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.
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.
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.
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.
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.