% respectively in July, 2022.

  • Inflation rate based on the CPI-AL and CPI-RL stood at 6.43% & 6.76% respectively in June, 2022.
  • In July 2021, inflation rate based on the CPI-AL and CPI-RL stood at 3.92% and 4.09% respectively.

Month

Inflation rate based on the CPI-AL

Inflation rate based on the CPI-RL

July 2021

3.92%

4.09%

June 2022

6.43%

6.76%

July 2022

6.60%

6.82%

  • Food inflation for agricultural labourers and rural labourers stood at 5.38% & 5.44% in July, 2022.
  • It stood at 5.09% & 5.16% respectively in June, 2022. It stood at 2.66% & 2.74% respectively in July 2021.
  • All-India Consumer Price Index Number for Agricultural Labourers and Rural Labourers (Base: 1986-87=100) for July, 2022 increased by 6 points each to stand at 1131 and 1143 points respectively.
  • Food group was major contributor to the rise in general index of Agricultural Labourers and Rural Labourers.
  • The CPI -AL for fuel and light only increased marginally. CPI-RL for fuel and light also increased marginally from June 2022 to July 2022.
  • The CPI – AL and RL for the August, 2022 will be released on 20th September, 2022.

Topic: Banking System

3. Rajasthan accounted for the largest portion of the total cost of projects approved by banks and financial institutions in 2021–2022.

  • It retained the top place for two consecutive years. It was followed by Uttar Pradesh and Gujarat.
  • As per the article published in RBI bulletin, 56.4% of the projects were taken up in Rajasthan, Uttar Pradesh, Gujarat, Maharashtra and Tamil Nadu during 2021-22.
  • The article is titled 'Private Corporate Investment: Growth in 2021-22 and Outlook for 2022-23'.
  • The share of top 5 states increased from an average share of 40.7% during 2012-12 and 2019-20 to more than 50% during the last two years.
  • The majority of capex projects continued to come from the infrastructure sector, led by 'power' and 'road and bridges' sectors.

Topic: Agriculture

4. Natural rubber production in India increased to a 9 year high level in 2021-22.

  • However, imports increased to three year high level of 5.46 lakh tonne (lt) as consumption increased to record level of 12.38 lt.
  • The area under rubber during FY22 was record high. The tappable area under rubber was also high.  
  • The average yield increased to 1,472 kg/ha in 2021-22. It is measured in terms of production per hectare of the tapped area.
  • The Rubber Board has identified vast land in North East region and West Bengal for rubber cultivation.
  • "NE-MITRA" (North East Mission of Tyre Industry for Rubber Augmentation) project has been conceived by Rubber Board to develop rubber plantations in those areas.
  • Rubber consumption in India is expected to reach 15 lakh tonne by 2025-26.
  • Tripura is India’s second largest natural rubber producing state after Kerala.

Topic: Taxation

5. Mobile handset’s display assembly imported with or without back support will attract Basic Customs Duty of 10%.

  • The rate of Basic Customs Duty will be 15% if display assembly comes with various components like sim tray, antenna pin, speaker net, power key, slider switch, battery compartment etc.
  • If back support frame is imported individually, it will attract a Basic Customs Duty of 15%.
  • Central Board of Indirect taxes & Custom (CBIC) said there have been instances of mis-declaration.
  • Recently, companies such as Vivo and Oppo were booked by Directorate of Revenue Intelligence (DRI) for mis-declaration of certain items.
  • Basic Customs Duty:
    • Basic Customs Duty means the customs duty levied under the Customs Act 1962.
    • All goods imported into India are charged a duty under section 12 of Customs Act, 1962. This duty is popularly known as basic customs duty.

IBPS RRB Officer Scale 3 Financial Awareness Test Series

IBPS RRB Officer Scale 2 Financial Awareness Test Series

Topic: Banking System

6. Federal Bank will felicitate 75 farmers from Kerala under the campaign, ‘Joy of Freedom’.

  • Under the campaign, Federal Bank will give 75 farmers a cash reward of ₹10,000 each.
  • The campaign is being launched to celebrate 75 years of independence.
  • Department of Agriculture and Farmers’ Welfare, Government of Kerala will select the beneficiaries.
  • Federal Bank:
    • It is an Indian private sector bank with headquarters in Aluva, Kochi.
    • Shyam Srinivasan is CEO of Federal Bank. Its tagline is your perfect banking partner.

Topic: Appointments

7. Mohammad Mustafa’s name for the post of NABARD Chairman has been recommended by FSIB.

  • The Appointments Committee of the Cabinet will take the final decision on the name recommended by Financial Services Institutions Bureau (FSIB).
  • Mohammad Mustafa has served as the Chairman and Managing Director (CMD) of the Small Industries Development Bank of India (SIDBI).
  • He had also worked as CMD of the National Housing Bank from 2014-15.
  • National Bank for Agriculture and Rural Development (NABARD):
    • It was founded in July 1982 and is headquartered in Mumbai. It is under the jurisdiction of the Ministry of Finance.
    • It is an apex regulatory body for the regulation of regional rural banks and apex cooperative banks in India.
    • It also looks after the development of the cottage industry, small-scale industry and village industry, and other rural industries.

Topic: Regulatory Bodies/Financial Institutions

8. India-registered AIFs and VCFs has been allowed by SEBI to invest in foreign entities without having an India connection.

  • The norms on alternate investment fund (AIF) and venture capital fund (VCF) investments in overseas firms has been relaxed by SEBI.
  • Earlier, overseas investments by AIFs and VCFs were allowed in only those companies that have a connection to India or at least a back-office in India.
  • AIFs and VCFs are still not allowed to invest in companies incorporated in countries not following global money laundering norms.
  • They are not allowed to invest in companies incorporated in countries that don’t have bilateral MoU with SEBI.
  • They are not allowed to invest in companies incorporated in jurisdictions which are blacklisted or face restrictions by FATF.
  • AIFs and VCFs are allowed to invest in a company, which is incorporated in a country whose securities market regulator is a signatory to the International Organization of Securities Commission's Multilateral Memorandum of Understanding.
  • AIFs and VCFs are allowed to invest in a company, which is incorporated in a country whose securities market regulator is a signatory to the bilateral pact with SEBI.
  • SEBI has asked all AIFs and VCFs to disclose in a specified format all overseas investments sold/divested by them till date, within 30 days.

Topic: Taxation

9. CBIC has increased threshold for launching prosecution and arrest from ₹20 lakh to ₹50 lakh in case of smuggling.

  • Central Board of Indirect Taxes and Custom (CBIC) has increased threshold for launching prosecution and arrest from ₹1 crore to ₹2 crore in case of duty evasion.
  • In outright smuggling cases, prosecution will be launched if the market value of the goods involved is ₹50 lakh or more.  
  • This limit will also apply to high value goods such as precious metal, restricted items or prohibited items or foreign currency.
  • Threshold in case of commercial fraud has been increased from ₹10 million to ₹20 million.

Topic: Awards and Prizes

10. Ministry of Corporate Affairs announced National CSR Awards 2020 winners.

  • CSR experts and the Grand Jury selected 20 award winners and 17 Honourable Mentions across three categories.
  • The National Corporate Social Responsibility (CSR) Awards are given to recognize companies that have positively impacted society through their innovative & sustainable CSR initiatives.
  • These awards are the apex level recognition by the Government of India.
  • First National CSR Awards were given on 29 October 2019.
  • The main categories of the CSR Awards are given below:
    • Corporate Awards for Excellence in CSR:  Given to a company based on total eligible CSR spending.
    • CSR Awards for CSR in Aspirational Districts / Difficult Terrains: Given to a company based on their CSR efforts in Aspirational Districts, difficult terrains/ disturbed areas, challenging circumstances, etc.
    • CSR Awards for contribution in National Priority Areas: Winners are selected based on the contribution of CSR projects in National Priority Areas.

Category

Winner

Corporate Awards for Excellence in CSR

Companies having eligible CSR Spend equal and above Rs. 100 crores

Hindustan Petroleum Corporation Limited

Companies having eligible CSR Spend equal and above Rs. 10 crores and less than Rs. 100 crores

Tata Steel Limited

Companies having eligible CSR Spend equal and above Rs. 1 crore and less than Rs.10 crores

CRISIL Limited

CSR Awards for CSR in Aspirational Districts / Difficult Terrains

Northern India

ITC Limited

North-East India

North Eastern Electric Power Corporation Limited

Eastern India

Jindal Steel & Power Limited

Western India

Tata Communications Transformation Services Limited

Southern India

Avantel Limited

CSR Awards for contribution in National Priority Areas

Education

Tata Steel Limited

Skill Development and Livelihood

Tech Mahindra Limited

Health, Safe Drinking Water and Sanitation

Hero MotoCorp Limited

Environment, Sustainable Development and Solar Energy

Oil and Natural Gas Corporation Limited

 

Topic: National News

11. Over 79 lakh children in the 0-5 age group have been enrolled by UIDAI in April to July of FY 23 as part of the Bal Aadhaar initiative.

  • 2.64 crore children in the 0-5 age group had Bal Aadhaar by the end of March 31, 2022.
  • The number of children in the 0-5 age group having Bal Aadhaar increased to 3.43 crore by the end of July 2022.
  • In states like Himachal Pradesh and Haryana, enrollment of children in the 0-5 age group has already reached more than 70% of the targeted age group.
  • Overall, Aadhaar saturation at present is around 94%. Aadhaar saturation among adults is almost 100%.
  • Bal Aadhaar is issued to children in the age group of 0-5 years. It was introduced by UIDAI in 2018.
  • Biometrics (fingerprints and iris) are not collected for Aadhaar enrolment of children in the age group of 0-5 years.
  • Children between the ages of 0 and 5 are enrolled in Aadhaar based on a facial image of the child and biometric authentication of the parent or legal guardian (having a valid Aadhaar).
  • At the time of enrolment for Bal Aadhaar, a proof of relationship document (preferably birth certificate) is collected.
  • Bal Aadhaar is issued in blue colour to differentiate it from normal Aadhaar. 
  • Unique Identification Authority Of India (UIDAI):
    • It was established as a statutory authority under the Aadhaar Act 2016.
    • It works under the Ministry of Electronics and Information Technology. Dr. Saurabh Garg is its Chief Executive Officer.

 

Quiz

Daily Banking Awareness Quiz | 10, 11 and 12 August 2022

Start Quiz
Quiz

Daily Banking Awareness Quiz | 7, 8 and 9 August 2022

Start Quiz
Quiz

Daily Banking Awareness Quiz | 4, 5 and 6 August 2022

Start Quiz
Quiz

Daily Banking Awareness Quiz | 1, 2 and 3 August 2022

Start Quiz

 

0
COMMENTS

Comments

Share Blog


Banking Awareness

Attempt Daily Banking
Awareness Quiz

Attempt Quiz

Half Yearly (Jul - Dec 2022)
2022 Book

Banking Awareness

For IBPS, SBI, SEBI, RBI, State PCS, UPSC Exams

Preview Buy Now
x

Banking Awreness Jul to December 2022