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Banking & Financial Awareness

Current Affairs

Indian Bank launches credit scheme for start-ups in pact with IITMIC

  • Public sector lender Indian Bank, in collaboration with IIT Madras Incubation Cell (IITMIC), has unveiled ‘Ind SpringBoard,’ an initiative for funding start-ups.
  • The occasion was marked by the distribution of sanction tickets of ₹3.90 crore to two entrepreneurs.
  • Indian Bank Headquarters: Chennai, Tamil Nadu.
  • Indian Bank CEO: Padmaja Chunduru.
  • Indian Bank Tagline: Your Own Bank, Banking That’s Twice As Good.

ICICI Bank offers debit card for customers availing loan against securities

  • ICICI Bank has introduced a debit card facility for customers availing the Loan Against Securities (LAS) from the bank.
  • The card is available on the Visa platform.
  • It can be used by customers across all domestic merchant establishments to make seamless POS and online transactions like payments on e-commerce portals among others, using their sanctioned LAS amount.
  • ICICI Bank Headquarters: Mumbai, Maharashtra.
  • ICICI Bank MD & CEO: Sandeep Bakhshi.
  • ICICI Bank Tagline: Hum Hai Na, Khayal Apka.

GST compensation: Centre to borrow ₹1.1 lakh crore to meet shortfall

  • The central government will borrow ₹1.1 lakh crore under the special window to meet the shortfall of Goods and Services Tax (GST) compensation, the finance ministry.
  • “Under the Special Window to States for meeting the GST compensation cess shortfall, the estimated shortfall of ₹1.1 lakh crore (assuming all states join) will be borrowed by Government of India in appropriate tranches,” the finance ministry said.
  • GoI to borrow Rs 1.1 lakh crore to meet shortfall of GST compensation

Ashima Goyal, Jayanth R Varma, Shashanka Bhide appointed as MPC members

  • The government appointed economists Ashima Goyal, Jayanth R Varma and Shashanka Bhide as members of the rate-setting Monetary Policy Committee(MPC) of the Reserve Bank of India(RBI).
  • As per the RBI Act, the three new members would have four-year terms
  • The RBI had postponed the last meeting of the MPC, which must have a quorum of four, as the appointment of independent members was delayed

The new members are:

  • Ashima Goyal, a professor at the Mumbai-based Indira Gandhi Institute of Developmental Research
  • Jayanth R Varma, a professor of finance at the Indian Institute of Management in Ahmedabad
  • Shashanka Bhide, an agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi

Important takeaways for all competitive exams:

  • RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.

Axis Bank tie-up with Vistara to launch co-branded forex card

  • Vistara and Axis Bank launched a co-branded forex card that can load up to 16 currencies.
  • The card has locked-in exchange rates and the cardholder will accrue 3 award points on Club Vistara for every USD 5 or an equivalent value spent, the airline said in a press release.
  • Vistara Headquarters: Gurgaon, Haryana.
  • Vistara CEO: Leslie Thng.
  • Axis Bank Headquarters: Mumbai, Maharashtra.
  • Axis Bank MD and CEO: Amitabh Chaudhry.

FM launches Indian Bank’s business mentoring programme for MSMEs

  • Public sector lender Indian Bank has come out with ‘MSME Prerana’, an online Business Mentoring Programme for MSMEs. The bank says it is the first-of-its-kind initiative by a bank in the country for the (MSME) sector. .
  • The initiative was formally launched by Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, at the bank’s headquarters in Chennai .
  • On April 1, 2020, Allahabad Bank amalgamated with Indian Bank.
  • Indian Bank MD and CEO: Padmaja Chunduru.
  • The tagline of Indian Bank: Your Own Bank.

World Bank expects India’s GDP to contract by 9.6% this fiscal

  • The World Bank said that India’s GDP is expected to contract by 9.6% this fiscal which is reflective of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic, noting that the country’s economic situation is much worse than ever seen before.
  • The Washington-based global lender, in its latest South Asia Economic Focus report ahead of the annual meeting of the World Bank and International Monetary Fund, forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7% in 2020, after topping 6% annually in the past five years.

Union Cabinet approves Rs 5,718 crore World Bank-aided STARS project to boost school education system

  • The Union Cabinet approved the STARS project under the new National Education Policy to support states in strengthening the school education system, Union Minister Prakash Javadekar said.
  • The government has started implementing the new National Education Policy (NEP) and as part of the process it has approved the Strengthening Teaching-Learning and Results for States (STARS) project, Javadekar told a press conference after the Cabinet meeting chaired by Prime Minister Narendra Modi.

 Exim Bank extends USD 400 million soft loan to Maldives for financing connectivity project

  • The loan agreement was inked in Male between Exim Bank General Manager Nirmit Ved and Maldives’ Finance Minister Ibrahim Ameer.
  • With the signing of the above agreement, Exim Bank has till date extended three LoCs worth a cumulative USD 1.2 billion to Maldives, on behalf of India.
  • Export-Import Bank of India CEO: David Rasquinha.
  • Export-Import Bank of India Founded: 1 January 1982.
  • Export-Import Bank of India Headquarters: Mumbai, Maharashtra.

HDFC Bank to give instant loans up to ₹40 lakh for customers’ medical bills at Apollo Hospitals

  • HDFC Bank announced a tie-up with Apollo Hospitals through which its customers can avail unsecured loans of up to ₹40 lakh to pay for medical expenses incurred at the healthcare chain.
  • The loans will be disbursed almost instantly as and when a need for money arises, and the hospital patients who are customers of HDFC Bank will also receive preferential treatment, its Chief Executive Officer and Managing Director Aditya Puri told reporters.
  • HDFC Bank CEO: Aditya Puri.
  • The tagline of HDFC Bank: We Understand Your World.
  • HDFC Bank Headquarters: Mumbai, Maharashtra.

Gujarat: NABARD inks 3 MoUs with SBI to extend credit support for various projects

  • In Gujarat, the National Bank for Agriculture and Rural Development -NABARD has inked three Memoranda of Understanding with Public Sector Bank- State Bank of India to extend credit support for various projects.
  • The signing of MoUs took place between D. K. Mishra, Chief General Manager of NABARD in Gujarat and Dukhbandhu Rath, Chief General Manager, SBI Ahmedabad Circle in the presence of NABARD Chairman G. R. Chintala.
  • The MoUs were signed for financing joint liability groups and Self-Help Groups-support credit inflows to Farmer Producers’ Organizations and economic support for watershed development projects. These will help in providing credit support to the different sections of the society including the priority sector.