|01.||Unity Small Finance Bank’s MD and CEO has been named Inderjit Camotra.||His nomination has been authorised by both the RBI and the Unity Bank Board of Directors.|
Prior to this appointment, he served as the bank’s temporary CEO.
The Unity Small Finance Bank (USFB) began operations in November 2021, with a capital inflow of around Rs. 1,100 crore.
The Punjab and Maharashtra Co-operative Bank was merged with USFB on January 25, 2022.
|02.||The Reserve Bank of India levied a monetary penalty of Rs.2.33 crore on Spandana Sphoorty Financial.||The penalty was levied by the RBI because it failed to follow credit pricing standards for Non-Banking Financial Companies – Micro Finance Institutions (NBFC-MFIs).|
The penalty was levied by the EBI in accordance with the terms of the Reserve Bank of India Act, 1934.
Spandana Sphoorty Financial Ltd is an RBI-registered NBFC-MFI situated in Hyderabad.
|03.||The PFRDA has decided to terminate the credit card payment option for NPS Tier II payments.||A Tier-II account is a self-directed savings account. A Tier-I NPS account holder is the only one who can establish a Tier-II NPS account.|
In comparison to Tier-I NPS accounts, which are long-term, Tier-II NPS accounts have flexible departure and withdrawal conditions.
The sum in a Tier-I NPS account cannot be withdrawn before retirement.
Money can be withdrawn from a Tier II account at any time. An NPS Tier-II account does not require a minimum balance.
According to the PFRDA, pension asset under management (AUM) is predicted to rise by 62% to 2 lakh crore in FY23.
Active subscribers in the non-government sector might rise by 35% to 50 lakh by the end of FY23.
The PFRDA has raised the maximum age for membership in the NPS-Private sector from 65 to 70 years. The retirement age has been raised to 75 years.
In October 2003, the Pension Fund Regulatory and Development Authority (PFRDA) was founded. Supratim Bandyopadhyay is its Chairman. Its headquarters are in New Delhi.
|04.||According to the RBI, all scheduled SFBs will be eligible for AD Category-I licences after at least two years of operation as AD Category-II.||This action is intended to provide small financing banks (SFBs) more flexibility in meeting their clients’ foreign currency business needs.|
Certain qualifying criteria must be met in order to get an authorised dealer (AD) category-I licence. Some examples are shown below.
A minimum net worth of 500 crore is required.
The capital-to-risk-weighted-assets ratio should not be less than 15%.
During the preceding four quarters, net non-performing assets should not have exceeded 6%.
Should have made money in the last two years
Other qualifying requirements include SFB not having defaulted on cash reserve ratio/statutory liquidity ratio maintenance in the past two years.
|05.||The Energy Conservation (Amendment) Bill, 2022 was approved by the Lok Sabha.||The legislation intends to get into the $800 billion global carbon market. It proposes to alter the 2001 Energy Conservation Act.|
The measure requires buildings with a minimum connected load of 100 KW to cover their energy needs using renewable sources.
The measure aims to broaden the scope of the Energy Conservation Building Code.
The measure also seeks to expand the number of members on the Governing Council of the Bureau of Energy Efficiency.
The government hopes to save 300 billion units of power by 2030.
|06.||Ranjit Rath has been named as the new chairman and managing director of Oil India Limited (OIL) (CMD).||In 2016, he earned the President of India’s coveted National Geosciences Award.|
Nallathamby Kalaiselvi has been appointed as the Council of Scientific and Industrial Research’s (CSIR) first female director general .
Oil India Limited is a Navratna company that reports to the Ministry of Petroleum and Natural Gas.
|07.||India’s good exports fell by 0.76% year on year to $35.24 billion in July 2022.||Exports fell for the first time in more than a year. In July 2022, the trade deficit climbed threefold to $31.02 billion.|
This is because imports jumped 43.59% to $66.26 billion in July 2022.
According to preliminary trade figures for July 2022 provided by the Commerce & Industry Ministry, industries such as petroleum, electronic products, and coal and coke are driving the increase in imports.
In 2021-22, India’s goods exports reached an all-time high of $420 billion.
India’s goods exports climbed 19.35% to $156.41 billion between April and July 2022. Imports of goods were 48.12% greater over the same time, totaling $256.43 billion.
The trade imbalance for the time was $100 billion, more than double the $42 billion trade deficit during the same period previous fiscal year.
|08.||In the April-June quarter of the current fiscal year, the government’s capex (capital expenditure) in the road sector jumped by 72% to more than 80,000 crore.||In the April-June quarter of the current fiscal, railway spending jumped by 80% to more over 46,000 crore.|
During this time, the entire government capital spending stayed at 57%.
During the current fiscal year, the government has allocated around 7.50 lakh crore for capital spending.
In the first three months, the government spent nearly 1.75 lakh crore.
Capital expenditure for defence services increased by 20%. It was still approximately 24,800 crore.