Banking, Finance & Economy Current Affairs - 2022-23

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Amid the Ukraine crisis, and high fuel and food prices, the World Bank has slashed India’s growth rate from 8.7 to 8%. The World Bank in its South Asia report has revised India’s growth rate to 8%. The reasons cited for lowered growth are rising fuel and food prices, which account for what we call, headline inflation. The disruption in the supply chain in South Asia is one of the major attributes of this decreasing trend.

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China has the most healthcare industry billionaires, followed by the United States of America, Switzerland (15), Germany , and India.

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Ministry of power has developed the National open Access Registry. Launched by the Union Ministry of Power, NOAR will serve as an integrated single-window clearance Platform. The platform will also act as a repository of information on short-term inter-state electricity transmission. National Open Access Registry will act as the key facilitator to help with enabling the integration of Renewable energy resources into the grid. Now, it would encourage the consumers to take up renewable energy production at in-house facilities and transfer the surplus electricity to the grid. Solar on-grid has been very successful.

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Election Commissioner Rajiv Kumar was appointed as the next chief election commissioner. He will assume charge on May 15 after incumbent Sushil Chandra demits office on May 14, a notification issued by the Law Ministry said. In pursuance of clause (2) of Article 324 of the Constitution, the President appointed Shri Rajiv Kumar as the Chief Election Commissioner with effect from the 15th of May 2022.

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During the review of the asset monetization plan it has been revealed that the government has monetized the assets worth 96,000 crores for FY22 compared to the target of 88,000 crores. This has been achieved by state and central governments under the asset monetization program and in upcoming years they have an investment potential of 9 lakh crores.

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Finance Minister Nirmala Sitharaman has unveiled that the EASE 5.0 EASENext is well-positioned to channel reforms with a specific focus on customer-centric initiatives. Ease 5.0 ‘Common reforms agenda’ of the EASENext program has been developed for Public Sector Banks and was launched through video-conferencing. EASENext would comprise 2 major initiatives: EASE 5.0 common PSB reforms agenda and Bank specific strategic 3-year roadmap based on individual bank’s business priorities. It will help to invest in new-age capabilities and deepen the ongoing reforms to respond to evolving customer needs, changing competition, and the technology environment. This will act as a dual role as these reforms should bring ease for customers as well as for employees.

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According to the index of industrial production Industrial activity in April jumped 7.1% year on year compared to 1.9% in March. As per the data released by the Ministry of Statistics and Programme Implementation, the larger growth seen in the mining sector was 7.8% in April 2022.

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Karnataka Bank has launched online savings bank (SB) account opening facility through ‘Video-based Customer Identification Process (V-CIP)’.

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Chennai based drone start up Garuda Aerospace has partnered with Malaysian Drone Solution Company to set up first international drone factory in Malaysia.

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Prime Minister Narendra Modi launched the Rs. 6,000 crore ‘Raising and Accelerating MSME Performance’ (RAMP) scheme in the ‘Udyami Bharat’ program. As per the scheme, no global tender will be undertaken for orders up to Rs 200 crores.