1. Inderjit Camotra has been appointed as MD & CEO of Unity Small Finance Bank.
- Both RBI and Unity Bank’s Board has approved his appointment.
- Prior to this appointment he was interim CEO of the Bank.
- Unity Small Finance Bank (USFB) commenced operations in November 2021, with a capital infusion of about ₹1,100 crore.
- With effect from 25 January 2022, scam-hit Punjab and Maharashtra Co-operative Bank was merged with USFB.
2. RBI has imposed a monetary penalty of ₹2.33 crore on Spandana Sphoorty Financial.
- RBI has imposed the penalty because it failed to adhere to pricing of credit guidelines for Non-Banking Financial Company - Micro Finance Institutions (NBFC-MFIs).
- EBI has imposed the penalty in exercise of powers vested in it under the provisions of the Reserve Bank of India Act, 1934.
- Spandana Sphoorty Financial Ltd is Hyderabad based NBFC-MFI registered with RBI.
Topic: Regulatory Bodies/Financial Institutions
3. PFRDA has decided to discontinue the facility of payment of contributions via credit card in the Tier-II account of NPS.
- A Tier-II account is a voluntary savings account. Only a Tier-I NPS account holder can open a Tier-II NPS account.
- Tier-II NPS account has flexible exit and withdrawal rules against Tier-I NPS account, which is a long-term one.
- In case of Tier-I NPS account, amount cannot be withdrawn until retirement.
- In case of Tier-II account, money can be withdrawn at any time. No minimum balance is needed in an NPS Tier-II account.
- As per PFRDA, pension asset under management (AUM) are expected to increase by 62% to ₹2 lakh crore in the FY23.
- Active subscribers in the non-government sector may increase 35% to 50 lakh subscribers by the end of FY23.
- PFRDA has now increased the maximum age of membership under the NPS-Private sector from the current 65 years to 70 years. The exit age has been increased to 75 years.
- Pension Fund Regulatory and Development Authority (PFRDA) was established in October 2003. Its Chairman is Supratim Bandyopadhyay. Its head office is in New Delhi.
4. RBI has said that all scheduled SFBs will be eligible for AD Category-I licence after completion of at least two years of operations as AD Category-II.
- This step aims to provide small finance banks (SFBs) flexibility to meet their customers’ foreign exchange business requirement.
- Authorised dealer (AD) category-I licence is subject to certain eligibility norms. Some of them are given below.
- Minimum net worth of ₹500 crore
- Capital to risk-weighted assets ratio should not be less than 15 percent
- Net non-performing assets should not exceed 6 percent during previous four quarters
- Should have made profit in the preceding two years
- Other eligibility criteria include SFB should not have defaulted in maintenance of cash reserve ratio/ statutory liquidity ratio during previous two years.
Topic: Infrastructure and Energy
5. Lok Sabha has passed Energy Conservation (Amendment) Bill, 2022.
- The bill aims to tap the $800-billion global carbon market. It seeks to amend the Energy Conservation Act, 2001.
- The bill makes it mandatory for buildings with a minimum connected load of 100 KW to meet their energy requirements from renewable sources.
- Through the bill, government wants to enhance the scope of Energy Conservation Building Code.
- Through the bill, government also wants to increase members in the Governing Council of Bureau of Energy Efficiency.
- The government aims to save an estimated 300 billion units of electricity by 2030.
- Bureau of Energy Efficiency (BEE):
- It is a statutory body that was formed as per the Energy Conservation Act, 2001.
- It was formed in 2002 and comes under the Ministry of Power.
6. Ranjit Rath has been appointed as Oil India Limited's (OIL) new chairman and managing director (CMD).
- He received the prestigious National Geosciences Award from the President of India in 2016.
- Nallathamby Kalaiselvi has been appointed as the first woman director general of Council of Scientific & Industrial Research (CSIR).
- Oil India Limited is a Navratna Company under the administrative control of the Ministry of Petroleum and Natural Gas.
Topic: Indian Economy/Financial Market
7. India’s good exports in July 2022 declined marginally by 0.76% (year-on-year) to $35.24 billion.
- The exports declined for the first time in over a year. Trade deficit in July 2022 increased three times to reach at $31.02 billion.
- This is because imports during July 2022 increased 43.59% to $66.26 billion.
- The rise in imports is led by sectors like petroleum, electronic goods, and coal and coke, according to preliminary trade estimates for July 2022 released by Commerce & Industry Ministry.
- India’s goods exports in 2021–22 reached an all-time high of $420 billion.
- In April-July 2022, India’s goods exports increased 19.35% to $156.41 billion. Goods imports during the same period was 48.12% higher at $256.43 billion.
- Trade deficit during the period was $100 billion, which is more than double of the trade deficit of $42 billion in the same period last fiscal.
Topic: Indian Economy/Financial Market
8. Government capex (capital expenditure) increased by 72% to over ₹80,000 crore in the road sector in the April-June quarter of current fiscal.
- The capex increased by 80% to over ₹46,000 crore in railways in the April-June quarter of the current fiscal.
- The overall government capital expenditure during this period remained at 57%.
- The government has budgeted around ₹7.50-lakh crore of capital expenditure during the current fiscal.
- Out of this, government spent over ₹1.75-lakh crore in the first three months.
- The capital outlay on defence services recorded 20% growth. It remained around ₹24,800 crore.