1. Rajiv Ranjan’s nomination as MPC’s ex-officio member has been approved by RBI Board.
- 595th meeting of RBI’s Central Board of Directors was held on 02 May 2022 through video conferencing.
- The meeting was held under the chairmanship of RBI Governor Shaktikanta Das.
- Ranjan was earlier an advisor in-charge in the monetary policy department.
- He replaces Mridul Saggar, who retired in April 2022.
- Monetary Policy Committee:
- It has 3 Reserve Bank of India officials and 3 Government of India nominated external members.
- The three internal members are the RBI governor, the deputy governor in charge of monetary policy and a central board nominated official of RBI.
- The Executive Director of the Monetary Policy Department is usually the third internal member.
2. Sangeeta Singh given additional charge of Chairman of CBDT.
- Sangeeta Singh has taken the charge on 2 May after the retirement of JB Mohapatra.
- JB Mohapatra was appointed as full-time chairman of the Central Board of Direct Taxes in September 2021.
- Sangeeta Singh is currently holding charge of Audit and Judicial and she is also holding additional charge of Income Tax and Revenue and Tax Payers services.
- Central Board of Direct Taxes:
- The Central Board of Direct Taxes frames the policy for the Income Tax Department.
- It is headed by a Chairman and comprises six members.
- Income Tax Department is headed by the Central Board of Direct Taxes (CBDT).
Topic: Indian Economy/Financial Market
3. India’s services exports in 2021-2022 reached a new record of USD 254.4 billion.
- As per the Commerce Ministry, exports reached an all-time monthly high of USD 26.9 billion in March.
- As per the Ministry, top contributors to the exports are computer, and information services, telecommunications, other business services and transport.
- New record of USD 254.4 billion in 2021-2022 surpasses the previous record of USD 213.2 billion in 2019-20.
4. PM Modi and German Chancellor Scholz decide to start an Indo-German Partnership for Green and Sustainable Development.
- Under the partnership, Germany will provide additional development assistance of €10 billion till 2030.
- Germany will provide this assistance to support India’s green growth plans.
- At 6th round of Biennial Inter Governmental Consultations (IGC) in Berlin, PM Modi thanked Germany and Chancellor Scholz for development assistance.
- India and Germany signed total nine agreements during the IGC.
5. Bengaluru-based neobank platform ‘Open’ has become the 100th unicorn in India.
- It has recently announced a series D funding round of $50 million.
- It is now valued at $1 billion. It is now the 100th unicorn of India.
- The funding round was led by Mumbai-based investment firm IIFL.
- Google, Temasek, Visa, and Japan's SoftBank invested $100 million in the neobank startup just six months ago.
- Neobanks are bridging the gap between the services provided by traditional banks and the changing customer expectations in the digital age.
- Open Financial Technologies Pvt Ltd was set up in 2017. It offers a neo-banking platform.
6. Arvind Krishna has been elected to Federal Reserve Bank of New York’s Board of Directors.
- He is the Chairman and Chief Executive Officer of IBM. He has been elected as a Class B director.
- He will be the director for the remaining part of three-year term that is ending on December 31, 2023.
- Federal Reserve Bank of New York is a part of Federal Reserve System (commonly called Fed).
7. RBI increased repo rate by 40 bps from 4.0% to 4.40%.
- The repo rate has been increased for the first time since August 2018.
- The Reserve Bank of India (RBI) has increased the cash reserve ratio (CRR) by 50 basis points.
- This step is expected to withdraw Rs 87,000 crore liquidity from the system. The cash reserve ratio (CRR) now stands at 4.5 %.
- Now, the standing deposit facility (SDF) rate stands at 4.15 % and the marginal standing facility (MSF) rate and the Bank Rate stand at 4.65 %.
- Repo is the rate at which the central bank lends short-term funds to banks.
Topic: Indian Economy/Financial Market
8. India’s goods exports has grown 24.22% to $38.19 billion in April 2022.
- During April 2022, India’s imports have grown 26.55% to $58.26 billion.
- The data are based on preliminary trade data for April released by the Commerce & Industry Ministry on 03 May 2022.
- Trade deficit is $20.07 billion. This is 31.23% higher than in the year-ago period.
- In April 2022, non-petroleum goods exports increased 12.32% to $30.46 billion.
- During the same month, imports of non-petroleum goods increased 9.87% to $35.27 billion.
9. Withdrawal of 225 more RBI circulars has been recommended by Regulations Review Authority (RRA 2.0).
- The authority has till now recommended the withdrawal of 475 circulars issued by RBI.
- In February 2022, RRA recommended the creation of ‘Regulatory Reporting’ link on the RBI website.
- In April 2021, M Rajeshwar Rao (Deputy Governor, RBI) was appointed as the Regulations Review Authority.
- In May 2021, RRA set up a six-member Advisory Group to help it in reviewing the regulations and compliance procedures of RBI.
- Swaminathan J, Managing Director, State Bank of India headed this group.
10. HDFC Life has signed United Nations – Supported Principles for Responsible Investment.
- Vibha Padalkar, MD & CEO of HDFC Life expressed pleasure while announcing HDFC Life’s association with PRI.
- HDFC Life has won ‘Best Governed Company in the listed segment: Large category’ award at the 21st Institute of Company Secretaries (ICSI) National Awards for Excellence in Corporate Governance.
- PRI or Principles for Responsible Investment were created in 2005. It world’s leading proponent of responsible investment.
- HDFC Life Insurance Company Limited (HDFC Life) is a joint venture between HDFC Ltd. and abrdn (Mauritius Holdings) 2006 Limited.