Topic: RBI
1. ₹2 cr monetary penalty imposed by RBI on Tata Communications Payment Solutions.
- ₹2 cr monetary penalty has been imposed by RBI on Tata Communications Payment Solutions.
- ₹54.93 lakh monetary penalty has been imposed on Appnit Technologies Pvt Ltd (ATPL).
- RBI said that Tata Communications Payment Solutions was non-compliant with the directions issued by RBI on White Label ATM deployment targets and net-worth requirements.
- RBI has imposed a penalty on non-compliance with directions issued by RBI on maintenance of escrow account balance and net-worth requirement.
- In August 2021, RBI had announced the scheme of penalty for non-replenishment of ATMs.
- Under this scheme, ATMs with no cash for more than ten hours in a month will attract penalty of ₹10,000 each. The scheme became effective from October 1, 2021.
- White Label ATMs (WLAs) are ATMs that are established, opened and operated by non-banks.
Topic: Banking System
2. Capri Global and Union Bank of India enter into co-lending agreement to offer loans to MSMEs.
- Capri Global and Union Bank of India have entered into a co-lending agreement to offer loans to Micro, Small and Medium Enterprises (MSMEs).
- Capri Global Capital Limited said that loan disbursement will start from December 2021.
- The co-lending agreement aims to increase last-mile credit and drive financial inclusion to MSMEs through secured loans between ₹10 lakhs to ₹1 crore.
- Union Bank of India was founded in 1919. Its CEO is Rajkiran Rai G. It is headquartered in Mumbai. It is a government-owned bank.
Topic: Banking System
3. ICICI Bank launches Trade Emerge, an online platform for exporters and importers.
- ICICI Bank has launched Trade Emerge, an online platform for exporters and importers.
- Trade Emerge platform offers digital banking and value-added services to exporters and importers across India.
- It aims to make cross border trade hassle-free, expeditious and convenient.
- Vishakha Mulye, Executive Director, ICICI Bank said that the initiative aims to increase the efficiency and productivity of exporters and importers.
- ICICI Bank (ICICI Bank Limited) is a private sector bank. Girish Chandra Chaturvedi is chairman of its board of directors. Its MD & CEO is Sandeep Bakhshi.
Topic: Banking System
4. ESAF Small Finance Bank launches “ESAF Go Green” range of electric vehicle loan schemes.
- ESAF Small Finance Bank has launched “ESAF Go Green” range of electric vehicle loan schemes.
- ESAF Go green loans are being offered at low-interest rates and zero foreclosure charges.
- They are available at a minimal processing fee and zero documentation charges.
- ESAF Small Finance Bank is a small finance bank based in Thrissur, Kerala.
Topic: Taxation
5. Andhra Pradesh to levy green tax on vehicles.
- Andhra Pradesh will soon impose a green tax on all vehicles, barring motorcycles and autorickshaws.
- State Assembly has passed the AP Motor Vehicles Taxation (Amendment) Bill 2021. It facilitates the introduction of a green tax.
- A green tax of ₹4,000 will be levied in the case of transport vehicles that are 7- 10 years from the time of registration.
- A green tax of ₹5,000 will be levied if the age of the vehicle is 10- 12 years. If the vehicle is more than 12 years old ₹6,000 per annum will be levied.
Topic: Government Schemes and Initiatives
6. Extension of Pradhan Mantri Garib Kalyan Ann Yojana for another 4-months approved by Union Cabinet.
- Extension of Pradhan Mantri Garib Kalyan Ann Yojana for another 4-months has been approved by Union Cabinet.
- Information and Broadcasting Minister Anurag Thakur said that the 5th Phase of Pradhan Mantri Garib Kalyan Ann Yojana has been extended from December 2021 till March 2022.
- The Pradhan Mantri Garib Kalyan Ann Yojana is a food security welfare scheme. It was envisaged by PM Modi to provide assistance and help mitigate the economic impact of Covid-19.
- Under the scheme, food grain at five kilogram per person per month free of cost is provided to all beneficiaries covered under National Food Security Act.
Topic: Reports and Indices
7. Financial Stability Board (FSB) publishes its list of world's 30 most systemic banks.
- Financial Stability Board (FSB) has published its list of world's 30 most systemic banks.
- According to the annual ranking, JP Morgan Chase has become the world's most systemically important bank once again.
- BNP Paribas and Goldman Sachs are now considered more systemic. JP Morgan was also world's most systemic bank in 2019.
- Financial Stability Board is made up of regulators from G20 countries.
Topic: Reports and Indices
8. Amazon, Asian Paints and Tata Tea are India’s most purposeful brands in BrandZ India report.
- Amazon, Asian Paints and Tata Tea are India’s most purposeful brands in technology, non-FMCG and FMCG categories, respectively, in the 2021 edition of Kantar’s annual BrandZ India report.
- In technology rankings for the “Most Purposeful Brands”, Amazon is at the top followed by Zomato and YouTube.
- Google and Swiggy are jointly ranked at 4th place, followed by Flipkart in the fifth position.
- Asian Paints is at the top in non-FMCG rankings, Samsung and Jio ranked jointly in the second position.
- Tata Tea tops in FMCG category rankings. It was followed by Surf Excel and Taj Mahal. Parachute and Maggi were jointly ranked at fourth place.
- BrandZ India report is based on an analysis of 418 brands across 30 categories.
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