Banking Awareness of 27, 28 and 29 September 2022

By Priyanka Chaudhary | Last Modified: 29 Sep 2022 14:05 PM IST
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Topic: Appointments

1. Vinayak Godse to take over as new CEO of Data Security Council of India on 1 October 2022.

  • He will replace Rama Vedashree who was part of Justice BN Srikrishna Committee appointed to recommend a framework for the Personal Data Protection Bill.
  • He has an experience of over 27 years in information security, IT transformation, intelligent networking, and telecom infrastructure.
  • Data Security Council of India (DSCI):
    • It is a not-for-profit industry body on data protection in India.
    • It has been set up by NASSCOM.
    • It was founded in 2008.
    • It is committed to make the cyberspace safe, secure and trusted by establishing best practices, standards and initiatives in cyber security and privacy.

Topic: Appointments

2. R Venkataramani has been appointed as new Attorney General of India.

  • He will replace K K Venugopal whose term ends on 30 September 2022.
  • He will assume office from 1 October 2022 as the 14th Attorney General of India.
  • He will serve for three years as the Attorney General.
  • Attorney General:
    • Attorney General is the highest law officer in India.
    • Article 76 of the Indian Constitution states that the President should appoint a person as Attorney General of India. The person should be qualified to be appointed as a Judge of Supreme Court.
    • M C Setalvad was the first Attorney General of India.

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Topic: Regulatory Bodies/ Financial Institutions

3. SEBI has launched a framework for credit rating agencies to increase transparency.

  • Securities and Exchange Board of India (SEBI) has rolled out a new framework for credit rating agencies.
  • The new framework will come into effect from 1 January 2023.
  • The framework aims at increasing transparency and improving the rating process.
  • Under the new framework, Credit Rating Agencies can provide the suffix “CE” (Credit Enhancement) to the rating of instruments with explicit credit enhancement.
  • As per SEBI, the press release for credit rating, with or without suffix CE need to contain certain disclosures and a detailed explanation of all the protocols of security.

Topic: Reports and Indices

4. Possibility of Global recession is increasing due to surge in cost of living: WEF Survey

  • Owing to high inflation and continuous decline in real wages, the possibility of a global recession is increasing.
  • As per WEF Chief Economists Outlook Report, real wages and growth are expected to decline across the globe in 2022-23.
  • The cost of living crisis is threatening social unrest, although it is expected that inflationary pressures will ease in 2023.
  • Food security can be at risk over the coming three years, which may trigger export restrictions which can further cause disruption in global supply.
  • The growth is expected to be weak in Europe in 2023, while moderate growth is expected in the Middle East and North Africa region, US, South Asia and Latin America.
  • Weakening of household purchasing power can lead to increase in poverty levels across low-income countries.
  • The Chief Economists Outlook is a quarterly report based on the latest policy developments, consultations and surveys of leading chief economists on the most significant economic topics.

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Topic: Banking System

5. Axis Bank to buy 9.94% stake in Go Digit Life.

  • Axis Bank has signed indicative and non-binding agreement with Go Digit Life Insurance to make an investment between Rs. 49.90 crore and Rs 69.90 crore in the company.
  • Go Digit company is backed by Canadian billionaire Prem Watsa’s Fairfax Group.
  • Axis Bank:
    • It is the third-largest private sector bank in India.
    • Its MD & CEO is Amitabh Chaudhary. Rakesh Makhija is its chairman.
    • It is headquartered in Mumbai, Maharashtra.
    • Tagline of Axis Bank: Badhti Ka Naam Zindaagi

Topic: Banking System

6. Axis Bank and Samsung launch cashback credit card.

  • Axis Bank has partnered with electronic goods giant Samsung to launch a co-branded cashback credit card.
  • Users will get 10% cashback on Samsung products over and above existing offers on both EMI and non-EMI transactions.
  • Axis Bank is providing the credit card in two variants- Visa Signature (upto Rs 10,000 cashback per year with a monthly cashback limit of Rs 2500) and Visa Infinite (upto Rs 20,000 cashback per year with a monthly cashback limit of Rs 5000).
  • As per RBI data, as of August 2022, Axis Bank is the fourth-largest issuer of credit cards.
  • HDFC Bank, ICICI Bank and State Bank of India are the top three issuer of credit cards.

Topic: Indian Economy

7. Union Cabinet chaired by PM Modi approves 4% increase in DA.

  • Union Cabinet approved a 4% hike in dearness allowance (DA) for central government employees and pensioners.
  • The employees and pensioners will get additional 4% interest with effect from 1 July 2022.
  • The effective new rate of Dearness allowance now is 38% of the basic salary.
  • The Cabinet said that hike in DA was based on the percentage increase in 12 monthly average of All India Consumer Price Index for the period ending June, 2022.
  • Dearness Allowance is a computation on inflation and allowance given to government employees in India. It is computed as a percentage of basic salary to lessen the effect of inflation.

Topic: Indian Economy

8. Government extended Foreign Trade Policy 2015-20 for another six months.

  • The government has extended the time period of Foreign Trade Policy 2015-20 on the demand from Export Promotion Councils and leading exporters.
  • Amit Yadav, additional secretary at the department of commerce, told that it is not the correct time to introduce a new Foreign Trade Policy when the global economy is headed toward a recession.
  • The decision of extending the Foreign Trade Policy has been taken by the government due to rising inflation and uncertainty due to geopolitical development.
  • Foreign Trade Policy was launched in 2015 and was valid for five years – till 2020.
  • This is for the second time that the current policy time period has been extended since its launch in 2015.
  • It is a framework to increase exports of goods and services. It also emphasizes improving the ease of doing business.

Topic: Banking/Financial Schemes

9. Government launched a Scheme for Special Assistance to States for Capital Investment for 2022-23.

  • States Governments will receive financial assistance under this scheme in the form of a 50-year interest-free loan for capital investment projects.
  • Under this scheme, Rs 3000 Crore is earmarked for capital projects on Optical Fibre Cable (OFC) network.
  • Recently, the Department of Expenditure has approved proposals of four States namely Uttarakhand (50 cr), Jharkhand (84 cr), Haryana (65 cr) and Karnataka (156 cr).
  • Finance Minister Nirmala Sitharaman in her 2022-23 Budget speech announced total financial assistance of Rs 1 lakh crore for states in the form of 50-year interest-free loans for capital investment projects.
  • The financial assistance provided under the Scheme will be over and above the normal borrowing ceiling allowed to the States.
  • The Scheme for Special Assistance to States for Capital Investment for 2022-23 has a total of seven parts.

Topic: Appointments

10. IAS Officer Rajendra Kumar is the new Director General of ESIC.

  • Rajendra Kumar is currently serving as an additional secretary in the Ministry of Electronics and Information Technology.
  • Employees’ State Insurance Corporation (ESIC) is a multidimensional social security scheme that provides medical care to insured person and family, cash benefit in certain contingencies and maternity benefit to female workers.
  • ESIC was founded on 25 February 1952. It is owned by the Ministry of Labour and Employment.
  • Other appointments in News:
    • V Hekali Zhimomi has been appointed as additional secretary in the Department of Health and Family Welfare.
    • Ashish Srivastava has been appointed as an adviser in the Inter-State Council Secretariat, Ministry of Home Affairs.
    • Jaideep Kumar Mishra will be the new additional secretary and financial adviser to the Ministry of Health and Family Welfare.
    • Nitishwar Kumar has been appointed as additional secretary and financial adviser in the Ministry of Women and Child Development.
    • Ranjana Chopra will be the new additional secretary and financial adviser in the Ministry of Culture.
    • V Radha has been named as an additional secretary in the NITI Aayog.
    • T Natarjan has been appointed as an additional secretary in the Department of Economic Affairs.

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Daily Banking Awareness Quiz | 18, 19 and 20 September 2022

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Daily Banking Awareness Quiz | 16 and 17 September 2022

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Daily Banking Awareness Quiz | 13, 14 and 15 September 2022

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Daily Banking Awareness Quiz | 10, 11 and 12 September 2022

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