1. Increase in India's crude steel production
- As per the report of World Steel Association, India's crude steel production in 2019 increased by 1.8%.
- In 2018, India's crude steel production was 109.3 Million Tonnes (MT). In 2019, it increased to 111.2 MT.
- Global crude steel production has increased by 3.4% since 2018. In 2019, it stood at 1,869.9 MT.
- Crude steel production has decreased all over the world, except in Asia and West Asia.
- In 2019, Crude steel production in Asia stood at 1,341.6 MT. This is an increase of 5.7% since 2018.
- World Steel Association is a trade association of iron and steel industry.
2. IndusInd Bank plans to achieve Net Relationship Value (NRV) of ₹70,000 crore
- IndusInd Bank is planning to achieve NRV of ₹70,000 crore in three years through Pioneer platform.
- Currently, bank's Net Relationship Value (NRV) stands at ₹12,000 crore.
- Pioneer is IndusInd Bank's wealth management platform that was formally launched last week.
- NRV means the value of savings balance, fixed deposits, investments and insurance policies that customers take through a bank.
3. Finance Ministry directs PSBs to form committee of senior officers
- Finance Ministry has directed Public Sector Banks (PSBs) to form committee of senior officers to form timeline for decision in pending disciplinary and vigilance cases against bank officials.
- Earlier, government has also asked banks to set up general manager level committees to study undecided vigilance cases and decide about closing or continuing such cases.
- Finance Ministry has also asked boards of PSBs to form mechanism to ensure compliance with timelines by RBI and Central Vigilance Commission for fraud monitoring and reporting.
- Compliance with timelines was personal responsibility of MDs and CEOs of PSBs till now.
- Earlier, CVC has reconstituted and renamed Advisory Board on Bank, Commercial and Financial Frauds (ABBCFF) to Advisory Board for Banking Frauds (ABBF).
- ABBF will examine all fraud cases of more than ₹50 crores before investigation by the investigative agencies.
4. Sachin Bansal's resignation from Ujjivan Small Finance Bank (SFB)
- Flipkart co-founder, Sachin Bansal has decided to step down as an independent director of board of Ujjivan Small Finance Bank.
- He has resigned because his company, Navi Technologies has applied to RBI for universal banking license.
- Navi Technologies has applied to RBI for universal banking license through Chaitanya India Fin Credit Pvt Ltd (CIFCPL).
- CIFCPL is controlled by Bengaluru-based Chaitanya Rural Intermediation Development Services (CRIDS). Sachin Bansal has earlier acquired majority stake in CRIDS.
- Universal banks are the banks that offer all types of financial services, including investment banking and insurance.
5. ₹40,000 crores worth loans given under PMMY in two months
- Banks have given ₹40,000 crore worth loans under Pradhan Mantri Mudra Yojana (PMMY) in two months.
- ₹1.51-lakh crore worth loans were given at the end of November 2019 and the value of loans given till 24 January, 2020 stands at ₹1.91-lakh crore.
- In 2018-19, ₹3.21-lakh crore worth loans were given under PMMY. RBI data shows that lending by banks to MSMEs have declined by 1 % till 11 January of current financial year.
- Pradhan Mantri Mudra Yojana (PMMY):
- It was started on 8 April, 2015.
- Under the scheme, MUDRA loans up to ₹10 lakh are provided to non-corporate, non-farm small/micro enterprises.
- There are three types of MUDRA loans:
- Shishu (up to ₹50,000),
- Kishore (between ₹50,000 and ₹5 lakh)
- Tarun (₹10 lakh)
6. 296% increase in net profit of HDFC
- Housing Development Finance Corporation (HDFC) has shown 296% increase in net profit in third quarter.
- The merger of Gruh Finance with Bandhan Bank has helped in increase in net profit of HDFC.
- Gruh Finance was a subsidiary of HDFC. It was merged with Bandhan Bank on October 17, 2019.
Multiple Choice Questions (MCQs)
1. As per the report of World Steel Association, India's crude steel production in 2019 has increased by
- 0.9 %
2. Which of the following is IndusInd Bank's wealth management platform that was formally launched last week?
3. Which among the following has reconstituted and renamed Advisory Board on Bank, Commercial and Financial Frauds (ABBCFF) into Advisory Board for Banking Frauds (ABBF)?
- Central Vigilance Commission
- Reserve Bank of India
- Ministry of Finance
- Central Bureau of Investigation
- None of the above
4. Which of the following has recently applied to RBI for universal banking licence?
- Ujjivan Small Finance Bank
- Navi Technologies
- Chaitanya India Fin Credit Pvt Ltd
- Chaitanya Rural Intermediation Development Services (CRIDS)
5. When was Pradhan Mantri Mudra Yojana (PMMY) launched?
- 8 April, 2014
- 8 April, 2015
- 8 April, 2016
- 8 April, 2017
- 8 April, 2018
6. Which of the following was recently merged with Bandhan Bank?
- Gruh Finance
- Bajaj Capital
- Aditya Birla Finance
- PNB Gilts
- Indiabulls Finance