Banking Awareness of 22 and 23 December 2023

By Priyanka Chaudhary | Last Modified: 23 Dec 2023 18:02 PM IST
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Topic: Miscellaneous

1. Bima Vistaar will be launched in Q1 of FY25 (first quarter of the next financial year).

  • It will be an all-in-one insurance product. It will be launched with Bima Vahak, a women-led distribution channel.
  • Bima Vistaar will be the first of its kind all-in-one affordable insurance product for life, health, and property cover.
  • Bima Vistaar is a part of “Insurance Trinity”. This includes Bima Sugam, Bima Vistaar, and Bima Vahak.
  • These are all parts of IRDAI’s vision to achieve insurance for all by 2047.
  • According to IRDAI official the product design and other features for rolling out Bima Vistaar have almost been completed.
  • The guidelines for putting Bima Vahak, the women-led insurance distribution channel, in place have already been issued.
  • Bima Vahak guidelines will become effective with the launch of Bima Vistaar.

Topic: Indian Economy/Financial Market

2. Centre has released ₹72,961 crore in the form of tax devolution to States.

  • Out of the ₹72,961.21 crore installment disbursed, the largest share has gone to Uttar Pradesh.
  • Uttar Pradesh is followed by Bihar at ₹7,338.44 crore, Madhya Pradesh at ₹5,727.44 crore and West Bengal ₹5,488.88 crore.
  • Maharashtra’s share is ₹4,608.96 crore, Rajasthan’s share is at ₹4,396.64 crore and Odisha’s at ₹3303.69 crore.
  • The remaining States’ share has been lower than ₹3,000 crore.
  • The remaining States’ share ranged from ₹281.63 crore (Goa) to ₹2,976.10 crore (Tamil Nadu).
  • An instalment of ₹ 72,961.21 crore was already released on December 11, 2023.
  • As of now, tax devolution is being administered by the recommendations of 15th Finance Commission chaired by N.K.Singh.
  • As per the recommendations of 15th Finance Commission, states are to be given 41% of the Centre’s divisible tax pool during five years from 2021-22 to 2025-26.
  • The Terms of Reference (ToR) of the 16th Finance Commission has been recently approved by the Union Cabinet.
  • The 16th Finance Commission would submit its report for the five-year period (2026-27 to 2030-31).
  • It would submit its report to the President by October 31, 2025.

Topic: MoUs/Agreements

3. The Ministry of Rural Development (MoRD) and Reliance Retail’s JioMart have signed a memorandum of understanding (MoU).

  • The MoU has been signed to enhance the outreach of the products of self-help groups (SHGs) of Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM).
  • This will bring SHGs under MoRD’s SARAS collection brand onto JioMart.
  • This MoU will enable SHGs to be on-boarded as sellers onto the e-commerce fold on JioMart.
  • All SHG merchants connected to the DAY-NRLM will benefit from the partnership, which includes support and resources for expanding their enterprises online.
  • Additionally, JioMart will assist with account setup and provide guidance for using the marketplace.
  • JioMart will also collaborate with MoRD to support trainings and workshops that would help SHG vendors get more comfortable with selling on the platform.

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Topic: Banking/Financial/Govt Schemes

4. Three sub-schemes launched by the MSME Ministry under the RAMP program.

  • Three sub-schemes under the aegis of the RAMP (Raising and Accelerating MSME Productivity) program were launched by Union Minister for MSME Shri Narayan Rane.
  • These schemes have been launched to encourage the adoption of sustainable technology in business, promote a circular economy, and address the issue of delayed payments.
  • These sub scheme are: the MSME Green Investment and Financing for Transformation Scheme (MSE GIFT Scheme), the MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme), and the MSE Scheme on Online Dispute Resolution for Delayed Payments.
  • The first scheme-The MSME GIFT Scheme aims to help MSMEs adopt green technology with interest subvention and credit guarantee support.
  • The second Scheme- The MSE SPICE Scheme is the first scheme of the government to support circular economy projects.
  • This will help in realizing the MSME sector's dream of zero emissions by 2070.
  • The third Scheme– MSE Scheme on Online Dispute Resolution for Delayed Payments is the first of its kind scheme to coordinate legal support with modern IT tools and Artificial Intelligence to address the incidence of delayed payments for micro and small enterprises.
  • The Ministry is also taking new initiatives under the existing schemes to provide better support to MSMEs.
  • Support for the Commercialization of the IP Program (MSME – SCIP Programme) will enable innovators in the MSME sector to commercialize their IPRs.
  • Additionally, the ministry's ZED scheme has now been made completely free for women-led MSMEs.
  • The government guarantees payment of 100% financial assistance for certification costs under the scheme.

Topic: MoUs/Agreements

5. Government of India signed an agreement with ADB to get a 100 million US dollar loan.

  • The purpose of the loan is to improve urban services and tourism facilities in Tripura.
  • According to the finance ministry, the project will improve urban water supply systems by installing 42 kilometers of new distribution and transmission pipes.
  • It will also upgrade urban water supply systems by establishing four new water treatment plants.
  • It will also improve 21 kilometers of urban roads.
  • Asian Development Bank (ADB):
    • It is a regional development bank established in 1966.
    • Members: 68 countries
    • Headquarters: Mandaluyong, Philippines
    • Current President: Masatsugu Asakawa

 

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September Financial Awareness 2023 August Financial Awareness 2023

Banking Awareness Vol-1 Jan 2023 to June 2023

Topic: Awards and Prizes

6. Crompton received the National Energy Conservation Award 2023.

  • President Droupadi Murmu conferred the National Energy Conservation Award 2023 to Crompton Greaves Consumer Electricals Ltd. (CGCEL).
  • Crompton received this achievement in the category of the ‘Most Energy Efficient Appliance of the Year 2023’ for its storage water heater.
  • Crompton has introduced an impressive range of storage water heaters that have set new benchmarks in technology.
  • This award shows Crompton's commitment to energy-efficient innovations.
  • The award ceremony took place at Vigyan Bhawan, New Delhi.
  • Crompton Greaves Consumer Electricals Limited (also known as Crompton) is an Indian electrical equipment company based in Mumbai.

Topic: Reports and Indices

7. Kerala emerged as the preferred State to work in India: India Skills Report 2024.

  • As per the India Skills Report 2024, Kerala is the most preferred State to work in India.
  • Kochi and Thiruvananthapuram have emerged as premier employment destinations for the youth in the country.
  • According to this report, in urban area, both men and women prefer to work regardless of their age.
  • This report has been published by talent assessment agency Wheebox in collaboration with AICTE, CII, AIU, Google, and Taggd.
  • 3.88 lakh youth have been surveyed through a National Employability Test conducted across the country.
  • This report shows that employability in India has improved and 51.25% of the youths have been found employable with the required skills.
  • In overall employability among the 18-21 age group, Kerala secured second position. Thiruvananthapuram leads in providing computer skills.
  • Kerala is in third position in terms of the highest concentration of employable talent in the B.E./BTech and polytechnic domains.
  • The report appreciated Kerala’s government’s step to impart skills to over 2.5 lakh higher secondary students in the last decade.

Topic: Miscellaneous

8. New CA India logo has been unveiled by ICAI.

  • Vice-President of India, Jagdeep Dhankhar launched this new logo of the Institute of Chartered Accountants of India (ICAI).
  • The new logo has been unveiled at a recently held Global Professional Accountants Convention (GloPAC), in Gandhinagar.
  • It is made up of the letters ‘CA’ in blue with a tricolour tick mark (upside down) on a white background.
  • The blue colour denotes innovativeness, creativity, knowledge, trust, integrity, stability, truth, and depth.
  • The upside-down tick mark in tricolor has been included to symbolise the wisdom and value of the professionals.
  • ‘India’ is added to the logo, which epitomizes the Institute’s commitment to the India First approach.
  • It also epitomizes the Institute’s commitment to serve the Indian economy in the public interest.

Topic: Miscellaneous

9. Angola leaves OPEC after disagreements over production targets.

  • Angola, Africa's second-biggest oil producer, has said it is leaving OPEC after disagreements over its production targets, in a blow to the oil cartel chaired by Saudi Arabia.
  • The decision was taken at a cabinet meeting and approved by President João Lourenço.
  • The decision came after the producer group lowered Angola's oil production target of last month as part of a series of cuts led by Saudi Arabia to prop up prices.
  • Angola joined OPEC in 2007 but has recently clashed with Saudi Arabia over efforts to cut its output.
  • Angola walked out of the OPEC meeting in June but ultimately agreed with Nigeria and the Republic of Congo to have its production baselines reviewed by an independent third party.
  • Angola has been struggling to improve declining production for nearly a decade.
  • Organization of the Petroleum Exporting Countries (OPEC):
    • It is an intergovernmental organisation of petroleum-exporting countries.
    • It was founded on September 14, 1960, in Baghdad.
    • It is headquartered in Vienna, Austria.
    • It has 13 members, which are responsible for 30% of global oil production.

Topic: Awards and Prizes

10. Sukrita Paul Kumar has won the Tagore Literary Prize.

  • Sukrita Paul Kumar has won the sixth edition of the Rabindranath Tagore Literary Prize for her book, 'Salt & Pepper: Selected Poems'.
  • She received USD 5,000, a Tagore statue and a certificate for contribution to literature at the award ceremony on 18 December.
  • The award was started in 2018 by US-based publisher Peter Bundalo.
  • The award is a platform for world peace, literature, art, education and human rights.
  • It also recognises works towards human rights and world peace with the Social Achievement Prize.
  • Nobel laureate Abhijit Banerjee was awarded the Rabindranath Tagore Literary Prize for social achievement for his contributions to societal welfare.
  • Journalist-author Raj Kamal Jha won the prize last year for his novel 'The City and The Sea'.

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