Banking Awareness of 23, 24 and 25 March 2022

By PendulumEdu | Last Modified: 25 Mar 2022 18:20 PM IST
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Topic: Banking System

1. PNB will acquire 5.97% stake in ONDC in first tranche.

  • PNB Board had previously approved up to 9.5% equity participation in ONDC.
  • PNB has now put in ₹10 crore in first tranche to get 5.97% stake. It may announce acquisition of its remaining stake at a later date.
  • Axis Bank has acquired 7.84% shareholding in ONDC. SBI has also acquired 7.84% stake in ONDC.
  • HDFC Bank and Kotak Mahindra Bank have also acquired 7.84% stake in ONDC
  • Open Network for Digital Commerce (ONDC):
    • It is an initiative of Ministry of Commerce’s Department for Promotion of Industry and Internal Trade (DPIIT). It was launched on 30 December 2021.
    • It was launched with an early investment from the Quality Council of India (QCI) and Protean eGov Technologies Limited.
    • It encourages the use of open networks for all aspects of goods and services exchange over digital networks.
    • Its aim is to grow Indian digital commerce ecosystem for customers and suppliers and for buyers and sellers.

Topic: Appointments

2. Appointment of Pralay Mondal as interim MD & CEO of CSB Bank has been approved by RBI.

  • His appointment will be effective from April 1 for a period of three months or till selection of regular MD & CEO.
  • In January 2022, CSB Bank has announced that its MD & CEO, CVR Rajendran will take early retirement.
  • Rajendran will continue in the office till March 31, 2022.
  • CSB Bank is an Indian private sector bank. It is headquartered in Thrissur, Kerala.

Topic: RBI

3. RBI has given SBI Group of entities permission to acquire up to 9.99% stake in ICICI Bank.

  • The approval will remain valid for one year (till March 22, 2023).
  • The approval has been given to SBI Funds Management Ltd (SBIFML) and other group entities of SBI group.
  • RBI said that SBI Group entities’ stake in the bank should always be less than 10% of the paid-up equity capital of the bank at all times.
  • SBI Mutual Fund (5.72% stake) and LIC (7.77% stake) were among the largest individual shareholders in ICICI Bank as of December 31, 2021.

Topic: RBI

4. RBI governor Shaktikanta Das has inaugurated Reserve Bank Innovation Hub (RBIH) in Bengaluru.  

  • RBIH has been set up by RBI in Bengaluru as a wholly owned subsidiary with initial capital contribution of Rs 100 crore.
  • It has an independent Board. S. Gopalakrishnan is the Chairman of the Board.
  • The aim of RBIH is to make an ecosystem focused on promoting access of India’s low-income population to financial services and products.
  • It will bring convergence among BFSI Sector, Start-up ecosystem, Regulators & Academia in financial innovation domain.

Topic: Banking System

5. SBI has entered into co-lending partnership with 5 housing finance companies (HFCs).

  • The names of five HFCs are PNB Housing Finance, IIFL Home Finance, Shriram Housing Finance, Edelweiss Housing Finance and Capri Global Housing Finance.
  • The partnership is in line with SBI’s commitment to increase credit to small home buyers in India.
  • In November 2020, RBI had issued circular to scheduled commercial banks on Co-Lending Model (CLM).
  • The circular was issued with the goal of leveraging banks' and NBFCs' comparative advantages in a collaborative effort in all categories of priority sector lending.
  • Under CLM, HFCs/NBFCs should keep a minimum of 20% of the individual loans on their books, with the remainder retained by banks.

Topic: Appointments

6. Mukesh Kumar Jain has been appointed as member in WDRA. 

  • He has earlier served as MD & CEO of Oriental Bank of Commerce.
  • He has been appointed as WDRA member for a term of 3 years.
  • Warehousing Development and Regulatory Authority (WDRA):
    • It is a statutory authority under Department of Food and Public Distribution.
    • It is headquartered in Delhi. It was established in October 2010 to encourage development and regulation of warehouses. 

Topic: Indian Economy/Financial Market

7. India has achieved export target of USD 400 billion nine days ahead of deadline.

  • India has achieved highest ever goods export target of USD 400 billion set for fiscal year 2021-22.
  • India’s export has increased by 37% compared to last year. The exports in the financial year 2020-21 were USD 292 billion.
  • On average, India exported USD 46 million goods every hour, and USD 33 billion every month.
  • According to the commerce ministry, India has exported goods worth $37 billion in December 2021, which is the highest ever in a month.
  • India’s export of agriculture and processed food products has increased by 23% as compared to last year.
  • Indian exports reached peak of $330 billion in 2018-19 and surpassed the 2013-14 export figures of $314 billion.
  • Top Exports and Imports of India:
    • The top exports of India are Refined Petroleum, Diamonds, Packaged Medicaments, Jewellery, and Rice.
    • The top imports of India are Crude Petroleum, Gold, Coal Briquettes, and Petroleum Gas.

Topic: Indian Economy/Financial Market

8. The applicability of NIP-2012 for HURL’s three units at Gorakhpur, Sindri and Barauni has been extended.

  • Department of Fertilizers’ proposal for extension of applicability of NIP -2012 for these three units of HURL has been approved by Cabinet Committee on Economic Affairs.
  • The commissioning of three units will add 38.1 lakh tonnes per annum urea production in the country.
  • The three units aim to meet the demand for urea in seven states (Uttar Pradesh, Bihar, Jharkhand, Chhattisgarh, Madhya Pradesh, West Bengal and Odisha).
  • HURL-Gorakhpur unit has India’s first Air Operated Bulled Proof Rubber Dam of 65 mtrs length and 2 mtrs height.
  • New Investment Policy (NIP) – 2012:
    • It was announced by the government on 2nd January, 2013.
    • Government had announced its amendment on 7th October, 2014 to facilitate fresh investment in the urea sector and to make India self-sufficient in the urea sector.
  • Hindustan Urvarak and Rasayan Limited (HURL):
    • It is a joint venture company by Coal India Limited (CIL), NTPC Limited (NTPC) and Indian Oil Corporation (IOCL).
    • It was incorporated on 15th June, 2016.

Topic: Agriculture

9. Government has fixed goal of exporting at least a million tonnes of wheat per month in coming fiscal year.

  • In other words, government’s goal is to export 12 million tonnes of wheat in coming fiscal year.
  • Exports of food grain are expected to reach a record of around 7.5 million tonnes (mt) this fiscal.
  • Government may reduce its procurement target under minimum support price (MSP) scheme by 10 mt.
  • For the rabi marketing season starting from April 1, Food Ministry’s procurement target is 44 mt.
  • During April-January of current fiscal, wheat exports increased to 60.2 lt. They were valued at $1.7 billion.
  • Sudan and Thailand have recently joined list of importers buying Indian wheat.
  • In the starting of March 2022, global wheat prices have increased to a 14-year-high level of more than $11 a bushel (over $400 a tonne).

Topic: Banking System

10. The license of People's Co-operative Bank of Kanpur has been cancelled by RBI with effect from close of business on March 21, 2022.

  • RBI cancelled license of Kanpur-based People's Co-operative Bank Limited, citing insufficient capital and earnings potential.
  • The bank is not complying with various sections of the Banking Regulation Act, 1949.
  • RBI has prohibited it from conducting business, which also includes acceptance of deposits and repayment of deposits.
  • The Uttar Pradesh Commissioner for Cooperation and Registrar of Cooperative Societies has also been asked to issue an order for the bank's winding up and the appointment of a liquidator.
  • On liquidation, every depositor would be entitled to receive deposit insurance claim up to Rs 5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC).

Topic: Banking System

11. Green Deposits programme has been launched by DBS Bank India.

  • The programme enables institutions to provide support to sustainable projects.
  • Through Green Deposits programme, Corporate Entities can fund sustainability projects.
  • One benefit of the programme is that it allows customers to invest surplus cash in deposits that support sustainable projects having positive environmental impact.
  • The programme provides a simple way through which companies can support environmentally-friendly projects.
  • DBS Bank is a Singaporean multinational banking and financial services corporation. It is headquartered in Marina Bay, Singapore.

Topic: Miscellaneous

12. ICICI Bank has launched co-branded credit card in collaboration with Chennai Super Kings.

  • Chennai Super Kings ICICI Bank Credit Card is designed to offer exclusive privileges for cricket fans.
  • Joining and renewal gift of 2000 reward points is one key benefit of this card. The card also carries other benefits.
  • In 2018, ICICI Bank had launched co-branded credit card with Manchester United Football Club.
  • ICICI Bank is a private sector bank. Girish Chandra Chaturvedi is chairman of its board of directors. Its MD & CEO is Sandeep Bakhshi.


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