Banking Awareness of 6, 7 and 8 March 2022

Topic: Banking System

1. A strategic partnership has been announced between Bharti Airtel and Axis Bank.

• The partnership has been announced for offering financial and digital services to Airtel’s more than 34 crore customers.
• The partnership began on 07 March 2022 with the launch of Airtel Axis Bank Credit Card.
• Airtel Axis Bank Credit Card will offer cashbacks, special discounts, digital vouchers and complimentary services to Airtel customers.
• It will be available for eligible Airtel customers via the Airtel Thanks app.
• Axis Bank is the third-largest private sector bank in India that is headquartered in Mumbai. Its MD & CEO is Amitabh Chaudhry.

Topic: Appointments

2. Sunil Agrawal has been appointed as Chief Financial Officer (CFO) of LIC for three years.

• Shubangi Sanjay Soman, Executive Director at LIC, was earlier holding charge as CFO.
• Agrawal was the CFO at Reliance Nippon Life Insurance. This is the first time LIC has hired a CFO from outside.
• Life Insurance Corporation (LIC):
  • It was formed in September 1956. Government of India completely (100%) owns LIC.  It is headquartered in Mumbai.
  • Its slogan is yogakshemam vahamyaham (Your welfare is our responsibility).

Topic: Corporates/Companies

3. A business-to-business (B2B) e-commerce platform has been launched by Larsen & Toubro (L&T).

• The platform is named as SuFin. It registers and verifies sellers before onboarding them.
• It is aimed at both large businesses as well as MSMEs to source their industrial supplies as well as get unsecured financing.
• Larsen & Toubro is an Indian multinational conglomerate headquartered in Mumbai.

Topic: Banking/Financial Schemes

4. Application window for the Production Linked Incentive (PLI) scheme for white goods has been re-opened by government.

• Investors who failed to apply earlier can apply from March 10 to April 25, 2022.
• The incentive will be available only for the remaining tenure of the scheme.
• The scheme is to be implemented over seven years, from 2021-22 to 2028-29, with a budget of Rs. 6,238 crore for the production of Air Conditioners and LED lights.
• The term white goods means large electrical goods that are used domestically.
• White goods industry includes air conditioners, refrigerators, washing machines and dryers, dishwashers, and LED Lights.

Topic: World Economy

5. Brent crude oil futures increased to a 14-year high level of $139 a barrel.

• WTI crude oil futures increased by 13% to $130 a barrel.
• Brent crude has reached $139 per barrel for the first time since 2008.
• Brent oil prices reached highest level since 2008 because of delays in return of Iranian crude to global markets and western nations considering ban on imports of Russian oil.
• Russia is second-largest crude exporter in the world after Saudi Arabia. It exports 4-5 million barrels of crude oil daily.
• Brent is oil produced from Brent oil fields as well as other places located in North Sea.
• The price of Brent crude serves as benchmark for African, European, and Middle Eastern crude oil.
• West Texas Intermediate (WTI) is a US light sweet crude oil blend.

Topic: Taxation

6. GST Council is likely to consider raising lowest tax slab from 5% to 8% in its next meeting.

• It may also reduce the number of exemptions in the Goods and Services Tax regime in order to increase revenues and reduce states' reliance on the Centre for compensation.
• Currently, GST is a four-tiered structure with tax rates of 5, 12, 18, and 28%.
• Essential items are either exempted or taxed at the lowest rate, whereas luxury and demerit items are taxed at the highest rate.
• Luxury and sin goods are subject to a cess in addition to the highest 28% slab.
• This cess is collected to compensate states for revenue losses caused by the implementation of the GST.
• GST compensation regime will end in June. It was put into effect from July 1, 2017, and will end on June 30, 2022.
• Centre had agreed to compensate states for 5 years till June 2022.
• Centre had agreed to protect state’s revenue at 14% per annum over the base year revenue of 2015-16.
• Last year, GST Council has formed a panel of state ministers to recommend ways to increase revenue by rationalising tax rates and resolving tax irregularities.
• The panel is headed by Karnataka Chief Minister Basavaraj Bommai.

Topic: Appointments  

7. Nitin Chugh has been appointed by SBI as Deputy Managing Director (DMD) and Head of Digital Banking.

• Chugh was the MD and CEO of Ujjivan Small Finance Bank before joining SBI.
• Chugh had earlier served at HDFC Bank.
• State Bank of India (SBI):
  • It is a nationalized public sector bank and the largest lender in India.
  • It is headquartered in Mumbai.
  • Current Chairman of SBI is Dinesh Kumar Khara.

Topic: Miscellaneous

8. India Global Forum’s (IGF) annual summit has been hosted in Bangalore.

• The summit was a two day long event. It started on 7 March and ended on 8 March.
• The theme of summit is ‘The New India Inc.’. The summit brought together leaders of new unicorns and Union ministers, policymakers and global business leaders.
• As of January 14, 2022, India had 83 unicorns valued at $277.77 billion, according to the Economic Survey 2021-22.
• In 2021, India added a record 44 unicorns. It surpassed United Kingdom and became world's third-largest unicorn country, behind the United States and China.
• India Global Forum (IGF) is an agenda-setting forum for international business and global leaders.

Topic: Miscellaneous

9. National Highway for Electric Vehicle (NHEV) is building a green charging hub along Jaipur-Delhi-Agra E-highway.

• The charging station will have facilities like a restaurant, coffee lounge, a bank, an ATM and a showroom.
• Two electric vehicle (EV) charging stations have been opened in Gurgaon in the previous two months.
• Gurgaon now has two of the largest electric vehicle charging stations in the country.
• NHEV is an organization for promoting electrification of the India's transportation systems.

Topic: Miscellaneous

10.  FATF has placed UAE on “grey list”.

• FATF has said that UAE hasn’t taken enough steps to stop criminals and militants from hiding wealth there.
• UAE government had formed an Executive Office to combat illicit flows in the country.
• Financial Action Task Force has retained Pakistan on its "grey list".
• The FATF’s “grey list” is not as severe as its “black list”. India is a member of the FATF consultations and its Asia Pacific Group.
• Financial Action Task Force (FATF):
  • It is an intergovernmental organization.
  • It was established in 1989 to combat money laundering, terror financing, and other related threats for the integrity of the international financial system.
  • Currently, it has 39 members including two regional organizations - the European Commission and Gulf Cooperation Council.
  • North Korea and Iran are currently on the FATF’s black list.

Topic: Appointments

11. Chief Justice DN Patel appointed as chairperson of TDSAT.

• He has been appointed for four years or till attainment of the age of 70 years, whichever is earlier.
• His appointment has been approved by the Appointment Committee of the cabinet.
• Telecom Disputes Settlement and Appellate Tribunal (TDSAT):
  • TDSAT was established in 2000. Its headquarters is located in New Delhi.
  • It was established to protect the interests of service providers and consumers of the telecom sector.
  • It consists of a Chairperson and two Members appointed by the Central Government.

Read Banking Awareness PDF - 6, 7 and 8 March 2022