Banking, Financial and Economic Awareness of 21, 22 and 23 July 2021

Topic: Appointments

1. Rahul Saraf appointed by Citigroup as head of its Investment Banking Unit, India.

• Rahul Saraf has been appointed by Citigroup as head of its Investment Banking Unit, India.
• Saraf joined Citi in 2005. He has been Managing Director in Investment Banking Unit.
• He will report to Ravi Kapoor, who is the head of banking, capital markets and advisory, Citi South Asia.
• Citigroup or Citi is an American multinational investment bank and financial services corporation. It is headquartered in New York City.

Topic: Banking System

2. Co-lending platform 'Pratham' launched by Bank of Baroda and U GRO Capital.

• Co-lending platform 'Pratham' has been launched by Bank of Baroda and U GRO Capital.
• The platform will allow MSMEs to get customized lending solutions at a competitive rate of interest.
• Under Pratham, a ₹1,000 crore loan will be disbursed to the MSME sector in the country.
• Starting of loan disbursements under Pratham marks the 114^th Foundation Day of Bank of Baroda.
• The loan amount ranges from ₹50 lakh to ₹2.5 crore. It will be offered at an interest rate starting from 8% with a maximum tenure of 120 months.
• U GRO Capital is a tech-focussed small business lending platform. 

Topic: Miscellaneous

3. World Bank signs $125-million programme to support Kerala’s preparedness against natural disasters.

• Government of India, Government of Kerala and World Bank have signed a $125-million programme to support Kerala’s preparedness against natural disasters.
• The programme will also support Kerala’s preparedness against climate change impacts, disease outbreaks, and pandemics.
• The programme will be statewide. In the Pamba River Basin, Kerala will test a multisectoral approach in Idukki, Kottayam, Pathanamthitta, and Alappuzha districts.
• The programme is named as Resilient Kerala programme. It is part of a programmatic series of World Bank-financed operations in Kerala.
• First Resilient Kerala Development Policy Operation (DPO) was approved in June 2019.

Topic: Miscellaneous

4. Arogya Rakshak health insurance plan launched by LIC.

• Arogya Rakshak health insurance plan has been launched by Life Insurance Corporation (LIC).
• It is a non-linked, non-participating, regular premium and individual health insurance plan.
• It provides fixed health insurance cover against certain specified health risks.
• Principal insurers, spouses, and parents in the 18-65 age bracket and children in the 91 days-20 years age bracket can avail of the Arogya Rakshak plan.
• The cover period will be available for principal insurers, spouses and parents up to 80 years. The cover period will be available for children up to 25 years.

Topic: Indian Economy

5. Retail and Wholesale Trade included under Micro, Small and Medium Enterprises (MSMEs).

• Retail and Wholesale Trade has been included under the Micro, Small and Medium Enterprises (MSMEs) from July 2, 2021.
• This was stated by Minister for Micro, Small and Medium Enterprises Narayan Rane in Lok Sabha.
• The Minister said that a new classification of MSMEs has been introduced with effect from July 1, 2020.
• Government has launched the Credit Guarantee Scheme (CGS) to strengthen the credit delivery system and facilitate the flow of credit to the MSME sector.
• Under the scheme, Credit Guarantee is given to the Member Lending Institutions (MLIs) for loans up to ₹200 lakh.

Topic: Corporates/Companies

6. Great Place to Work ranks Harrisons Malayalam Ltd 16th on the Best Workplaces in Asia 2021 list.

• Great Place to Work has ranked Harrisons Malayalam Ltd 16^th on the Best Workplaces in Asia 2021 list.
• A survey conducted by Great Place to Work Institute has ranked Harrisons Malayalam Ltd (HML), an RPG Group Company, at 6^th among India’s Best Companies to Work for-2021.
• HML is the first Kerala-based company to feature in the Top-10 List published by Great Place to Work Institute.
• Great Place to Work is the global authority on workplace culture. Harrisons Malayalam Ltd is Kochi based Indian agricultural business corporation.

Topic: Corporates/Companies

7. Microsoft likely to set up $3-billion data centre in Hyderabad.

• Microsoft is likely to set up a $3-billion data centre in Hyderabad.
• The company is in advance talks with the Telangana government for setting up a data centre.
• The formal announcement for setting up data centre may take 2-3 months.

Topic: Reports and Indices

8. ADB decreases India’s economic growth projection for current financial year to 10%.

• Asian Development Bank (ADB) has decreased India’s economic growth projection for current financial year to 10%.
• In April, ADB had projected India’s economic growth at 11%. In its Asian Development Outlook (ADO) Supplement, ADB said that India’s GDP growth recovered to 1.6% in the last quarter of fiscal year that ended in March 2021.
• ADB said that decrease in growth projection for FY2021 from 11 per cent in ADO 2021 to 10 per cent, reflects large base effects. ADB has upgraded the projection for FY2022 from 7% to 7.5%.
• In ADO Supplement, ADB has downgraded GDP growth forecast for South Asia sub region in 2021 from 9.5% to 8.9%.
• But, GDP growth forecast for South Asia sub region for 2022 has been upgraded from 6.6% to 7%.
• Asian Development Outlook is released annually by Asian Development Bank (ADB).

Topic: Indian Economy

9. India becomes world’s fifth-largest foreign exchange reserves holder.

• India has become the world’s fifth-largest foreign exchange reserves holder after China, Japan, Switzerland and Russia.
• As per Minister of State for Finance Pankaj Chaudhary’s written reply in Lok Sabha, India’s forex reserves stood at around 609 billion Dollars on 25^th June.
• In a written reply in Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the country’s foreign exchange reserves position is comfortable in terms of import cover of more than 18 months.
• In 2020-21, India’s balance of payments recorded surplus in both current account and capital account which contributed to the increase in foreign exchange reserves during the year.

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