PNB launched “PNB Pride-CRMD module” app for differently-abled employees
Punjab National Bank (PNB) launched the PNB Pride-CRMD module tool, an android-based application for differently-abled employees to monitor and effectively follow up with the special mention account (SMA) borrowers. The Pride-CRMD module has built-in TalkBack software that allows the visually impaired to access the system freely and to interact with customers by tapping on their phones.
Significance of the app:
- Punjab National Bank emphasized the abilities of differently-abled staff members and the utilization of their skills in the conceptualization of PNB warriors and implementation of PNB Pride.
Aim of the app:
- The app aims to promote the rights and well-being of persons with disabilities, it said, adding that the platform opens new vistas of opportunities for ‘PNB Warriors’ with visual or any other physical impairment, helping them to make a valuable and tangible contribution.
- This tool shall be compatible with iOS also very soon, it said. SMA accounts are stressed loans recognized early, enabling banks to initiate timely remedial actions, and preventing such borrowers from slipping to the non-performing assets (NPA).
Important takeaways for all competitive exams:
- Punjab National Bank Founded: 1894;
- Punjab National Bank Headquarters: New Delhi;
- Punjab National Bank MD & CEO: S. S. Mallikarjuna Rao;
- Punjab National Bank Tagline: The Name You Can Bank Upon.
RBI Monetary Policy: Repo rate unchanged for the 9th consecutive time
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) headed by Reserve Bank of India (RBI) Governor Shaktikanta Das kept the repo rate unchanged at 4 per cent for the ninth consecutive time while maintaining an ‘accommodative stance’ as long as necessary. The reverse repo rate will continue to be 3.35 per cent. The central bank had last revised the policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting the interest rate to a historic low. The meeting was held between December (6 to 8). The remaining will take place in February (7 to 9, 2022).
The Marginal Standing Facility (MSF) rate and bank rates remain unchanged:
- Policy Repo Rate: 4.00%
- Reverse Repo Rate: 3.35%
- Marginal Standing Facility Rate: 4.25%
- Bank Rate: 4.25%
- CRR: 4%
- SLR: 18.00%
RBI Monetary Policy Highlights & Key Decisions:
- The projection for real GDP growth is retained at 9.5% in 2021-22, consisting of 6.6% in Q3, & 6% in Q4. Real GDP growth is projected at 17.2% for Q1 of 2022-23 and at 7.8% for Q2 of 2022-23.
- The inflation projection was retained for FY22 at 5.3%, 5.1% for Q3, 5.7% for Q4, and 5% for Q1 FY23.
The composition of the Monetary Policy Committee is as follows:
- Governor of the Reserve Bank of India – Chairperson, ex officio: Shri Shaktikanta Das.
- Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy– Member, ex officio: Dr Michael Debabrata Patra.
- One officer of the Reserve Bank of India to be nominated by the Central Board – Member, ex officio: Dr Mridul K. Saggar.
- A professor at the Mumbai-based Indira Gandhi Institute of Developmental Research: Prof. Ashima Goyal.
- A professor of finance at the Indian Institute of Management in Ahmedabad: Prof. Jayanth R Varma.
- An agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi: Dr Shashanka Bhide.
Some important instruments of Monetary Policy:
The RBI’s Monetary Policy has several direct and indirect instruments which are used for implementing the monetary policy. Some important instruments of Monetary Policy are as follows:
Repo Rate: It is the (fixed) interest rate at which banks can borrow overnight liquidity from the Reserve Bank of India against the collateral of government and other approved securities under the liquidity adjustment facility (LAF).
Reverse Repo Rate: It is the (fixed) interest rate at which the Reserve Bank of India can absorb liquidity from banks on an overnight basis, against the collateral of eligible government securities under the LAF.
Liquidity Adjustment Facility (LAF): The LAF has overnight as well as term repo auctions under it. The term repo helps in the development of the inter-bank term money market. This market sets the benchmarks for the pricing of loans and deposits. This helps in improving the transmission of monetary policy. As per the evolving market conditions, the Reserve Bank of India also conducts variable interest rate reverse repo auctions.
Marginal Standing Facility (MSF): MSF is a provision that enables the scheduled commercial banks to borrow an additional amount of overnight money from the Reserve Bank of India. Bank can do this by dipping into their Statutory Liquidity Ratio (SLR) portfolio up to a limit at a penal rate of interest. This helps the banks to sustain the unanticipated liquidity shocks faced by them.
Important takeaways for all competitive exams:
- RBI 25th Governor: Shaktikanta Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.
Paytm partnered with AWS to offer startup Toolkits for entrepreneurs
Paytm, a leading digital ecosystem for consumers and merchants has partnered with Amazon Web Services (AWS) to offer Paytm Startup Toolkit with exclusive payment services to early-stage Indian startups. Paytm will help entrepreneurs to grow businesses with payment, distribution, and growth solutions who are operating in India in the AWS Activate.
About the Paytm Startup Toolkit:
The Paytm Startup Toolkit is a single-stop platform that offers solutions in the domain of payments, payouts, banking and distribution with services including Paytm Payment Gateway, which helps businesses accept digital payments on their website, app; Paytm Payouts, which helps companies streamline their payments to employees, vendors, distributors and channel partners; and Paytm Payments Bank including nodal banking, which provides truly digital banking.
Benefits of the toolkit:
- To help startups enhance brand visibility and grow their customer base, the Paytm Startup Toolkit also provides access to Paytm Mini Apps, which enables developers to set up low-cost, quick-to-build mini-apps which can be built using Open Source technologies like HTML and JavaScript.
- The Mini app store allows developers to integrate seamlessly with Paytm identity and payment services, and Paytm Ads, which offers flexible and cost-effective advertising solutions for brands where they can hand-pick their target audience and also find look-alike segments best suited for their campaigns.
Important takeaways for all competitive exams:
- Paytm Founded: August 2010;
- Paytm Headquarters: Noida, Uttar Pradesh, India;
- Paytm CEO: Vijay Shekhar Sharma.
India-Maldives joint military Exercise EKUVERIN in Maldives
The 11th edition of Exercise EKUVERIN-21 between India and Maldives, held at Kadhdhoo Island, Maldives. Ekuverin means “Friends” in the Dhivehi language. It is an Indo – Aryan language. It is spoken in India, Lakshadweep and Maldives. The exercise enhances synergy and inter-operability between the Armed Forces of both nations in terms of understanding transnational terrorism both on land and at sea, conducting Counter-Terrorism and Counter-Insurgency Operations and sharing best military practices and experiences.
Besides rigorous training, the joint military exercise will also include cultural and sports activities to enhance defence cooperation and bilateral relations. The exercise will go a long way in strengthening India’s relations with the Maldives amidst emerging security dynamics in the Indian Ocean Region. The Exercise is being conducted between India and Maldives since 2008. In 2019, the exercise was held in Pune, Maharashtra and in 2018, it was held in the Maldives.
Benefits of the exercise:
- The exercise helps the militaries to understand each other’s drills and procedures.
- It helps to overcome language barriers.
- It aids in weapon familiarization which is essential in war or humanitarian aid such as disaster – relief. It is also essential in disaster relief operations.
Russia defeated Croatia to win Davis Cup tennis tournament 2021
The Davis Cup 2021 was won by the Russian Tennis Federation by a 2-0 lead over Croatia in the Davis Cup final in Madrid. Medvedev defeated Marin Cilic in the second singles match to give Russia an insurmountable 2-0 lead over Croatia and its first Davis Cup title since 2006. Croatia also was seeking its third title after triumphs in 2005 and 2018. Andrey Rublev was named the Most Valuable Player. The Russian team is officially being called RTF (Russian Tennis Federation) in the competition amid its ongoing doping suspension in international sport.
Ujjivan Small Finance Bank named Ittira Davis as MD & CEO
The Board of Directors of Ujjivan Small Finance Bank appointed Ittira Davis as the MD and CEO of the bank. Davis has been appointed as the MD and CEO for a period of 3 years from the date of approval of the RBI or such other period as may be approved by RBI. Davis was the MD and CEO of Ujjivan Financial Services Limited from July 2018 from where he resigned in 2021.
About the Ittira Davis:
- Davis has a Post Graduate Diploma in Management from the Indian Institute of Management-Ahmedabad (IIM-A) and is an international banker with over 40 years of banking experience. He worked extensively in India, the Middle East and Europe.
- He was with the Europe Arab Bank from July 2008 to October 2012 initially as the Managing Director – Corporate and Institutional Banking and then as an Executive Director.
- Davis has also previously worked with Citibank in India and the Arab Bank Group in the Middle East and has been associated with Ujjivan since 2015. He played a pivotal role in its transition into a Small Finance Bank.
Important takeaways for all competitive exams:
- Ujjivan Small Finance Bank Headquarters: Bengaluru;
- Ujjivan Small Finance Bank Founder: Samit Ghosh;
- Ujjivan Small Finance Bank Founded: 28 December 2004.
FICCI appoints Sanjiv Mehta as its President
The Federation of Indian Chambers of Commerce and Industry (FICCI) announced that Sanjiv Mehta, the Chairman and Managing Director of Hindustan Unilever Limited (HUL), will be appointed as its President. Mehta, presently the Senior Vice President of FICCI, will be succeeding media industry veteran Uday Shankar. Mehta is also the President of Unilever South Asia (India, Pakistan, Bangladesh, Sri Lanka & Nepal), and is a member of the ‘Unilever Leadership Executive’ which is Unilever’s Global Executive Board.
Some facts about Sanjiv Mehta
- Mr Mehta has done his Bachelors in Commerce (India), Chartered Accountancy (India) and has also completed his Advanced Management Program (Harvard Business School).
- Mr Mehta is married to Mona Mehta who too is a Chartered Accountant, and they have twin daughters Naina and Roshni who have studied at MIT, Cornell, and Harvard Universities. A firm believer that ‘doing well’ and ‘doing good’ are two sides of the same coin, he propagates the cause of compassionate capitalism.
- Mr Mehta was conferred honorary ‘Doctorate degree in Business Management by Xavier University, Bhubaneswar.
Important takeaways for all competitive exams:
- FICCI Founded: 1927;
- FICCI Headquarters: New Delhi;
- FICCI President: Harshavardhan Neotia;
- FICCI Secretary General: Arun Chawla.
US announces diplomatic boycott of Beijing Winter Olympics
The Biden administration has announced that US officials will not attend the 2022 Winter Olympics in Beijing after China pledged unspecified “countermeasures” against any such diplomatic boycott. The US cited that “China’s human rights ATROCITIES” is the main reason for its boycott. The US has named the boycott as “Diplomatic Boycott”. It means that the US is not sending any official or diplomatic representation to participate in the Olympics. However, the US is allowing American athletes to participate in the Olympics.
Why is the US boycotting Olympics 2022?
The US is boycotting for the following human rights atrocities of China: Situations in Taiwan and Tibet, The crackdown in Hong Kong and Abuse of minority Muslim Uyghurs in Xinjiang.
PM Modi holds India-Russia Summit 2021
Prime Minister Narendra Modi and Russian President Vladimir Putin held the 21st India-Russia Annual Summit to discuss the entire gamut of relations, including regional and global issues. During his visit, India and Russia signed 28 agreements. The leaders discussed on International North-South Transport Corridor and also about the Chennai – Vladivostok Eastern Maritime Corridor (which is under the proposal).
The visit of the Russian President is a reflection of the country’s commitment to its ties with India. This is in need of the moment. Because the ties between India and Russia were buffeted by New Delhi’s ties with the US. Also, Russia was getting closer with China on the back of US sanctions, CAATSA and its annexation of Crimea in 2014.
About the Summit:
- The countries agreed to extend the military-technical cooperation by another ten years. Currently, the indigenous production under this cooperation includes T – 90 tanks, MiG 29K aircraft, Su – 30 MKI, upgrade of MiG and supply of Multi Barrel Rocket Launcher Smerch. Both India and Russia are currently developing fifth-generation Fighter Aircraft and Multi-Role Transport Aircraft.
- Reserve Bank of India and Bank of Russia signed a pact to respond to cyberattacks.
- The leaders agreed that both the countries share common perspectives on the situation in Afghanistan. They agreed to implement a bilateral roadmap created to act upon Afghanistan.
- The Inter-Governmental Commission on Military and Military-Technical Cooperation was held. This commission was established in 2000.
Nilmani Phookan Jr and Damodar Mauzo receive Jnanpith Award
Assamese poet Nilmani Phookan Jr won the 56th Jnanpith Award and Konkani novelist Damodar Mauzo won the 57th Jnanpith Award. The country’s highest literary award, the Jnanpith is bestowed on writers for “their outstanding contribution to literature”. Jnanpith Award is a literary award presented by the Bharatiya Jnanpith organization to Indian writers every year. This was instituted in 1961 and is given only to Indian writers who write in Indian languages and English.
About the Nilmani Phookan Jr:
Phookan is a Sahitya Akademi and Padma Shri awardee. Based out of Guwahati, he is a poet of renown and has written Surya Henu Nami Ahe Ei Nodiyedi, Gulapi Jamur Lagna, and Kobita. Phookan was awarded the Padma Shri in 1990 and received the Sahitya Akademi Fellowship in 2002. Phookan is the third Assamese writer to have received the Jnanpith. The previous awardees were Birendra Kumar Bhattacharya in 1979 and Mamoni Raisom Goswami in 2000.
About the Damodar Mauzo:
Mauzo is based out of Majorda, Goa, and has previously won the Sahitya Akademi Award. He is known for his novels, such as Karmelin, and Tsunami Simon, and short stories Teresa’s Man and Other Stories from Goa. This is the second Jnanpith Award for a Konkani writer— the first being Ravindra Kelekar in 2006.
Sunil Arora invited to join top international democracy body IDEA
Former chief election commissioner (CEC) Sunil Arora has been invited to join the board of advisers at the International Institute for Democracy and Electoral Assistance, also known as International IDEA. IDEA has a 15-member board of advisers, all of whom are eminent personalities from a wide variety of backgrounds.
The election commission of India official statement that Sunil Arora has rich leadership experience, knowledge and skills to contribute significantly to the working of the International Institute. Sunil Arora had served as the 23rd Chief Election Commissioner of India from December 2018 to April 2021. It was under his tenure that the 2019 Lok Sabha Elections were conducted.
About the International IDEA
- The International Institute for Democracy and Electoral Assistance (International IDEA) was established in 1995. It is an intergovernmental organization based in Stockholm, Sweden. India is one of the founding members of the institute.
- The key mission of International IDEA is to support sustainable democracy worldwide. It currently has 34 member countries, which include new, old, small and large democracies from all continents.
Important takeaways for all competitive exams:
- International Institute for Democracy and Electoral Assistance Founded: 27 February 1995;
- International Institute for Democracy and Electoral Assistance Stockholm, Sweden;
- International Institute for Democracy and Electoral Assistance Secretary-General: Kevin Casas-Zamora.
‘She is a Changemaker’ programme launched by National Commission for Women
National Commission for Women (NCW) has launched a pan-India capacity building programme, ‘She is a Changemaker’ for women representatives at all levels, gram panchayats to parliament members and political workers including office bearers of National/State political parties. The programme was launched by Ms Rekha Sharma, Chairperson of the National Commission for Women. To improve leadership skills of grassroots women political leaders.
About the programme:
The official launch of training programmes under the ‘She is a Changemaker’ series was held in collaboration with Rhambhau Mhalgi Prabodhini, Thane, Maharashtra. The three-day capacity building programme for ‘Women in Municipal Corporation’ will be organised from 7thto 9th December. The capacity building programme will be undertaken in association with region-wise training institutes with an objective to undertake capacity building of women political leaders and improve their decision making and communication skills including, oration, writing, etc.
Important takeaways for all competitive exams:
- National Commission for Women Formed: 1992;
- National Commission for Women Headquarters: New Delhi.
Pune to host joint military exercise PANEX-21 with BIMSTEC countries
PANEX-21 is a Humanitarian Assistance and Disaster Relief Exercise. It is to be held for the BIMSTEC countries. The exercise is to be held among the BIMSTEC countries: Bhutan, Bangladesh, Nepal, Myanmar, Sri Lanka, India and Thailand. The main aim of the exercise is to build regional cooperation in responding to natural disasters. It is to be conducted in Pune from December 20 to December 22.
About the exercise:
- The participants of the exercise will be divided into eight syndicates. One syndicate from the participating countries and two from India.
- It will analyse the capabilities of member states in responding to the natural disasters. The countries will share their best practices.
- The exercise will review the procedures of preparedness and response. It will then recommend the evolution of organised structure.
- During the exercise, the countries will discuss military–to–military cooperation protocol.
City Union Bank & NPCI launched ‘On-the-Go’ wearable keychain
City Union Bank (CUB), in collaboration with National Payments Corporation of India (NPCI) and its manufacturing partner Seshaasai, has announced the launch of RuPay On-the-Go contactless wearable keychain for its debit card customers. This contactless wearable keychain will be part of their daily lifestyle and enable customers to tap and make cashless payments securely.
About the On-the-Go solution:
- This On-the-Go solution allows the bank’s customers to carry payment cards on their keychains, making for fast and convenient payments up to ₹5,000 at all Rupay-enabled point of sale devices (PoS) without entering a PIN.
- This would increase digital payment behaviour among customers, especially the younger generation and students, by enabling faster check out and less waiting in queue with features to set the spending limit, enable/disable usage through net banking, and CUB’s All-in-One mobile app.
Important takeaways for all competitive exams:
- City Union Bank Headquarters: Kumbakonam;
- City Union Bank CEO: Dr. N. Kamakodi;
- City Union Bank Founded: 1904.
World’s Oldest Test Cricketer, Eileen Ash passes away
World’s oldest Test Cricketer, former English legend, Eileen Ash passed away at the age of 110. The right-arm seamer made her debut to the national side in 1937 against Australia and in a career spanning till 1949, she took 10 wickets in the seven matches she played. Her career was interrupted by the Second World War – she was seconded to MI6, the UK’s intelligence service – and retired from the sport in 1949.
Eileen Ash was given the honour of ringing the bell at Lord’s in the Finals of the 2017 ICC Women’s World Cup where the host, England have crowned the champions after beating India in a thrilling Finals.
Chief of Defence Staff Gen Bipin Rawat passes away
Chief of Defence Staff (CDS) General Bipin Rawat has passed away in a helicopter crash near Coonoor in Tamil Nadu. He was among the 14 people who were on board, including his wife and staff members. Thirteen people have succumbed to the crash, including CDS Rawat, Madhulika Rawat and 11 others. An IAF Mi 17 V5 helicopter with a crew of 4 members carrying the CDS and 9 other passengers met with a tragic accident. Wing Commander Prithvi Singh Chauhan was the pilot of the Mi-17V5.
About General Bipin Rawat:
- General Rawat completed his education at St Edward School, Shimla and is an alumnus of National Defence Academy, Khadakwasla. He was commissioned in the Fifth Battalion of the Eleventh Gorkha Rifles in December 1978 from the Indian Military Academy, Dehradun, where he was also awarded the Sword of Honour.
- Academically inclined, he has written numerous articles on national security and leadership, which have been published in various journals.
- He joined the army as a second lieutenant in 1978 and has four decades of service behind him, having commanded forces in Kashmir and along the Line of Actual Control bordering China.
- He is credited with reducing insurgency on India’s northeastern frontier and supervised a cross-border counter-insurgency operation into neighbouring Myanmar.
- Rawat was chief of the army from 2017 to 2019 before his elevation to defence services chief, which analysts said was to improve integration between the army, navy and air force.
