Banking Awareness of 23, 24 and 25 April 2022

Topic: Committees/Commission/Taskforces

1. Auditing and Assurance Standards Board (AASB) of the CA Institute has constituted an expert panel.

• The expert panel will help practicing chartered accountants. It will deal with their concerns on statutory audit related aspects.
• The conveners of expert panel will be Sanjeev Kumar Singhal, Chairman, AASB, and Vishal Doshi, Vice Chairman, AASB.
• G Ramaswamy, former CA Institute President, described the setting up of panel as the best initiative by ICAI’s Audit and Assurance Standards Board.
• G Ramaswamy was a member of Company Law Committee (CLC). It was appointed by Ministry of Corporate Affairs. It recently submitted its third report.

Topic: Financial/Regulatory Bodies

2. SIDBI has given first approval to Maharashtra government under its SIDBI Cluster Development Fund (SCDF).

• SIDBI has agreed in principal to provide Rs 600-crore assistance to Maharashtra government for revival of ITIs/polytechnics.
• Expert Committee on MSMEs has recommended SIDBI to engage with State Governments in a more focused way for MSME development and promotion.
• This expert committee was headed by UK Sinha. SIDBI Cluster Development Fund was established with the support of RBI.
• It was set up to help infrastructure facilities in pan-India clusters. The fund is intended to support MSME infrastructure in areas other than agriculture.

Topic: Appointments

3. Government has appointed noted economist Dr. Suman K Bery as new vice chairman of NITI Aayog.

• After Dr Rajiv Kumar stepped down as Chairman of the NITI Aayog, Suman K Bery has been named Vice-Chairman.
• On May 1st, he will take over as Vice Chairperson of NITI Aayog. He will be the third vice chairman of NITI Aayog.
• Dr. Suman K Bery previously worked at the National Council of Applied Economic Research (NCAER) in New Delhi as Director-General.
• He was a member of National Statistical Commission and Economic Advisory Council to the Prime Minister.
• NITI Aayog:
  • It was formed on January 1, 2015. It replaced the Planning Commission.
  • The Prime Minister is the ex-officio Chairman and the Prime Minister appoints the Vice-Chairperson.
  • Its headquarters is in New Delhi. Amitabh Kant is its CEO.

Topic: RBI

4. RBI has imposed a penalty of RS 17 lakh on Manappuram Finance.

• The monetary penalty has been imposed for non-compliance of KYC, Prepaid Payment Instrument (PPI) rules.
• While imposing the fine, RBI has exercised its powers under Section 30 of Payment and Settlement Systems Act, 2007.
• Section 30 of Payment and Settlement Systems Act, 2007 gives RBI power to impose fines.
• Manappuram Finance is a NBFC (Non-Banking Financial Company) based in Kerala.

Topic: MoUs/Agreements

5. A MoU has been signed by Dhanlaxmi Bank with Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) for collection of taxes.

• This will make it possible for the customers to pay their direct taxes and GST payments through the bank’s branch network and digital platforms.
• The customers will also be able to pay other indirect taxes through bank’s branch network and digital platforms.
• RBI has authorized the bank for collection of taxes on the basis of recommendation by Controller General of Accounts.
• In October 2021, RBI empaneled the bank as Agency Bank to carry out general banking businesses of central and state government on RBI’s behalf.
• In 2020, RBI appointed D K Kashyap (General Manager of RBI) on bank’s board for two years.

Topic: Corporates/Companies

6. NMDC has won first prize in four categories of Public Relations Awards 2022 presented by Public Relations Society of India (PRSI).

• The mining company got the awards for its Corporate Website, Annual Report, Layout and Design of Newsletter, and CSR Corporate Video.
• ED (Personnel) Praveen Kumar and DGM Ch. Srinivasa Rao received the awards on the behalf of NMDC.
• A conference was also hosted on the theme of ‘Emerging Trends in Modern Public Relations’.
• National Mineral Development Corporation (NMDC) is the country’s largest Iron Ore producer. It is a Central Public Sector Enterprise under the Ministry of Steel. It is headquartered in Hyderabad.

Topic: Corporates/Companies

7. British PM Boris Johnson has inaugurated JCB India’s new £100-million factory.

• The factory has been launched near Vadodara in Gujarat.
• This factory will be JCB India’s 6th factory in India. 50% of the factory’s staff will be women.
• The factory is expected to start full production in October. India is an export hub for complete machines of JCB.
• British PM Boris Johnson was on a two-day visit to India. PM Modi and British PM Boris Johnson have decided to conclude negotiations on the Free Trade Agreement by end of 2022.
• JCB India is a fully-owned subsidiary of UK-based J C Bamford Excavators.

Topic: Appointments

8. Aditya Birla Capital has appointed Vishakha Mulye as its next CEO.

• She will join the organization on June 1, 2022. She will replace Ajay Srinivasan.
• Mulye is currently the Executive Director of ICICI Bank.
• She will be the first female, who will join the board of Aditya Birla Management Corporation.

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