Banking Awareness of 8, 9 and 10 May 2022

By PendulumEdu | Last Modified: 12 Sep 2022 13:38 PM IST
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Topic: RBI

1. RBI has imposed penalty of Rs 58 lakh on Abhyudaya Co-op Bank.

  • RBI has imposed a penalty for non-compliance with its directions on Placement of Deposits with Other Banks.
  • The non-compliance with RBI’s directions on Monitoring and Reporting Mechanism of Frauds is another reason for imposing of fine.
  • As per the RBI, Abhyudaya Co-op Bank reported a fraud with a delay of 942 days.
  • It also failed to classify certain loan amounts as NPAs in line with Income Recognition, Asset Classification, Provisioning and Other Related Matters (IRAC norms).
  • Abhyudaya Co-operative Bank is an urban multi-state Cooperative based in Mumbai.

Topic: Corporates/Companies

2. Flipkart has entered into an agreement with Aarunya.

  • The e-commerce company has entered into agreement to onboard women artisans, weavers, and handicraft makers.
  • The Flipkart will help them promote their products all over India on its platform. It will guide them through Flipkart Samarth.
  • Narayanpet district, Telangana is known for its handlooms and handicrafts, and Aarunya is the brand name for it.
  • Aarunya began with 10 women during the COVID-19 pandemic. It was started to help local women sell their specialised products.
  • Aarunya is now a campaign to train women on Kalamkari and Black paintings. It has received funding from NABARD for training sessions.
  • Flipkart:
    • Founders: Sachin Bansal and Binny Bansal
    • CEO: Kalyan Krishnamurthy
    • Subsidiaries: Myntra,, PhonePe

Topic: Miscellaneous

3. Union Finance Minister Nirmala Sitharaman presented “Startup Dhruv Awards”.

  • She presented the awards at a function organised by the StartUps Academy.
  • She said that Bengaluru and Hyderabad are start-up centres.
  • She said that start-ups in places such as Coimbatore should use Web3 world, Artificial Intelligence and Big Data.
  • Web3 world refers to World Wide Web based on blockchain technology.
  • The President of StartUps Academy G Karthikeyan said that India’s start-up ecosystem is the third largest globally.
  • “Startup Dhruv” awards were presented under four categories. They are Superstar Award, Rising Star, She Star, and Emerging Star.
  • Juicy Chemistry won Superstar Award. iamneo won Rising Star Award. Health Basix won She Star Award.

Topic: Appointments

4. Rajesh Unni took charge as Vice-Chair at Maritime Anti-Corruption Network (MACN).

  • Rajesh Unni is Founder and CEO of Synergy Group. Synergy Group is one of the world’s leading ship managers.
  • Synergy Group is also one of India’s largest maritime enterprises. Ann Shazell took over as new chair of MACN.
  • MACN is made up of over 165 member companies. They collectively represent 50% of the world’s tonnage.
  • MACN was established in 2011. It is based in Denmark. In 2019, it launched a port integrity campaign in India.

Topic: Banking System

5. HDFC Bank has launched 30-minute ‘Xpress Car Loans’.

  • As per the bank, 20-30% of its customers will avail this facility for loans up to Rs 20 lakh.
  • The bank has integrated its lending application with automobile dealers all over India.
  • The loans facility will be available across all the bank’s branches, dealerships.
  • It will eventually be available on third-party aggregator platforms.
  • It is presently being offered for four-wheeler. It will gradually be available for two-wheeler loans also.
  • 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: Banking System

6. Unity Small Finance Bank is planning to launch initiatives for customers of Punjab & Maharashtra Co-operative (PMC) Bank.

  • The customers of PMC Bank having deposits up to Rs 5 lakh have received deposit insurance payments.
  • However, customers with balances over Rs 5 lakh now need relief.
  • As per the scheme of amalgamation of PMC Bank with Unity SFB, such customers should get their funds over the period of 10 years.
  • Unity SFB will also launch a special scheme for senior citizens to give them access to liquidity.
  • The amalgamation of PMC Bank with Unity SFB became effective from January 25, 2022.
  • Unity SFB is a 51:49 joint venture between Centrum Financial Service Ltd and Resilient Innovations Pvt Ltd (BharatPe).

Topic: Banking System

7. Indian Bank has launched a digital broking solution, E-Broking.

  • The bank has launched E-Broking in association with the technology partner Fisdom.
  • E-Broking allows the customers to open demat and trading account.
  • It is an instant and paperless demat and trade account opening facility.
  • It is integrated with IndOASIS, the mobile banking application of Indian Bank.
  • Indian Bank:
    • It was founded in 1907. Its headquarters are in Chennai. Shanti Lal Jain is its MD & CEO.
    • From 1 April 2020, Allahabad bank has been merged with Indian Bank.

Topic: Banking/Financial Schemes

8. The three social security schemes (PMJJBY, PMSBY, and APY) have completed seven years on 09 May 2022.

  • These three schemes were launched by PM Modi on 9th May 2015 in Kolkata, West Bengal.
  • Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are two insurance schemes.
  • These provide access to low-cost life or accidental insurance cover to the people.
  • Atal Pension Yojana (APY) provides saving opportunities to people in the present so that they get a regular pension in old age.
  • PM Suraksha Bima Yojana (PMSBY):
    • Launched on 9 May 2015 and provides affordable insurance for poor & underprivileged people of 18 to 70 years.
    • Risk coverage under scheme is Rs 2 lakh for accidental death & full disability and Rs 1 lakh for partial disability.
    • Offered by Public Sector General Insurance Companies or any other General Insurance Company.
  • PM Jeevan Jyoti Bima Yojana (PMJJBY):
    • Launched on 9 May 2015. Age limit for this scheme is 18-50 years.
    • Provides life cover of Rs 2 lakhs in case of death of the insured, due to any reason.
    • Annual premium amount for this scheme is Rs 330. The life cover of the member ends at the age of 55 years.
    • Offered by Life Insurance Corporation and all other life insurers companies.
  • Atal Pension Yojana (APY):
    • Launched on 9 May 2015 and administered by Pension Fund Regulatory and Development Authority (PFRDA).
    • Open to all bank account holders in age group of 18 to 40 years.
    • Subscribers receive guaranteed minimum monthly pension of Rs 1000 or Rs 2000 or Rs 3000 or Rs 4000 or Rs 5000 at the age of 60 years.


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