Banking Awareness of 29, 30 and 31 October 2022

Topic: Infrastructure and Energy

1. Maximum number of delayed projects are in the road transport and highways sector as per a government report.

• More than 262 of 835 projects in the road transport and highways sector are delayed.
• 115 projects out of 173 projects are delayed in Railways.
• For petroleum, 89 out of 140 projects are delayed, as per the latest flash report on infrastructure projects for September 2022.
• As per the report, Muneerabad-Mahaboobnagar rail project is the most-delayed project.
• Udhampur-Srinagar-Baramulla rail project is the second-most delayed project.
• Belapur-Seawood-Urban Electrified Double Line is the third-most delayed project.
• The report says that expenditure incurred on 835 projects in the road transport and highways sector till September 2022 is 61.2% of the anticipated cost.
• For the Railways, the expenditure incurred on 173 projects till September 2022 is 56.2% of their anticipated cost.
• In the petroleum sector, the expenditure incurred on 140 projects till September 2022 is 36% of their anticipated cost.
• Infrastructure and Project Monitoring Division (IPMD) under the Ministry of Statistics and Programme Implementation monitors central sector infrastructure projects costing ₹150 crore and above.

Topic: Miscellaneous

2. Railways Ministry has decided to stop physical processing of files.  

• It has announced that communication of the Railway Board and Zonal Railways will only be through its e-office platform.
• The Ministry said only classified documents and certain Parliament matters are allowed to be processed in physical form.
• The new paperless system will be fully implemented from November 1.
• No physical letters or files will be entertained in the Railway Board.
• Vigilance cases can continue in physical form till further advice.

Topic: Agriculture

3. Export of agri products have grown 25% to $13.8 billion in first half of FY23.

• Exports of agriculture and processed products have increased to $13.77 billion during H1 FY23 from $11.06 billion year-ago.
• Despite ban being imposed on wheat exports from May 13, its export has recorded 136% growth at $1.49 billion during H1 of the current fiscal.
• Other cereals, including maize (excluding rice, wheat) increased by 12% to $ 525 million.
• Export of buffalo meat has also increased. It has 12% share in APEDA basket.
• Pulses shipments have grown to $330 million. Processed fruits and vegetables have registered 19% growth to $695 million.
• Guar gum export has registered 92% growth at $344 million in H1 of current fiscal.
• Agricultural and Processed Food Products Export Development Authority (APEDA) is mandated for the promotion of all agri products, generally divided under 27 categories, except tea, coffee, spices, and marine products.
• APEDA’s share in the entire export in agriculture and allied sector is more than 50%.

Topic: Regulatory Bodies/Financial Institutions

4. SEBI has reduced the face value of debt security from the current ₹10 lakh to ₹1 lakh.

• It has also reduced the face value of non-convertible redeemable preference share issued on private placement basis from the current ₹10 lakh to ₹1 lakh.
• The face value has been reduced to enhance liquidity in the corporate bond market.
• The new guidelines will be effective from January 1, 2023.
• The issuer will have the option at the time of raising funds through tranche placement memorandum to keep the face value at ₹10 lakh or ₹1 lakh with respect to shelf placement memorandum which is valid as on January 1, 2023.
• Face value is the money amount promised to the holder of the bond upon the maturity of the bond.

Topic: Summits/Conferences/Meetings

5. RBI Governor Shaktikanta Das has called for stronger oversight and monitoring of outsourced functions.

• He was speaking at the annual conference of RBI Ombudsmen on 28 October 2022 in Jodhpur.
• ‘Excellence in Customer Service in the Changing Paradigm of Financial Services’ was the theme of the address.
• He said that RBI Ombudsmen and regulated entities must identify the root causes of persisting customer complaints.
• He asked them to take necessary systemic measures to correct them.
• He mentioned RBI has set up a high-level committee earlier this year for the review of ‘Customer Service Standards in RBI Regulated Entities’.
• This committee is chaired by B P Kanungo, former Deputy Governor of RBI.

Topic: Banking System

6. Karnataka Vikas Grameena Bank (KVG Bank) has renewed its bancassurance agreement with LIC.

• KVG Bank and LIC have renewed their agreement through an MoU for bancassurance partnership.
• The bank will market LIC’s products via its branches spread across nine districts in the Karnataka.
• Karnataka Vikas Grameena Bank (KVG Bank) is an Indian Regional Rural Bank sponsored by Canara Bank.

Topic: RBI

7. RBI cancelled Certificate of Authorisation (CoA) of GI Technology Private Limited.

• RBI cancelled the CoA over governance concerns and non-compliance with regulatory requirements.
• GI Technology cannot carry out the business of issuance and operation of prepaid payment instruments.
• GI Technology Private Limited is a Chennai-based company involved in issuance and operation of prepaid payment instruments (PPIs).

Topic: Corporates/Companies

8. Alter has been acquired by Google.

• According to a report, this is Google’s eighth major acquisition this year.
• Alter is an AI avatar start-up for creators to express their virtual identities.
• It started as Facemoji to offer game and App developers add avatar systems to their apps.

Topic: Corporates/Companies

9. Elon Musk buys Twitter in a $44 billion deal.

• Elon Musk, CEO of Tesla, became the new owner of Twitter.
• After six months of public and legal wrangling over the deal, Elon Musk completed the acquisition of Twitter.
• Elon Musk promised many new changes, including new leadership, job cuts, and the pursuit of new ways to make money.
• After the deal, Twitter CEO Parag Agrawal, chief executive Ned Segal and chief financial officer Vijaya Gadde were fired.
• The shareholders will be paid $54.20 per share and Twitter will now operate as a private company.
• Twitter:
  • It is an American social networking and microblogging service.
  • Its founders are Jack Dorsey, Biz Stone, Evan Williams, and Noah Glass.
  • Its headquarters is located in San Francisco, California, United States.

Read Banking Awareness PDF - 29, 30 and 31 October 2022