Banking Awareness of 19 and 20 June 2022

By Priyanka Chaudhary | Last Modified: 20 Jun 2022 16:15 PM IST
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Topic: RBI

1. RBI has cancelled Millath Co-operative Bank’s license.

  • RBI has cancelled the bank’s license because of inadequate capital and earning prospects.
  • RBI has said that all the depositors of the bank will get the full amount of their deposits from DICGC.
  • Registrar of Cooperative Societies, Karnataka will issue an order for winding up of the bank and appoint a liquidator for the bank.
  • Millath Co-operative Bank is based in Davangere in Karnataka.

Topic: RBI

2. RBI increased the AFA limit for e-mandates on cards, Prepaid Payment Instruments (PPIs), and UPI for recurring transactions.

  • RBI has increased the Additional Factor of Authentication (AFA) limit from ₹5,000 to ₹15,000 per transaction for e-mandates on cards, PPIs and UPI for recurring transactions.
  • This means that additional authentication will not be required for payment of ₹15,000 per transaction.
  • E-mandate allows an individual to give standing instruction to the bank to debit a specific amount automatically on a recurring basis.
  • The framework for processing of e-mandates on recurring online transactions was issued by RBI in August 2019.
  • It was initially applicable to cards and wallets. In January 2020, UPI transactions were included in the framework. 

Topic: Appointments

3. Pramod K Mittal has been appointed as new chairperson of COAI for 2022-23.

  • He has taken place of Ajai Puri as the COAI Chairperson. P Balaji will be the Vice-Chairperson of the association.
  • Earlier, Mittal was the Vice-Chairperson of the Cellular Operators' Association of India (COAI).
  • P Balaji is the Chief Regulatory and Corporate Affairs Officer of Vodafone Idea Limited.
  • He is also the Chairman of Assocham National Digital Communications Council.
  • Cellular Operators Association of India (COAI):
    • It was established in 1995 as a registered, non-governmental society.
    • It is a non-governmental trade association and advocacy group focused on the telecommunications industry.

Topic: Miscellaneous

4. 47th meeting of GST Council will be held in Chandigarh on 28-29 June 2022.

  • The GST Council meeting was earlier to be held in Srinagar on June 28-29.
  • In June, five year period of guaranteed compensation for revenue losses arising out of the July 2017 rollout of GST is coming to an end.
  • State governments are seeking an extension of GST compensation.
  • The Council has previously agreed to extend the compensation cess until 2026.
  • This was solely for the purpose of repaying the loans taken out in the midst of the pandemic and to compensate states.

Topic: Indian Economy/Financial Market

5. Net outflow by Foreign Portfolio Investors (FPIs) from equities increased to ₹1.98 lakh crore till now in 2022.

  • Equities worth ₹31,430 crore sold in June 2022 till now. Foreign investors withdrew a net amount of ₹31,430 crore from equities till June 17.
  • In addition to equities, FPIs withdrew a net amount of about ₹2,503 crore from the debt market during the same period.
  • Foreign investors are staying away from the Indian stock market because of the rate increase by the US Federal Reserve, high inflation and high valuation of equities.

Topic: Banking System

6. IDBI Bank has invited bids for the sale of secured assets of GTL Ltd under the SARFAESI Act, 2002.

  • The IDBI Bank has invited bids on behalf of the consortium of lenders to recover dues aggregating about ₹7,250 crores.
  • The bids have been invited for the sale of assets under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
  • GTL provides various network operations to telecom operators and tower companies.
  • IDBI Bank is a subsidiary of Life Insurance Corporation (LIC). It was set up in 1964. M. R. Kumar is its Chairman. Rakesh Sharma is its MD & CEO.

Topic: Reports and Indices

7. Chennai’s rank in Global Startup Ecosystem Index 2022 increased by 31 places to 102nd rank.

  • Pune is ranked at 90th rank and Hyderabad is ranked at 97th rank. Bengaluru is ranked at 8th rank.
  • New Delhi and Mumbai are ranked at 13th rank and 17th rank. So, there are 5 cities in the top 100 ranks.
  • Chennai is widely acknowledged as the 'software as a service capital of India'.
  • India ranks number one for start-ups in South Asia. It globally improved its ranking by one place to 19th.
  • India is an ideal place to locate education, transportation, and food tech start-ups.
  • Highest increase in ranking in India is seen in Goa (an increase of 272 spots to rank at 500th) and Patna (an increase of 218 spots to rank at 522nd).
  • In total, 37 Indian cities are ranked in 2022. The report says India is ranked at 7th position globally with regard to the number of ranked ecosystems per capita.
  • The rankings are released by Israeli-based StartupBlink, a start-up ecosystem map and research center.

Topic: Banking System

8. HSBC India has announced $250-million lending support for high- growth tech-led start-ups in India.

  • HSBC India said that lending support will be used to lend to and support the growth aspirations of tech-led startups in India.
  • It said that lending will be sector agnostic. It will be used in various industries in the start-up ecosystem.
  • India’s start-up ecosystem is kept at the third-largest level in the world.

 

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