Banking Awareness of 26, 27 and 28 August 2023

By Priyanka Chaudhary | Last Modified: 09 Sep 2023 15:55 PM IST
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Topic: Indian Economy/Financial Market

1. India’s forex reserves declined below $600-billion level in the week ended August 18, 2023.

  • Foreign exchange reserves stayed above $600-billion level in the previous five weeks.
  • In the week ended 18 August 2023, the reserves declined $7.273 billion to stand at $594.888 billion.
  • In the week ended 29 October 2021, India’s forex reserves reached an all-time high level of $642.019 billion.
  • In the week ended 18 August 2023, the reserves declined because Foreign Currency Assets (FCA) and gold components declined by $6.613 billion and $515 million, respectively.
  • The other two components of the reserves (Special Drawing Rights and Reserve Position in the International Monetary Fund) also declined.
  • Since March-end 2023, India’s reserves have grown $16.439 billion.

Topic: Regulatory Bodies/Financial Institutions

2. More than 200 foreign portfolio investors (FPIs) may be impacted by SEBI’s new disclosure norms.

  • SEBI’s new disclosure norms will become operational from 1 November.
  • SEBI’s new rules were formulated following the Hindenburg-Adani case.
  • Under the new rules, FPIs holding over 50% of their equity AUM in a single Indian corporate group have 10 trading days to lower down their holdings.
  • FPIs with over ₹25,000 crore of equity AUM in Indian equities have 90 calendar days to lower down their holdings.
  • Investors shall make additional disclosures regarding persons having any ownership, economic interest, or control.
  • FPI registrations that do not comply may become invalid.
  • About 2% of 11,000-plus FPIs will be impacted by the SEBI’s new disclosure norms.
  • Six FPIs had an equity AUM of over ₹25,000 crore in Indian equities as of June 30, 2023.
  • The six include two sovereign wealth funds, two public retail investment groups, and an exchange-traded fund (ETF).

Topic: Banking System

3. The proposal to bring loan for Electric Vehicles infrastructure under priority sector lending (PSL) is being considered.

  • The government is considering the proposal in association with the RBI.
  • The proposal to increase the retirement age for Chairman, Managing Director-cum-Chief Executive Officer and Executive Directors of Public Sector Banks is also being considered.
  • As per RBI norms, every bank shall provide 40% of Adjusted Net Bank Credit or Credit Equivalent Amount, whichever is higher for priority sector.
  • Under PSL, eight sector have been currently included. These sectors are given in the following table.

(1) Agriculture

(2) Micro, Small and Medium Enterprises

(3) Export Credit

(4) Education

(5) Housing

(6) Social Infrastructure

(7) Renewable Energy

(8) Others

 

  • The retirement age for Chairman is currently 62 years. For SBI Chairman, the retirement age is 63 years.

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Topic: Appointments

4. Shiney Prasad has been appointed as Country Head-India by US-based Guardian Life Insurance.

  • Shiney Prasad has earlier worked at Sun Life Financial, AIG, Max New York Life, GE Capital and American Express.
  • Shiney Prasad will report to Chief Information and Operations Officer Dean Del Vecchio.
  • Guardian India Operations is a subsidiary of Guardian Life Insurance. It has offices in Chennai and Gurugram.
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Topic: Banking System

5. Airtel Payments Bank, Frontier Markets and the Mastercard Center for Inclusive Growth have partnered.

  • They have announced the launch of ‘She Leads Bharat: Udyam’.
  • It is an initiative to support 1 lakh women-owned small businesses with resources, tools and opportunities.
  • She Leads Bharat: Udyam is a first-of-its-kind initiative.
  • It brings together the private sector, social enterprise, and philanthropy in the banking, financial services, and insurance sector
  • In the 1st phase, 1,00,000 women-owned small businesses in Rajasthan and Uttar Pradesh will be enabled to learn and earn via Meri-Saheli platform of Frontier Markets.
  • Further, 10,000 of these women small business owners will be further enabled by becoming Airtel Payments Bank Business Correspondents.
  • Women-owned micro, small and medium enterprises (MSMEs) make up only 20% of all MSMEs in India.
  • However, they receive only 5% of total financing provided by public sector banks.
  • Frontier Markets is a rural social commerce platform of India.
  • Airtel Payments Bank was founded in January 2017. Its headquarters is located in New Delhi. Its CEO is Anubrata Biswas.

 

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Topic: Miscellaneous

6. PM Modi gave the idea of an International Customer Care Day to strengthen the relationship between businesses and consumers.

  • He also emphasized the need to promote ethical Artificial Intelligence.
  • PM Modi called for International Customer Care Day while addressing the B20 summit, organised by the Confederation of Indian Industry (CII).
  • He highlighted that 13.5 crore Indians have come out of poverty in just 5 years.
  • He cautioned global businesses against treating countries only as a market.
  • He pointed to the “irreversible disruptions in the global supply chain” after the COVID-19 pandemic. He presented India as a solution to such disruptions.
  • He was addressing the closing session of the B20 India Summit.
  • March 15 is designated as World Consumer Rights Day.

Topic: Summits/Conferences/Meetings

7. 26th National Conference on e-Governance was held on 24 and 25 August at Indore, Madhya Pradesh.

  • In this 2-day conference, discussions were held on measures to provide better facilities to the citizens.
  • Madhya Pradesh's Micro, Small and Medium Enterprises and Science and Technology Minister Omprakash Saklecha inaugurated the conference.
  • The conference was organized by the Department of Administrative Reforms and Public Grievances and the Ministry of Electronics and Information Technology in collaboration with the Government of Madhya Pradesh.
  • Representatives from 28 states and 9 union territories and industry participated in the conference.
  • The conference brainstormed on the topic 'Developing India: Empowering Citizens'.
  • During the conference, National e-Governance Awards 2023 in 5 categories was also presented.

Topic: Summits/Conferences/Meetings

8. B20 Summit India 2023 commenced in New Delhi on 25 August 2023.

  • It is a three-day summit during which Union Ministers Nirmala Sitharaman, Dharmendra Pradhan, and Dr. S Jaishankar will share their ideas on the issues concerning businesses globally.
  • During the summit, G20 India Sherpa Amitabh Kant, Trade Ministers of various countries, and several business leaders also shared their ideas on the issues concerning businesses globally.
  • PM Modi attended the special session on 27 August as Chief Guest.
  • Executive Chairman of Tata Sons and Chair of B20 India N Chandrasekaran attended the Summit.
  • Chief Executive Officer of Mastercard Michael Miebach and President of World Economic Forum Borge Brende also attended the Summit.
  • The Summit is based on the theme of B20 India R.A.I.S.E: Responsible, Accelerated, Innovative, Sustainable, Equitable Businesses.

Topic: Awards and Prizes

9. Indore bagged the best "National Smart City Award" of 2022.

  • Indore, the cleanest city in India for the past six years, has won the best "National Smart City Award" of 2022 for exemplary performance among the 100 smart cities.
  • Indore has been the top performer in all the missions of the urban affairs ministry.
  • In the fourth edition of the India Smart Cities Award Contest (ISAC), Surat and Agra emerged as the second and third winners.
  • New Town won second prize in mobility and third in built environment.
  • Among states, Madhya Pradesh and Tamil Nadu got first and second places, respectively.
  • Rajasthan and UP have jointly bagged the third position.
  • Among the Union Territories, Chandigarh got the first spot with the highest score.
  • Indore bagged six awards while Agra won four awards.
  • Under the Smart City mission, Out of the total proposed 7,938 projects, 76% of projects worth Rs 1.11 lakh crore have been completed.
  • President Droupadi Murmu would felicitate the winners on September 27 in Indore.

Topic: Miscellaneous

10. The landing site of Chandrayaan-3 on the Moon will be known as Shiv Shakti Point.

  • On 26 August, Prime Minister Narendra Modi announced that the point where Chandrayaan-3's lander landed on the moon will be known as Shiv Shakti.
  • PM said Shiva has a resolution for the welfare of humanity and Shakti gives us the power to fulfil those resolutions.
  • This Shiva Shakti point of the moon also gives a feeling of connection from the Himalayas to Kanyakumari.
  • The point where Chandrayaan-2 left its footprints will now be called Tiranga.
  • It will serve as an inspiration for India's every endeavour and remind us that failure is not the end.
  • August 23 will be celebrated as National Space Day to mark the landing of the Chandrayaan-3 lander on the Moon.
  • National Space Day will celebrate the spirit of science, technology and innovation and inspire us till eternity.
  • India has recently become the first nation to land on the South Pole of the Moon.
  • India has become 4th country after USSR, U.S. and China to make a soft landing on the lunar surface.
  • Chandrayaan-3:
    • Chandrayaan-3 is a follow-on mission to Chandrayaan-2.
    • It was launched on 14 July 2023 from Satish Dhawan Space Centre’s Second Launch Pad in Sriharikota, Andhra Pradesh.
    • Chandrayaan-3 landed on the lunar surface at around 6:04 pm on 23 August 2023. It has a mission life of one lunar day (14 Earth Days).

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