Banking Awareness of 21, 22 and 23 May 2022

By Priyanka Chaudhary | Last Modified: 23 May 2022 17:19 PM IST
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Topic: Regulatory Bodies/Financial Institutions

1. Pension Advisory Committee (PAC) has been reconstituted by PFRDA.

  • The reconstituted PAC has 18 members and Chairperson and the six Members of PFRDA are ex officio Chairperson and six ex officio members of PAC.
  • As per PFRDA Act, PAC cannot have more than 25 members, excluding ex officio members.
  • PAC is required to meet at least twice a year. The term of office of each member of the PAC will be three years from the date of nomination by PFRDA.
  • Pension Advisory Committee (PAC) was earlier constituted through notification dated 16th September, 2020.
  • Pension Fund Regulatory and Development Authority (PFRDA) was established in October 2003. Its Chairman is Supratim Bandyopadhyay. Its head office is in New Delhi.

Topic: RBI

2. RBI will transfer Rs 30,307 crore as dividend to government for FY22.

  • The RBI’s Central Board of Directors has approved transfer of Rs 30,307 crore as dividend to the government for FY22. This is lowest in 10 years.
  • It is much lower than the RBI dividend of Rs 99,122 cr for 2021.
  • In May 2021, RBI announced a dividend of Rs 99,122 cr for nine month period (July 2020-March 2021).
  • The reason for lower surplus transfer is RBI’s absorption of huge liquidity from banks under reverse repo windows and paying interest to them.
  • In the current fiscal, the government had estimated a receipt of Rs 73,948 crore as dividend revenue from the central bank and public sector financial institutions.
  • The Reserve Bank of India will maintain the Contingency Risk Buffer at 5.50 per cent.
  • The Central Board of Directors of RBI reviewed the current economic situation and discussed the working of the Reserve Bank during the year April 2021 to March 2022.
  • In FY21, the RBI had changed accounting year to the April-March from July-June earlier.

Topic: Banking System

3. RBL Bank has partnered with Amazon Web Services to offer UPI Payments.

  • RBL Bank has tied with Amazon pay to offer peer-to-peer and peer-to-merchant transactions.
  • Amazon Pay will issue NPCI’s allocated UPI ID to RBL Bank.
  • RBL Bank is a Mumbai based Indian private sector bank. It was earlier known as Ratnakar Bank. Vishwavir Ahuja is its MD & CEO.

Topic: Banking system

4. IDBI Bank will sell its 25% stake in Ageas Federal Life Insurance for ₹580.2 crore.

  • IDBI Bank has signed a share purchase agreement with Ageas Insurance International to sell its stake in Ageas Federal Life Insurance.
  • After the stake sale, Ageas will own 74% stake in Ageas Federal Life Insurance.
  • It will be the first foreign investor to use increased foreign direct investment cap of 74% for the insurance sector.
  • IDBI Bank will remain a distribution partner. Ageas Federal Life Insurance was a joint venture with IDBI Bank, Ageas and Federal Bank.

Topic: Appointments

5. Infosys has reappointed Salil Parekh as its CEO and MD for five years.

  • He is the CEO and MD of Infosys since Jan 2018 and his new term will be effective from July 1, 2022 to March 31, 2027.
  • Vijay Shekhar Sharma has been reappointed as CEO and MD of Paytm for five years with effect from December 19, 2022.
  • Madhur Deora, Chief Financial Officer of Paytm, has been appointed as an Additional Director.
  • Board of Directors of One 97 Communications approved investment of up to Rs 950 crore in Paytm General Insurance Limited (PGIL).
  • This approval is for investment of up to Rs 950 crore in tranches, over a period of 10 years and to hold upfront equity stake of 74%.
  • Infosys is a Bengaluru headquartered Indian company providing business consulting, information technology and outsourcing services.
  • Paytm:
    • Parent organization: One97 Communications
    • Headquarters: Noida

Topic: Miscellaneous

6. NASSCOM’s ‘Smart Manufacturing Competency Centre (SMCC)’ has been inaugurated in Ahmedabad.

  • Union Minister of State for Skill Development and Entrepreneurship Rajeev Chandrasekhar inaugurated the SMCC.
  • The SMCC has been launched by NASSCOM Centre of Excellence-IoT & AI, in association with Ministry of Electronics and Information Technology and Gujarat government’s Department of Science and Technology.
  • As per Debjani Ghosh, President of NASSCOM, India’s 90% manufacturing companies are SMEs that account for 33% of manufacturing GVA.

Topic: Indian Economy/Financial Market

7. India received highest ever annual FDI inflow of 83.57 billion dollars in the last fiscal year.

  • FDI inflow in the last financial year has registered growth of 85% in comparison to FDI inflow received in the financial year 2014-15.
  • India had recorded an FDI inflow of 45.15 billion US dollars in the financial year 2014-15.
  • FDI inflows have grown 20-fold since the financial year 2003-04. The FDI inflows were 4.3 billion US dollars in the financial year 2003-04.
  • FDI inflow in the manufacturing sector has grown by 76% to 21.34 billion US dollars in the last fiscal in comparison to the fiscal year 2020-21.
  • Computer software and hardware are the top recipient sectors of FDI inflow. They are followed by Services Sector and Automobile Industry.
  • Karnataka is the top FDI recipient state followed by Maharashtra and Delhi. Karnataka has a 38% share in the total FDI inflow reported during the fiscal year 2021-22.

Topic: Miscellaneous

8. Rajasthan’s innovator, Subhash Ola wins first prize in Amazon Sambhav Entrepreneurship Challenge 2022.

  • His enterprise “Geniusenergy Critical Innovation Pvt Ltd” has won the Start-up of the Year award in this challenge.
  • Subhash Ola has developed a technology for saving energy in boilers by recycling steam.
  • The technology was first developed to make khoya and other milk products but later used in textile, milk and food, pharma, plywood, paper mills, leather industries etc.
  • In 2015, Subhash Ola was honoured with the 8th Biennial National Grassroots Innovation and Outstanding Traditional Knowledge Award.

Topic: Corporates/Companies

9. India’s first dental health insurance plan launched by PNB MetLife.

  • This plan is India’s first insurance plan that provides financial assistance with costs related to overall dental health.
  • Private insurer PNB MetLife’s new Dental Care Plan will help customers manage their dental health.


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