Banking Awareness of 4 and 5 February 2022

By PendulumEdu | Last Modified: 05 Feb 2022 18:10 PM IST
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Topic: Appointments

1. LIC nominates its retired MD, MK Gupta, on the Board of IDBI Bank.

  • Life Insurance of Corporation of India (LIC) has nominated its retired Managing Director, Mukesh Kumar Gupta, on the Board of IDBI Bank.
  • Rajesh Kandwal has ceased to be LIC Nominee Director with effect from February 2, 2022.
  • LIC had acquired a majority stake in IDBI Bank in January 2019.
  • As of December-end 2021, LIC had a 49.24 % stake in IDBI Bank. Government had 45.48 % stake in IDBI Bank as of December-end 2021. LIC is in control of the management of IDBI Bank.
  • IDBI Bank was set up in 1964. It is headquartered in Mumbai. Its CEO is Rakesh Sharma.

Topic: Indian Economy/Financial Market

2. US became India’s largest trading partner in 2021.

  • In 2021, the United States regained its place as India's largest trading partner and China slipped to second place.
  • In 2021, India’s bilateral trade with the US increased to $112.3 billion.
  • United State was India’s largest trading partner in 2019 at trade value of $90.1 billion but it fell to $76 billion due to pandemic disruption in 2020.
  • In 2020, India’s bilateral trade with China dropped to $77.7 billion but it was higher than trade with US.
  • India’s imports from China increased by 49 % in 2021 as compared to last year.
  • India’s exports to China also increased in 2021 to $22.9 billion. India’s trade deficit with China has increased to $64.5 billion in 2021.
  • UAE, Saudi Arabia, Switzerland, Hong Kong, Singapore, Iraq, Indonesia, and South Korea are among the top ten trading partners of India.
  • India top trading partner list 2021:

Rank

Country

Total Trade

1

United States

92.0

2

China

81.87

3

United Arab Emirates

59.03

4

Saudi Arabia

26.71

Topic: Appointments

3. PESB selects BK Tyagi as next Chairman and Managing Director of Shipping Corporation of India Ltd.

  • Public Enterprises Selection Board (PESB) has selected Binesh Kumar Tyagi as next Chairman and Managing Director of Shipping Corporation of India Ltd (SCI).
  • Tyagi is currently the director looking after the liner and passenger services division at SCI. Current CMD will step down on May 31 on superannuation.
  • In January, PESB selected CI Acharya for the position of Director (Finance) at SCI.
  • Appointments Committee of the Cabinet (ACC) will approve selection of Tyagi and Acharya.
  • Shipping Corporation of India is an Indian public sector undertaking. It is headquartered in Mumbai.

Topic: Indian Economy/Financial Market

4. The allocation for MGNREGA reduced by 25%.

  • The allocation for MGNREGA has been reduced by 25% in the current budget, compared to estimates from last financial year (FY 2021-22).
  • Revised estimates for the scheme in last financial year (FY 2021-22) was ₹97,034.7 crore. Allocation for the current financial year (FY 2022-23) is ₹72,034.67 crore.
  • In 2020-21, government had allocated ₹1,10,527 crore towards MGNREGA.
  • 2022 Economic Survey says that demand for MGNREGA employment is still higher than that of the pre-Covid times.
  • MGNREGA was introduced in 2005. It ensures 100 days of employment to people registered under it. The wages differ depending on the state. They are currently maximum in Haryana and the lowest in Chhattisgarh.

Topic: Indian Economy/Financial Market

5. India’s tax-to-GDP ratio likely to reach to highest level ever this year.

  • Revenue Secretary Tarun Bajaj said that India’s tax-to-GDP ratio likely to reach to the highest level ever this year.
  • Gross-tax-to-GDP ratio was 11% in FY19. It declined to 9.9 % in FY 20. It marginally improved to 10.2 % in FY21.
  • In this year’s budget (Budget 2022-2023), the 15% concessional tax rate for new manufacturing units was extended by a year.
  • It will now be available till March 2024 for newly incorporated manufacturing units.

Topic: Appointments

6. Ravi Mittal likely to take over as IBBI chairman.

  • Ravi Mittal is likely to take over as Insolvency and Bankruptcy Board of India (IBBI) chairman.
  • He is former secretary of the Department of Sports. Appointments Committee of Cabinet has approved his appointment.
  • The appointment will be subject to clearance from Prime Minister Office. Mittal would be IBBI chairman for five years or till the age of 65 years, whichever is early.
  • The post of IBBI chairman has been vacant after the retirement of MS Sahoo on September 20, 2021. Navrang Saini was given additional charge of IBBI chairman. 
  • Insolvency and Bankruptcy Board of India (IBBI):
    • It was established on 1 October 2016 under the Insolvency and Bankruptcy Code, 2016.
    • It is responsible for the implementation of the IBC code.

Topic: RBI

7. Independence Co-operative Bank's licence has been cancelled by RBI.

  • Licence of the Nashik-based Independence Co-operative Bank Ltd has been cancelled by the Reserve Bank of India (RBI) on 2 February 2022.
  • The Bank has ceased banking business, with effect from close of banking business on February 03, 2022.
  • The RBI has requested Maharashtra's Commissioner for Cooperation and Registrar of Cooperative Societies to issue an order for winding up the bank and to appoint a liquidator.
  • Under the rules of the DICGC Act, 1961, every depositor would receive deposit insurance claim amount up to a monetary ceiling of Rupees five lakh from DICGC.

Topic: Banking System

8. Karnataka Bank gets digital transformation award.

  • Karnataka Bank has got a digital transformation award, DX 2021 Award.
  • The bank has got the award in recognition of innovative best practice ‘KBL VIKAAS’, by the Confederation of Indian Industry (CII).
  • KBL VIKAAS was launched by the Karnataka Bank in 2017. It has enabled the bank to implement digital capabilities.
  • The bank recently launched ‘KBL NxT’ as part of wave 2.0 of ‘KBL VIKAAS’.
  • Karnataka Bank is a Scheduled Commercial Bank based in Mangaluru in Karnataka. It is a private sector bank.

Topic: Indian Economy/Financial Market

9. India's GDP contracted by 6.6% in 2020-21: NSO

  • The first revised estimates of gross domestic product (GDP) data for FY21 has been released by National Statistical Office (NSO).
  • It showed that Indian GDP had declined by 6.6% in FY21. Earlier, 7.3% contraction was estimated by NSO.
  • The National Statistical Office (NSO) has also revised India’s real GDP growth for FY20 to 3.7% from 4%.
  • The revision in FY21 data has happened due to the base effect. Previously, NSO had used benchmark-indicator method but this time it has used more detailed industry information.
  • During the April-December period of FY22, the central government managed to contain its fiscal deficit at 50.4% of Budget Estimates.
  • The growth in eight infrastructure sectors had reached up to 3.8% in December. It had dipped to a nine-month low of 3.1% in November.
  • Per Capita Net National Income at current prices is estimated at Rs 1,32,115 and Rs 1,26,855 respectively for the years 2019-20 and 2020-21.

Topic: Appointments

10. Centre gives Sonali Singh the charge of CGA.

  • Sonali Singh has been given the charge of Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance.
  • Sonali Singh is Additional Controller General of Accounts. Sonali Singh has been given charge of CGA after the superannuation of Dipak Dash.
  • Sonali Singh has been given charge of CGA with effect from 01.02.2022.
  • She will look after the duties of CGA till regular appointment to the post of CGA or till further orders, whichever is earlier.
  • Controller General of Accounts (CGA):
    • CGA is the Principal Accounting Adviser to Government of India.
    • The Office of CGA prepares monthly and annual analysis of expenditure, revenues, borrowings and various fiscal indicators for the Union Government.

 

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sumitkumar
3 months ago

Very nice

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