Banking Awareness of 29, 30 and 31 March 2022

Topic: Banking System

1. Google Pay has announced launch of Tap to Pay for UPI users in India.

• Google Pay, online payment system developed by Google, has announced the launch in collaboration with Pine Labs.
• Users can now tap their phones on POS terminal and make payments after authentication through their UPI PIN.
• All UPI users desirous of using their Near Field Communication (NFC) enables Android smartphone can access the facility.
• They will be able to carry out transaction through any Pine Labs Android POS terminal across the country.
• Pine Labs is an Indian merchant platform company.

Topic: Banking System

2. HDFC Bank will acquire 15% stake in IDRCL for ₹7.5 crore.

• The Bank will acquire the stake in tranches and it expects to complete first tranche of ₹3 crore by March 31, 2022.
• ICICI Bank has also announced that it will acquire 15% stake in India Debt Resolution Company Limited (IDRCL).
• On March 10, ICICI Bank has signed an agreement for acquiring 5% stake in National Asset Reconstruction Company Limited.
• India Debt Resolution Company Limited:
  • It is an asset management company. It was established by the government with an authorized capital of Rs 50 crore.
  • IDRCL was incorporated on September 3, 2021 for the purpose of debt management.  

Topic: RBI

3. RBI Governor Shaktikanta Das inaugurated Varnika Ink Manufacturing Unit of BRBNMPL in Mysuru.

• Varnika Ink Manufacturing Unit will also manufacture Colour Shift Intaglio Ink (CSII).
• It fulfills complete requirement of banknote printing presses in India.
• It will help in reducing the cost of printing banknotes and ensure self-sufficiency in banknote ink production.
• The foundation stone for setting up of Learning and Development Centre (LDC) of BRBNMPL in Mysuru has also been laid by RBI Governor.
• LDC is being set up with collaboration from Security Printing and Minting Corporation of India (SPMCIL), and Bank Note Paper Mill India private Limited (BNPMIPL).
• Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL):
  • It is a RBI owned subsidiary. It was established in 1995.
  • It has two presses in Salboni, West Bengal and Mysuru, Karnataka.

Topic: Banking System

4. IDBI Bank will sell certain percentage of its stake in NSDL.

• The Bank’s Board of Directors has given in-principle approval for sell of certain percentage of Bank’s stake in NSDL.
• The Board has allowed Bank to sell its stake up to 11.10% of paid up share capital of National Securities Depository Ltd (NSDL).
• Currently, IDBI Bank is having 26.10% stake in NSDL.
• The board has also approved sale of Bank’s entire 25% stake in Ageas Federal Life Insurance Company Limited to Ageas Insurance International NV (Ageas).
• National Securities Depository Ltd:
  • It is an Indian central securities depository. Padmaja Chunduru is its MD & CEO.
  • It is headquartered in Mumbai. It was set up in August 1996.

Topic: Banking System

5. Rs 108.81 crore has been invested by Bank of India in NARCL.

• As a result, Bank of India’s shareholding in NARCL has reached to 9% as on March 21, 2022.
• The shareholding of State Bank of India, Union Bank of India and PNB is nearly 30% in NARCL.
• Canara Bank has largest shareholding (12%) in NARCL.
• National Asset Reconstruction Company Limited (NARCL):
  • Banks created NARCL to consolidate stressed assets for resolution. In NARCL, PSBs will have 51% ownership.
  • It was incorporated in July 2021. RBI has given license to NARCL on 04 October 2021.

Topic: Appointments

6. Raj Subramaniam has been selected as President and CEO of FedEx.

• Raj Subramaniam is an Indian American. He will replace FedEx’s current Chairman & CEO Frederick W Smith on June 1, 2022.
• Raj Subramaniam is currently President and Chief Operating Officer of FedEx.
• Frederick W Smith will become the Executive Chairman of FedEx, an American company.

Topic: Indian Economy/Financial Market

7. ICRA has lowered India’s GDP growth forecast for FY23 from 8% to 7.2%.

• It has projected GDP growth in FY22 at 8.5%. This is slightly lower than second advance estimate (8.9%) of National Statistical Office (NSO).
• The agency has lowered GDP growth forecast after high commodity prices and supply chain issues because of Russia- Ukraine conflict.
• The agency has estimated lowering YoY growth in real GDP from 5.4% in third quarter of FY22 (FY 2021-22) to 3-4% in Q4 of FY22.
• Investment Information and Credit Rating Agency (ICRA):
  • ICRA was established in 1991. It is headquartered in Gurgaon.
  • ICRA provides ratings to long-term, medium-term, and short-term debt instruments.

Topic: Agriculture

8. Uttar Pradesh has regained position as top vegetable producing state after two years in 2021-22.

• West Bengal has come at the second place in the list of top vegetable producing states.
• Madhya Pradesh, Bihar and Maharashtra are other top vegetable producers.
• Andhra Pradesh is top fruit producer. Other top fruit producer states are Maharashtra, Uttar Pradesh, Karnataka and Gujarat.
• Mission for Integrated Development of Horticulture (MIDH) is being implemented by Ministry of Agriculture and Farmers’ Welfare from 2014-15.
• It is a centrally sponsored scheme for growth of the horticulture sector.
• India’s horticulture production may drop slightly by 0.4% to 333.25mt in 2021-22 from previous year.

Topic: Miscellaneous

9. Chartered Accountants Bill has been passed in Lok Sabha.

• The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021 has been passed in Lok Sabha.
• The bill will amend the Chartered Accountants Act 1949, the Cost and Works Accountants Act 1959, and the Company Secretaries Act 1980.
• The bill has provisions to strengthen the disciplinary mechanism under these Acts and the timely disposal of cases against members of the Institute of Chartered Accountants of India.
• Currently, the disciplinary committee of ICAI has five members - three ICAI central council members and two government nominees.
• The bill has proposed to include two CAs and three non-CAs in the disciplinary committee of ICAI and it will be headed by a non-CA.
• The Bill was first introduced in December 2021 but was sent to a standing committee for further discussion.

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