Banking Awareness of 24 and 25 May 2022

Topic: Committees/ Commissions/Taskforces

1. A six-member committee has been formed by RBI to review customer service standards in entities regulated by it.

• RBI has set up six-member committee to review the efficacy, adequacy and quality of customer service in banks, NBFCs, and other entities regulated by it.
• The committee is headed by former RBI deputy governor B P Kanungo. It will submit its report within three months from the date of its first meeting.
• It will review the emerging needs of customer service. It will identify best practices in customer service and grievance redressal.
• A K Goel, Amitha Sehgal, Rajeshri N Varhadi, AS Ramasastri and Anil Kumar Sharma are the other members of the committee.

Topic: Miscellaneous

2. A Gopalakrishnan has won VASVIK (Vividhlaxi Audyogik Samshodhan Vikas Kendra) Industrial Research Award for 2020.

• Gopalakrishnan is the Director of Central Marine Fisheries Research Institute (CMFRI).
• He has won the award in the category of Agricultural Sciences and Technology.
• Anjali Pandey has won the Committed Leader Award at CII EXCON for her efforts to make a more diverse, equitable, and inclusive workplace.
• She is Engines and Components Business Unit Leader at Cummins India.
• Confederation of Indian Industry (CII) organized EXCON 2021 from 17 to 21 May, 2022 in Bengaluru.
• EXCON 2021 is South Asia’s largest construction equipment and construction technology trade fair.

Topic: MoUs/Agreements

3. Investment Incentive Agreement (IIA) has been signed by India and US on 23 May 2022.

• India's Foreign Secretary Vinay Kwatra and Chief Executive Officer of US International Development Finance Corporation Scott Nathan signed the agreement in Tokyo, Japan.
• IIA has superseded the earlier Investment Incentive Agreement signed between India and US in 1997.
• This agreement is a legal requirement for Development Finance Corporation (DFC) to continue investment support in India.
• DFC is a development finance agency of the Government of the USA.

Topic: Indian Economy/Financial Market

4. Government exempted tax on import of 20 Lakh Metric Tonnes each of crude soyabean and crude sunflower oil per annum.

• The government has decided to exempt customs duty and agri cess on the import of 20 lakh MT of crude soyabean and crude sunflower oil per annum for two years till March 2024.
• The exemption from customs duty and Agricultural Infrastructure and Development Cess will be effective from 25 May 2022.
• The duty-free import of 20 lakh MT per year will be applicable for 2022-23 and 2023-24 financial years.
• India imports palm oil mainly from Indonesia and Malaysia and soyabean and sunflower oil from Argentina, Brazil, Ukraine and Russia.

Topic: Indian Economy/Financial Market

5. Central government has capped sugar exports at 10 million tonnes in the current marketing season ending September.

• The government has taken this decision to maintain price stability and domestic availability in the middle of historically highest exports.
• As per the notification issued by Directorate of General of Foreign Trade (DGFT), sugar exports will be allowed from June 1 after permission of Directorate of Sugar under the Food Ministry.
• Government has placed export of sugar (raw, refined and white sugar) under the restricted category from June 1, 2022 onwards.
• Approximately 7.8 million tonnes of sugar have been exported in the current sugar marketing year (October-September).
• In 2020-21, sugar exports stood at 7 million tonnes. In 2019-20, sugar exports stood at 5.96 million tonnes.
• India is the highest producer and the second-largest exporter of sugar in the world in the current year.

Topic: Reports and Indices

6. A report on the "World of work" has been released by International Labour Organisation (ILO).

• According to this report, 11.2 crore jobs have been lost in the first quarter of 2022.
• The report is the 9^th edition of the ILO Monitor on the World of Work.
• The number of hours worked globally dropped in the first quarter of 2022 by 3.8%. It is equivalent to a deficit of 112 million full-time jobs.
• The gender gap in hours worked has also increased in the first quarter of 2022.
• The hours worked by women in India were very low. Women’s employment in the healthcare sector has come down due to the COVID-19 pandemic.
• International Labour Organisation (ILO):
  • It is a specialized agency of the United Nation consisting of 187 countries.
  • It was formed in 1919 with headquarters in Geneva, Switzerland.
  • It develops international labour standards and advances social justice.

Topic: Summits/ Conferences/ Meetings

7. The five-day annual meeting of World Economic Forum (WEF) started in Davos.

• Commerce and Industry Minister Piyush Goyal is leading the Indian delegation at annual meeting of the WEF at Davos, Switzerland.
• Health and Family Welfare Minister Mansukh Mandaviya, Petroleum and Natural Gas Minister Hardeep Singh Puri, and Chief Ministers and Senior Ministers of six states are also part of the Indian delegation.
• The theme of the summit is ‘history at a turning point’.
• Ukraine crisis and climate change will be the main focus of the meeting.
• The leaders will also discuss government policies and business strategies after the global pandemic.
• The annual meeting of 2021 could not take place physically.
• The Maharashtra government launched its pavilion at the World Economic Forum meeting.
• World Economic Forum (WEF) is a non-governmental organization founded in 1971. Its headquarters is located in Cologny, Switzerland.

Topic: Reports and Indices

8. Indian economy projected to grow at 6.4% in 2022 and to be fastest growing major economy as per UN report.

• According to the UN’s World Economic Situation and Prospects (WESP) report, India’s GDP is projected to grow at 6.4% in 2022.
• The growth of the economy is slower than the last year but it is still the fastest among the major economies. In 2021, India’s GDP had grown by 8.8%.
• India's growth is projected to be 6% for the fiscal year 2023. In 2021-22, the global economy is projected to grow by 3.1%, which is less than the earlier projected growth of 4%.
• Global inflation is projected to increase to 6.7% in 2022.
• This report has been produced by the United Nations Department of Economic and Social Affairs (UN DESA), in association with the United Nations Conference on Trade and Development (UNCTAD) and the five United Nations regional commissions.

Topic: Banking System

9. HDFC Bank and Retailio have partnered to launch co-branded credit cards.

• The cards are primarily targeted at chemists and pharmacies in the merchant segment.
• They will be available to over 1 lakh customers of Retailio, a B2B pharma marketplace.
• HDFC Bank is headquartered in Mumbai. It is India’s largest private sector bank. It was founded in 1994. CEO of HDFC Bank is Sashidhar Jagdishan.

Topic: Banking System

10. Digital loan against shares facility has been launched by Tata Capital.

• Customers can get loans up to Rs 5 crore by pledging their dematerialised shares online.
• The loan amount is based on the value of shares in the portfolio of the customer.
• Tata Capital recently launched the ‘Loans against Mutual Funds’ facility.
• Tata Capital is a financial and investment service provider company in India.

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