Banking Awareness of 24 and 25 April 2024

By Priyanka Chaudhary | Last Modified: 25 Apr 2024 17:57 PM IST
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Topic: RBI

1. RBI has released Master Direction to the Asset Reconstruction Companies.

  • RBI released the Master Direction - Reserve Bank of India (Asset Reconstruction companies) Directions, 2024.
  • RBI released them to ensure prudent and efficient functioning of ARCs and to protect the interest of investors.
  • According to the directions, an ARC shall have a minimum net owned fund of Rs 300 crore and thereafter, on an ongoing basis to commence the business of securitisation or asset reconstruction.
  • ARC shall also apply for registration and get a certificate of registration from the RBI before commencing the business of securitisation or asset reconstruction.
  • The directions say that no ARC shall make investment in real estate or buildings, with the exception of up to 10% of its owned funds for its own use.
  • It is not permitted for ARCs to raise funds through deposits.
  • In addition, they must have their capital adequacy ratio at least 15% of their total risk-weighted assets.
  • According to the directions, no one may serve as MD, CEO, or Whole-time Director (WTD) after the age of 70.
  • Furthermore, the MD/CEO or WTD's term cannot be longer than five years at a time, with a maximum of fifteen years in a row.
  • The Indian Banks Association (IBA) must be notified by ARCs of any chartered accountants, advocates, or valuers who have engaged in irregularities.
  • An Asset Reconstruction Company (ARC) is a financial institution. It purchases the Non-Performing Assets (NPA) or bad assets from banks and other financial institutions.
  • Finance Minister Nirmala Sitharaman announced the establishment of Asset Reconstruction Companies in India in the Union Budget 2021–2022.
  • In India, both state-owned and private sector banks have established ARCs.

Topic: RBI

2. RBI Deputy Governor T Rabi Sankar’s reappointment has been approved by the Appointments Committee of the Cabinet (ACC).

  • His reappointment has been approved for one year from May 3, 2024.
  • Department of Personnel & Training has issued an order to this effect on 23rd April 2024.
  • T Rabi Sankar was appointed as RBI Deputy Governor in May 2021 for three years.
  • He was earlier an Executive director of RBI. He was elevated to the post of Deputy Governor in May 2021.
  • He currently holds charge of central security cell, and departments of currency management, foreign exchange, internal debt management, information technology, payment and settlement systems, amongst others.
  • RBI has four Deputy Governors. They are M.D.Patra, M Rajeshwar Rao, J Swaminathan and T Rabi Sankar.

Topic: Appointments

3. Amitabh Chaudhry has been reappointed as the Managing Director and CEO of Axis Bank by its Board of Directors.

  • It has been decided to re-appoint him for an additional three years, beginning on January 1, 2025, and ending on December 31, 2027.
  • The Reserve Bank of India's (RBI) and the members' permission are required for this re-appointment.
  • He became the MD and CEO of Axis Bank on January 1, 2019.
  • The board of the bank also approved Meena Ganesh's reappointment as an independent director for a further four-year term beginning on August 1, 2024, and ending on July 31, 2028.
  • The bank’s board also approved re-appointment of Gopalaraman Padmanabhan as Independent Director of the bank for a second term of four years with effect from October 28, 2024 up to October 27, 2028.
  • Axis Bank is the third-largest private sector bank in India that is headquartered in Mumbai.

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Topic: Appointments

4. The appointment of Rana Ashutosh Kumar Singh for the position of MD in State Bank of India has been recommended by the FSIB.

  • Financial Services Institutions Bureau (FSIB) has also recommended the appointment of Asheesh Pandey for the position of MD & CEO in Indian Bank.
  • Rana Ashutosh Kumar Singh is currently Deputy Managing Director (Retail- Personal Banking & Real Estate) at SBI.
  • Presently, SBI has four MDs. They are Challa Sreenivasulu Setty, Alok Kumar Choudhary, Ashwini Kumar Tewari, and Vinay M Tonse.
  • The tenure of Alok Kumar Choudhary as MD will end on June 30, 2024, when he will superannuate.
  • Asheesh Pandey is currently Executive Director at Bank of Maharashtra.
  • Presently, Shanti Lal Jain is the MD and CEO of Indian Bank.

Topic: Reports and Indices

5. Flash composite Purchasing Managers’ Index (PMI) increased to 62.2 in April.

  • It reached to 14-year high level. It was 61.8 in March.
  • The manufacturing and service sectors demonstrated strong performance, driven by a rise in new orders.
  • This led to the highest composite output index since June 2010.
  • Specifically, as new orders increased in both domestic and foreign markets in April, the expansion of services accelerated even more.
  • In the last three months, business activity increased most in the service economy.
  • In April, private sector sales grew for the thirty-third consecutive month and at the fastest rate in less than 14 years.
  • S&P Global compiles the index using data from survey panels of about 400 manufacturers and 400 service providers, based on answers to questionnaires.


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Topic: Reports and Indices

6. In 2023, India overtook China as the market leader for electric three-wheelers (3W).

  • Almost 25% of three-wheelers in India are electric, per an International Energy Agency (IEA) report.
  • In 2023, sales of electric three-wheelers in India exceeded five million units. This is a 65% increase over the levels in 2022.
  • Sales of electric three-wheelers in China decreased by 8% to 3.2 lakh units. It grew to be the second-largest market as a result.
  • In 2023, the 3W market experienced a 13% global expansion, with 4.5 million sales. Twenty-one percent of this was electric.
  • Global sales of electric 3Ws reached about one million in 2023.
  • China and India hold a dominant position in the electric 3W market.
  • When combined, they represent more than 95% of all-electric and 80 % of conventional 3W sales.

Topic: Banking System

7. NABARD released its Climate Strategy 2030 document.

  • On the occasion of Earth Day, the National Bank for Agriculture and Rural Development (NABARD) released its Climate Strategy 2030 document.
  • The Climate Strategy 2030 document has been released by Shaji KV, Chairman of NABARD.
  • Its main aim is to address India’s need for green financing. As per the NABARD, India requires $170 billion annually to reach a cumulative total of over $2.5 trillion by 2030.
  • NABARD’s Climate Strategy 2030 is based on four key pillars: accelerating green lending across sectors, playing a broader market-making role, internal green transformation and strategic resource mobilization.
  • Until 2019-20, about $49 billion has been collected by India in green financing. The majority of funds were for mitigation while $5 billion was allocated towards adaptation and resilience.
  • This strategy will make NABARD a pivotal player in India’s transition towards a resilient and sustainable economy.

Topic: Corporates/Companies

8. BharatPe One has been launched by BharatPe.

  • BharatPe One is all-in-one payment device. It integrates a point of sale, QR code, and speaker into one device.
  • In the 1st phase, BharatPe One will be launched in 100 cities and in 450 cities over the next six months.
  • BharatPe One offers payment options including QR code, tap-and-pay and traditional card payment.
  • BharatPe One is having a high-definition touchscreen display, 4G and Wi-Fi connectivity.
  • It is powered by the latest Android operating system.


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