Banking Awareness of 9, 10 and 11 September 2023

By Priyanka Chaudhary | Last Modified: 11 Sep 2023 17:56 PM IST
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Topic: Indian Economy/Financial Market

1. Market share of PSU general insurers reached for the first time below a third of industry’s premium.

  • During the first five months of the current fiscal, the premium income of public sector insurers have fallen by 1% to ₹34,203 crore.
  • PSU insurers’ market share declined to less than a third at 32.5% from 33.4%.
  • Premium income of PSUs declined from ₹37,100 crore to ₹34,203 crore.
  • For the first time, state-run general insurers account for less than a third of the industry premium at 32.5%, according to the General Insurance Council data.
  • In another first, market share of standalone health insurers' increased to 10.4% from 9.2% during the first five months of the current fiscal.
  • According to the General Insurance Council data, the non-life insurance sector grew by 11.7% during the first five months to August.
  • It recorded premium income of ₹1.14 lakh crore. Premium income of ₹1.02 lakh crore was recorded in the same period in FY23.
  • There are 26 operational general insurers in the country. The Centre owns six of them.
  • The industry has five standalone health insurers. They are given below.
    • Aditya Birla Health Insurance
    • Care Health Insurance (formerly Religare Health Insurance)
    • Manipal Cigna Health Insurance Company
    • Niva Bupa Health Insurance
    • Star Health & Allied Insurance

Topic: Banking System

2. AU Small Finance Bank and Bajaj Allianz Life Insurance has entered into strategic partnership.

  • With this partnership, AU SFB customers can select from Bajaj Allianz Life’s products including term, savings, retirement and investment products.
  • Executive Director of AU Small Finance Bank and Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance signed the agreement.
  • They announced the strategic partnership between two.
  • Through this partnership, the bank aims to leverage technology-based solutions for its customers.
  • AU Small Finance Bank (SFB):
    • It was founded in 1996 as AU Financiers (India) Ltd.
    • In 2017, AU Financiers (India) Ltd became a small finance bank.
    • It is headquartered in Jaipur. Its chairman is Raj Vikash Verma. Sanjay Agarwal is its MD & CEO.

Topic: Indian Economy/Financial Market

3. Travel, hospitality and restaurant industry has shown a 9% increase in credit deployment in July 2023, as per RBI.

  • The credit deployment to these sectors increased from ₹65,089 crore to ₹70,952 crore, as of July 2023, as per RBI.
  • These sectors were hit hard by the Covid-19 pandemic.
  • The increase in credit deployment to these sectors can be explained by Emergency Credit Line Guarantee Scheme 3.0 (ECLGS 3.0).
  • ECLGS 3.0 was introduced by the Finance Ministry in February 2020.
  • The combined travel and hospitality market in India is projected to grow at a projected Compound Annual Growth Rate (CAGR) of 14% from the current ₹3,89,000 crore in FY23.
  • India’s domestic hotel market was valued at ₹88,000 crore in FY23. It is anticipated to expand by 13% in FY24, reaching ₹1,00,000 crore.

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Topic:  RBI

4. RBI has given ICICI Bank approval for making i-Process its subsidiary.

  • ICICI Bank has received approval for making I-Process Services (India) Pvt Ltd (I-Process) its wholly owned subsidiary.
  • RBI’s approval is subject to certain conditions.
  • Estimated total outgo for the acquisition is Rs. 15.40 crore.
  • This is subject to finalization of pricing, the ICICI Bank said in its February 2023 regulatory filing.
  • The Bank currently holds 19% per cent stake in iProcess, it has then said.
  • i-Process is a staffing solutions provider firm. It was started in 2005.
  • ICICI Bank (ICICI Bank Limited) is a private sector bank. Girish Chandra Chaturvedi is chairman of its board of directors. Its MD & CEO is Sandeep Bakhshi. It is headquartered in Mumbai.
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Topic: Banking System

5. Bank of Baroda has enabled QR-based cash withdrawal in its UPI ATMs.

  • Bank of Baroda said it is the 1st public sector bank to launch UPI ATMs, in coordination with NPCI and powered by NCR Corporation.
  • It has enabled UPI ATM facility. This will make possible QR-based cash withdrawals.
  • The customers of Bank of Baroda and customers of all participating issuer banks using any UPI-enabled Mobile app can withdraw cash from its UPI ATMs without using their debit card.
  • Using the Interoperable Cardless Cash Withdrawal (ICCW) technology, UPI ATM enables QR-based cash withdrawals.
  • ICCW technology facilitates cardless cash withdrawals through ATMs.
  • Bank of Baroda:
    • It is the fourth largest nationalised bank in India. It was founded in 1908.
    • Its chairman is Hasmukh Adhia. Debadatta Chand is its MD & CEO.
    • Tagline: India’s International Bank

 

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Topic: Miscellaneous

6. Mandatory gold hallmarking will now cover 55 more districts.

  • The Hallmarking of Gold Jewellery and Gold Artefacts (Third Amendment) Order, 2023 comes into force from 08 September 2023.
  • The third phase of mandatory gold hallmarking has been notified by the government.
  • After the government order, it will bring 55 additional districts under the ambit of mandatory hallmarking.
  • The total number of districts covered under mandatory hallmarking now stands at 343.
  • Since 23 June 2021, in the first phase, the Bureau of Indian Standards (BIS) has implemented mandatory hallmarking of gold jewellery and artefacts in 256 districts.
  • After the mandatory hallmarking, the number of registered jewellers has increased from 34,647 to 1.8 lakh.
  • Assaying and Hallmarking Centers (AHCs) numbers have increased from 945 to 1,471.
  • So far, 26 crore articles of gold jewellery have been hallmarked.

Topic: RBI

7. RBI will phase out the incremental cash reserve ratio (I-CRR).

  • The RBI will release 25% of the I-CRR on September 9 and September 23. It will remove the entire I-CRR by October 7.
  • RBI has decided to phase out I-CRR in order to maintain system liquidity and ensure orderly money market functioning.
  • With the I-CRR now removed, experts expect money market rates will moderate.
  • RBI had asked banks to maintain an incremental Cash Reserve Ratio (I-CRR) of 10% on the increase in their deposits (net demand and time liabilities) between May 19, 2023 and July 28, 2023.
  • RBI intended to absorb the surplus liquidity with this move.
  • Largely due to RBI’s move, liquidity in India’s banking system reached into deficit for the first time this financial year on August 22.
  • As of September 6, the banking system liquidity surplus was over Rs 1.5 lakh crore.

Topic: Miscellaneous

8. African Union formally joined G20 group on 9 September 2023.

  • African Union officially took its seat as a new member of the G20 at the invitation of summit host and Indian PM Modi.
  • A Leaders Declaration will be adopted at the conclusion of the G20 Summit.
  • The 18th G20 summit is being held at the state-of-the-art Bharat Mandapam Convention Centre, Pragati Maidan, New Delhi.
  • India’s G20 presidency theme is “Vasudhaiva Kutumbakam- One Earth, One Family, One Future”.
  • African Union:
    • African Union is made up of 55 countries of the African continent.
    • It was announced in the Sirte Declaration in Libya on 9 September 1999 to establish the African Union.
    • It was founded in 2001 in Ethiopia to replace the Organisation of African Unity and was launched on 9 July 2002 in South Africa.
    • It has the status of a permanent observer at the United Nations General Assembly.
    • Its headquarters are located in Addis Ababa, Ethiopia.
    • Kiswahili is one of the official language of the African Union.
    • Current Chairperson: Azali Assoumani

Topic: Awards and Prizes

9. Indore stood first in the Clean Air Survey 2023 among the million plus population cities.

  • The awards of Swachh Vayu Sarvekshan-2023 (or Clean Air Survey) were announced by Union Minister Bhupendra Yadav in Bhopal, Madhya Pradesh on 7 September.
  • Under the first category (million plus population)- Indore stood first.
  • Under the second category (3-10 lakh population)- Amravati stood first.
  • Under the third category (less than 3 lakh population)- Parwanoo stood first.
  • Swachh Vayu Sarvekshan-2023 was conducted by the Central Pollution Control Board.
  • The Ministry of Environment, Forest and Climate Change has been implementing a National Clean Air Program (NCAP) at a national level since 2019, outlining actions to reduce air pollution levels at city and regional scales in India.
  • Under this program, 131 cities have been identified for implementation of city-specific action plans. It aims to reduce air pollution by up to 40% by FY26.
  • NCAP focuses on the preparation and implementation of national-level action plans, state-level action plans, and city-level action plans for the targeted 131 cities.
  • Under NCAP, the Ministry has also launched a portal 'PRANA- Portal for Regulation of Air-pollution in Non-Attainment cities' to monitor the implementation of NCAP.
  • The action plans of cities, states, and line ministries will be reflected in this portal and monitored for the status of their implementation.
  • Swachh Vayu Sarvekshan 2023 winners:

Category

First Place

Second Place

Third Place

Million Plus Population

Indore (MP)

Agra (UP)

Thane (MH)

3-10 Lakhs Population

Amravati (MH)

Moradabad (UP)

Guntur (Andhra Pradesh)

Less than 3 Lakhs Population

Parwanoo (HP)

Kala Amb (HP)

Angul (Odisha)

Topic: Summits/Conferences/Meetings

10. PM Modi addressed the 20th ASEAN-India summit at Jakarta in Indonesia on 7th September 2023.

  • He presented a 12-point proposal to strengthen India-ASEAN cooperation.
  • He said the India-ASEAN partnership has reached the fourth decade.
  • He said it is an honour for him to co-chair the Summit. PM Modi said ASEAN is the central pillar of India’s Act East policy.
  • He said along with history and geography, shared values, regional integration, and the shared belief in peace, prosperity and a multipolar world unite India and ASEAN.
  • He announced to open Indian Embassy in Dili, Timor-Leste.
  • PM Modi also attended the 18th East Asia Summit.
  • The 12-point proposal covers connectivity, digital transformation, trade and economic engagement, addressing contemporary challenges, people-to-people contacts and deepening strategic engagement.
  • PM Modi proposed establishing multi-modal connectivity and economic corridor that links South-East Asia-India-West Asia-Europe.
  • He announced the ASEAN-India fund for Digital Future.
  • He invited ASEAN countries to join the Global Centre for Traditional Medicine. This is being established by WHO in India.
  • PM Modi invited ASEAN countries to join the Coalition for Disaster Resilient Infrastructure.
  • Two Joint Statements were adopted. One was on Maritime Cooperation and the other was on Food Security.

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