Banking Awareness of 28 and 29 January 2022

Topic: Appointments

1. Government appoints Anantha Nageswaran as Chief Economic Advisor (CEA).

• The Government of India has appointed Dr. V. Anantha Nageswaran as Chief Economic Advisor (CEA).
• On January 28, Nageswaran took over his new post in the Finance Ministry.
• He succeeded Krishnamurthy Subramanian, who served as CEA for three years.
• From 2019 to 2021, Nageswaran was also a part-time member of India's Prime Minister's Economic Advisory Council.
• Chief Economic Adviser:
  • It is the post equivalent to the rank of Secretary to the Government of India.
  • Chief Economic Adviser heads the economic division of the Department of Economic Affairs.
  • JJ Anjaria was the first Chief Economic Advisor of India.

Topic: Corporates/Companies

2. Government appoints Raghuraj Madhav Rajendran on PTC India board.

• Government has appointed Raghuraj Madhav Rajendran as nominee director of the Ministry of Power on PTC India board.
• PTC India is controlling company of PTC India Financial Services (PFS). It holds controlling stake (65%) in PFS. LIC is also a shareholder.
• PFS was recently in controversy after its independent directors resigned from the board over corporate governance issues.
• PFS will submit the report to SEBI on this issue by February 22. On January 22, SEBI ordered PFS to submit a report in one month.
• Rajendran is posted as a joint secretary in the Power Ministry.

Topic: Banking/Financial Schemes

3. Union Ministry of Heavy Industries notifies guidelines of Phase II of the scheme to enhance competitiveness in Indian Capital Goods Sector.

• Government had notified the scheme on ‘Enhancement of competitiveness in the Indian Capital Goods Sector’ in November 2014.
• Phase II aims to expand and enlarge the impact produced by the Phase I pilot scheme.
• The components under Phase II include identification of technologies through Technology Innovation Portals, establishing of 4 New Advanced Centres of Excellence and augmenting of Existing Centres of Excellence.

Topic: Agriculture

4. Government fixes target to increase area under zaid crops by 29%.

• Government has fixed a target to increase the area under zaid crops (excluding paddy) by 29% at 52.72 lakh hectares (lh) in 2022.
• Out of 52.72 lakh hectares, 21.05 lh will be under pulses, 17.89 lh under coarse cereals and 13.78 lh under oilseeds.
• Among pulses, government targets 17.58 lh under moong against 14.45 lh last year.
• In oilseeds, targets are fixed at 7.6 lh and 5.25 lh respectively for groundnut and sesame grown in summer season.

Topic: Corporates/Companies

5. SC gives three weeks’ time to SpiceJet to sort out financial dispute with Credit Suisse AG.

• Supreme Court has given three weeks’ time to SpiceJet to sort out financial dispute with Credit Suisse AG.
• Apex Court has stayed the Madras High Court ruling directing the official liquidator to take over assets of SpiceJet.
• Swiss firm Credit Suisse AG had moved to the single-judge Bench of the high court and alleged that SpiceJet failed to honour its commitment to pay the bills for over $24 million.

Topic: Reports and Indices

6. Buy Now Pay Later (BNPL) increased by 637.27 % in 2021 according to Razorpay’s ERF report.

• Buy Now Pay Later (BNPL) has increased by 637.27 % in 2021 according to Razorpay’s ‘The (Covid) Era of Rising Fintech (ERF)’ report.
• Telecom and Electricity bill transactions registered a growth of 3640 % and 2353 % respectively, from 2020 to 2021.
• Lifestyle and Fashion contributed maximum to the E-commerce transactions in 2020. Groceries contributed maximum to E-commerce transactions in 2021.
• According to the report, Tier-2 cities and Tier-3 cities registered a significant average growth of almost 50% in digital transaction volumes from 2020 to 2021.
• The contribution of bank transfers in transaction volumes declined by 51.77 %.
• Razorpay is a full-stack financial solutions company. The ERF report is based on online transactions held on the Razorpay platform from January to December 2020 & 2021.

Topic: Agriculture

7. Total area under foodgrain crops drops by 1.8% to 587.1 lakh hectares (lh) as of 28 January 2022.

• Total area under foodgrain crops has declined by 1.8% to 587.1 lakh hectares (lh) as of 28 January 2022 from 597.58 lh in the corresponding period a year ago.
• However, the overall area under pulses is marginally higher than last year due to a 4% increase in the area under gram.
• The area under foodgrain crops (wheat, rice, pulses and coarse cereals) has declined. Despite the decline, overall sowing increased 1.2%.  
• Wheat acreage increased by 1.55 lh and pulses acreage increased by 2.08 lh during the past one week.
• Pulses like urad, kulthi and field peas have reported drop in acreage.
• The acreage under all coarse cereals has dropped 3.53% and total area under oilseeds has reached 102.04 lh.

Topic: Agriculture

8. India and Israel to work together to convert 150 villages into Villages of Excellence.

• 150 villages located around Centres of Excellence will be converted into Villages of Excellence.
• Out of 150 villages, 75 villages are being taken in 1^st year to mark the 75^th year of India’s Independence.
• Israel has set up 29 Centres of Excellence in 12 states. These centres are equipped to train 1.2 lakh farmers every year.

Topic: Miscellaneous

9. AIDWA asks for withdrawal of ‘anti-women’ SBI guidelines.

• All India Democratic Women’s Association (AIDWA) has asked for the withdrawal of the “anti-women” guidelines of SBI.
• State Bank of India has revised guidelines related to the appointment of pregnant women.
• According to the revised guidelines, candidates who are pregnant three months and above will be considered temporarily unfit. 
• As per present guidelines, candidates up to six months of pregnancy can be appointed if they provide a fitness certificate from the gynecologist.

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