1. Former Chief Economic Advisor (CEA), Dr. K Subramanian’s appointment as Executive Director (India) at the IMF has been approved.
- Appointments Committee of the Cabinet (ACC) has approved his appointment.
- He will begin his tenure on November 1, 2022. He has been appointed for three years.
- Dr. Krishnamurthy Subramanian will succeed Dr. Surjit Bhalla.
- Dr. Bhalla, a renowned economist, was appointed in 2019 as the Executive Director for India on the board of the International Monetary Fund.
- International Monetary Fund (IMF):
- The IMF is an international organisation to promote global monetary cooperation.
- Its headquarters is located in Washington DC. It was established in 1945.
- The Managing Director of IMF is Kristalina Georgieva.
2. An agreement has been signed by Flipkart with Indian Institute of Millets Research (IIMR), Hyderabad.
- Flipkart has signed the agreement to provide Farmer Producer Organizations (FPOs) and Self-Help Groups (SHGs) access to markets.
- Flipkart will work with FPOs and SHGs through training and capacity building initiatives to provide them understanding of quality and pricing.
- IIMR will help FPOs and SHGs with necessary infrastructure.
- Flipkart is an Indian e-commerce company. It is headquartered in Bangalore. It is incorporated in Singapore as a private limited company. Kalyan Krishnamurthy is its CEO.
3. National Conference of Labour Ministers of all States and Union Territories addressed by PM Modi on 25 August.
- PM Modi said that 29 labour laws have been converted into four simple labour codes.
- The two-day National Conference of Labour Ministers of all States and Union Territories is being held at Tirupati in Andhra Pradesh.
- It is being organized by the Union Labour and Employment Ministry.
- The main purpose of the conference is to discuss labour-related issues.
- It will bring synergy between the Centre and State Governments in formulating better policies related to labour.
- The conference have four thematic sessions, which are given below:
- Integrating e-Shram portal for onboarding social security schemes to universalize social protection.
- Swasthya se Samriddhi for improving medical care through ESI hospitals run by State Governments and integration with PMJAY
- Framing of rules under four Labour Codes and modalities for their implementation
- Vision Shramev Jayate @ 2047
4. Financial Services Institutions Bureau (FSIB) has recommended 14 candidates to panel for Executive Directors.
- The executive directors for public sector banks for the year 2022-23 will be appointed from this panel.
- Financial Services Institutions Bureau (FSIB) has said that the appointments will be made from the panel, subject to vacancies in the year 2022-23.
- The names of recommended candidates are given in the next table.
Mahesh Kumar Bajaj
Malladi Venkat Murali Krishna
Rajendra Kumar Saboo
Sanjay Vinayak Mudaliyar
Hardeep Singh Ahluwalia
Topic: Banking System
5. Scheduled commercial banks’ credit growth increased to 14.2% in June from 10.8% a quarter ago as per RBI.
- It increased to 14.2% in June from 6% a year ago as per RBI.
- Aggregate deposit growth (y-o-y) was in the range 9.5-10.2% during the last five quarters.
- RBI has released its statement on ‘Quarterly statistics on deposits and credit of SCBs: June 2022’.
- As per the RBI statement, credit-deposit (C-D) ratio in June increased to 73.5% at all-India level from 70.5% a year ago.
- C-D ratio increased to 86.2% for metropolitan branches of banks from 84.3% a year ago.
- RBI said credit growth has been broad-based. All the population groups, all the bank groups and all the regions of the country recorded double-digit annual credit growth in June.
- Deposit growth lagged behind credit growth in the recent period.
- Metropolitan branches continued to account for over half of the bank deposits.
- The share of metropolitan branches in bank deposits increased marginally over the last one year.
- RBI said the share of current account and savings account (CASA) deposits in total deposits has been rising over the last 3 years.
- It has increased from 42% in June 2020 to 44.5% in June 2022.
6. Edelweiss General Insurance (EGI) has partnered with Health Ministry to help create digital health IDs for all in the country.
- Customers of Edelweiss General Insurance will be able to generate their unique ABHA number through the company’s website.
- ’ABHA’ or the Ayushman Bharat Health Account is a 14-digit number.
- It helps users to share and access their health records digitally with registered healthcare providers.
- ABHA is presently optional. National Health Authority (NHA) is responsible for implementing it under the Ayushman Bharat Digital Mission.
7. RBI has removed the business restrictions imposed on American Express Banking Corp (AEBC).
- RBI has removed restrictions imposed on AEBC on on-boarding of new domestic customers with immediate effect.
- RBI has removed restrictions in view of the satisfactory compliance demonstrated by AEBC with RBI’s April 2018 circular on “Storage of Payment System Data.”
- By order dated April 23, 2021, RBI had prohibited AEBC from on-boarding new domestic customers onto its card network from May 1, 2021.
- In June 2022, RBI had lifted restrictions imposed on Mastercard Asia/Pacific Pte. Ltd. on on-boarding of new domestic customers.
8. IDFC Ltd’s Board has approved Mahendra N Shah’s appointment as MD - Designate with immediate effect.
- He will be Managing Director (MD) with effect from October 1, 2022, till September 30, 2023.
- This will be subject to approval of shareholders of the company and other statutory/regulatory approvals.
- Sunil Kakar’s term as MD & CEO of the company will end on September 30, 2022.
9. Competitiveness Roadmap for India@100 will be released by Economic Advisory Council to Prime Minister (EAC-PM) on 30 August 2022.
- The Competitiveness Roadmap is a collaborative endeavor between EAC-PM, The Institute for Competitiveness, and Professor Michael E. Porter and Dr Christian Ketels from Harvard Business School.
- The Competitiveness Roadmap for India@100 is based on the framework developed by Professor Michael E. Porter.
- India@100 is a roadmap for our country’s journey towards its centennial year.
- The roadmap stands to inform and guide the way for India to become a higher-income country by 2047.
- The document will be released in the presence of Dr Bibek Debroy, Chairman EAC-PM, Amitabh Kant, Sherpa, G-20, Sanjeev Sanyal, Member, EAC-PM.
Topic: Indian Economy/Financial Market
10. All criminal prosecutions under the Benami Act started before October 25, 2016 will now be considered void after Supreme Court ruling.
- All confiscation proceedings under the Benami Transaction Prohibition Act (in short, Benami Act) that were started before October 25, 2016 will also be considered void after Supreme Court ruling.
- Supreme Court struck down a provision of Benami Transactions (Prohibition) Act of 1988.
- The Benami Transactions (Prohibition) Act of 1988 has the provision of punishment of a maximum jail term of three years or a fine or both for those indulging in Benami transactions.
- A bench comprising Chief Justice N V Ramana and Justices C T Ravikumar and Hima Kohli declared the provision unconstitutional on the ground of being arbitrary.
- Supreme Court declared section 3(2) of the Benami Transactions (Prohibition) Act, 1988 as unconstitutional.
- Supreme Court also states that the 2016 amended law will apply only prospectively, and not retrospectively.
- Benami Transactions (Prohibition) Act 1988:
- It came into force on 5 September 1988 and it prohibits certain types of financial transactions.
- It defines a 'Benami' transaction as a transaction in which property is transferred to one person for a consideration paid or provided by another person.
- It was amended in 2016 as an attempt to curb black money.