Banking Awareness of 26 and 27 October 2021

Topic: Appointments  

1. ICRA board announces appointment of Ramnath Krishnan as the company’s MD and Group CEO.

• ICRA board has announced the appointment of Ramnath Krishnan as the company’s Managing Director and Group Chief Executive Officer.
• Mr. Krishnan will take new position with immediate effect. He is currently President – Ratings and Chief Rating Officer at ICRA.
• He succeeds N Sivaraman, who resigned from the position of MD & CEO on 22 October for personal reasons.
• ICRA is a Public Limited Company. Moody’s Investors Service is ICRA’s largest shareholder.
• It was originally named Investment Information and Credit Rating Agency of India Limited (IICRA India).

Topic: Appointments

2. PESB selects Sanjay Khanna for the post of Director (Refineries) at BPCL.

• Public Enterprises Selection Board (PESB) has selected Sanjay Khanna for the post of Director (Refineries) at Bharat Petroleum Corporation Ltd (BPCL).
• He is heading BPCL’s Kochi refinery since January 2021. Before that, he was heading BPCL’s Mumbai refinery.
• He also served as general manager (technical) at Numaligarh Refinery Limited.  The post of Director (Refineries) at BPCL is vacant since September 1, 2020.
• PESB selection will have to be ratified by the Appointments Committee of the Cabinet (ACC).
• Bharat Petroleum Corporation Ltd (BPCL) is a Maharatna oil refining and marketing company. Its headquarters are located in Mumbai. Arun Kumar Singh is its Chairman and MD.

Topic: Banking System

3. Future Generali India Insurance enters into bancassurance partnership with Bank of India.

• Future Generali India Insurance has entered into bancassurance partnership with Bank of India for further penetration of its general insurance products.
• Through this partnership, Future Generali India Insurance will offer insurance solutions to Bank of India branches all over India.
• Future Generali India Insurance is a private sector general insurer.

Topic: Corporates/Companies

4. ICICI Bank becomes the fifth largest company by market value.

• ICICI Bank has become fifth largest company by market value.
• It crossed the market capitalisation of Hindustan Unilever to become the fifth largest company by market value.
• As per BSE data, ICICI Bank’s market capitalisation (m-cap) stood at ₹5.83 lakh crore. This is just above Hindustan Unilever’s ₹5.76 lakh crore.
• ICICI Bank has also become second lender after HDFC Bank to be included in the top five companies on the BSE in terms of m-cap.
• 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.

Topic: Miscellaneous

5. ICICI Lombard General Insurance launches BeFit solution.

• ICICI Lombard General Insurance has launched BeFit solution.
• BeFit will offer customers coverage for their complete OPD requirements, on a cashless basis.
• BeFit offering covers pharmacy and diagnostics services related expenses. It also covers expenses related to minor procedures not needing hospitalisation.
• BeFit will provide the policyholder with 360-degree support that they require.
• ICICI Lombard General Insurance is a general insurance company in India.

Topic: Miscellaneous

6. ₹10 crore budget approved for initial work on ONDC initiative.

• ₹10 crore budget has been approved by Department for Promotion of Industry and Internal Trade (DPIIT) for initial work on the Open Network for Digital Commerce (ONDC) initiative.
• Official release of the Commerce and Industry Ministry said that about 20 entities are at various stages of on-boarding the platform.
• Quality Council of India (QCI) has established a team of experts. A number of small and medium enterprises have been on-boarded as volunteers for the execution of the proposed project.
• ONDC will democratise digital or electronic commerce. It will enable buyers and sellers to transact through an open network.
• Government has also formed a nine member advisory council on steps required to design and accelerate the adoption of ONDC.
• The council includes Nandan Nilekani from Infosys and National Health Authority CEO RS Sharma.

Topic: Taxation

7. ITAT bench rules that if there is no permanent establishment (PE) in India, there cannot be any attribution of profit.

• Delhi bench of Income Tax Appellate Tribunal (ITAT) has ruled that if there is no permanent establishment (PE) in India, there cannot be any attribution of profit.
• The bench relied upon ruling by the Supreme Court in the case of E-funds IT Solutions Inc.
• Supreme Court had said that for a fixed place permanent establishment (PE), there must exist a fixed place of business in India.
• The bench held that the assesse has no business connection in India in terms of Income Tax Act. The bench has also held that assesse has no permanent establishment under India Mauritius DTAA.

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