Banking Awareness of 7, 8 and 9 April 2024

By Priyanka Chaudhary | Last Modified: 09 Apr 2024 17:05 PM IST
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Topic: Banking System

1. Bain Capital intends to sell its $429 million worth stake in Axis Bank.

  • Bain Capital plans to sell roughly 33.40 million Axis Bank shares, or more than 1% of the stake.
  • With this stake sale, Bain Capital’s shareholding in Axis Bank will come to an end. 
  • Bain Capital is a private equity firm. In November 2017, it for the first time purchased shares in the Axis Bank.
  • After selling a portion of its holding in Axis Bank in November 2022, Bain Capital sold shares worth $448 million in the Axis Bank in December.
  • Axis Bank is the third-largest private sector bank in India that is headquartered in Mumbai. Its MD & CEO is Amitabh Chaudhry.

Topic: MoUs/Agreements

2. Small Industries Development Bank of India (SIDBI) and fintech Onion Life Private Limited has entered into an agreement.

  • SIDBI will use the technology platform of Onion Life Private Limited, KarmaLife to provide micro loans to gig workers.
  • This will support financial inclusion of gig workers to formal institutional credit.
  • KarmaLife will support gig workers access micro loans via a mobile app.
  • It will remove the difficulty of paperwork or physical documentation.
  • With this, gig workers will be able to easily manage the liquidity needs of their enterprise activities.
  • SIDBI is a development financial institution in India working under the Department of Financial Services.
  • It is regulated and supervised by the Reserve Bank of India (RBI).
  • It was established in 1990. It is headquartered in Lucknow, UP. Sivasubramanian Ramann is its Chairman and Managing Director.

Topic: Appointments

3. The appointment of Vinod Francis as CFO of South Indian Bank has been approved.

  • The board of bank has approved his appointments as CFO (Chief Financial Officer) and Key Managerial Personnel.
  • Vinod Francis has served as Deputy CFO since June 2021.
  • He will take place of Chithra H, the current CFO and Senior General Manager.
  • Chithra H will assume the role of Chief Compliance Officer (CCO) in accordance with the regulatory directives issued by the RBI.
  • South Indian Bank is a private sector bank. It is headquartered in Thrissur, Kerala.

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Topic: Indian Economy/Financial Market

4. On April 8, 2024, the market capitalization of companies listed on the BSE reached an all-time high of Rs 401.10 lakh crore (USD 4.81 trillion).

  • The market capitalization of firms listed on the BSE has surpassed Rs 400 lakh crore for the first time ever.
  • The BSE benchmark increased by 425.62 points to 74,673.84, a new record high.
  • Maruti, JSW Steel, Tata Steel, Bajaj Finserv, Power Grid, Reliance Industries, Axis Bank, and Mahindra & Mahindra were the biggest gainers.
  • Among the laggards were Wipro, Nestle, HDFC Bank, and Bajaj Finance.
  • In July 2023, the market capitalization of companies listed on the BSE surpassed Rs 300 crore.
  • On April 9, 2024, the benchmark Sensex topped the 75,000 level for the first time.

Topic: Awards and Prizes

5. The 15th "CIDC Vishwakarma Award" has been given to GAIL (India) Limited in the "Achievement Award for Best Construction Projects" category.

  • GAIL (India) Limited won the award for its Barauni – Guwahati Natural Gas Pipeline project (BGPL). 
  • On behalf of the company, GAIL's Director of Projects, Deepak Gupta, and Executive Director of Projects, AK Tripathi, accepted the award.
  • The BGPL project has connected North-East India with the National Gas Grid for the first time.
  • It is an integral part of Jagdishpur – Haldia & Bokaro – Dhamra Pipeline project.
  • GAIL (India) Limited is India’s leading natural gas company. It is a central PSU.
  • It was founded in 1984. It was founded in New Delhi. Sandeep Kumar Gupta is its Chairman and MD.
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Topic: Appointments

6. Manoj Panda has been appointed as a new member of 16th finance commission.

  • The government appointed Manoj Panda as a new full-time member of the Sixteenth Finance Commission.
  • He is a former director of the Institute of Economic Growth.
  • In 16th FC, Manoj Panda replaced Niranjan Rajadhyaksha, Executive Director, Artha Global.
  • Niranjan Rajadhyaksha quit from 16th FC citing unforeseen personal circumstances.
  • This new appointment has completed the finance commission, which was functioning with only three full-time members and Chairperson Arvind Panagariya.
  • 16th Finance Commission was constituted on December 31, 2023.
  • Ajay Narayan Jha, Annie George Mathew, and Soumya Kanti Ghosh are other full-time members.
  • The 16th Finance Commission will submit its report by October 31, 2025, for five years commencing from April 1, 2026.
  • The first meeting of the 16th Finance Commission was held on February 14 2024.

Topic: Appointments

7. NCDFI elected Meenesh Shah as its chairman.

  • On April 5, the National Cooperative Dairy Federation of India Limited (NCDFI) unanimously elected Dr. Meenesh Shah as Chairman in its board elections.
  • Anand District Collector, IAS Praveen Chaudhary, who served as the returning officer, conducted the elections.
  • Earlier on April 04, NCDFI elected eight directors unopposed on the Board in its General Body meeting.
  • Apart from these elected directors, S. Regupathy, executive director of NDDB, is a nominee director on the board of NCDFI.
  • National Cooperative Dairy Federation of India (NCDFI):
    • It aims to facilitate the working of dairy cooperatives through coordination, networking, and advocacy.
    • It was registered in December 1970. In 1984, it started working as the apex body of the cooperative dairy industry.
    • It is governed under the provisions of the Multi-State Cooperative Societies (Amendment) Act, 2023.
    • It has 20 regular members, 14 associate members, and the National Dairy Development Board (NDDB) as its institutional member.

Topic: Appointments

8. Rajeev Singhal appointed as managing director of Tata International.

  • On April 1, Tata International, the global trading and distribution arm of the Tata Group, announced the appointment of Rajeev Singhal as its Managing Director (MD).
  • Appointed to the new post with effect from April 1, Singhal replaced Anand Sen, who retired on March 31, 2024.
  • Earlier, Singhal was the Executive Director and Chief Operating Officer (COO) at Tata International.
  • Srini Pallia appointed as the next chief executive officer (CEO) of Wipro.
  • After the resignation of Thierry Delaporte, Wipro has appointed Srinivas Pallia as its new CEO from April 7.
  • Wipro is an Indian multinational corporation headquartered in Bangalore. It provides Information Technology services.

Topic: Banking System

9. Bandhan Bank’s founder, managing director and CEO Chandra Shekhar Ghosh has decided to resign from office.

  • Chandra Shekhar Ghosh decided to resign from office after the completion of his tenure.
  • He will retire as MD and CEO of the bank upon end of his tenure on 9 July 2024.
  • He served as MD and CEO of the bank for three consecutive tenures (9 years).
  • According to the RBI guidelines, MD and CEO of private banks cannot have tenure of more than 15 years.
  • Bandhan Bank was launched on 23 August 2015. It is a private sector bank.
  • It is headquartered in Kolkata. Dr. Anup Kumar Sinha is its current chairman.


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