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.
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.
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.
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.
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.
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.
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.