Banking Awareness of 23, 24 and 25 January 2022

Topic: Corporates/Companies

1. Fullerton India and One97 Communications partner to provide lending products.

• Fullerton India and One97 Communications have partnered to provide lending products to merchant partners and customers.
• Under the partnership, consumers will be offered Paytm Postpaid on Paytm platform while using the risk assessment capabilities of Fullerton India.
• One97 Communications owns Paytm. Fullerton India is a non-banking financial company in India.

Topic: MoUs/Agreements

2. Dredging Corporation of India Ltd and Abu Dhabi’s National Marine Dredging Company sign MoU for strategic alliance.

• Dredging Corporation of India Ltd and Abu Dhabi’s National Marine Dredging Company have signed an MoU for a strategic alliance.
• The strategic alliance will cover capital dredging works, project development on build–operate–transfer (BOT) basis, operate ports as managers, etc.
• Dredging Corporation of India is India’s biggest dredging contractor. It was set up in 1976. It is owned by 4 government-owned major ports.
• The ports are Deendayal Port, Jawaharlal Nehru Port, Visakhapatnam Port and Paradip Port.

Topic: Regulatory Bodies/Financial Institutions

3. CCI imposes fine on four maritime transport companies.

• Competition Commission of India (CCI) has imposed a fine on four maritime transport companies for indulging in cartelization.
• The commission held NYK Line, K-Line, MOL and NMCC, guilty of contravention of the provisions of Section 3 of the Competition Act, 2002.
• The company’s indulged in cartelization in the provision of maritime motor vehicle transport services to automobile Original Equipment Manufacturers (OEMs) for various trade routes.
• Section 3 of the Competition Act, 2002 prohibits anti-competitive agreements including cartels.
• Competition Commission of India:
  • CCI was formed on 14 October 2003 under the Competition Commission Act, 2002.
  • It aims to eliminate practices that affects competition in Indian market and protect the interests of the consumers.
  • Current Chairperson: Ashok Kumar Gupta

Topic: Appointments

4. Rajiv Jalota given additional charge of MD, India Ports Global.

• Rajiv Jalota has been given additional charge of MD, India Ports Global. He is chairman of the Mumbai Port Authority.
• HK Joshi, chairperson and managing director of Shipping Corporation of India Ltd (SCI), has been removed from the additional charge of MD of India Ports Global Ltd.
• In February 2016, Union Cabinet had approved $150-million loan to Iran through EXIM Bank.
• India Ports Global Ltd is tasked with developing and running India-funded Chabahar port in Iran.

Topic: Indian Economy

5. Government should concentrate on efforts to achieve $1 trillion merchandise export target.

• According to a CRISIL research report, the government should concentrate on efforts to achieve $1 trillion merchandise export target.
• India has set a target of $400 billion for merchandise exports for the current fiscal and an ambitious $1 trillion by 2030.
• In August 2021, Union Commerce and Industry Minister Piyush Goyal asked the export community to target $2 trillion exports by the year 2030, comprising $1 trillion merchandise exports and $1 trillion services exports.
• In September 2021, a grant-in-aid infusion of ₹1,650 crore for the National Export Insurance Account (NEIA) had been approved over FY22-26 (FY 2021-2022 to FY 2025-2026) period.
• National Export Insurance Account (NEIA):
  • The aim of NEIA is to ensure the availability of credit risk cover for project exports.
  • NEIA Trust was established in 2006 to promote project exports from India.

Topic: Appointments

6. Vinodanand Jha appointed as new chairperson of PMLA Adjudicating Authority.

• Government has appointed Vinodanand Jha as new chairperson of the Prevention of Money Laundering Act (PMLA) Adjudicating Authority.
• He will serve as chairperson till the completion of his tenure on 22 June 2022.
• He has been serving as the Member (Finance and Accounts) in the Authority since September 2018.
• The PMLA Adjudicating Authority consists of a Chairperson and two Members.
• It is an authority under the Prevention of Money Laundering Act (PMLA) to safeguard the interests of the accused against coercive action.
• Prevention of Money Laundering Act:
  • It was enacted in 2003 but it came into force on 1 July 2005.
  • It was enacted to prevent and control money laundering in India.
  • The act was amended in 2005, 2009 and 2012.

Topic: Banking System

7. City Union Bank launches fitness watch debit card in partnership with GOQii.

• City Union Bank has launched a fitness watch debit card in partnership with a fitness technology company, GOQii.
• Fitness watch debit card means a contactless debit card in a fitness watch. It is a wearable payment solution.
• Customers will hold the wristwatch in before the Point of Sale (PoS) device during payment.
• In December 2021, City Union Bank has launched RuPay on-the-go contactless wearable keychain for its debit card customers.
• City Union Bank is an Indian bank. It is headquartered in Kumbakonam, Tamil Nadu.

Topic: Corporates/Companies

8. Hitachi Payment Services and Indipaisa partner to develop new Fintech platform for MSMEs of India.

• Hitachi Payment Services and Indipaisa have partnered to develop new Fintech platform for MSMEs of India.
• They will together offer payment solutions to meet specific needs of Indian MSME owners and operators.
• Hitachi Payment Services is a payment solutions provider. Indipaisa is a fintech and financial services provider.

Read Banking Awareness PDF - 23, 24 and 25 January 2022