Banking Awareness of 24 and 25 June 2022

By Priyanka Chaudhary | Last Modified: 25 Jun 2022 20:13 PM IST
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Topic: Indian Economy/Financial Market

1. India recorded current account deficit (CAD) of 1.2% of GDP in 2021-22 due to a wider trade deficit as per RBI.

  • A surplus of 0.9% was recorded in FY2020-21. India’s current account deficit for January-March 2022 quarter declined to USD 13.4 billion or 1.5% of GDP.
  • In the December 2021 quarter, current account deficit was USD 22.2 billion or 2.6% of GDP.
  • The trade deficit increased to USD 189.5 billion in FY22 from USD 102.2 billion a year ago.
  • Goods imports stood at USD 618.6 billion in FY22 as against USD 398.5 billion in the year-ago period.
  • Private transfer receipts increased to US$ 23.7 billion, up by 13.4 % from their level a year ago.
  • Net foreign direct investment (FDI) in Q4:2021-22 at US$ 13.8 billion was higher than US$ 2.7 billion in Q4:2020-21.
  • Net FDI inflows at US$ 38.6 billion in 2021-22 were lower than US$ 44.0 billion in 2020-21.
  • Current account deficit occurs when the value of a country’s imported goods and services and other payments is more than the value of its export of goods and services and other receipts.

Topic: Appointments

2. Parameswaran Iyer has been appointed as the new CEO of NITI Aayog for a period of 2 years or until further orders, whichever is earlier.

  • He will replace Amitabh Kant, whose term ends on June 30. Amitabh Kant was appointed as NITI Aayog’s CEO on February 17, 2016.
  • Iyer is an Indian Administrative Service (IAS) officer of Uttar Pradesh cadre.
  • He took voluntary retirement from IAS in 2009 to join water and sanitation initiatives at the World Bank.
  • He led government’s Swachh Bharat Mission between 2016 and 2020.
  • He earlier worked as Senior Rural Water Sanitation Specialist at the United Nations.
  • Chief Executive Officer of NITI Aayog is appointed by the Prime Minister for a fixed tenure. He is appointed in the rank of Secretary to the Government of India.

Topic: Taxation

3. Government has extended levying of GST compensation cess till March 2026.

  • Levying of GST compensation cess was to end on June 30. Finance Ministry has now notified extension.
  • The notification said that the period for levy and collection of cess under sub-section (1) of Section 8 of the Goods and Services Tax (Compensation to States) Act, 2017 shall be up to the 31st March, 2026.
  • However, this does not mean States will continue to get compensation till the extended period.
  • On May 31, the Centre said it released the entire GST compensation payable to States by releasing ₹86,912 cr.

Topic: Appointments

4. RBI has appointed Venkat Nageswar Chalasani as a member of Srei’s advisory committee.

  • Venkat Nageswar Chalasani is a former Deputy Managing Director of State Bank of India.
  • He has now been appointed as member of the Advisory Committee of Srei Infrastructure Finance Limited and Srei Equipment Finance Limited (SEFL).
  • RBI had constituted an Advisory panel under the Insolvency and Bankruptcy Rules, 2019.
  • This panel was constituted to advise the Administrator of Srei.

Topic: RBI

5. Card tokenisation deadline has been extended by RBI by another three months to September 30, 2022.

  • Previous deadline was June 30. Initially, the RBI had set a deadline of December 31, 2021, to implement card on file tokenisation.
  • Card on File Tokenisation is a method that allows cardholders to generate tokens, or a unique alternate code, in place of card details.
  • Merchants can store these tokens for processing transactions in future.

Topic: Miscellaneous

6. MSME growth conclave will be hosted by The Hindu BusinessLine in Bengaluru on June 27.

  • The conclave will be hosted on June 27 to commemorate International MSME Day (27 June).
  • MSME growth conclave is powered by Dell Technologies in association with Canara Bank.
  • State Bank of India, Government of Karnataka Department of Industries & Commerce & SSVM Institutions Coimbatore are the associate sponsors for the conclave.
  • C N Ashwath Narayan, Minister for IT/BT, Higher Education, Skilling, Science & Technology, Government of Karnataka will deliver the inaugural address.
  • MSMEs provide employment opportunities to nearly 12 crore workers, contribute 30% of India’s GDP and 45% of India’s exports.

Topic: RBI

7. The deadline for implementation of provisions regarding credit and debit card issuance has been extended by RBI.

  • The deadline for implementation of few provisions regarding Master Direction- issuance and conduct of credit and debit cards was July 1, 2022.
  • New deadline for implementation of the provisions regarding Master Direction- issuance and conduct of credit and debit cards is now October 1, 2022. These provisions are given next.
    • Card-issuers shall seek One Time Password (OTP) based consent from the cardholder for activating a credit card.
    • No breaching of sanctioned credit limit by the card-issuer without seeking explicit consent from the cardholder.
    • No capitalization of unpaid charges/levies/taxes for charging/ compounding of interest.
  • Timeline for implementation of other provisions under Master Direction- issuance and conduct of credit and debit cards remains same.

Topic: Banking System

8. Centre's Department of Pension & Pensioners' Welfare (DoPPW) will collaborate with State Bank of India (SBI).

  • They will collaborate to create an integrated pension portal to enhance ease of living of pensioners.
  • Sessions on pension policy reforms and digitisation regarding the disbursement of pensions to central government pensioners were organized.
  • These sessions were organized with the objective of updating SBI field functionaries during the two-day bankers' awareness programme in Udaipur, Rajasthan.
  • Four such awareness programmes will be conducted in collaboration with the State Bank of India to cover the entire country.

Topic: Banking System

9. ICICI Bank has launched Campus Power. 

  • Campus Power caters to the needs of the students, parents and institutes.
  • It is a digital platform to address the needs of the students aspiring to pursue higher education in India and abroad.
  • It offers both banking and value-added solutions at one place. It is available for anyone including customers of other banks.
  • 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.

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