Banking, Financial and Economic Awareness of 7, 8 and 9 March 2021

By PendulumEdu | Last Modified: 09 Mar 2021 15:17 PM IST
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Topic: Appointments

1. Indian-American Naureen Hassan appointed as First Vice President and Chief Operating Officer of Federal Reserve Bank of New York.

  • Board of directors of the Federal Reserve Bank of New York appointed Indian-American Naureen Hassan as First Vice President and Chief Operating Officer (COO) of the bank.
  • Her appointment as First Vice President and Chief Operating Officer (COO) of Federal Reserve Bank of New York will come into effect from 15 March.
  • Board of Governors of the Federal Reserve System approved her appointment. As First Vice President, Indian-American Naureen Hassan will be an alternating voting member of Federal Open Market Committee.
  • John C. Williams is President and CEO of the New York Fed (Federal Reserve Bank of New York)
  • Indian-American Naureen Hassan has earlier served as Chief Digital Officer for Morgan Stanley Wealth Management.
  • Federal Reserve Bank of New York’s headquarters is located in Manhattan, New York. Its headquarter building is known as 33 Liberty Street.  

Topic: Banking System

2. LIC will disinvest its stake in IDBI Bank.

  • Life Insurance Corporation of India (LIC) will reduce its stake in IDBI Bank to boost strategic disinvestment.
  • However, LIC has not yet decided how much stake it will reduce from the IDBI bank.
  • From January 2019, RBI had categorized IDBI Bank as a Private Sector Bank for regulatory purposes. LIC owns a majority stake in IDBI Bank.
  • The government had announced a disinvestment target of ₹2.10-lakh crore for 2020-21. Out of this, ₹90,000 crores will come from the sale of government stakes in public sector banks and financial institutions.
  • At present, the government holds 47.11 percent and LIC holds 51 percent stake in IDBI Bank.  

IDBI Bank

Life Insurance Corporation (LIC)

  • It was set up in 1964.
  • It is headquartered in Mumbai.
  • Its CEO is Rakesh Sharma.
  • It was formed in September 1956.
  • It is headquartered in Mumbai.
  • It owns 9% stake in Axis Bank and 10 % stake in Yes Bank.
  • M R Kumar is the current Chairman of LIC.

Topic: Banking System

3. NPCI and SBI Payments joined hands to launch ‘RuPay SoftPoS’ solution.

  • National Payments Corporation of India (NPCI) has partnered with SBI Payments to launch ‘RuPay SoftPoS ’.
  • It will transform an NFC-enabled smartphone into merchant Point of Sale (PoS) terminals for the merchants.
  • It will enable merchants to perform transactions of up to Rs 5,000 through their smartphones.
  • It will provide a cost-effective infrastructure for merchants to promote contactless digital transactions.
  • Merchants have to just download a supporting app to convert their smartphones into a payment terminal.
  • This facility can be used for only NCMC cards and RuPay Tokenized Card.

SBI Payments:

It is a joint venture between SBI and Hitachi Payment Services Pvt. Ltd. It promotes merchants to adopt digital payment services.

National Payments Corporation of India (NPCI):

It was formed in 2008 by the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA). It is an apex Organisation for operating retail payments and settlement systems in India.

Topic: Banking/Financial Schemes

4. SmartUp Unnati programme launched by HDFC Bank.

  • HDFC Bank has launched the SmartUp Unnati programme on International Women’s Day.
  • The purpose of the programme is to mentor women entrepreneurs by women leaders at the bank.
  • Under the programme, senior women leaders from HDFC Bank will mentor women entrepreneurs over the next year. The programme is being offered only to existing customers.
  • HDFC Bank Limited is headquartered in Mumbai. HDFC Bank is India‘s largest private sector bank. It was founded in 1994. CEO of HDFC Bank is Sashidhar Jagdishan.

Topic: Corporates/Companies

5. Axis Securities launched YIELD, an online platform to buy and sell bonds and debentures.

  • Axis Securities launched YIELD, an online platform to buy and sell bonds and debentures.
  • The platform will enable retail investors to have direct access to debt instruments. It will do away with the need for separate KYC with bond institutions.
  • The platform aggregates only ‘AAA’ to ‘A’ rated quality debt instruments available. 
  • Axis Securities is a 100% subsidiary company of Axis Bank. It is the third largest broking firm. It has acquired Karvy Stock Broking.
  • As of December-end, ICICI Securities and Zerodha are the first and second-largest broking firms, respectively.

Topic: Banking/Financial Schemes

6.  Business Kisht Suraksha introduced by HDFC ERGO General Insurance.

  • Business Kisht Suraksha has been introduced by HDFC ERGO General Insurance.
  • Business Kisht Suraksha is a product to protect the balance sheet of MFIs, financial institutions and banks due to non-payment of EMIs or due to natural calamities.
  • Business Kisht Suraksha is a product that can be customized on the basis of the needs of individual MFI or financial institutions.
  • HDFC ERGO General Insurance is a joint venture between HDFC Ltd and ERGO International AG. ERGO International AG is the primary insurance entity of Munich Re Group of Germany.

Topic: Summits/ Conferences/ Meetings

7. The inaugural session of TechBharat 2021 addressed by Dr. Harsh Vardhan.

  • Union Health Minister Dr. Harsh Vardhan addressed the inaugural session of TechBharat 2021.
  • TechBharat 2021 is an e-conclave that brings together stakeholders from Health Tech & Edutech sectors.
  • Udyog Bharati and IMS Foundation organized the second edition of TechBharat on a virtual platform.
  • TechBharat 2021 was held on 5 March and 6 March. TechBharat 2021 is the second edition of TechBharat.
  • Union Minister for Health & Family Welfare Dr. Harsh Vardhan said that equity in the delivery of healthcare needs to be ensured, and health care spending should be increased.
  • He also said that there has been increase of 137% in allocation for the healthcare in Union Budget 2021-22. He also spoke about other schemes and initiatives already covered in the Union Budget 2021-22.

Topic: Corporates/Companies

8. BEL paid Rs 174.43 crore interim dividend for 2020-21 to the Defence Ministry.

  • Rs 174.43 crore interim dividend for 2020-21 was paid by Bharat Electronics Limited (BEL) to the defense ministry.
  • This is the 18th consecutive year that BEL is paying an interim dividend. It has announced that 140% as an interim dividend (Rs 1.40 per share) will be paid to its shareholders.
  • M V Gowtama is the chairman and managing director of BEL.
  • Bharat Electronics Limited is a Navratna Public Sector Undertaking. It is one of the nine PSUs under Defence Ministry. It was formed in 1954. It is headquartered in Bengaluru.

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