Banking Awareness of 26, 27 and 28 March 2022

By PendulumEdu | Last Modified: 28 Mar 2022 17:57 PM IST
Half Yearly (Jul - Dec 2021)
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Topic: Banking System

1. Bank of Maharashtra has won best bank award from State Forum of Bankers' Clubs Kerala.

  • The bank has won the award for 2020-21 at national level under the public sector category.
  • Kerala’s Industries and Commerce Minister gave the award to Bank of Maharashtra Managing Director A S Rajeev.
  • The bank’s MD said that it has entered into the mid-sized bank category after declaring its Q3 FY22 results.
  • Bank of Maharashtra is a scheduled public sector bank headquartered in Pune. It has recently partnered with Mahagram to launch Bank Sakhi project in Odisha.

Topic: RBI

2. Framework for geotagging payment system touchpoints has been released by RBI.

  • RBI has released the framework to help monitor and ensure the availability of payment infrastructure.
  • Under the framework, geographical coordinates for all payment touchpoints will be captured and maintained by banks and non-bank payment system operators.
  • Banks and non-bank payment system operators will also keep a registry with accurate location of all payment touchpoints across India.
  • Geotagging information would be submitted to the RBI. RBI has not provided the date from which this information would be reported to RBI.
  • In Monetary Policy Statement 2020-21 on 8 October 2021, it was announced that RBI would provide a framework for geotagging of physical payment acceptance infrastructure.

Topic: RBI

3. RBI has given perpetual licence to India1 Payments to set-up, own and operate White Label ATMs (WLAs) in India.

  • The licence is however subject to company’s compliance with regulatory guidelines and terms of original Certificate of Authorization (CoA).
  • India1 Payments (formerly BTI Payments Private Ltd) operates ATMs under the brand name India1ATMs.
  • White Label ATMs (WLAs) are ATMs that are established, opened and operated by non-banks.

Topic: Miscellaneous

4. SpiceJet, Boeing and CSIR-Indian Institute of Petroleum (IIP) have partnered on sustainable aviation fuel.

  • The partnership was announced at the ongoing Wings India 2022, Asia’s largest civil aviation conference.
  • The partnership aims to explore use of Sustainable Aviation Fuel in Indian aviation industry.
  • The companies will jointly work to use Sustainable Aviation Fuel supply from CSIR-IIP and its partners to help SpiceJet decarbonise its operations.
  • While speaking at Wings India 2022, Union Minister for Civil Aviation Minister said that number of air passengers in India will be more than 410 million per annum by 2024-25.
  • Wings India 2022 has been jointly organized by Ministry of Civil Aviation and FICCI from March 24-27 at Begumpet Airport, Hyderabad. Telangana is the host state for the conference.

Topic: Appointments

5. Shashidhar Sinha has been unanimously elected as new Chairman of BARC India.  

  • Shashidhar Sinha has replaced Punit Goenka, who was the Chairman for previous two terms (three years).
  • Sinha is also on Advertising Agencies Association of India’s board.
  • BARC India:
    • It was formed in 2010 by various stakeholders’ bodies such as Indian Broadcasting Federation, Advertising Agencies Association of India etc. 
    • It is headquartered in Mumbai. Nakul Chopra is its CEO. 

Topic: Indian Economy/Financial Market

6. India’s forex reserves decreased by $2.597 billion to reach at $619.678 billion in week ended on March 18, 2022.

  • The decline in reserves was mainly due to gold and foreign currency assets (FCAs) components.
  • In week ended on March 18, 2022, gold component declined by $1.831 billion and foreign currency assets (FCAs) component declined by $703 million.
  • Special Drawing Rights (3rd component of reserves) declined by $62 million in week ended on March 18, 2022.
  • Reserve Position in IMF (4th component of the reserves) remained unchanged in week ended on March 18, 2022.
  • The forex reserves had decreased by $9.646 billion in the previous week ended March 11.
  • During the previous three years, India’s foreign exchange reserves have increased by around Rs 2.52 lakh crore ($270 billion).
  • As per RBI governor, India’s reserves stood at $677 billion as of 21 March 2022. This includes foreign exchange reserves of $622 billion.
  • RBI governor said that India holds a lot of forex ($55 billion) in forward assets, which will mature from time to time every month.

Topic: Regulatory Bodies/Financial Institutions

7. An investigation has been ordered by CCI against Google.

  • Investigation would be carried out by Director General of CCI for abuse of dominant position by Google in online news media market.
  • Indian Newspaper Society (INS), the representative organization of newspapers in the country, has alleged abuse of dominance by Google in online news media market.
  • INS has said that the company is abusing dominant position and this is in violation of Section 4 of Competition Act, 2002.  
  • CCI found that the allegations come under the purview of Competition Act, 2002.
  • Section 4 of Competition Act, 2002 says that no enterprise shall abuse its dominant position.

Topic: Reports and Indices

8. 2nd edition of Export Preparedness Index (EPI) released by NITI Aayog.

  • EPI 2021 has been released by NITI Aayog in association with the Institute of Competitiveness.
  • The index was released by NITI Aayog Vice Chairman, Dr Rajiv Kumar, in the presence of NITI Aayog CEO Amitabh Kant.
  • Gujarat has topped EPI 2021. Maharashtra and Karnataka are on the second and third position respectively.
  • Tamil Nadu and Haryana are on the fourth and fifth position. Union Territory of Jammu & Kashmir is one of the top performers among UTs.
  • This edition has shown that most of the ‘Coastal States’ are the best performers.
  • Export Preparedness Index is based on four pillars- Policy, Business Ecosystem, Export Ecosystem, and Export Performance and 11 sub pillars.
  • This index will be very useful for the government and policymakers to promote competitive federalism and to increase India’s share in global export.





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