Banking Awareness of 20, 21 and 22 October 2021

Half Yearly (Jan - June 2021)
2021 Book

Banking Awareness

Topic: RBI

1. ₹1 crore monetary penalty imposed on Paytm Payments Bank Limited.

  • RBI has imposed ₹1 crore monetary penalty on Paytm Payments Bank Limited (PPBL) for an offence under the Payment and Settlement Systems Act, 2007 (PSS Act).
  • It has also imposed a monetary penalty of ₹27.78 lakh on Western Union Financial Services Inc (WUFSI).
  • The penalty on WUFSI has been imposed for non-compliance with certain provisions of RBI’s directions contained in its Master Direction on Money Transfer Service Scheme (MTSS Directions).
  • As per RBI, WUFSI had reported instances of breach of the ceiling of 30 remittances per beneficiary during the calendar years 2019 and 2020.

Topic: Banking System

2. CoinDCX launches its OTC Desk facility aimed at allowing institutional investors to trade in cryptocurrencies.   

  • Crypto exchange CoinDCX has launched its over-the-counter (OTC) Desk facility aimed at allowing institutional investors to trade in cryptocurrencies.
  • With the help of OTC Desk facility, institutional clients can execute bulk orders for crypto assets like Bitcoin and other popular cryptocurrencies.
  • Through the facility, institutional clients can purchase or sell their holdings at a particular price without worrying about price volatility due to market fluctuations.
  • CoinDCX was co-founded by Sumit Gupta and Neeraj Khandelwal in 2018. It is India’s largest cryptocurrency exchange.

Topic: Agriculture

3. India becomes top source of Chinese rice imports during January-August 2021.

  • India has become the top source of Chinese rice imports during January-August 2021 and shipments in August alone accounted for 45% of the total imports.
  • Indian rice accounted for 23% of total imports by Beijing during January-August 2021. 
  • Beijing bought more broken rice. Broken rice accounted for 97% of total rice imported from India.
  • The increased volume of imports is based on cheap prices for Indian-origin rice which averaged at $345 per tonne compared with world average prices of $454.
  • During January-August 2021, China’s top 5 import sources were India, Vietnam, Pakistan, Myanmar and Thailand.
  • As per APEDA, China was the second-highest buyer of rice from India after Bangladesh.

Topic: Miscellaneous

4. BSNL gets licenses to deliver Inmarsat’s Global Xpress (GX) mobile broadband services in India.

  • BSNL has received licenses to deliver Inmarsat’s Global Xpress (GX) mobile broadband services in India.
  • As part of BSNL’s Inflight and Maritime Connectivity (IFMC) licence from the Department of Telecommunications (DoT), GX will be available to Indian customers across government, aviation and maritime.
  • India’s airlines will be able to deploy GX for in-flight connectivity within India and throughout the world.
  • GX is the first and only high-speed broadband network. It is designed for mobility. GX gateway for India is located in Ghaziabad, Uttar Pradesh.
  • BSNL is a strategic partner of Inmarsat. Inmarsat is a mobile satellite communications provider company headquartered in the United Kingdom.

Bharat Sanchar Nigam Limited (BSNL):

It was founded in 2000. It is a Public Sector Undertaking wholly owned by Government of India.

Pravin Kumar Purwar is its chairman & MD.  It is headquartered in New Delhi.

It provides telecom services all over India except Delhi and Mumbai.

Topic: Reports and Indices

5. Indian pension system ranked at 40th in a comparative index of 43 systems.

  • As per a global study by Mercer Consulting, Indian pension system is ranked at 40th in a comparative index of 43 systems.
  • The annual study aims to benchmark each retirement income system using more than 50 indicators.
  • Iceland, Taiwan, the UAE and Uruguay were newly added in this year’s index edition.
  • Iceland overtook the Netherlands to achieve the highest overall index value of 84.2.
  • India had an overall index value of 43.3. Thailand had the lowest overall index value at 40.6.
  • The index comprises of three sub-indices — adequacy, sustainability and integrity.
  • The report said that with over 90 per cent of the total workforce being in the unorganised sector, measures should be taken to get a larger workforce under pension savings.

Topic: Agriculture

6. ₹1,31,000 cr infused to boost agriculture and allied sectors.

  • Union Minister Shobha Karandlaje said that centre has infused ₹1,31,000 crore to boost agriculture and allied sectors.
  • Karandlaje was in Jammu and Kashmir’s Kathua district as part of the Centre’s public outreach programme.
  • She inaugurated a pasteurised compost unit under the Trikuta mushroom corridor project at Burmal.
  • The Minister said the agriculture sector is now contributing over 20 % in India’s GDP.
  • She said in terms of exporting agriculture-based products, India now stands at the ninth position globally.

Topic: Miscellaneous

7. Kerala Startup Mission sets up Digital Hub at Kochi.

  • Kerala Startup Mission has set up Digital Hub occupying 2 lakh sq ft of built-up space at Kalamassery at Kochi.
  • The Hub is conceived to emerge as one of South Asia’s largest product development centres for technology start-ups.
  • Initially, the Hub will accommodate 200 start-ups. It aims at hosting a vibrant ecosystem comprising incubators, accelerators and Centres of Excellence in emerging technologies.

Topic: Appointments

8. Elevation of seven chief general managers and general managers as EDs in various PSBs approved by ACC.

  • Elevation of seven chief general managers and general managers as Executive Directors (EDs) in various Public Sector Banks (PSBs) has been approved by Appointment Committee of Cabinet (ACC).
  • All seven appointees are eligible for extension of their term of office, after a review of their performance, by two years.
  • Rajneesh Karnatak has been appointed as Executive Director in Union Bank of India for a period of three years. Ashwani Kumar has been appointed as Executive Director in Indian Bank for a period of three years.
  • Both Rajneesh Karnatak and Ashwani Kumar have been elevated from current posts of Chief General Manager of Punjab National Bank.
  • Kalyan Kumar has been appointed as Executive Director in Punjab National Bank for a period of three years.
  • Asheesh Pandey has been appointed as Executive Director in Bank of Maharashtra for a period of three years with effect from the date of assumption of office on or after December 31, 2021.
  • Both Kalyan Kumar and Asheesh Pandey have been elevated from current posts of Chief General Managers of Union Bank of India. All seven appointees are given in next table.

Name of the appointee

Chief General Manager of

Appointed as Executive Director in

Rajneesh Karnatak

Punjab National Bank

Union Bank of India

Ashwani Kumar

Punjab National Bank

Indian Bank

Kalyan Kumar

Union Bank of India

Punjab National Bank

Asheesh Pandey

Union Bank of India

Bank of Maharashtra

Yadav Ramjass

Bank of Baroda

Punjab and Sind Bank

Roy Joydeep Datta

Bank of Baroda

Bank of Baroda

Nidhu Saxena

General Manager, UCO Bank

Union Bank of India

Topic: Banking System

9. HDFC Bank, Mastercard, US International Development Finance Corporation (DFC), and USAID launch $100 million credit facility.

  • HDFC Bank, Mastercard, US International Development Finance Corporation (DFC), and US Agency for International Development (USAID) have launched $100 million credit facility.
  • The credit facility is aimed at promoting and encouraging small businesses in the country to digitize and help them recover from the economic impacts of the pandemic.
  • HDFC Bank will make at least 50 % of the credit facility available to new small business borrowers. It will aim to use at least 50 % of the facility for lending to women entrepreneurs.
  • Mastercard will provide skills training and education to small business owners on their digitisation options.
  • DFC and USAID are facilitating the extension of the credit facility by de-risking lending by HDFC Bank to small business owners.

Topic: Banking System

10. Bharti AXA Life Insurance enters into a bancassurance partnership with Utkarsh SFB.

  • Bharti AXA Life Insurance has entered into a bancassurance partnership with Utkarsh Small Finance Bank.
  • Under the partnership, Bharti AXA’s suite of life insurance plans will be available for purchase to Utkarsh Small Finance Bank’s customers.
  • Parag Raja, MD & CEO, Bharti AXA Life Insurance said that partnership will help Bharti AXA Life Insurance reach the tier-II and -III markets with insurance solutions.

 

 

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