Banking, Finance & Economy Current Affairs - 2022-23

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Recently ,Reserve Bank of India (RBI) has imposed monetary penalties on two payment system operators, One Mobikwik Systems Private Limited and Spice Money Limited, for violation of norms. Both the payment companies have been slapped with a fine of Rs 1 crore, as per the order issued by the central bank.

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Recently, The government of UT of Jammu and Kashmir signed MoU with Century Financial. The MoU was signed to enhance current efforts to strengthen Hospitality & Tourism Industry in UT.

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Prime Minister Narendra Modi inaugurated ‘MSME Technology Centre’ in Puducherry in a virtual format.PM Modi also inaugurated the ‘Perunthalaivar Kamarajar Manimandapam’ in Puducherry. It is a modern auditorium having an open-air theatre.

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JPMorgan has become the world’s first bank to set up shop in the metaverse. The largest bank in the US has opened a lounge in the blockchain-based world Decentraland. Users can create their virtual avatars, build virtual spaces and roam in the lounge christened ‘Onyx Lounge’ after its suit of Ethereum-based services. The lounge also features a digital image of the bank’s CEO Jamie Dimon.

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With the aim of expanding export shipments, the Reserve Bank of India extended the interest equalization scheme for pre and post-shipment rupee loans for MSME exporters through March 2024. The ‘Interest Equalization Scheme for pre and post-shipment Rupee Export Credit’ provides a subsidy to exporters. The scheme was first extended until the end of June last year, and then again until September 2021.

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The 3rd edition of the National Youth Parliament Festival (NYPF) was organized by the Lok Sabha Secretariat and the Ministry of Youth Affairs and Sports. It was organized at the Central Hall of Parliament, New Delhi. The inaugural session was addressed by Union Sports Minister Anurag Thakur and the valedictory function was addressed by Lok Sabha Speaker Om Birla. The main moto of the NYPF is to listen to the views and voices of youths between the age group of 18 to 25 years. In this event, the top three National level youth winners get an opportunity to speak before the Lok Sabha Speaker during the valedictory function. The certificate of participation was also distributed to the youths. This event is based on the idea given by Prime Minister Narendra Modi in his Mann Ki Baat Address held on 31st December 2017. So, the third edition of this event was held on 14th Feb 2022 at the district level in a virtual manner .In the District Youth Parliaments event, more than 2 lakh 44 thousand youth across the country had participated. It was further followed by State Youth Parliaments in a virtual manner.

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According to a news release from the DPIIT, the government has extended the deadline for companies to convert debt financing into equity shares by up to 10 years, a measure that is likely to provide comfort to emerging enterprises dealing with the impact of the Covid-19 pandemic. Previously, convertible notes may be converted into equity shares for up to five years after the initial convertible note was issued. That time frame has now been increased to ten years.

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The go-live and opening of the Central Record Keeping Agency (CRA) under the National Pension System has been announced by Computer Age Management Services Limited (CAMS), India’s largest registrant and transfer agent of mutual funds (a SEBI regulated business). CAMS was chosen as a CRA by the sector regulator, the Pension Fund Regulatory and Development Authority (PFRDA), to broaden the services available to NPS subscribers and the ecosystem.

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The Reserve Bank of India has approved the appointment of Pralay Mondal as the interim Managing Director and CEO of CSB Bank. Presently he is the Managing Director at CSB Bank. The post of MD and CEO at CSB Bank was lying vacant after its full-time MD and CEO, C V R Rajendran announces early retirement on health grounds (w.e.f March 31, 2022). RBI has approved the appointment of Pralay for three months from April 1, or till the appointment of a regular Managing Director and CEO of CSB Bank, whichever is earlier

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It has been signed to sustainable harness resources in the field of Science and Technology. Department of Science and Technology, Ministry of Science and Technology will coordinate and implement on behalf of the Indian government.