Banking Awareness of 9, 10 and 11 November 2022

By Priyanka Chaudhary | Last Modified: 11 Nov 2022 18:26 PM IST
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Topic: Infrastructure and Energy

1. Coal Minister Pralhad Joshi said that domestic per capita power consumption is expected to double by 2040.

  • He was speaking at the first investor conclave in Indore. Ministry of Coal held first ever investor conclave on 09 November at Indore.
  • Coal Ministry held investor conclave for opportunities in coal sector.
  • He said that per capita power consumption is not even one-tenth in comparison to some of the other developed economies.
  • India’s per capita electricity consumption increased from 16 units in 1947 to 1,208 units in 2021.

Topic: Appointments

2. Centre has appointed nine Judicial Members and six Technical Members to NCLT.

  • The Appointments Committee of the Cabinet (ACC) has approved their appointment to National Company Law Tribunal (NCLT).  
  • The appointment of these fifteen members is for a period of five years or until attaining the age of 65 years, whichever is earlier.
  • Currently, there are sixteen benches of NCLT all over India.

Nine newly appointed Judicial Members

Six newly appointed Technical Members

T Krishna Valli

Prabhat Kumar

Vikas Kumar Srivastav

Charan Singh

Kuldeep Kumar Kareer

Anu Jagmohan Singh

Vishesh Sharma

Ashish Verma

Ashok Kumar Bhardwaj

Atul Chaturvedi

Praveen Gupta

Madhu Sinha

Mahendra Khandelwal

 

Bidisha Banerjee

 

Sanjiv Jain

 

  • National Company Law Tribunal (NCLT):
    • NCLT was formed under the provisions of Companies Act, 2013.
    • NCLT adjudicates cases filed under IBC, 2016.
    • Chief Justice (Retd) Ramalingam Sudhakar is its current chairman.

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Topic: Appointments

3. The name of K Satyanarayana Raju has been recommended for the position of Managing Director & CEO in Canara Bank.

  • Financial Services Institutions Bureau (FSIB) has recommended his name for the position of MD&CEO in Canara Bank.
  • Raju is currently an Executive Director at Canara Bank.
  • FSIB was newly created in July 2022. It replaced erstwhile Banks Board Bureau (BBB).
  • Canara Bank:
    • It was founded in July 1906. It is headquartered in Bengaluru.
    • Lingam Venkat Prabhakar is its CEO.
    • Recently, the government has merged Syndicate bank with Canara bank.

Topic: RBI

4. Paytm Payments Bank has got RBI-mandated IT auditors report and RBI’s observation on it.

  • The report has come after over six months after Paytm Payments Bank was asked to stop onboarding new customers.
  • Paytm said that the observation is mainly around the continued strengthening of IT outsourcing processes as well as operational risk management.
  • Paytm Payments Bank is a joint venture between Paytm (49% stake) and Vijay Shekhar Sharma (51% stake).
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Topic: MoUs/Agreements  

5. A memorandum of understanding (MoU) has been signed between Business Association of Nagaland (BAN) and SBI.

  • As part of the MoU, targeting of 1,000 Micro, Small and Medium Enterprises (MSMEs) for financing in the next two years is envisaged.
  • Under the MoU, BAN will facilitate identification and preparation of MSMEs through project documentation, screening, and submission to State Bank of India.
  • Once the loan is sanctioned, BAN will be responsible in providing training on book keeping, GST filing, etc.
  • All beneficiaries have to grow through quarterly performance review.
  • The MoU was signed at the concluding day of National Integrate Innovate Expand (NIIE) Trade Fair held at NER Agri Expo.

Topic: Banking System

6. Finance Minister has said that government’s efforts to strengthen PSBs are showing results.

  • All the 12 PSBs together declared net profit of ₹25,685 crore in second quarter (Q2) ended September 30.
  • The aggregate net profit for the first half this fiscal stood at ₹40,991 crore.
  • SBI reported 74% increase in net profit in Q2 to ₹13,265 crore.
  • Canara Bank recorded 89% increase in profit to ₹2,525 crore.
  • Bank of Baroda reported 58.70% increase in profit at ₹3,312.42 crore.
  • In the just-completed September quarter, SBI posted its greatest quarterly profit ever.
  • Bank of Baroda reported a 15% increase in domestic advances year over year as of the end of September 2022.
  • Punjab & Sind Bank has set its sights on a 15 percent increase in overall lending growth from the 3 to 4 percent reached in the previous fiscal year.
  • Retail loans have increased significantly, notably in September 2022.
  • Personal loans, which make about 26% of all bank loans to individuals, increased at a quicker rate of roughly 24% as RBI data showed.
  • By the end of September 2022, India had approximately 37 lakh crore rupees in retail loans. 

Topic: Regulatory Bodies/Financial Institutions

7. Central Consumer Protection Authority (CCPA) has directed Cloudtail to recall 1,033 units of substandard pressure cookers.

  • CCPA also directed Cloudtail to pay a penalty of ₹1 lakh for selling pressure cookers, which violated mandatory standards prescribed under the QCO.
  • CCPA has initiated suo-motu action against various e-commerce platforms for selling substandard domestic pressure cookers.
  • The pressure cookers were being sold to consumers on Amazon e-commerce platform.
  • CCPA said that 1,033 units of pressure cookers not conforming to mandatory standards were sold by Cloudtail through Amazon after notification of the Quality Control Order (QCO).
  • Cloudtail India is now a wholly-owned subsidiary of Amazon India.
  • Central Consumer Protection Authority (CCPA):
    • It was established with effect from 24th July 2020. It is headquartered in New Delhi. Nidhi Khare is current Chief Commissioner of CCPA.
    • The objective of CCPA is to promote, protect and enforce the rights of consumers as a class.

Topic: Indian Economy/Financial Market

8. Sovereign Green Bonds framework of India has been approved by Finance Minister Nirmala Sitharaman.

  • This approval will help in attracting global and domestic investments in eligible green projects.
  • The proceeds generated from the issuance of green bonds will be deployed in Public Sector projects that help in reducing carbon intensity of the economy.
  • The Finance Ministry has formed a Green Finance Working Committee (GFWC).
  • The committee has representation from relevant Ministries. It will be chaired by Chief Economic Adviser, Government of India.
  • It will meet at least twice a year to support Ministry of Finance with selection and evaluation of projects.
  • GFWC will review the allocation of proceeds in a time-bound manner to ensure that the allocation of proceeds is completed within 24 months from the date of issuance.
  • Green bonds are financial instruments. They generate proceeds for investment in environmentally sustainable and climate-suitable projects.
  • Allocation and utilisation of Green Bonds is also under the purview of audit by Comptroller and Auditor General (CAG).

Topic: Indian Economy/Financial Market

9. International Trade Settlements in Indian Rupees have been allowed for export promotion schemes.

  • On 9 November, the Union Government allowed international trading bodies to transact in Indian Rupees for export promotion schemes under the Foreign Trade Policy.
  • They have been allowed for invoicing, payments, and settlement of exports/imports in Indian Rupees.
  • The change under Para 2.53 of the Foreign Trade Policy has been implemented to allow the fulfilment of export profits/export obligations for export receipts in Indian Rupees.
  • Under the Foreign Trade Policy, the fulfillment of profits/export obligations has been extended to realization in Indian Rupees as per RBI guidelines dated July 11, 2022.
  • Foreign Trade Policy was launched in 2015. Government has recently extended the Foreign Trade Policy 2015-20 time period for second time.

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