Banking, Financial and Economic Awareness of 4, 5 and 6 September 2021

By PendulumEdu | Last Modified: 06 Sep 2021 19:34 PM IST
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Topic: Indian Economy

1. IMF allocated 12.57 billion SDRs to India.

  • The International Monetary Fund (IMF) has increased India’s special drawing rights (SDR) quota to 12.57 billion which is equivalent to $17.86 billion.
  • The total special drawing rights (SDR) holdings of India now stand at SDR 13.66 billion, which is 2.75 percent of the SDR quota.
  • India is continuously trying to increase its vote share in the IMF. At present, India holds 2.63 percent of the votes share in the IMF.
  • On 2 August, the IMF board of governors had approved a general allocation of about SDR 456 billion.
  • IMF allocate special drawing rights (SDR) to its member in proportion to their existing quotas in the IMF.

Special Drawing Rights (SDR):

It is an international monetary reserve currency created by IMF in 1969. It can be exchanged among the countries.

Its value is calculated from a weighted basket of major currencies, including the U.S. Dollar, Chinese Renminbi, Japanese Yen, the Euro, and British Pound.

It is one of the major components of the foreign exchange reserves (FER) of a country.

Topic: Appointments

2. Pankaj Kumar assumes charge as the Director (Offshore) of Oil and Natural Gas Corporation Limited (ONGC).

  • Pankaj Kumar has assumed charge as the Director (Offshore) of Oil and Natural Gas Corporation Limited (ONGC).
  • He will be responsible for Offshore Oil & Gas fields, which contribute nearly 70 % of crude oil and 78 % of natural gas production of the Maharatna ONGC.
  • He has earlier held key positions as Chief of Corporate Strategy & Planning group of ONGC.
  • He contributed to the formulation of ONGC’s Long Term Growth Strategy: Energy Strategy 2040 as Chief Corporate Strategy & Planning.
  • Kumar is also the Chairperson of the Society of Petroleum Engineers India Section (SPE).

Oil and Natural Gas Corporation Limited (ONGC):

It was formed in 1956. It is headquartered in New Delhi. Shashi Shanker is its Chairman, MD and CEO.

It comes under the Ministry of Petroleum and Natural Gas. Hindustan Petroleum Corporation is a subsidiary of ONGC.

Topic: Appointments

3. Gaurav Sharma joins Poonawalla Fincorp Limited as Group Chief Technology Officer (Group CTO).

  • Gaurav Sharma joined (Business Wire India) Poonawalla Fincorp Limited (Formerly Magma Fincorp Limited) as Group CTO.
  • He will lead and manage the technology initiatives for the group. He was last associated with L&T Financial Services as Chief Technology Officer.
  • He has also earlier worked with Max life as Head of Product Development and TCS as technology lead.

Poonawalla Fincorp Limited (Formerly known as Magma Fincorp Limited) is a non-deposit taking systemically important non-banking finance Company (ND-SI-NBFC), registered with RBI.

Topic: Banking System

4. Payment Banks want that RBI should increase maximum end of the day balance a customer can maintain with them from Rs 2 lakh to Rs 5 lakh.

  • Payment Banks want that RBI should increase maximum end of the day balance a customer can maintain with them from Rs 2 lakh to Rs 5 lakh.
  • This would be in sync with the increase in the deposit insurance cover by Deposit Insurance and Credit Guarantee Corporation (DICGC) to Rs 5 lakh.
  • Deposit insurance cover was raised to Rs 5 lakh, with effect from February 4, 2020.
  • As per Guidelines for Licensing of PBs, Payment Banks could hold a maximum day end balance of Rs 1 lakh per customer. These guidelines were issued on November 27, 2014.
  • RBI had doubled the maximum balance a customer can hold at end of the day in a Payment Bank to Rs 2 lakh on April 8, 2021.

Payment Banks are niche banks that leverage technology for financial inclusion. They are aimed at small businesses and low-income households.

Topic: MoUs/Agreements

5. APEDA signs MoU with ICAR-Indian Institute of Millet Research (ICAR-IIMR).

  • Agricultural and Processed Food Products Export Development Authority (APEDA) has signed MoU with ICAR-Indian Institute of Millet Research (ICAR-IIMR) to boost exports prospects and farmers’ income.
  • The MoU focuses on the promotion of commercial cultivation of processable varieties of Millet.
  • It envisages the creation of market linkages with farmers and Farmer Producers Organizations.
  • Its aim is to build export centric ecosystem and value chain for millets. APEDA and ICAR-IIMR would work for developing knowledge on the understanding of markets, consumer preferences, etc.
  • Both organizations would work on the creation of a Millet Export Promotion Forum in collaboration with all the key stakeholders.
  • Indian Institute of Millet Research is located in Hyderabad, Telangana.


Millets are cereal crops with high nutritive value. They are categorized as small-seeded grasses.

Sorghum, Pearl Millet, Ragi, Small Millet, Foxtail Millet, Barnyard Millet and Kodo Millet are key varieties of millets.

Recently, the United Nations General Assembly has passed the resolution to celebrate the International Year of Millets (IYM) in 2023.

Topic: Miscellaneous

6. Gujarat government launches ‘Vatan Prem Yojana’ for rural development.

  • Gujarat government has launched ‘Vatan Prem Yojana’ for rural development.
  • Under the scheme, the government encourages donations from non-resident Indians (NRIs) with Gujarati origins to fund development projects such as school classroom renovations, drainage, water recycling, and sports complex, etc.
  • Under the scheme, the government will provide up to 40% and donors with Gujarati origins can provide funding of minimum 60% or more for projects in their native village.
  • Under the scheme, the state government looks to create development projects worth ₹1000 crore by December 2022.

Topic: Infrastructure and Energy

7. Government starts work to build a container transshipment terminal at Great Nicobar Island.

  • Government has started work to build a container transshipment terminal at Great Nicobar Island.
  • Ministry of Ports, Shipping and Waterways has asked the Andaman and Nicobar Administration to engage AECOM as the Project Management Consultant for building a container transshipment terminal at Campbell Bay in Great Nicobar Island.
  • India needs to set up transshipment port alternatives as nearly 75% of India’s transshipped containers are handled at ports outside India.

Topic: Miscellaneous

8. Jawaharlal Nehru Port Trust (JNPT) set to become first landlord port.

  • Jawaharlal Nehru Port Trust (JNPT) is set to become the first landlord port.
  • JNPT has selected Crisil Risk and Infrastructure Solutions as transaction advisor for privatisation of the shallow water berth that handles general cargo and the coastal berth dedicated for local cargo movements.
  • In August, JNPT floated a global tender for privatization of State-owned port authority run Jawaharlal Nehru Port Container Terminal (JNPCT).
  • The privatisation of three facilities will make JNPT a full-fledged landlord port as envisaged under the Major Port Authorities Act 2021, which was passed in February 2021.




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