Banking Awareness of 26, 27 and 28 April 2022

Topic: Miscellaneous

1. Dr Bina Modi has won the Woman Transforming India Award.

• She won the award from Indo-American Chamber of Commerce.
• Union Minister for Civil Aviation Jyotiraditya Scindia presented her the award.
• She is chairperson of Modi Enterprises. She is president and managing director of Godfrey Phillips India Ltd.
• She had won the Women of the Decade in Business & Leadership 2018 by Women Economic Forum. She also won Achiever’s Award in 2019.
• In 2020, she won Award for Excellence in Business by Abdelfattah El Sisi, President of Egypt at the Women Economic Forum 2020.

Topic: Corporates/Companies

2. Tesla and SpaceX CEO Elon Musk has acquired American company Twitter in a 44 billion dollar deal.

• As per the deal, shareholders will get 54.20 dollars in cash for each share of Twitter stock they own.
• Twitter's board has unanimously approved the deal. The deal is expected to close this year.
• Twitter:
  • It is an American social networking and microblogging service.
  • Its CEO is Parag Agrawal. Its founders are Jack Dorsey, Biz Stone, Evan Williams and Noah Glass.

Topic: Banking System

3. Rs 1.12 crore penalty has been imposed by RBI on Bank of Maharashtra.

• The penalty has been imposed for non-compliance with KYC norms and RBI’s guidelines on reporting of data and outsourcing of financial services.
• The bank failed to allot Unique Customer Identification Codes (UCIC) to its individual customers.
• The bank also failed in reporting of data to the Central Repository of Information on Large Credits (CRILC). 
• Bank of Maharashtra is headquartered in Pune. Its CEO is A.S. Rajeev. It is a nationalised bank.

Topic: Banking System

4. ₹820-crore additional funding has been approved by Union cabinet for India Post Payments Bank (IPPB).

• The additional funding has been approved for 2020-21 to 2022-23.
• The project outlay for setting up of IPPB has been revised from ₹1,435 crore to ₹2,255 crore.
• Union cabinet has also given in-principal approval for future fund infusion of ₹500 crore.
• This approval is for meeting regulatory requirements and technological upgradation.
• IPPB was launched nationwide on September 1, 2018. Since its launch, IPPB has opened more than 5.25 crore accounts.

Topic: Corporates/Companies

5. Netflix and Information & Broadcasting Ministry have partnered.

• The purpose of partnership is to develop short videos that highlight role of women changemakers.
• Netflix in partnership with I&B Ministry has released short videos under the initiative called ‘Azadi Ki Amrit Kahaniya’.
• Poonam Nautiyal, Tessy Thomas, Tanvi Jagdish, Aarohit Pandit, Basanti Devi and Anshu Jamsenpa and Harshini Kanhekar are seven women changemakers who appeared in the short videos.
• Netflix is an American subscription streaming service Company.

Topic: Indian Economy/Financial Market

6. India imported 212.2 million tonnes (mt) of crude oil in FY22.

• The imported crude oil was valued at $119.2 billion in FY22. In value terms, the imports were highest since FY14.
• The imports of crude oil increased by 5.4% during March 2022. It increased by 8% during entire FY22.
• On an annual basis, imports of crude oil increased by 92% from $62.2 billion in FY21.
• In terms of volume, imports of India’s crude oil during FY22 were higher than that during FY21 (196.5 mt). It is less than FY20 (227 mt).
• India is the third biggest oil consumer of the world.

Topic: Corporates/Companies

7. Kannan Devan Hill Plantation (KDHP) Company has received carbon neutral certification.     

• It has also received net negative emission status. It is an associate company of Tata Consumer Products.
• It is largest tea plantation firm in South India. A survey of KDHP plantations was carried out by Nansen Environmental Research Centre (India).
• It was found that carbon sequestration from KDHP’s landscape was almost four times than what it emitted.
• KDHP is a plantation company headquartered in Kerala.

Topic: Banking/Financial Schemes

8. Cabinet Committee on Economic Affairs has approved extension of PM SVANidhi scheme.

• The scheme has been given extension beyond March 2022 till December 2024.
• Under Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme, street vendors are provided affordable collateral-free loans. It was launched in June 2020.
• Under the scheme, loans for an amount of Rs. 5,000 crore were initially envisaged.
• The loan amount of ₹5,000 crore has been increased to ₹8,100 crore. This will benefit about 1.2 crore citizens of Urban India.
• Government has also increased budget for promoting digital payments, which include cashback to vendors.

Topic: Corporates/Companies

9. The Nudge Prize Cisco Agri Challenge has been won by S4S Technologies.

• Bioprime Agrisolutions was the runner-up of the challenge. The challenge called for enhancing profitability of small scale farmers.
• The challenge was announced by Cisco and The/Nudge Institute in December 2020 in collaboration with Office of Principal Scientific Adviser, Govt. of India.
• The winner organization was given a prize money of ₹1 crore and the runner-up was given ₹25 lakh.

Topic: Corporates/Companies

10. Initial Public Offering (IPO) of Life Insurance Corporation will open on May 2 for anchor investors.

• LIC IPO will open for general public from 4th May to 9th May.
• As per Department of Investment and Public Asset Management (DIPAM) secretary, LIC IPO will be the biggest in the country till date.
• The issue size for IPO has been reduced from 5% to 3.5%.
• Government aims to raise ₹21,000 crore through this IPO. Total IPO value is fixed at 21,000 crore rupees.  
• The IPO will be listed on stock exchanges on May 17.
• Four types of investors during IPO:
  • During the process of IPO, four types of investors can make a bid as per SEBI guidelines.
  • They are qualified institutional investors (QIIs), anchor investors, retail Investors and high net-worth individuals (HNIs)/non-institutional investors (NII).
• Anchor investors:
  • They get confirmed allotment and are qualified institutional buyers (QIBs).
  • They were brought to financial markets in 2009. They can get up to 30% of issue’s part available to QIBs. 

Read Banking Awareness PDF - 26, 27 and 28 April 2022