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.
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.
- Founders: Sachin Bansal and Binny Bansal
- CEO: Kalyan Krishnamurthy
- Subsidiaries: Myntra, Jabong.com, PhonePe
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.
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.