Banking, Finance & Economy Current Affairs - 2022-23

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The ‘Enterprise India National Coir Conclave 2022’ was inaugurated at Coimbatore, Tamil Nadu, by Union Minister for MSME Shri Narayan Rane and Minister of State for MSME Shri Bhanu Pratap Singh Verma, as well as several State Ministers and top officials. The coir sector employs more than 7 lakh people in rural parts of coconut-growing states. Even more intriguing, 80 percent of these artists are women, although output has so far been limited to the country’s southern coconut-producing States/UTs.

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It is estimated that state-run banks are going to pay 8,000cr dividend to the government. These payouts by state-run banks provide minor relief to the government, as they were facing many hurdles after tax cuts on fuel. Recently RBI also transfer a surplus of 30,307cr to the government to tackle the economic challenges. State Bank of India, has the highest payout of Rs 3,600 crores. The second place is occupied by Union Bank with Rs 1,084 crores, followed by Canara Bank at Rs 742 crore.

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Recently Ministry of Housing & Urban Affairs launched Swach Survekshan with the theme “Waste to Wealth” for garbage-free cities. This time priority has been given to the principle of 3Rs – Reduce, Recycle and Reuse in this survey. It is considered to be a very important assessment tool issued to judge the cities on basis of their hygiene and sanitation. Last year Swach Survekshan 2022 covered 4,355 cities and 85,860 wards. and results are in progress.

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The United States overtook China to become India’s top trading partner in 2021-22, reflecting strong economic ties between the two countries. According to commerce ministry data, in 2021-22, bilateral trade between the US and India stood at US$ 119.42 billion as against US$ 80.51 billion in 2020-21.

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Bengaluru-based Fintech startup XPay. Life, India’s 1st blockchain-enabled transaction framework, launched its Unified Payments Interface (UPI) services targeted at rural India to make financial facilities accessible for people in rural areas.

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The all-India female labour force participation rate (LFPR) in usual status has increased 2.3% in 2021 to 25.1% as compared to 22.8% a year ago, shows the Periodic Labour Force Survey (PLFS) annual report for July 2020-June 2021. The Worker population ratio (WPR) in usual status for persons of all ages in India is 39.8%.

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Investments in India’s Artificial Intelligence (AI) capabilities are growing at a CAGR of 30.8%and are poised to reach $881 million by 2023.

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The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have approved the merger of multiplex chain PVR and Inox Leisure. According to their separate exchange filings, PVR and Inox Leisure received observation letters from the BSE on June 20 and 21 with “no unfavorable observations” and “no objection,” respectively.

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Jammu and Kashmir (J&K) Lieutenant Governor, Manoj Sinha and Union minister Jitendra Singh inaugurated the north India’s first Industrial Biotech Park constructed at Ghatti near Kathua, Jammu & Kashmir.

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IRDAI and National Health Authority (NHA) will develop a National Health Claims Exchange as a digital platform to settle health claims. The National Health Claims Exchange will be developed as a digital platform, for settling the health claims.