Banking Awareness of 4, 5 and 6 December 2021

By PendulumEdu | Last Modified: 27 Dec 2021 18:51 PM IST
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Topic: Appointments

1. Gita Gopinath promoted as Deputy Managing Director of International Monetary Fund (IMF).

  • Gita Gopinath has been promoted as Deputy Managing Director of International Monetary Fund (IMF).
  • She will be the first woman to hold the post. She will succeed Geoffrey Okamoto.
  • She was already holding the post of chief economist at International Monetary Fund (IMF).
  • She was appointed chief economist at IMF in 2018. She was earlier economic advisor to Kerala Chief Minister Pinarayi Vijayan.
  • Financial Times named her among the 25 Most Influential Women of 2021. IMF counted her among the world’s top 25 economists under the age of 45.

International Monetary Fund (IMF):

IMF is an international organization. It is designed to promote global monetary cooperation.

Its headquarters is located in Washington DC. It was established in 1945.

The Managing Director of IMF is Kristalina Georgieva.

Topic: Banking System

2. Canara Bank raises ₹1,500 crore in Basel III-Compliant AT1 bonds.

  • Canara Bank has raised ₹1,500 crore in Basel III-Compliant Additional Tier 1 (AT1) bonds.
  • The Bank has decided to accept ₹1,500 crore at a coupon rate of 8.05% per annum.
  • This is the Second AT1 bond issuance of the Bank after new SEBI regulations.
  • During October 2021, the bank has raised Basel III Compliant AT 1 bonds of ₹1,500 crore.
  • Additional Tier 1 bonds are debt instruments that are perpetual in nature. They do not have a maturity date. They provide higher returns and carry higher risks.

Canara Bank was established in 1906. It is headquartered in Bengaluru. Lingam Venkat Prabhakar is its CEO. Recently, the government has merged syndicate bank with Canara bank.

Topic: Appointments

3. Pradip Shah appointed as chairman of NARCL.

  • Pradip Shah has been appointed as chairman of National Asset Reconstruction Company (NARCL).
  • Sanjay Jain will be the chief executive of India Debt Resolution Company (IDRCL). Diwakar Gupta is selected as chairman of IDRCL.
  • In May, Padmakumar Nair was appointed as MD of NARCL.
  • Pradip Shah is the founder of IndAsia Fund Advisors. Diwakar Gupta is former managing director of SBI.
  • Sanjay Jain is the managing director of Aditya Birla Asset Reconstruction Company.
  • IDRCL is privately owned Asset Management Company. It is mandated to resolve bad loans acquired by NARCL.
  • Under the twin structure created by government for the resolution of stressed assets, public sector banks will own NARCL and private lenders will have majority stake in IDRCL.

Topic: Banking System

4. Federal Bank launches Mahila Mitra Plus.

  • Federal Bank has launched Mahila Mitra Plus, a feature-rich saving scheme for women.
  • Mahila Mitra Plus provides a curated set of features, designed to make financial planning and investments easy for women.
  • Exclusive preferential interest rates on housing loans and processing fee waiver for home loans are its special features.
  • It also provides complimentary and customised insurance cover.

Federal Bank is an Indian private sector bank with headquarters in Aluva, Kochi. Its CEO is Shyam Srinivasan. Its tagline is your perfect banking partner.

Topic: Agriculture

5. The share of food processing sector in India’s total FDI stands at 1.5%.

  • Ministry of Food Processing has said that the share of food processing sector in India’s total FDI stands at 1.5%.
  • The Ministry said that more investments are needed for overall growth of the sector. FDI inflows in the food processing sector declined by 54 % in 2020-21.
  • Minister of State for Food Processing Industries Prahlad Singh Patel said that Ministry of Food Processing Industries (MoFPI) is implementing Pradhan Mantri Kisan Sampada Yojana (PMKSY) since 2016-17.
  • PMKSY is a Central Sector scheme for overall growth and development of the food processing sector including for boosting investment. 
  • Government allows 100% FDI in food processing. India has fixed agriculture export target of $43 billion for 2021-22.
  • India had fixed an overall goods export target of $400 billion for 2021-22 and $262 billion of exports had already been achieved during April-November 2021-22 period.

Topic: MoUs/Agreements

6. Oppo signs MoU with IIT Delhi for scholarship programme.

  • Oppo has signed MoU with IIT Delhi for scholarship programme covering academics expenses for the shortlisted students.
  • The MoU is a part of Oppo India’s Genius+ programme. The programme aims to provide scholarships to outstanding students pursuing engineering courses at premium institutes.
  • The basis for selection of first-year applicants for the Genius+ scholarship programme is JEE rank of the students.
  • In November 2021, Oppo conducted first 5G VoNR (Voice/Video on New Radio) call from its Hyderabad 5G lab.
  • Oppo is a Chinese consumer electronics and mobile communications company.

Topic: Reports and Indices

7. Manufacturing PMI rises to 57.6 in November.

  • Manufacturing PMI has increased to 57.6 in November from 55.9 in October.
  • Manufacturing has a share of over 14% in Gross Value Added (GVA).
  • The report accompanying PMI said that there were tentative signs of an improvement in hiring activity, following three successive months of job shedding.
  • PMI is based on responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.
  • A diffusion index is calculated for each survey variable. The index is the sum of the percentage of ‘higher’ responses and half the percentage of ‘unchanged’ responses.
  • The headline PMI is a weighted average of the following five indices:
    • New orders (30%)
    • Output (25%)
    • Employment (20%)
    • Suppliers’ delivery times (15%)
    • Stocks of purchases (10%)

Topic: Miscellaneous

8. AgNext Technologies enters into partnership with NAFED to digitise quality assessment for organic kiwis grown in Arunachal Pradesh.

  • AgNext Technologies has entered into partnership with NAFED to digitise quality assessment for organic kiwis grown in Arunachal Pradesh.
  • Arunachal Pradesh Agriculture Marketing Board had launched the organic kiwis in New Delhi along with NAFED as a marketing partner.
  • AgNext will use artificial intelligence (AI) based technology for rapid quality assessment of the organic kiwi.
  • Through its quality monitoring program Qualix, AgNext also enabled deep-tech based comprehensive traceability.

National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) was established on 2nd October 1958. It is registered under the Multi State Co-operative Societies Act.


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