Banking Awareness of 9, 10 and 11 January 2022

By PendulumEdu | Last Modified: 11 Jan 2022 16:17 PM IST
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Topic: Reports and Indices

1. Report on 2nd round of Quarterly Employment Survey released by Union Labour Minister.

  • Union Labour Minister Bhupender Yadav has released a report on the second round of the Quarterly Employment Survey.
  • Nine sectors hired around two lakhs more people during July-September 2021 as compared to April-June 2021.
  • These nine sectors are Manufacturing, Construction, Trade, Transport, Education, Health, Accommodation and Restaurant, IT/ BPO and Financial Services.
  • These nine sectors have generated 3.10 crore employment in the July-September 2021 quarter. It was 3.08 crore during the April-June 2021 quarter.
  • According to the survey, 90% of the establishments had less than 100 workers, while 30% of the IT/BPO establishments had at least 100 workers.
  • The overall percentage of female workers has also increased in this quarter as compared to the first quarter.
  • 87% of the estimated workforce in these nine selected sectors were regular workers while 2% were casual workers.
  • In the construction sector, 20% of the workers are contractual and 6.4% are casual workers.
  • 5.6% of the total establishments had reported vacancies. 65% of vacancies were due to unspecified reasons while 23% are due to resignation.

Topic: Appointments

2. Brian Acton to be interim CEO of Signal.

  • Brian Acton will be interim CEO of Signal. Moxie Marlinspike, the founder and Chief Executive Officer of Signal is leaving his position.
  • Brian Acton is the co-founder of WhatsApp. Acton is also on the Signal Foundation board.
  • Marlinspike will continue to remain on the Signal board.
  • Signal is a cross-platform centralized encrypted instant messaging service. It is developed by Signal Foundation.
  • Signal Foundation (Signal Technology Foundation) is an American non-profit organization. It was founded by Moxie Marlinspike and Brian Acton.

Topic: Appointments

3. EbixCash Pvt Ltd appoints former RBI ED Uma Shankar as independent director to its board.

  • EbixCash Pvt Ltd has appointed former RBI Executive Director Uma Shankar as an independent director to its board.
  • She is currently an Independent Director on the Boards of Karnataka Bank and IDBI Capital Markets and Securities Ltd.
  • She was Chairperson of the Standing Committees on Cyber security and Data analytics.
  • She was also head of an interdepartmental group to study the feasibility of introducing Central Bank digital currency.

Topic: Appointments

4. Centre extends additional charge of Navrang Saini as IBBI chairperson till 5 March 2022.

  • Centre has extended additional charge of IBBI whole time Member Navrang Saini as Insolvency and Bankruptcy Board of India (IBBI) chairperson till 5 March 2022.
  • Navrang Saini was assigned the additional charge in October 2021 for a period of three months (till January 13, 2022).
  • The post of Insurance Regulatory and Development Authority (IRDAI) chairman is vacant for more than eight months.
  • Its erstwhile Chairman Subhash C Khuntia had demitted office in the first week of May 2021 on completion of his term.
  • In September 2021, Ministry of Corporate Affairs had assigned the charge of the post of NFRA Chairman to Ashok Kumar Gupta, Chairman, Competition Commission of India (CCI), for a period of three months with effect from October 1.
  • Insolvency and Bankruptcy Board of India (IBBI):
    • It was established on 1 October 2016 under the Insolvency and Bankruptcy Code, 2016.
    • It is responsible for the implementation of the IBC code.
    • It is a unique regulator that regulates a profession as well as process.
    • Chairperson of IBBI: Navrang Saini (additional charge till 5 March 2022).

Topic: Banking System

5. CSB Bank’s MD & CEO decides to opt for early retirement on health grounds.

  • CSB Bank’s MD & CEO C VR Rajendran has decided to opt for early retirement on the health ground.
  • The bank’s board has accepted the request of C VR Rajendran to take early retirement from the position.
  • The bank’s board has requested Rajendran to continue in office till March 31, 2022.
  • The board has further decided to form a search committee to identify and evaluate candidates for the position of MD & CEO.
  • The committee comprises of the chairperson of the Nomination and Remuneration Committee and two members of the board.
  • C VR Rajendran has held the position of bank’s MD & CEO since December 2016.
  • CSB Bank is an Indian private sector bank. It is headquartered in Thrissur, Kerala.

Topic: MoUs/Agreements

6. KVG Bank and Mecwin Technologies Ltd signed MoU to introduce farmer-friendly solar powered pumps sets.

  • Karnataka Vikas Grameena Bank (KVG Bank) and Mecwin Technologies Ltd have signed an MoU to introduce farmer-friendly solar powered pumps sets.
  • Bengaluru-based Mecwin Technologies Ltd is specialized in production and management of solar irrigation pump-sets.
  • KVG Bank was the first bank to introduce solar loan schemes. It has the largest branch network in rural areas.
  • Karnataka Vikas Grameena Bank (KVG Bank) is an Indian Regional Rural Bank sponsored by Canara Bank.

Topic: RBI

7. The validity of RBI’s Directions for Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru extended.

  • The validity of RBI’s Directions for Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru extended till May 10, 2022. 
  • RBI has brought the bank under its directions with effect from the close of business on January 10, 2020.
  • Rs 1 lakh per depositor is the withdrawal limit for depositors of the bank during the entire period it remains under RBI Directions.

Topic: Corporates/Companies

8. Shriram Transport Finance Company provides initial price guidance of about 4.45 per cent for its Social Bond issue.

  • Shriram Transport Finance Company (STFC) has provided initial price guidance of about 4.45 percent for its Social Bond issue.
  • The initial price guidance has been provided for STFC’s ‘Senior Secured Social Bond’ of ‘US Dollar benchmark size’ of 3.5 years tenor.
  • Initial price guidance shows the yield to maturity at which the bond is expected to be issued. A benchmark size fund raising is usually for $500 million or $1 billion.
  • The proceeds from social bonds will be used as per STFC’s Social Finance Framework and as may be permitted by RBI’s External Commerce Borrowing guidelines.
  • Social bonds are bonds instruments where proceeds are used for social projects. 

Topic: Infrastructure and Energy

9. Kochi becomes India’s first city to have a water metro project.

  • Kochi in Kerala has become India’s first city to have a water metro project.
  • The project envisages an integrated water transport system with 15 identified routes.
  • The project is operated by Kochi Metro Rail Ltd. Kochi Metro Rail plans to operate 23 boats this year on 15 routes.
  • The project has a total cost of ₹819 crore. Its major part is financed under Indo-German Financial Cooperation.
  • Kerala government will provide ₹102 crore and land acquisition cost of ₹72 crore.

Topic: Corporates/Companies

10. Cargill opens its first Innovation Centre in India.

  • American global food corporation, Cargill has opened its first Innovation Centre in India.
  • The Innovation Centre is located in Gurugram. It is equipped with a sensory lab and demonstration kitchen.
  • It will serve companies in the dairy, beverage, bakery and convenience food segments.
  • Innovation Centre is part of the company’s larger investment commitment of $240 million in India, which was announced in 2017.
  • This is the company’s fourth innovation centre in Asia after Shanghai, Beijing and Singapore.

 

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