Current Affairs: 01st March 2022 To 10th March 2022 CA

CURRENT AFFAIRS
01st March 2022 to 10th March 2022 CA
Contents
................................................................................................................................................................ 2
1. RBI/SEBI/NABARD In NEWS ................................................................................................ 2
1.1. UPI 123 ................................................................................................................................... 2
1.2. Changes in Investment by Umbrella Organization ............................................. 3
1.3. Interest Equalization Scheme on Pre and Post Shipment .............................. 4
1.4. NaBFID - All India Financial Institution (AIFI) ..................................................... 5
1.5. Change in UPI Limit ......................................................................................................... 5
2. Finance In NEWS ....................................................................................................................... 6
2.1. Indian investors can trade in select US stocks via NSE IFSC from March
3 .......................................................................................................................................................... 6
3. Reports/Index in NEWS .......................................................................................................... 7
3.1 State of India’s Environment Report 2022............................................................. 7
3.2 India-UAE Trade................................................................................................................... 9
3.3 Democracy Report 2022 ................................................................................................ 10
3.4 IPCC released 2nd part of 6th assessment report ................................................. 10
3.5. Decline in Investments Through P-Notes ............................................................. 12
3.6. Market Infrastructure Institution ............................................................................ 13
3.7. US Executive order on Cryptocurrency ................................................................. 14
3.8. Mercom India Research ................................................................................................ 15
4. Other Imp NEWS ...................................................................................................................... 16
4.1. IARI Research on Resilient Crops ............................................................................ 16
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4.2. Pandemic Treaty .............................................................................................................. 17
5. One Liner ..................................................................................................................................... 18
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1. RBI/SEBI/NABARD In NEWS
1.1. UPI 123
Issue: - RBI launched UPI123 for feature phone.

Launched By – RBI.
Why: - At present, efficient access to UPI is available on smart phones. UPI
can be accessed through NUUP (National Unified USSD Platform) using the
short code of *99#. But this option is cumbersome and not popular.
Considering that there are more than 40 crore feature phone mobile
subscribers in the country, UPI123pay will materially improve the options for
such users to access UPI.
Key Highlights are -
App-based Functionality: Missed Call:

•An app would be installed on the feature phone •This will allow feature phone users to access their
through which several UPI functions, available on bank account and perform routine transactions
smartphones, will also be available on feature such as receiving, transferring funds, regular
phones. purchases, bill payments, etc., by giving a missed
call on the number displayed at the merchant
outlet. The customer will receive an incoming call
to authenticate the transaction by entering UPI
PIN.
Interactive Voice Response (IVR): Proximity Sound-based Payments:

•UPI payment through pre-defined IVR numbers •This uses sound waves to enable contactless,
would require users to initiate a secured call from offline, and proximity data communication on any
their feature phones to a predetermined number device.
and complete UPI on-boarding formalities to be
able to start making financial transactions without
internet connection.

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Facts about UPI
Unified Payments Interface (UPI) is a system that powers multiple bank
accounts into a single mobile application (of any participating bank), merging
several banking features, seamless fund routing & merchant payments into
one hood. It also caters to the “Peer to Peer” collect request which can be
scheduled and paid as per requirement and convenience.
With the above context in mind, NPCI conducted a pilot launch with 21
member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G
Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI
enabled Apps on Google Play store from 25th August, 2016 onwards.
1.2. Changes in Investment by Umbrella Organization
Issue: - Changes to some below investment criteria by Umbrella

Organization (UO) by Primary (Urban) Co-operative Banks.
By: - RBI
Applicable to: - All Primary (Urban) Co-operative Banks.
Changes Below to: -
SECTION INITIALLY NOW

2(I) The non-SLR It is advised that the investment
investments shall be made for subscribing to the capital
limited to ten per cent of the UO, for acquiring its
of a bank’s total membership, shall be exempt from
deposits as on March the limits prescribed in Paragraphs
31 of the previous year. 2(i) and 2(iii)(b) of the circular ibid.
2(III)(B) Investments in unlisted It is advised that the investment

securities shall not made for subscribing to the capital
exceed ten per cent of of the UO, for acquiring its
the total non-SLR membership, shall be exempt from
investments at any the limits prescribed in Paragraphs
time. 2(i) and 2(iii)(b) of the circular ibid.

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Other Changes
RBI has accorded regulatory approval to National Federation of Urban Co-operative
Banks and Credit Societies Ltd. (NAFCUB) in June 2019 for formation of Umbrella
Organization (UO) for the UCB Sector. The approval inter-alia permits UCBs to
subscribe to capital of the UO on voluntary basis.
1.3. Interest Equalization Scheme on Pre and Post Shipment
Circular By: - RBI

Applicable to: - All Scheduled Commercial Banks (excluding RRBs), Small
Finance Banks, Primary (Urban) Cooperative Banks (scheduled banks
having AD category-I license), and EXIM Bank.
Key Highlights
Government of India has approved the extension of Interest Equalization Scheme for
Pre and Post Shipment Rupee Export Credit (‘Scheme’) up to March 31, 2024 or till
further review, whichever is earlier. The extension takes effect from October 1, 2021
and ends on March 31, 2024.
For the period from October 1, 2021 to March 31, 2022, banks shall identify the eligible
exporters as per the Scheme, credit their accounts with the eligible amount of interest
equalisation and submit sector-wise consolidated reimbursement claim for the said
period to the Reserve Bank by April 30, 2022.
With effect from April 1, 2022, banks shall reduce the interest rate charged to the
eligible exporters upfront as per the guidelines and submit the claims in original within
15 days from the end of the respective month, with bank’s seal, and signed by
authorised person, in the prescribed format.
What is Interest Equalization Scheme?

The Interest Equalisation Scheme (IES) was implemented on 1st April 2015 to
provide pre- and post-shipment export credit to exporters in rupees. At the
time, exporters were facing increasing credit costs in their export cycles due to
the stagnation of global demand and extended credit periods.
Intended to stem the downward trend in exports, IES offered a 3% rate of
interest equalisation. With effect from 2nd November 2018, this was increased
to 5%, although the rate remained at 3% for large manufacturers and
merchant exporters.

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1.4. NaBFID - All India Financial Institution (AIFI)
Issue - The National Bank for Financing Infrastructure and Development

(NaBFID) Act, 2021 received the assent of the President on March 28, 2021.
Key Highlights
The National Bank for Financing Infrastructure and Development (NaBFID) Act, 2021
received the assent of the President on March 28, 2021 and has come into force w.e.f.
April 19, 2021.
Accordingly, NaBFID has been set up as a Development Financial Institution (DFI) to
support the development of long-term infrastructure financing in India.
NaBFID shall be regulated and supervised as an All India Financial Institution (AIFI)
by the Reserve Bank under Sections 45L and 45N of the Reserve Bank of India Act,
1934.
It shall be the fifth AIFI after EXIM Bank, NABARD, NHB and SIDBI.
1.5. Change in UPI Limit
Issue: - SEBI issued a circular to increase the amount from 2L to 5L.
Key Highlights
Sebi increased the investment limit for payments through UPI mechanism for retail
investors buying debt securities in public issues to Rs 5 lakh from Rs 2 lakh at present
in its effort to bring ease of investment for investors.
The new framework will be applicable to public issues of debt securities which open on
or after May 1, 2022, the Securities and Exchange Board of India (Sebi) said in a
circular.
The current Sebi rules provide an option to investors to apply in public issues of debt
securities with the facility to block funds through UPI (unified payment interface)
mechanism for application value of up to Rs 2 lakh.
Based on discussions with market participants and in order to bring uniformity in the
requirements as well as for ease of investment for investors, Sebi has now decided to
increase the limit for investment through UPI mechanism to Rs 5 lakh.

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2. Finance In NEWS
2.1. Indian investors can trade in select US stocks via NSE IFSC
from March 3
Issue: - Indian investors can trade in select US stocks via NSE IFSC from
March 3.
Key Highlights
From March 3, investors in India will be able to trade in select US stocks through
the NSE International Exchange (NSE IFSC), a wholly owned subsidiary of the National
Stock Exchange (NSE). Investors can invest in NSE IFSC receipts on US stocks, which
will be in the form of unsponsored depository receipts (DRs).
Limit: - Indian retail investors will be able to transact on the NSE IFSC platform under
the Liberalised Remittance Scheme (LRS) limits prescribed by the Reserve Bank of India
(RBI), which currently stand at $250,000 per year.
How: - Resident investors will have to open a demat account at the IFSC and the stock
receipts will be considered foreign assets for filing income tax returns.
TAX: - Short-term capital gains will be taxed at the slab rate while long-term capital
gains will be at 20 per cent with indexation.
Stocks: - For a start, this will include DRs of 50 US stocks such as Apple, Alphabet,
Amazon, Tesla, Microsoft, Morgan Stanley, Nike, P&G, Coca-Cola, and Exxon Mobil.

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3. Reports/Index in NEWS
3.1 State of India’s Environment Report 2022.
Issue: - India slips 3 spots on 17 SDG adopted as 2030 agenda, says report
Report By: - Centre for Science and Environment (CSE) and Down To Earth
magazine.
Name of the Report: - State of India’s Environment Report 2022.
Key Highlights
Economy: The target for the economy is to raise the Gross Domestic Product (GDP) to
nearly USD 4 trillion by 2022-23. But by 2020, the economy has grown only to USD
2.48 trillion.
Employment: The target is to increase the female labour force participation rate to at
least 30% by 2022-23. It stood at 17.3% in January-March 2020.
Housing: The targets are to construct 29.5 million housing units under Pradhan Mantri
Awas Yojana (PMAY)-Rural and 12 million units under PMAY-Urban. Only about 46.8%
and 38% respectively of the targets under ‘Housing for All’ have been achieved.
Drinking Water: The target is to provide safe piped drinking water to all by 2022-23.
Only 45% of the target has been achieved.
Agriculture: The target is to double farmers’ income by 2022. While the average
monthly income of an agricultural household has increased to Rs 10,218 from Rs
6,426, this increase is largely due to increase in wages and income from farming
animals.
Digitisation of Land Records: Another target is to digitise all land records by 2022.
While states like Madhya Pradesh, West Bengal and Odisha have made good progress,
states like Jammu and Kashmir, Ladakh and Sikkim languish at 5%, 2% and 8.8%
digitisation of land records, respectively.
Solid Waste Management: The target is to achieve 100% source segregation in all
households. The overall progress is 78%, and while states like Kerala and Union
territories like Puducherry have achieved the target, others like West Bengal and Delhi
are woefully behind.
Forest Cover: The target is to increase it to 33.3% of the geographical area, as
envisaged in the National Forest Policy, 1988. By 2019, 21.6% of India was under forest
cover.
Energy: The target is to achieve 175 GW of renewable energy generation capacity by
2022. Only 56% of this target has been achieved thus far.

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Key Highlights
Sustainable Development Goals – India has slipped three spots to rank 120 on the 17
Sustainable Development Goals (SDG) adopted as a part of the 2030 agenda by 192
United Nations member states in 2015. In 2021 India ranked 117 among 192 nations.
India’s overall SDG score was 66 out of 100. India’s rank dropped primarily because of
major challenges in 11 SDGs including zero hunger, good health and wellbeing, gender
equality and sustainable cities and communities. India also performed poorly in dealing
with quality education and life on land aspects.
State Performance
• Jharkhand and Bihar are the least prepared to meet the SDGs by the target year
2030.
• Kerala ranked first, followed by Tamil Nadu and Himachal Pradesh in the second
position.
• The third position was shared by Goa, Karnataka, Andhra Pradesh and
Uttarakhand.
• Among the Union Territories, Chandigarh was ranked first, followed by Delhi,
Lakshadweep and Puducherry in the second place and the Andaman and Nicobar
Islands on the third

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3.2 India-UAE Trade
Issue: - Last month, India and the United Arab Emirates (UAE) signed their
first Co-mprehensive Economic Part-nership Agreement (CEPA).
Key Highlights
The UAE is India’s third largest trading partner and second largest export destination
after the US. But the content of trade flows between the two countries has changed in
the past decade.
In recent years, trade flows have reflected the pressures of the Covid-19 pandemic. In
2021-22, 6.6 per cent of India’s exports landed in the UAE. Although higher than the
5.7 per cent exp-or-ts to the UAE in 2020-21, it was much lower than the 9.3 per cent
in 2019-20. Until a decade ago, 13.5 per cent of India’s exports went to the UAE.
In absolute terms, India’s exports to the UAE will exceed the 2019-20 figures but will
still be lower than levels achieved in 2012-13. It is safe to assume that India’s trade
with the UAE has increased, but its trade with other nations has increased faster.
But the export basket has ch-a-nged. Mineral products, pearls, precious stones and
metals still account for most of India’s exports to the UAE, but their share is lower
than the peaks achieved in the past two decades. Mineral product exp-orts accounted
for 19.9 per cent of total exports from India to the UAE in 2021-22, similar to the 19.4
per cent share achieved in 2012-13. How-e-ver, they were still lower than the peak of
over 30 per cent share of total exports between 2006 and 2008.
What are Free Trade Agreements?

It is a pact between two or more nations to reduce barriers to imports and
exports among them.
Under a free trade policy, goods and services can be bought and sold across
international borders with little or no government tariffs, quotas, subsidies, or
prohibitions to inhibit their exchange.
The concept of free trade is the opposite of trade protectionism or economic
isolationism

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3.3 Democracy Report 2022
Released By: - V-Dem Institute at Sweden’s University of Gothenburg.

Report Titled: - ‘Democracy Report 2022: Autocratisation Changing Nature?’.
Parameters: - The report classifies countries into four regime types based on
their score in the Liberal Democratic Index (LDI): Liberal Democracy, Electoral
Democracy, Electoral Autocracy, and Closed Autocracy.
Key Highlights
Sweden topped the LDI index, other Scandinavian countries such as Denmark and
Norway, along with Costa Rica and New Zealand make up the top five in liberal
democracy rankings.
India is part of a broader global trend of an anti-plural political party driving a country’s
autocratisation.
It was ranked 93rd in the LDI, India figures in the “bottom 50%” of countries.
It has slipped further down in the Electoral Democracy Index, to 100, and even lower
in the Deliberative Component Index, at 102.
In South Asia, India is ranked below Sri Lanka (88), Nepal (71), and Bhutan (65) and
above Pakistan (117) in the LDI.
3.4 IPCC released 2nd part of 6th assessment report
Issue: - Recently, the Intergovernmental Panel on Climate Change (IPCC),

released the second part of its sixth assessment report. This second part of the
report is about climate change impacts, risks and vulnerabilities, and
adaptation options.
Part 1 Comments: - The first part of this report, on the physical science of
climate change in 2021. It had warned that 1.5-degree Celsius warming was
likely to be achieved before 2040 itself.
Part 3 and Final Part: - The third and final part of the report, which will look
into the possibilities of reducing emissions, is expected to come out in April
2022.
Frequency: - The Assessment Reports, the first of which had come out in
1990, are the most comprehensive evaluations of the state of the earth’s
climate. Every few years (about 7 years), the IPCC produces assessment
reports.

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Key Highlights
Population at Risk: Noting that over 3.5 billion people, over 45% of the global
population, were living in areas highly vulnerable to climate change.
Near to Long-term Risks: Even if adequate efforts are made to keep the global rise in
temperatures within 1.5 degree Celsius from pre-industrial times.
Regional Variation: Vulnerability of ecosystems and people to climate change differs
substantially among and within regions.
Health Impacts of Climate Change: It has found that climate change is increasing
vector-borne and water-borne diseases such as malaria or dengue, particularly in sub-
tropical regions of Asia.
It has also said deaths related to circulatory, respiratory, diabetic and infectious
diseases, as well as infant mortality, are likely to increase with a rise in temperature.

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3.5. Decline in Investments Through P-Notes
Issue: - According to Securities and Exchange Board of India (SEBI) data,
the value of Participatory-Note (P-Notes) investments in Indian markets have
declined in Jan 2022 in comparison to dec 2021.
Key Highlights – Why the Decline

This is in line with expectations as foreign investors were aggressive sellers throughout
January 2022 continuing the trend seen since October 2021.
With Omicron fears largely behind, investors were hopeful of a rapid recovery in the
global economy. However, with the US Federal Reserve taking a 'faster and sooner'
stance on rate hikes investors have been cutting their holdings in risk assets across
the board
The Ukraine geopolitical situation has put further pressure on already scared global
investors. It is expected that FPIs (Foreign Portfolio Investors) will continue their net
negative stance till clarity emerges on an end to the Ukraine situation.
What is P-Notes?
P-notes are Offshore Derivative Instruments (ODIs) issued by registered
Foreign Portfolio Investors (FPIs) to overseas investors who wish to be a part of
the Indian stock markets without registering themselves directly.
P-notes have Indian stocks as their underlying assets.
FPIs are non-residents who invest in Indian securities like shares, government
bonds, corporate bonds, etc.

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3.6. Market Infrastructure Institution
Issue: - Recently, Securities and Exchange Board of India (SEBI) noted that
the National Stock Exchange (NSE), the country's largest equities and
derivatives exchange is a systemically important market infrastructure
institution (MII).
Why: - MIIs are systemically important in India is clear from the
phenomenal growth of these institutions in terms of market capitalization of
listed companies, capital raised and the number of investor accounts and
the value of assets held in the depositories’ account. Any failure of such an
MII could lead to even bigger cataclysmic collapses that may result in an
overall economic downfall that could potentially extend beyond the
boundaries of the securities market and the country.
Following What: - According to a panel set up (in 2010) under the
chairmanship of former Reserve Bank of India Governor Bimal Jalan, the
term ‘market infrastructure’ denotes such fundamental facilities and
systems serving this capital market.
Who are Other MIIs: -?
Among stock exchanges, the SEBI lists seven, including the
1. Bombay Stock Exchange
2. National Stock Exchange
3. Multi Commodity Exchange of India
4. Metropolitan Stock Exchange of India
5. Central Depository Services Ltd
6. National Securities Depository Ltd
7. Multi Commodity Exchange Clearing Corporation

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3.7. US Executive order on Cryptocurrency
Issue: - The President of United States of America has signed an executive

order on Cryptocurrency.
When: - 9th March 2022
The measures Consumer protection

announced in Financial stability
the executive
order focused Illicit activity
on six key S. competitiveness
areas:
Financial inclusion
Responsible innovation.

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3.8. Mercom India Research
Issue: - According to Mercom India Research, India installed a record 10

gigawatts (GW) of solar capacity in the calendar year 2021, a 212 percent
increase year on year (y-o-y).
Report titled: - ‘Annual 2021 India Solar Market Update’ is the name of the
report.
Previous Status: - Compared to 2020, Solar tenders dipped 4.3 percent y-o-
y in 2021, while auctions fell by 2.6 percent. The slowdown in tender and
auction was due to a delay in signing power-sale agreements (PSA) and a
lack of clarity regarding applicable duties.
Key Highlights
According to the report, 3.2 GW of solar capacity installations were made by India in
2020.
According to the report, India’s cumulative solar installed capacity was at around 49
GW at the end of December 2021.
The report mentioned that in 2021, India added a total of 10 GW of solar power, the
highest in a single year. In 2021, solar accounted for 62% of new power capacity
additions, the largest power capacity shares ever.
Large-scale solar projects accounted for 83 percent of installations during the year,
with a 230 percent y-o-y increase.
In 2021, rooftop installations increased by 138 percent y-o-y.
In 2021, the average project cost was also higher due to higher raw material, module,
and freight costs.
As of December 2021, Rajasthan, Karnataka, and Andhra Pradesh were the top three
states in terms of cumulative large-scale solar capacity, accounting for 50% of the
country’s installations.
Rajasthan led capacity addition in 2021, with 4.5 GW of solar capacity installed.

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4. Other Imp NEWS
4.1. IARI Research on Resilient Crops

Issue: - Scientists at the Indian Agricultural Research Institute (IARI), in
collaboration with several other research institutions, have identified about
15,000 selected germplasms of rice and wheat.
Why: - To develop varieties that are tolerant to floods, droughts, heatwaves,
and diseases to mitigate the adverse impact of climate change on food
production.
Key Highlights
There are three different types of disease resistance basmati rice which has been
developed by IARI and they are PB 1847, PB 1886, and PB 1885. These have been
developed through projects funded by DBT and will be distributed to private sector seed
companies for multiplication. An MoU with a private company will also be signed.
In the case of wheat, NBPGR is working with different organizations to develop varieties
that will be able to cope with new problems posed by climate change scenarios.
According to DBT, 17 crop plant varieties with increased nutritional content, disease
resistance, and abiotic stress tolerance is being developed. The varieties are divided
into rice: 8, wheat: 4, and maize: 2. Out of these, 6 varieties have already reached
farmers after being multiplicated by private companies.

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4.2. Pandemic Treaty
Issue: - Pandemic treaty is a proposed treaty to be better prepared for any

future pandemics like the COVID-19.
Why: - It is to prevent future pandemics and to improve the preparedness
and response in case of occurrence of any pandemic.
By: - World Health Organisation special assembly which agreed to start the
global process to draft the pandemic treaty. December 2021 special session
is the is its second special session since it was founded in 1948.
Key Highlights - Adoption

It adopted a decision titled “The World Together”, under which it established an
intergovernmental negotiating body (INB) to draft the contents of the pandemic treaty
in compliance with Article 19 of the World Health Organization (WHO) Constitution.
The pandemic treaty is expected to cover aspects like:
Data sharing regarding the pandemic.
Genome sequencing of emerging viruses.
Equitable distribution of vaccines and drugs throughout the world.
Key Highlights – Why the Need??

The COVID-19 pandemic exposed the shortcomings of global health systems.
There was an inequitable distribution of vaccines and drugs during COVID-19. The
poorer countries were at the mercy of developed nations to receive medication.
Also, most countries gave priority to their citizens and hoarded vaccines, which is not
an effective way to deal with a global pandemic.
More than 5.9 million people have lost their lives to COVID-19. In India, over 34 million
cases have been reported so far and the death toll stands at over five lakh.

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5. One Liner
Headline Important Points based on NEWS

SEBI new ➔ Madhabi Puri Buch has been appointed
Women chairperson of the Securities and Exchange Board
Chairman. of India (Sebi), the regulator in charge of overseeing
India’s $3.3-trillion stock market ecosystem. She
replaces Ajay Tyagi.
➔ Puri Buch, 56, will be the first woman, and the
first person from the private sector, to head the
securities market watchdog. However, she has had
a more than four-year stint at Sebi as a whole-time
member (WTM) -- a post just below the chairman.
The IIM-Ahmedabad alumna will also be the
youngest Sebi chief.
Indian Bank ➔ State Bank of India — the country’s largest bank
Russian — has a joint venture with Canara Bank in Russia,
Collaborations namely Commercial Indo Bank. SBI has 60 per
cent stake in the bank, while 40 per cent is with
Canara Bank.
Impact of ➔ The impact of the microfinance sector on Gross
Microfinance Value Added (GVA) of the economy is expected to
be between 2.7 and 3.5 per cent by 2025-26,
according to a study report released on Thursday.
➔ The report, 'Present and Potential Contribution of
Microfinance to India's Economy', was prepared
jointly by MFIN, an association for microfinance
entities, and National Council of Applied Economic
Research (NCAER).
BE(A)WARE by ➔ The Reserve Bank has today released a booklet,
RBI “BE(A)WARE” on the common modus operandi
used by fraudsters and precautions to be taken
while carrying out various financial transactions.
Current ➔ The country's current account deficit (CAD) is
Account Deficit likely to widen to a 13-quarter high of USD 23.6
billion or 2.8 per cent of GDP in October-December
2021-22 due to higher commodity prices following
the Russia-Ukraine conflict, India Ratings and
Research (Ind-Ra) said in a report.
DigiSaathi ➔ ‘DigiSaathi’ – provides a channel to obtain help on
the entire gamut of digital payments. Automated
responses on information related to digital
payment products and services are available in
Hindi and English through multiple options like –
(a) toll-free number (1800-891-3333), (b) a short
code (14431), (c) website – www.digisaathi.info,

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and chatbots. DigiSaathi will assist users with
their queries on digital payments via website &
chatbot facility and through toll-free calls where
user can dial or call out the options / products for
which the information is required. More interactive
options and language choices shall be enabled
going forward.
GST February ➔ Goods and services tax (GST) collection in
Collection February rose 18 per cent year-on-year to Rs 1.33
trillion, crossing the Rs 1.3-trillion mark for the
fifth straight month, the finance ministry said on
Tuesday. Government officials expect that the
average monthly GST collection in FY23 will be
around Rs 1.25 trillion.
UPI ➔ Unified Payments Interface (UPI), the flagship
Transaction for digital payments platform of India, logged 4.52
February 2022 billion transactions, amounting to Rs 8.26 trillion
in February, according to data released by the
National Payments Corporation of India (NPCI), the
umbrella organization for retail payments in the
country. This was marginally lower than the record
4.61 billion transactions the payments platform
had reported, amounting to Rs 8.32 trillion, in
January.
LIC IPO Update ➔ Ahead of its public listing, Life Insurance
Corporation (LIC) has appointed Sunil Agrawal as
the chief financial officer (CFO) of the corporation.
➔ Prior to Agrawal’s appointment, Shubhangi Sanjay
Soman was the executive director in charge of
finance and accounting (F&A) at the corporation.
The position of Executive director F&A has been
changed to CFO as the corporation is preparing to
get listed on the bourses.
AT1 Bond ➔ Public sector lender Canara Bank has raised Rs
1,000 crore in capital through additional tier I
bonds (AT 1 bonds) at a coupon of 8.07 per cent to
support business growth.
➔ The issue size was Rs 250 crore with a green shoe
option of Rs 750 crore. It has a call option in
March 2027.
➔ Bond market sources said the interest in the paper
by the Bengaluru-based lender was strong with a
demand book size of 2.7 times.
BARC Report ➔ Overall television advertising volumes grew 22 per

cent to 1,824 million seconds in 2021, after getting
hit in the previous year due to the COVID-19
pandemic, the Broadcast Audience Research
Council (BARC) said on Monday.

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➔ The overall volumes had declined to 1,497 million
seconds in 2020 from the 1,542 million seconds in
2019.
Women ➔ The number of women borrowers has increased at
Borrowers a compound annual growth rate (CAGR) of 19 per
cent in five years (calendar 2016-2021), compared
to a CAGR growth of 14 per cent for male
borrowers during the same period. The share of
women borrowers has increased to 29 per cent in
2021 – up from 25 per cent in 2016, according to
CIBIL data.
➔ Credit penetration for women (percentage of
borrowers to total adult population) has improved
to 12 per cent in 2021 from 6 per cent in 2016.
ICICI Bond ➔ Private sector lender ICICI Bank is planning to
raise up to Rs 8,000 crore through infrastructure
bonds to finance projects in the transport and
power and affordable housing sectors.
➔ Debt market sources said while the private lender
is raising up to Rs 8,000 crore in the current
round, rating agency CRISIL has assigned
“AAA/Stable” for Rs 10,000 crore of bonds.
Lenders have always an option to raise money in
tranches.
SBI ➔ Public sector lender State Bank of India (SBI), has
Appointment appointed Nitin Chugh as deputy managing
director (DMD) and head of digital banking to drive
its digital banking operations. Chugh would be
responsible for driving growth of customer
acquisitions through digital channels, along with
defining and implementing digital strategies, the
lender said in a statement.
CAD as per ➔ Rising oil prices may dampen economic growth and
S&P cause a sizeable current account deficit (CAD) in
large energy-importing countries like India, S&P
Global Ratings said on Wednesday.
➔ The ratings agency retained India’s economic
growth at 7.8 per cent for FY23. It said that high
inflation, weaker demand and increased
uncertainty arising from the Russia-Ukraine
conflict may slow the economic and fiscal
recoveries much more than currently expected for
many countries.
Alternative ➔ The assets of alternative investment funds (AIFs)
Investment crossed the Rs 6 trillion-mark for the first time as
Fund an increasing number of wealthy investors scout
for alternatives to de-risk their portfolios and
maximise returns.

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➔ Assets of the AIF industry stood at Rs 6.1 trillion
at the end of the December quarter, a 38 per cent
rise over the corresponding period the previous
year. The industry has grown more than eight
times in the past five years from assets of Rs 0.7
trillion.
Floating Solar ➔ A floating solar project at Thoothukudi in Tamil
Project Nadu has been set up by leading fertilizer
manufacturer Southern Petrochemical Industries
Corporation Ltd (SPIC) at an estimated cost of Rs
150.4 crore.
Tiger Census ➔ Wildlife Institute of India (WII) was entrusted to
Update prepare a report on the increasing cases on man-
animal conflict. In this regard WII released a
preliminary report, which is based on the recent
tiger census.
UAE in FATF ➔ On 4th March 2022, Financial Action Task Force
Grey List (FATF) has included United Arab Emirates (UAE) in
its grey list.

CURRENT AFFAIRS
10th March to 20th March 2022 CA
Contents
................................................................................................................................................................ 2
1.1. Payment and Settlement Systems Regulations, 2008...................................... 2
1.2. Regulatory Framework for Microfinance Loans ................................................... 2
1.3. Green Transition Risks to Indian Banks (March 2022) .................................... 4
1.4. Monthly State of the Economy Report by RBI ..................................................... 6
1.5. Rupee-Dollar Swap ............................................................................................................ 7
2. Finance In NEWS ....................................................................................................................... 8
2.1. Retail inflation.................................................................................................................... 8
2.2. NPCI launches on-device wallet feature .................................................................. 9
2.3. Factory Output ................................................................................................................. 10
3. Reports/Index in NEWS ........................................................................................................ 11
3.1 Unemployment Data ........................................................................................................ 11
3.2 Telangana Crop Diversification Index ..................................................................... 12
4. Other Important NEWS ......................................................................................................... 13
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4.1. Market Capitalisation .................................................................................................... 13
4.2. Change in GST System .................................................................................................. 14
4.3. World Happiness Report 2022 ................................................................................... 15
4.4. Abortion Care .................................................................................................................... 16
4.5. Maternal Mortality in India......................................................................................... 18
5. One Liner ..................................................................................................................................... 20

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1.1. Payment and Settlement Systems Regulations, 2008
Issue: - Payment and Settlement Systems Regulations, 2008, Amended

Section - Regulation 5, Regulation 6 (2) and the ‘schedule’ to regulation 5 of
the Payment and Settlement Systems Regulations, 2008
By: - RBI under Sub-section (1) read with clauses (b) to (f) of sub-section (2)
of Section 38 of the Payment and Settlement Systems Act (PSS Act), 2007
(51 of 2007).
Why: - The amendments are carried out with the objective of reducing the
compliance burden on Regulated Entities (REs) by rationalising certain
returns prescribed in the PSS Regulations.
Key Highlights
With this amendment, certain monthly / quarterly / annual returns prescribed in sub-
regulations (a) to (g) of regulation 6 (2) have been discontinued and redundant
operational guidelines listed in the ‘schedule’ to regulation 5 have been removed.
What is Payment and Settlement Systems Regulations?

Payment and Settlement Systems Act, 2007: An Act to provide for the
regulation and supervision of payment systems in India and to designate the
Reserve Bank of India as the authority for that purpose and for matters
connected therewith or incidental thereto.
1.2. Regulatory Framework for Microfinance Loans
Circular By: - RBI

Issue: - The Reserve Bank of India (RBI) allowed Microfinance Institutions
(MFI) the freedom to set interest rates they charge borrowers, but it should
not be more than industry standard.
Effective by: - 1st April 2022.

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Why: - It will allow level playing field where lenders will have options also it
will expand the market opportunity. It will also cater the needy and
obviously it will increase financial inclusion.
Applicable to: - All Commercial Banks (including Small Finance Banks,
Local Area Banks, and Regional Rural Banks), All Primary (Urban) Co-
operative Banks/ State Co-operative Banks/ District Central Co-operative
Banks, and All Non-Banking Financial Companies (including Microfinance
Institutions and Housing Finance Companies).
Excluding: - Payments Banks.
Key Highlights
As per the revised norms, Regulated Entities (REs) should put in place a board-
approved policy regarding pricing of microfinance loans, a ceiling on interest rate
and all other charges applicable to microfinance loans.
Each RE shall disclose pricing-related information to a prospective borrower in a
standardised, simplified factsheet.
There shall be no prepayment penalty on microfinance loans.
Penalty, if any, for delayed payment shall be applied on the overdue amount and
not on the entire loan amount.
Any change in interest rate or any other charge shall be informed to the borrower
well in advance and these changes shall be effective only prospectively.
RE would have to put in place a mechanism for identification of the borrowers
facing repayment-related difficulties, engagement with such borrowers and
providing them necessary guidance about the recourse available.
What is a Microfinance Loan?

PAs per the new revised definition of a microfinance loan by RBI is to
indicate a collateral-free loan given to a household having annual income of up
to Rs. 3 lakhs. Earlier, the upper limits were Rs.1.2 lakh for rural borrowers
and Rs.2 lakh for urban borrowers.

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1.3. Green Transition Risks to Indian Banks (March 2022)
Study/Report By: - RBI

Issue: - Net-zero shift may have less impact on banking, says RBI study
Why the Study: - Because India made five pledges at the global climate
meeting in Glasgow in October 2021 for taking steps towards controlling
emissions.
Key Highlights
The transition to the net-zero emission target will entail limited spill-over impact on
Indian banking because three sectors with direct exposure to fossil fuels — electricity,
auto, and chemical — form only 10 per cent of non-retail credit, according to a study
by the Reserve Bank of India (RBI).
But several other industries indirectly use fossil fuels and therefore, any transition to
green energy can have implications for their income and consequently their interest
coverage ratio (ICR).
Therefore, the gross non-performing assets (GNPA) ratio of such industries may be
sensitive to green energy transition and thus, the impact on the overall banking system
needs to be monitored closely by the RBI.
The RBI study pointed out sectors like cement production have large exposure to fossil
fuel but their credit shares are small. So, large vulnerabilities are not expected to
emerge in the banking sector from disruptions, if any, in the sectors that are highly
exposed to fossil fuels.
At the all-India level, only about 8 per cent of the bank credit deployed in the electricity
industry is towards non-conventional energy production.
The ratio varies from 17 per cent in Punjab to 0.1 per cent in Odisha.
But the share of non-conventional energy in utility sector credit is higher for private
sector banks (14.8 per cent), it is only 5.2 per cent in public sector banks.

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What are the Five Commitment from India in COP26?

India made five pledges at the global climate meeting in Glasgow in
October 2021 for taking steps towards controlling emissions.
These included: -
1. Net-zero emission by 2070.
2. Achieving a non-fossil fuel energy capacity of 500 GW by 2030.
3. To meet 50 per cent of energy requirements from renewable
sources,
4. Reduce total projected carbon emissions by 1 billion tonnes, and
5. To cut the carbon intensity of the economy to less than 45 per
cent.

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1.4. Monthly State of the Economy Report by RBI
Report By: - RBI

Issue: - As per the monthly state of the economy report by RBI. The
economy is experiencing "spillovers" as it recovers from the third wave of the
Covid-19 pandemic
Key Highlights from the Report

The ongoing geopolitical crisis, which resulted in oil and other commodities to surge to
multi-year highs, has heightened the uncertainty clouding the global macroeconomic
and financial landscape, posing downside risks to the Indian economy.
The report observed that in India, consumer and business confidence was rising
alongside an improvement in demand conditions. “On the supply side, a resilient farm
sector and a sustained retrieval in both industrial and services sectors are broadening
the recovery.
The second advance estimates released by the Ministry of Agriculture and Farmers
Welfare pegged food grains production at a record 316.1 million tonnes.
The report noted the revival in the credit cycle as reflected by fund mobilisation through
certificate of deposits issuances, which surged through November 2021-January 2022
to Rs 65,298 crore from Rs 61,983 crore during April-October 2021. “With credit offtake
picking up, some SCBs have raised interest rates on term deposits.
The Indian economy steadied in February 2022 after some moderation of pace in the
preceding month, when the third wave was at its peak. “By March 15, 2022, however,
the third wave receded sharply.
the report said a positive price momentum (month-on-month change in prices in the
current month) of 24 bps in February was partially offset by favourable base effects
(month-on-month change in prices a year ago) of 19 bps, resulting in a slight increase
in headline inflation by 5 bps between January and February.
CPI inflation, excluding food and fuel or core inflation, registered a moderation of
around 15 bps to 5.8 per cent in February from 6.0 per cent a month ago as per the
report.

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1.5. Rupee-Dollar Swap
By: - The Reserve Bank of India

Issue: - Recently, the Reserve Bank of India (RBI) conducted a USD 5 billion
dollar-rupee swap auction as part of its liquidity management initiative.
Why: - To reduce the pressure on inflation and strengthen the rupee.
How: - The central bank buys dollars (US dollars or USD) from banks in
exchange for Indian Rupees (INR) and immediately gets into an opposite deal
with banks promising to sell dollars at a later date. The RBI sold USD 5.135
billion to banks and simultaneously agreed to buy back the dollars at the
end of the swap settlement period.
What did RBI do?

Surplus liquidity in the system is pegged at Rs 7.5 lakh crore, which needs to be
curbed to keep a tab on inflation.
Usually, the central bank will resort to traditional tools such as increasing the repo rate
or increasing the Cash Reserve Ratio (CRR), but this can have a negative implication
on the economy.
This negative implication can be seen in incomplete transmission of monetary policy.
Therefore, the RBI used a different toolkit - Variable Rate Reverse Repo Auction (VRRR)
last year.
However, the recent VRRR auctions were undersubscribed by banks, as the cash
market offered instant and better yields, forcing the RBI to consider a longer-term
liquidity adjustment tool such as forex auctions.

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2. Finance In NEWS
2.1. Retail inflation
Issue: - Retail inflation hits 8-month high in February, inches up to 6.07%.
Key Highlights
India’s retail inflation rate inched up to an eight-month high in February,
remaining above the upper limit of the central bank’s comfort level of 6 per cent for the
second consecutive month, while the wholesale price inflation rate remained in double
digits for the eleventh consecutive month.
The data released by the statistics department showed that the consumer price index
(CPI)-based inflation rate rose to 6.07 per cent in February from 6.01 per cent in the
previous month, driven by food and beverages, clothing and footwear, and fuel and light
groups.
Food and beverages rose to a 15-month high of 5.85 per cent as vegetables and edible
oils witnessed high inflation.
Separately, the data released by the industry department showed that the wholesale
price index (WPI)-based inflation rate rose to 13.11 per cent in February after declining
for two consecutive months.

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2.2. NPCI launches on-device wallet feature
Issue: - The National Payments Corporation of India (NPCI) has come out
with the 'on-device' wallet feature for Unified Payments Interface (UPI) users,
which will be known as “UPI Lite”, for facilitating small ticket transactions.
Why: - This is aimed at reducing stress on the banking system and making
the transaction process even simpler.
Target: - NPCI is of the opinion that this “on-device” wallet feature will go a
long way in achieving its pipe dream of processing one billion transactions a
day in the next 3-5 years.
Key Highlights for Phase 1 Launch by NPCI

WHAT IS UPI LITE
• UPI Lite will be an on-device wallet functionality that will enable offline
transactions of smaller values. UPI Lite will work via the wallet system. You will
have to add funds in the UPI Lite wallet and use these to make small payments
under Rs 200.
HOW DOES UPI LITE WORK
• There is a Rs 2,000 limit on the amount of money you can have in this UPI Lite
wallet. In the initial stages, it will be a partially offline system.
• This means that money will be debited offline, but credited online. Meaning that
if you are using a UPI Lite wallet and paying someone, the money will be debited
from your account without being connected to the internet, but it will get credit
to the receiver’s account when they are online.
• This, NPCI says will also go completely offline, meaning both debit and credit will
be possible offline. The agency also said that users will not be required to enter
their UPI PIN while confirming UPI Lite payments.
WHEN WILL UPI LITE LAUNCH
• NPCI has said that initially UPI Lite shall be launched as a pilot with multiple
banks and app providers, and after a due comfort is achieved, the full-scale
commercial launch with compliance timelines for on-boarding for the issuers
and app providers shall be declared.

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2.3. Factory Output
Issue: - Factory output grew by just 1.3% in January despite favourable
base.
Key Highlights
Data released by the National Statistical Office (NSO) on Friday showed the IIP on the
year-on-year (YoY) basis picked up marginally to 1.3 per cent in January from 0.7 per
cent in the preceding month as manufacturing output grew 1.1 per cent. Mining and
electricity outputs registered 2.8 per cent and 0.9 per cent growth respectively.
However, when compared to December 2021, IIP did not grow in January as the index
remained unchanged. Despite the dismal growth numbers, the index or output level in
January remained higher than pre-pandemic levels.
India’s industrial activity escaped relatively unscathed from the third wave of Covid-19
in January registering no change in output sequentially even as Omicron-led
restrictions across the country reduced demand for goods and services. However, the
index of industrial production (IIP) grew in the low single digit when compared to the
same month a year ago, helped by a favourable base.

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3.1 Unemployment Data
Issue: - Joblessness rate down to 12.6% in April-June 2021, says NSO

survey
Survey By: - National Statistical Office under MoSPI.
Key Highlights
Unemployment rate for persons of age 15 years and above in urban areas dipped to
12.6 per cent in April-June 2021 from 20.8 per cent in the same month of the previous
year, as per the periodic labour force survey by the National Statistical Office (NSO).
The joblessness was high in April-June in 2020 mainly due to the impact of lockdown
restrictions in the country which were imposed to curb the spread of deadly
coronavirus.
The unemployment rate for persons of age 15 years and above in January-March 2021
was 9.3 per cent in urban areas, as per the 11th Periodic Labour Force Survey (PLFS).
As per the data unemployment rate among females (age 15 years and above) in urban
areas also declined to 14.3 per cent in April-June 2021 from 21.1 per cent a year ago.
It was 11.8 per cent in January-March 2021. Among males, the UR in urban area also
dipped to 12.2 per cent in April-June 2021 compared to 20.7 per cent a year ago. It
was 8.6 per cent in January-March 2021.
What is Labour Force?

Labour force refers to the part of the population which supplies or
offers to supply labour for pursuing economic activities for the production of
goods and services and therefore, includes both employed and unemployed
persons.
What is PLFS?
NSO launched PLFS in April 2017. On the basis of PLFS, a quarterly bulletin
is brought out giving estimates of labour force indicators namely UR, Worker
Popu-lation Ratio (WPR), Labour Force Participation Rate (LFPR), distribution
of wor-kers by broad status in empl-oyment and industry of work in Current
Weekly Status (CWS).

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3.2 Telangana Crop Diversification Index
Issue: - Telangana is the first state in the country to record its crop
diversification patterns in the form of an index.
Survey By: - Government of Telangana
Key Highlights from the Index

According to the crop diversification index, 77 varieties of crops are grown in Telangana.
Among 77 crops, only around 10 crops (mostly grains) are preferred for diversification.
Top three districts in terms of crop diversification are Nirmal, Vikarabad & Sangareddy.
Peddapalli, Karimnagar, and Suryapet are the bottom three districts in terms of crop
diversification. In these districts, where paddy is widely cultivated, the maize cropping
area has decreased significantly, whereas the cotton cropping area has increased.
Paddy, maize, and pulses are the most preferred crops in Telangana. Other high-priority
crops for farmers in the state include wheat, jowar, bajra, chilies, etc.
The current crop diversification index value demonstrates that there is a greater need
for the diversification of crops in Telangana to achieve sustainable development.
More about this Index

The crop diversification index has a base value of one, which
represents the percentage of total cultivated area devoted to a single crop. If
the index value is higher, it denotes that the crops are more diversified.
The present crop diversification index was calculated using the area under
77 different crops grown in the state, which includes all food, non-food, cash
crops, and area under floriculture.
In Telangana, many districts have index values ranging from 0 to 5. The
crop diversification index will serve as a baseline for future crop
diversification in the state.

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4. Other Important NEWS
4.1. Market Capitalisation
Issue: - India breaks into world's top five club in terms of market
capitalisation
Key Highlights
India’s equity market has broken into the world’s top five club in terms of market
capitalisation for the first time. The country’s total market cap stands at $3.21 trillion,
which is higher than that of the UK ($3.19 trillion), Saudi Arabia ($3.18 trillion), and
Canada ($3.18 trillion).
This year, India has climbed two positions, despite a 7.4 per cent drop in its market
cap. At the start of the year, the UK and France ranked fifth and sixth with a market
cap of $3.7 trillion and $3.5 trillion, respectively.
Meanwhile, Saudi Arabia has climbed three places from 10th to 7th. The country,
particularly its biggest firm Aramco, stands to gain from the surge in oil prices this
year.

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4.2. Change in GST System

Issue: - Auditing officers lose adjudicating notice power under GST system.
Why: - Experts allege that auditing and investigating officers were not
adjudicating the notices judiciously and were retaining the demands made
in them.
Key Highlights
Assesses have got some relief as only jurisdictional tax officers would now be able to
adjudicate notices issued under the goods and services tax (GST) system.
The power to adjudicate these notices have been taken away from auditing and
investigating officers under the GST system, according to a circular issued by the
Central Board of Indirect Taxes and Customs (CBIC).
Now, the central tax officers of audit Commissionerate and Directorate General of
Goods and Services Tax Intelligence (DGGI) can issue only notices, raising additional
demand. Once a notice is issued by an auditing officer or an investigating officer or a
jurisdictional officer, the assesses could approach the respective officer to correct it in
the earlier scheme of things.
Something Interesting about GST

The idea of moving towards GST was first mooted by the then Union
Finance Minister in his Budget speech for 2006-07. Initially, it was
proposed that GST would be introduced from 1st April 2010.The
Empowered Committee of State Finance Ministers (EC) which had
formulated the design of State VAT was requested to come up with a
roadmap and structure for GST.
The constitution Amendment Bill was passed by the Lok Sabha in May,
2015. The Bill with certain amendments was finally passed in the Rajya
Sabha and thereafter by the Lok Sabha in August, 2016. Further, the Bill
has been ratified by the required number of States and has since received
the assent of the President on 8th September,2016 and has been enacted as
the 101st Constitution Amendment Act, 2016. The GST Council has also
been notified w.e.f. 12th September,2016. GST Council is being assisted by
a Secretariat.

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4.3. World Happiness Report 2022
Published Since: - 2012.

Released By: - United Nations Sustainable Development Solutions Network.
Frequency: - Annual
Ranked: - 146 Countries
Based on: - 2 Key Ideas.
Happiness or life Identifying key

evaluation elements
• Measured through opinion • That determine well-being
surveys and life evaluation across
countries.
Key Highlights
India’s Position:
• India saw a marginal improvement in its ranking, jumping three spots to 136,
from 139 a year ago.
Top Performers:
• Finland has been named the world's happiest country for the fifth year running
followed by Denmark.
• The biggest gains in happiness have taken place in Serbia, Bulgaria and
Romania.
Worst Performers:
• Afghanistan was ranked as the unhappiest nation, followed by Lebanon,

Zimbabwe, Rwanda and Botswana, respectively.

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4.4. Abortion Care
Issue: - The World Health Organization (WHO) March 9, 2022, presented

new guidelines on abortion care. These, it claimed, would prevent more than
25 million unsafe abortions annually.
Released By: - World Health Organization (WHO)
Key Highlights
Status as in Report.
• Globally, between 13,865 and 38,940 lives are lost yearly due to the failure to
provide safe abortion. Developing countries bear the burden of 97 per cent of
unsafe abortions, according to the WHO’s website.
• Over half (53.8 per cent) of all unsafe abortions occur in Asia, the majority of
those in south and central Asia. A quarter (24.8 per cent) occur in Africa, mainly
in eastern and western Africa and a fifth (19.5 per cent) in Latin America and the
Caribbean.
• Abortion rates were highest in low-income countries with the most legal
restrictions to abortion care. There was also an increase of 12 per cent in the
number of abortions in countries with legal restrictions on the procedure, while
it declined slightly in countries where abortion is broadly legal.
New Guidelines.
• WHO has released more than 50 recommendations that include clinical practice,
health care delivery and law and policy interventions to support quality abortion
care.
• The new guidelines include recommendations on many simple interventions at
the primary care level that improve the quality of abortion care provided to
women and girls.
• These include task sharing by a wider range of health workers; ensuring access
to medical abortion pills, which mean more women can obtain safe abortion
services and making sure that accurate information on care is available to all
those who need it.
• The guidelines also include recommendations for the use of telemedicine, which
helped support access to abortion and family planning services during the
COVID-19 pandemic.
• The guidelines also recommend removing medically unnecessary political
barriers to safe abortion, such as criminalisation, mandatory waiting periods
before receiving a requested abortion, third-party authorisation for abortion,
restrictions on which health workers can provide abortion services.

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Key Highlights
Challenge:
• Such barriers can lead to critical delays in accessing treatment and put women
and girls at greater risk of unsafe abortion, stigma and health complications,
while increasing barriers to education and their ability to work.
• While most countries allow abortion under certain circumstances, about 20
countries do not provide any legal basis for abortion.
• More than three out of four countries have legal penalties for abortion, which
may include long-term imprisonment or heavy fines for people who perform or
assist with the procedure.
• Evidence shows that restricting access to abortions does not reduce the number
of abortions that take place. In fact, restrictions are more likely to push women
and girls into unsafe practices.
• In countries where abortion is most restricted, only one in four abortions are safe,
compared to almost nine out of 10 in countries where the procedure is mostly
legal.
More About World Health Organization

The World Health Organization was created in 1948 to coordinate
health affairs within the United Nations system. Its initial priorities were
malaria, tuberculosis, venereal disease and other communicable diseases,
plus women and children's health, nutrition and sanitation.
The director-general is Tedros Adhanom Ghebreyesus of Ethiopia. The WHO
relies on contributions from member states (both assessed and voluntary)
and private donors for funding.
Headquarters: Geneva, Switzerland
Founded: 7 April 1948

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4.5. Maternal Mortality in India
Issue: - The Registrar General of India’s Sample Registration System (SRS)

released the latest special bulletin on Maternal Mortality in India (2017-19).
Released By: - The Registrar General of India under Ministry of Home.
Why: - As per the World Health Organisation, maternal death is the death of
a woman while pregnant or within 42 days of termination of pregnancy,
from any cause related to or aggravated by the pregnancy or its
management.
Key Highlights on India’s Position

The MMR of India has declined by 10 points. It has declined from 113 in 2016-18 to
103 in 2017-19 (8.8 % decline).
The country had been witnessing a progressive reduction in the MMR from 130 in 2014-
2016, 122 in 2015-17, 113 in 2016-18, and to 103 in 2017-19.
India was on the verge of achieving the National Health Policy (NHP) target of 100/lakh
live births by 2020 and certainly on track to achieve the United Nations Sustainable
Development Goals target of 70/ lakh live births by 2030.
Many developed countries have successfully brought down MMR to single digits. Italy,
Norway, Poland and Belarus have the lowest MMR of two, while it is seven in both
Germany and the UK, 10 in Canada and 19 in the US.
Most of India’s neighbours — Nepal (186), Bangladesh (173) and Pakistan (140) — have
a higher MMR. However, China and Sri Lanka are way ahead with MMRs of 18.3 and
36 respectively.
Key Highlights on State Specific data

The number of States that have achieved the SDG target has now risen from five to
seven -- Kerala (30), Maharashtra (38), Telangana (56), Tamil Nadu (58), Andhra
Pradesh (58), Jharkhand (61), and Gujarat (70).
Kerala has recorded the lowest MMR which puts Kerala way ahead of the national MMR
of 103. Kerala’s Maternal MMR has dropped by 12 points. The last SRS bulletin (2015-
17) had put the State’s MMR at 42 (later adjusting it to 43).
There are now nine States that have achieved the MMR target set by the NHP, which
include the above seven and Karnataka (83) and Haryana (96).
Uttarakhand (101), West Bengal (109), Punjab (114), Bihar (130), Odisha (136) and
Rajasthan (141) -- have the MMR in between 100-150, while Chhattisgarh (160),
Madhya Pradesh (163), Uttar Pradesh (167) and Assam (205) have the MMR above 150.

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What is MMR?
Maternal Mortality Ratio (MMR) is defined as the number of maternal
deaths during a given time per 1,00,000 live births during the same time.

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5. One Liner

PAYTM Bank ➔ Reserve Bank of India has today, in exercise of its
debarred from powers, inter alia, under section 35A of the
acquiring new Banking Regulation Act, 1949, directed Paytm
customer. Payments Bank Ltd to stop, with immediate effect,
onboarding of new customers. The bank has also
been directed to appoint an IT audit firm to conduct
a comprehensive System Audit of its IT system.
Onboarding of new customers by Paytm Payments
Bank Ltd will be subject to specific permission to be
granted by RBI after reviewing report of the IT
auditors.
CRISIL GDP ➔ Ratings agency Crisil projected real gross domestic
projections growth of 7.8 per cent in FY23 on Thursday. In an
interaction with Arup Roychoudhury, Crisil’s Chief
Economist D K Joshi said that the spike in
commodity prices due to the war in Europe will
impact household inflation. He said that he expects
retail inflation to average 5.4 per cent in FY23,
higher than the RBI’s projection of 4.5 per cent. He
also expects that the capital expenditure thrust by
the Centre and states may take a slight hit due to
the existing global conditions. Excerpts:
Ashwani ➔ The government has appointed State Bank of India
Bhatia as New (SBI) managing director Ashwani Bhatia as whole-
WTM for SEBI time member (WTM) of the Securities and Exchange
Board of India (SEBI)
Morgan ➔ As higher oil prices torpedo economic recovery
Stanley GSP worldwide, Morgan Stanley has cut India's GDP
Forecast forecast for the fiscal year beginning April 1 by 50
basis points to 7.9 per cent, raised retail inflation
projection to 6 per cent and expects current
account deficit to widen to 3 per cent of GDP.
Debasish ➔ Debasish Panda on Monday took charge as the
Panda as new chairman of Insurance Regulatory Development of
Chairman of India (Irdai), following his appointment last week.
IRDAI Panda has been appointed as the chairman of Irdai
for a period of three years. The position of Irdai
chairman was vacant for a period of over nine
months, ever since Subhash Chandra Khuntia
demitted office in May 2021.
Income Tax ➔ The Income Tax department has made the "highest"
Collections collection in its history, CBDT Chairman J B

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Mohaptra said on Thursday when the direct tax
mop up jumped over 48 per cent in the current
fiscal backed by a 41 per cent surge in advance tax
payments.
➔ The net collection numbers as on today is Rs 13.63
lakh crore which is against Rs 11.18 lakh crore of
2018-19, Rs 10.28 lakh crore of 2019-20 and Rs
9.24 lakh crore of 2020-21, he said.
➔ "The year-on-year net collections today is more by
48.4 per cent over 2020-21, over 42.5 per cent of
2019-20 and 35 per cent over 2018-19. In the block
of last four years, the net collection numbers are
the highest," the chief of the Central Board of Direct
Taxes (CBDT) said.
3 Month ➔ The Reserve Bank of India (RBI) has given a three-
Extension by month extension to Rajeev Ahuja, interim managing
RBI director & chief executive officer (MD&CEO) of RBL
Bank, with effect from March 25, 2022.
Forex ➔ The country's foreign exchange reserves declined
Reserves USD 9.646 billion to USD 622.275 billion in the
week ended March 11, according to the latest data
from the RBI.
➔ In the previous week ended March 4, the reserves
rose USD 394 million to USD 631.92 billion. It
touched a lifetime high of USD 642.453 billion in
the week ended September 3, 2021.
➔ During the reporting week, the decline in the
reserves was due to a fall in the foreign currency
assets (FCA), a major component of the overall
reserves, the Reserve Bank of India's (RBI) weekly
data released on Friday showed.
PSB did faced ➔ No public sector bank (PSB) has faced any loss in
any Loss. the April-December period of the current fiscal
year, and clocked a collective net profit of Rs
48,874 crore during this period, the government
said in Parliament on Tuesday.
PSB Business ➔ Public sector banks have disbursed business and
Loans retail loans of about Rs 41,269 crore through the
psbloansin59minutes.com portal, between
September 2018 and February 2022.
➔ About 201,000 loan proposals of Rs 39,580 crore
have been disbursed in the business loan category
and 17,791 proposals amounting to Rs 1,689 crore
have been disbursed in the retail loan category
through psbloansin59minutes.com from September
25, 2018 to February 28, 2022
India Mobile ➔ India’s 5G revenues are projected to hit $9 billion
Broadband by 2026 and will account for 37.7 per cent of its
Index 2022 total mobile services revenues, according to a India

Crack Grade B
Mobile Broadband Index 2022 report released by
telecom gear maker Nokia today. The projections
were done by research agency, Global Data.
➔ However, the study shows that globally, telecom
operators will generate as much as 64 per cent of
their revenues from 5G services. India, though, will
account for a mere 1.39 per cent of global 5G
revenues, expected to touch $645 billion by 2026.
Real Insight ➔ The contribution of affordable housing, priced up to
Residential – Rs 45 lakh, in total housing sales during 2021
Annual Round declined to 43 per cent from 48 per cent in the
up 2021 previous year, while the share of units above Rs 75
lakh increased to 31 per cent from 25 per cent,
according to real estate consultant PropTiger.
➔ In a report titled 'Real Insight Residential - Annual
Round-up 2021, PropTiger said that housing sales
in eight prime housing markets increased 13 per
cent in 2021 to 2,05,936 units from 1,82,639 units
in the previous year.
➔ As per the data, 43 per cent of the total housing
sales in India's eight leading housing markets was
within the price bracket of Rs 45 lakh.
Buju’s ➔ Edtech firm Byju’s has raised $800 million (about
Valuations Rs 6,000 crore) in the latest funding round, with
founder and Chief Executive Officer Byju
Raveendran contributing half of it. Sumeru
Ventures, Vitruvian Partners, and BlackRock also
participated in this round, taking the Bengaluru-
based company’s valuation to about $22 billion
from $18 billion earlier, according to people familiar
with the matter.
➔ After making a personal investment of $400 million
in the company, Raveendran’s stake has jumped
from 22 per cent to about 25 per cent, sources said.

Crack Grade B
➔
Digital Age ➔ With banks already facing a big challenge in
Banking retaining customers, they will not be pleased with
Challenges the new data that shows 50 per cent of the
customers are willing to switch banks in the next
12 months.
➔ A survey by Bain & Company based on its
proprietary tool, Net Promoter Score Prism, which
tracks changing customer experiences, found
customers willing to switch if they were being
offered a competitive product or service by another
company, which includes fintech players, neo
banks amongst others.
➔ The data, which has been made public for the first
time, is based on responses from over 100,000

Crack Grade B
customers. Bain released the first customer data in
mid-October but has refre-sh-ed it periodically.
SIPRI Data on ➔ As of January 2021, over 13,080 nuclear warheads
Nuclear were held by nine countries. And just two of them
Warhead — Russia and the US — accounted for 90 per cent
of the world’s total warheads.
➔ Only four — the US, Russia, United Kingdom and
France — have deployed warheads. A deployed
warhead is sited at missile bases, bomber bases or
on submarines as opposed to the ones that are
stored.
➔ An analysis of data from the Stockholm
International Peace Research Institute (SIPRI)
shows that India accounts for just over one per
cent of the world’s total warheads. At 156, India's
number is lower than neighbouring Pakistan’s 165.
➔
ICRA Data ➔ The finance companies and housing finance
companies would require Rs 1.8-2.2 trillion of
incremental fresh funding to meet its growth
requirement in FY23 while maintaining the liquidity
buffers, according to rating agency ICRA.
➔ The liquidity (on-balance sheet and undrawn
sanctions) for the sector has remained adequate
with entities typically maintaining coverage for their
next three months’ repayments.
Bahini ➔ The Sikkim government is set to announce a
Scheme scheme (Bahini) to install vending machines to
provide free sanitary pads. This is the first time
that a state government has taken a decision to
cover all girls studying in Classes 9-12. The scheme
is known as Bahini Scheme.

Crack Grade B
Mukhyamantri ➔ The Tripura government announced a special
Chaa Srami scheme named “Mukhyamantri Chaa Srami Kalyan
Kalyan Prakalpa”. The scheme aims to ensure the social
Prakalpa security of around 7,000 Tripura’s tea garden
workers.
➔ The tea garden workers will be provided housing,
rations, and financial support, by clubbing the
entitlements of the Tripura government and Union
government. The Tripura government will spend Rs
85 crore for the implementation of the scheme.
My EV Portal ➔ An online portal “My EV” was launched by the
Delhi government for the purchase and registration
of electric autos in Delhi.
US Feb rate ➔ In the first hike since 2018, the US Federal Reserve
hike increased the interest rates by 25 basis points.
➔ Impact on India - If the interest rates are hiked in
the United States, it will make investments in the
U.S. attractive as there will be higher returns.
Thus, foreign investors will pull out their money
from emerging markets like India and invest in the
US for safe and secure returns.
GI Tag ➔ Geographical Indication tag has been awarded to
the Narasingapettai Nagaswaram under the
category of musical instruments of class 15.
Narasinghapettai nagaswaram is a classical wind
music instrument that is traditionally made in a
village near Kumbakonam, Tamil Nadu.

CURRENT AFFAIRS
21st March to 31st March 2022 CA
Contents
................................................................................................................................................................ 2
1.1. Framework for Geo-tagging of Payment System Touch Points .................... 2
1.2. Sectoral Deployment of Bank Credit – February 2022 (SGB)......................... 4
1.3. WMA Limit for Government of India......................................................................... 5
1.4. Introduction of Options on Commodity Indices ................................................. 6
1.5. Covenant monitoring with DLT................................................................................... 7
1.6. Data Breach .......................................................................................................................... 7
1.7. Passive breaches' by MFs ............................................................................................... 9
1.8. Reserve Bank Innovation Hub ................................................................................... 10
2. Finance In NEWS ..................................................................................................................... 11
2.1. Parliamentary Panel on NPA ....................................................................................... 11
2.2. Rs 1-trillion infrastructure lending target ........................................................... 11
2.3. Stake in ONDC by Banks .............................................................................................. 13
2.4. AT1 Bonds ........................................................................................................................... 14
Crack Grade B
3. Reports/Index in NEWS ........................................................................................................ 15
3.1 India’s GDP Growth .......................................................................................................... 15
3.2 86% farmer groups supported 3 repealed laws .................................................... 16
3.3 EY-FICCI report on Advertising Sector ................................................................... 17
3.4 NITI Aayog Export Preparedness Index 2021 ....................................................... 18
3.5 World Air Quality Report 2021 ................................................................................... 19
3.6 State of World Population 2022 Report .................................................................. 21
3.7 World Energy Transitions Outlook 2022 ................................................................ 22
4. Other Important NEWS ......................................................................................................... 23
4.1. India opens up central govt procurement ............................................................ 23
4.2. Change in GST System .................................................................................................. 24
4.3. Minamata Convention on Mercury .......................................................................... 25
4.4. Hidden Inflation ............................................................................................................... 26
5. One Liner ..................................................................................................................................... 27

Crack Grade B
1.1. Framework for Geo-tagging of Payment System Touch

Points
Issue: - As announced in the Statement on Developmental and Regulatory

Policies released with the bi-monthly Monetary Policy Statement 2021-22 on
October 08, 2021, the Reserve Bank of India (RBI) has today released the
Framework for geo-tagging of payment system touch points.
Section - This framework is issued under Section 10 (2) read with Section
18 of Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
By: - RBI.
Why: - It is imperative that robust payment acceptance infrastructure is
available and accessible across the length and breadth of the country. Geo-
tagging of payment system touch points will enable proper monitoring of
availability of payment acceptance infrastructure like Points of Sale (PoS)
terminals, Quick Response (QR) codes, etc. In turn, such monitoring will
support policy intervention to optimise distribution of payment
infrastructure.
Whose Data (Geotag) to be collected?

Digital payment transactions carried out by customers using payment touch points use
two broad categories of physical infrastructure:
Banking infrastructure comprising bank branches, offices, extension counters,
Automated Teller Machines (ATMs) / Cash Deposit Machines (CDMs), Cash Recycler
Machines (CRMs), micro-ATMs used by Business Correspondents (BCs), etc.
Payment acceptance infrastructure comprising Points of Sale (PoS) terminals, Quick
Response (QR) codes deployed by banks / non-bank Payment System Operators (PSOs),
etc.
What is Geotagging and its benefits?

Geo-tagging refers to capturing the geographical coordinates (latitude
and longitude) of payment touch points deployed by merchants to receive
payments from their customers. Geo-tagging has various benefits, such as,
provide insights on regional penetration of digital payments; monitor
infrastructure density across different locations; identify scope for deploying
additional payment touch points; facilitate focused digital literacy
programmes. Policy interventions for realising the above benefits will be
facilitated by the information thus collected.

Crack Grade B
How Data will be collected?
Use of geo-tagging to capture the locational data of acceptance infrastructure would be
subject to the following guidelines:
Banks / Non-bank PSOs shall capture and maintain geographical coordinates for all
payment touch points.
Geo-tagging information in respect of the following shall be submitted to the Reserve
Bank:
PoS terminals (Mobile PoS, Soft PoS, Tablet PoS, Desktop PoS, Self-service Kiosk PoS,
Android-based PoS terminals, Non-Android-based PoS terminals with GPRS SIM Card-
embedded, Non-Android-based PoS terminals with PSTN Line Connectivity, etc.); and
Paper-based / Soft QR Codes (Bharat QR, UPI QR, etc.).

Crack Grade B
1.2. Sectoral Deployment of Bank Credit – February 2022 (SGB)
Circular By: - RBI

Issue: - Data on sectoral deployment of bank credit collected from select 40
scheduled commercial banks, accounting for about 94 per cent of the total
non-food credit deployed by all scheduled commercial banks, for the month
of February 2022.
On a year-on-year (y-o-y) basis, non-food bank credit1 registered a growth of
8.0 per cent in February 2022 as compared to 6.6 per cent a year ago.
Key Highlights
Credit to agriculture and allied activities continued to perform well, registering an
accelerated growth of 10.4 per cent in February 2022 as compared to 8.6 per cent
in February 2021.
Credit growth to industry accelerated to 6.5 per cent in February 2022 from 1.0
per cent in February 2021. Size-wise, credit to medium industries registered high
growth of 71.4 per cent in February 2022 as compared to 30.6 per cent last year.
Credit growth to micro and small industries accelerated to 19.9 per cent from 3.1
per cent and credit to large industries recorded a marginal growth of 0.5 per cent
against a contraction of 0.6 per cent during the same period.
Within industry, credit growth to ‘all engineering’, ‘chemicals & chemical
products’, ‘food processing’, ‘infrastructure’, ‘leather & leather products’, ‘mining
and quarrying’, ‘petroleum, coal products & nuclear fuels’ and ‘rubber plastic &
their products’ accelerated in February 2022 as compared to the corresponding
month of the previous year. However, credit growth to ‘basic metal & metal
products’, ‘beverage and tobacco’, ‘cement & cement products’, ‘construction’,
‘glass & glassware’, ‘gems & jewellery’, ‘paper & paper products’, ‘textile’, ‘vehicles,
vehicle parts & transport equipment’ and ‘wood & wood products’
decelerated/contracted.
Credit growth to services sector stood at 5.6 per cent in February 2022 as
compared to 8.8 per cent a year ago. Within services, credit growth to NBFCs
improved significantly to 14.6 per cent in February 2022 from 7 per cent a year
ago.
Personal loans segment continued to expand at a robust rate and grew by 12.3
per cent in February 2022 from 9.6 per cent in February 2021, driven primarily
by housing loans and vehicle loans.

Crack Grade B
1.3. WMA Limit for Government of India
Circular By: - RBI

Issue: - -It has been decided, in consultation with the Government of India,
that the limit for Ways and Means Advances (WMA) for the first half of the
financial year 2022-23 (April 2022 to September 2022) will be ₹1,50,000
crore.
Key Highlights
The Reserve Bank may trigger fresh floatation of market loans when the Government
of India utilises 75 per cent of the WMA limit.
The Reserve Bank retains the flexibility to revise the limit at any time, in consultation
with the Government of India, taking into consideration the prevailing circumstances.
The interest rate on WMA/Overdraft will be:
• WMA: Repo Rate

• Overdraft: Two percent above the Repo Rate
What is Wage and Means Advances?

It is a facility for both the Centre and states to borrow from the RBI.
These borrowings are meant purely to help them to tide over temporary
mismatches in cash flows of their receipts and expenditures. In that sense,
they aren’t a source of finance per se. Section 17(5) of the RBI Act, 1934
authorises the central bank to lend to the Centre and state governments
subject to their being repayable “not later than three months from the date of
the making of the advance”.
Interest on WMA – Prevailing Repo Rate.

Crack Grade B
1.4. Introduction of Options on Commodity Indices
Circular By: - SEBI

Issue: - SEBI permits recognised stock exchanges having commodity
derivative segment to introduce options on commodity indices.
Key Highlights from the Circular

SEBI has permitted the recognised stock exchanges having a commodity derivative
segment to introduce options on commodity indices.
Why - In an endeavour to have more products in the Commodity Derivatives Market
and based on the recommendation of Commodity Derivatives Advisory Committee
(CDAC)and proposal from Stock Exchanges, it has now been decided to permit
recognised Stock Exchanges having a Commodity Derivative segment, to introduce
options on commodity indices.
How - The recognised Stock Exchanges with a Commodity Derivative segment, willing
to introduce trading in options on commodity indices shall take prior approval of SEBI
for the same.
Prerequisite - Stock Exchanges shall submit at-least past three-years data of the index
constructed along with data on monthly volatility, roll over yield for the month and
monthly return while seeking approval from SEBI. On approval, the Stock
Exchange(s)shall also publish the above data on their website before launch of the
contract.
Effective From - The provisions of this circular shall be effective from date of this
circular as per SEBI.

Crack Grade B
1.5. Covenant monitoring with DLT
Circular By: - SEBI

Issue: - Sebi issues operational guidelines for covenant monitoring with
DLT.

Background - In August 2021, the regulator had specified the manner of
recording of charges by issuers and manner of monitoring by Debenture Trustees (DTs)
and Credit Rating Agencies, among others.
Why - As the backbone of the DLT system would be uniqueness of assets recorded in
the system, a unique identifier (asset ID) would be allotted for each asset offered by an
issuer as security for the non-convertible securities.
How - For data exchange and verification across depositories, format for unique asset
ID would be a 12-digit alphanumeric string. The DLT system would provide an alert to
the issuer and the DT by having appropriate validation/ duplicate checks in the system
for identifying possible duplicate entries for assets of an issuer.
Effective From - To begin with, certain assets would be tracked at portfolio level and
no specific parameters for the underlying assets would be captured. It would include
movable assets such as furniture and equipment, and current assets like portfolio of
advances/ receivables. All issuers proposing to issue non-convertible securities on or
after April 1 should record the details in the system before activation of ISIN.
1.6. Data Breach
Issue: - The Reserve Bank of India (RBI) has decided to review the business
models of payment aggregators in view of a spate of frauds hitting customers
due to unauthorised sharing of financial data.
Background - Payment aggregators invested a lot in developing their
payment infrastructure. After the MDR was abolished, their revenues were
impacted, because they stopped making any money by processing the
transactions so they are now trying to monetise the payment data by
sharing it with NBFCs (non-banking financial companies). They also tie up
with NBFCs and sell loans on their behalf to earn a commission.

Crack Grade B
RBI’s View - The RBI is trying to understand how data sharing works,
whether they are taking consent from the customer to share the data.
Whether the loans they are extending are on their books or in the books of
some other entities and also The development comes at a time when a host
of payment aggregators have queued up for NBFC licences. Sources said the
RBI wanted to understand the issues of these entities before extending
licences.
Largest Player - PhonePe and Google Pay are the largest players among
payment aggregators and they manage over 80 per cent of the transactions
processed through UPI. In the current financial year, UPI has processed a
little over 40.49 billion transactions worth Rs 74.51 trillion. This is almost
double the number of transactions reported in FY21. Paytm, BharatPe, CC
Avenue, Pine Labs are the other major payment aggregators. ICICI Bank,
HDFC Bank, and some other private banks are also in this business.
Who is a Payment Aggregator?

Payment aggregators are entities that enable e-commerce sites and
merchants to accept various payment instruments from customers for
completion of their payment obligations. The RBI’s approval is needed to
become a payment aggregator. The central bank had mandated a minimum
net worth of Rs 15 crore by March 2021 and Rs 25 crore by March 2023 for
such entities. Since the abolition of the merchant discount rate (MDR) on the
unified payments interface (UPI) and RuPay transactions two years ago,
payment aggregators have been facing a tough time to generate revenues.
Earlier, they used to generate revenues by processing payments for the
merchants.

Crack Grade B
1.7. Passive breaches' by MFs
Issue: - The Securities and Exchange Board of India (Sebi) has tightened
rules around rectification and reporting of ‘passive breaches’ by mutual fund
(MF) schemes.
Circular By – SEBI
Effective From - The new rules will come into effect from July 1, 2022.

In the circular - Sebi has said all MF schemes, other than index funds and exchange
traded funds, will be given 30 days to rectify any passive breaches. If it fails to do so,
the fund management team will have to give a justification in writing, including details
of efforts taken to rebalance the portfolio, to the investment committee (IC). The IC then
can extend the timeline to up to 60 days.
What if it fails - If the fund house fails to meet even the extended deadline, it will be
barred from launching any new scheme till the time the portfolio is rebalanced. Further,
it will not be allowed to levy exit load, if any, on the investors exiting such schemes.
Other Changes - The regulator has also increased the disclosure requirements for
passive breaches. Under the new norms, the fund house has to report any deviation to
its trustee at each stage. Also, inform investors immediately if the deviated portfolio is
more than 10 per cent of the scheme corpus.
What is a Passive Breach?

A passive breach is when a scheme’s asset allocation inadvertently
deviates from that mentioned in its scheme information document (SID). This
could happen because of large-scale redemptions or sharp fall in the price of
security where the scheme has a large exposure.

Crack Grade B
1.8. Reserve Bank Innovation Hub
Issue: - RBI Governor Shaktikanta Das inaugurates Reserve Bank

Innovation Hub (RBIH) in Bengaluru.
Key Objectives of Innovation Hub

RBIH aims to create an ecosystem that focuses on promoting access to financial
services and products for the low-income population in the country.
This is in line with the objective behind establishment of RBIH i.e., to bring world-class
innovation to the financial sector in India, coupled with the underlying theme of
financial inclusion.
The Hub is expected to build an ecosystem for development of prototypes, patents and
proofs of concept and promote cross-thinking, spanning regulatory domains and
national boundaries.
It had plans to identify and mentor start-ups having maximum potential.
It is also expected to collaborate with various government Ministries, Departments and
academia to identify problem statements in different domains and explore potential
solutions.
RBI Innovation hub hosted Swanari TechSprint to create sustainable solutions for
women-owned enterprises.
More About RBIH

It has been set up as a Section 8 company under the Companies Act,
2013 with an initial capital contribution of Rs. 100 crores. It is is a wholly
owned subsidiary of the RBI.

Crack Grade B
2. Finance In NEWS
2.1. Parliamentary Panel on NPA
Issue: - Par panel cautions govt against early euphoria over NPA reduction.
Current Status of NPA (As Replied on Lok Sabha – 28th March 2022)- As
per Reserve Bank of India (RBI) data, recovery made by public sector banks
(PSBs) during the financial year as a percentage of gross non-performing
assets (NPAs) as on beginning of the financial year (FY) has improved from
11.33% in FY2017-18, to 13.52% in FY2018-19, to 14.69% in FY2019-20.
Key Highlights from the Panel Report

The panel was informed that contrary to RBI's Financial Stability Report projections of
the gross NPA ratio of commercial banks increasing from 7.48 per cent in March 2021
to 9.8 per cent by March 2022, the NPA figures at the gross level for public sector banks
have decreased from 9.11 per cent as on March 31, 2021, to 7.9 per cent at end-
December, 2021.
"The Committee would like to caution against any early euphoria on this count, as there
may still be some lag impact of the pandemic for the banking sector in the pipeline,"
the report said.
It further said that absorbing excess liquidity that was injected as part of the pandemic
response to stimulate the economy is necessary, as there may be the possibility of an
increase in NPAs.
The panel was of the view that prudence is still required and the steps taken by the
government to reduce NPAs and to effect recovery should be continued with the same
vigour.
2.2. Rs 1-trillion infrastructure lending target

Issue: - Govt sets Rs 1-trillion infrastructure lending target for DFI.
Why: - To catalyse investment in the fund-star-v-ed infrastructure sector,
the DFI plans to invest in infrast-r-ucture projects in India and outside with
a focus towards prioritising systemic risk mitigation and credit
enhancement.

Crack Grade B
From When: - The government-backed Development Finance Instit-ut-ion
(DFI) will start operations in the first quarter of the next financial year.
Key Highlights from the NEWS

The Centre has set a target of about Rs 1 trillion for government-backed National Bank
for Financial Infrastructure and Development (NaBFID) for sanctioning loans to the
infrastructure sector in the next financial year.
How - An action plan is being prepared on making the newly set up DFI functional and
operationalising the Rs 1-trillion target, officials from Department of Financial Services
(DFS) told the Parliamentary Standing Committee on Finance.
Where will the money come from - The government has infused Rs 20,000 crore as
equity in the DFI, and an additional Rs 5,000 crore has been given as grants to NaBFID.
The Centre had sought an additional outgo of Rs 13,050 crore for transferring Rs
20,000 crore to the DFI in the supplementary demand for grants last week. Most of this
demand was met through savings or allocation of unspent funds of other departments.
Other IMP Points -
• In October last year, the government had appointed KV Kamath as the chairman
of NaBFID. Recently, Kamath said the DFI, with a capital base of Rs 20,000 crore,
will provide funding to projects in public as well as private sectors. NaBFID will
start operations by approving the first loan for the project in the first quarter of
the next financial year.
• The DFI will get 10-year tax concession so that it can provide long-term funds at
an affordable cost to the infrastructure sector.
Defining NaBFID
The National Bank for Financing Infrastructure and Development
(NaBFID) Act, 2021 received the assent of the President on March 28, 2021
and has come into force w.e.f. April 19, 2021.
Accordingly, NaBFID has been set up as a Development Financial
Institution (DFI) to support the development of long-term infrastructure
financing in India.
NaBFID shall be regulated and supervised as an All-India Financial
Institution (AIFI) by the Reserve Bank under Sections 45L and 45N of the
Reserve Bank of India Act, 1934. It shall be the fifth AIFI after EXIM Bank,
NABARD, NHB and SIDBI.

Crack Grade B
2.3. Stake in ONDC by Banks
Issue: - HDFC Bank, Kotak Mahindra and Axis Bank acquire stake in
ONDC.

Private sector lenders HDFC Bank, Kotak Mahindra Bank and Axis Bank have acquired
7.84 per cent stake each in the open public digital infrastructure framework entity
ONDC.
All the three banks have invested Rs 10 crore each.
Post investment, each Bank holds 7.84 per cent of the equity share capital of ONDC by
way of allotment of 10 lakh equity shares for Rs 10 crore each.
What is Open Network Digital Commerce

The government intends to shift the e-commerce industry's core
structure from a "platform structure" to an "open-network model." The
ONDC is envisioned as a neutral system that will provide open-source
standards for cataloguing, vendor match, and price discovery, similar to
the Unified Payments Interface (UPI), to provide equitable possibilities to
all marketplace participants, including consumers.
This means that consumers and vendors can conduct business
regardless of whether they are affiliated with a certain e-commerce portal.
The ONDC initiative is based on the Unified Payments Interface (UPI)
project, which is widely regarded as a success.
Likewise, the administration seeks to make sure both e-commerce
customers and sellers can trade irrespective of the venues on which they
are listed. As a result of ONDC, a consumer registered on Amazon, for
example, can buy things directly from a merchant selling on Flipkart.
ONDC's goal is to promote open networks that are built using open-
source techniques, open specifications, and network protocols, and are
not tied to any one platform. The Quality Council of India has been
charged with integrating e-commerce platforms using network-based
open-source technology, and has assembled a team of professionals to
execute the project.

Crack Grade B
2.4. AT1 Bonds
Issue: - HDFC Bank and IDBI Bank raising money from AT1 Bonds.

HDFC Bank will raise up to Rs 5,000 crore through additional tier I bonds for capital
adequacy and business growth. Care Ratings has given “AA+” rating to the lender’s
Basel III compliant tier- I bonds.
Private sector lender IDBI Bank plans to raise capital up to Rs 3,000 crore through
additional tier I (AT-1) bonds in 2022-23 (FY23) to meet regulatory norms and business
growth. It will also raise up to Rs 1,000 crore via infrastructure bonds to fund projects
and affordable housing.
More About AT1 Bonds.

What are AT1 Bond?
• AT1 bonds, also called perpetual bonds, carry no maturity date but
have a call option. The issuer of such bonds may call or redeem the
bonds if it is getting money at a cheaper rate, especially when
interest rates are falling. They are like any other bonds issued by
banks and companies, but pay a slightly higher rate of interest
compared to other bonds.
Who Issue it?
• Banks issue these bonds to shore up their core capital base to meet
the Basel-III norms.
Basic Feature.
• These bonds are also listed and traded on the exchanges. So, if an
AT-1 bondholder needs money, he can sell it in the secondary
market.
• Investors cannot return these bonds to the issuing bank and get the
money. i.e there is no put option available to its holders.
• Banks issuing AT-1 bonds can skip interest pay-outs for a particular
year or even reduce the bonds’ face value.
Regulated By.
• AT-1 bonds are regulated by the Reserve Bank of India (RBI). If the
RBI feels that a bank needs a rescue, it can simply ask the bank to
write off its outstanding AT-1 bonds without consulting its investors.

Crack Grade B
3.1 India’s GDP Growth
Issue: - India's 2022 GDP growth downgraded to 4.6% due to war in

Ukraine: UN report.
Report By: - The UN Conference on Trade and Development (UNCTAD).
Key Highlights
India's projected economic growth for 2022 has been downgraded by over two per cent
to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine.
Global Data - The UN Conference on Trade and Development (UNCTAD) report
downgraded its global economic growth projection for 2022 to 2.6% from 3.6% due to
shocks from the Ukraine war and changes in macroeconomic policies that put
developing countries particularly at risk.
Russia and Europe - The report said while Russia will experience a deep recession this
year, significant slowdowns in growth are expected in parts of Western Europe and
Central, South and South-East Asia.
USA and China - The report has downgraded the GDP growth of the US from three per
cent to 2.4 per cent. China will also see growth decrease to 4.8 per cent from 5.7 per
cent. The report projects a deep recession for Russia, with growth decelerating from 2.3
per cent to -7.3 per cent.
India - India was forecast to grow at 6.7 per cent in 2022 and this projection has been
downgraded to 4.6 per cent by UNCTAD.
More about UNCTAD

The United Nations Conference on Trade and Development was
established in 1964 as an intergovernmental organization intended to promote
the interests of developing states in world trade.
UNCTAD is the part of the United Nations Secretariat dealing with trade,
investment, and development issues.
• Headquarters location: Geneva, Switzerland

• Head: Secretary-General; Rebeca Grynspan
• Founded: 30 December 1964
• Parent organization: United Nations General Assembly; United Nations
Secretariat
• Members - 195 countries

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3.2 86% farmer groups supported 3 repealed laws
Issue: - SC-appointed panel found that 86% farmer groups supported 3
repealed laws.
Survey By: - Government of Telangana
Key Highlights from Report

The high-powered panel of experts constituted by the Supreme Court to study the three
repealed farm Acts has said a great majority of the agricultural organisations it had
interacted with were in support of them.
The panel in its report said it interacted with 73 organisations, representing almost
38.3 million farmers. Around 86 per cent of them fully supported the Acts while four
groups, representing around 5.1 million, did not do so.
Another seven organisations, representing 360,000 farmers, supported the Acts with
some modification.
While advocating retaining the Acts, the panel, whose recommendations are of little
consequence now, has suggested that states be allowed flexibility in implementing and
designing the laws, with prior approval from the Centre.
That apart, the panel invited comments. It received 19,027 representations and
suggestions. Two-thirds of respondents there supported the Acts, the panel said.
Panel Suggestions: -
• One of the options that the committee deliberated upon is to allocate the current
expenditure by the central government on procurement, storage and PDS of
wheat and rice across states based on an objective formula giving due weightage
to production, procurement and poverty. The states should be given the freedom
to devise their own approaches to support farmers and protect poor consumers
in their respective states.
• The committee has recommended that procuring crops at a declared MSP can be
the prerogative of the states in accordance with their specific agricultural policy
priorities.
• Another option the panel suggested is to give freedom of choice to the
beneficiaries of the public distribution system to choose cash transfers equivalent
to MSP + 25 per cent for every kg of grain entitlement or get it in kind (wheat or
rice).
• A road map for gradual diversification from paddy to more sustainable high-value
crops, especially in the Punjab-Haryana belt, needs to be formulated, the panel
said.

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More about the Panel

The panel was constituted by the Supreme Court in January 2021
while staying the implementation of the three laws.
It initially had four members, including agricultural economist Ashok Gulati,
Shetkari Sanghatana (Maharashtra) President Anil Ghanwat, former South-
Asia Director of the International Food Policy Research Institute Pramod
Kumar Joshi, and the president of a faction of the Bhartiya Kisan Union,
Bhupinder Singh Mann.
Mann later opted out of the panel.
3.3 EY-FICCI report on Advertising Sector
Issue: - The Indian advertising sector is expected to grow with a CAGR of 12

per cent and should reach Rs 1 trillion revenue by 2024, said a joint report by
industry body Ficci and consultancy firm EY.

The Indian advertising sector is expected to grow with a CAGR of 12 per cent and should
reach Rs 1 lakh crore revenue by 2024, said a joint report by industry body Ficci and
consultancy firm EY.
The Indian Media and Entertainment sector revenue grew 16.4 per cent to Rs 1.61 lakh
crore (USD 21.5 billion) in 2021, said the report titled Tuning into consumer - Indian
M&E rebounds with a customer-centric approach'.
Though television remained the largest segment, digital media cemented its position as
a strong number two segment followed by a resurgent print.
In 2021, except 'in-cinema' advertising and TV subscription, all segments in the Media
& Entertainment grew.
Moreover, the report also expects the share of digital advertising to reach 41 per cent
in 2024. Digital media comprised 24 per cent of total ad spends in 2019, which has
now increased to 33 per cent in 2021.

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3.4 NITI Aayog Export Preparedness Index 2021
Issue: - Gujarat tops Niti Aayog's export index for second year in a row.
Index By: - NITI Aayog
Why: - The index can be a valuable tool for the government and policymakers
in encouraging healthy competition among states and UTs, hence enhancing
India’s standing in the global export market.
Framework: -
Policy: Business Export Export

• A comprehensive Ecosystem: Ecosystem: Performance:
trade policy • An efficient • This pillar aims to • This is the only
provides a business assess the output-based
strategic direction ecosystem can business pillar and
for exports and help attract environment, examines the
imports. investments and which is specific reach of export
create an to exports. footprints of
enabling states and union
infrastructure for territories.
businesses to
grow.
Most Important Points: -

This is the second consecutive year that Gujarat has emerged as the top
performer.
This edition has shown that most of the ‘Coastal States’ are the best
performers, with Gujarat as the top-performer.

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• Gujrat
Top 5 • Maharashtra
States • Karnataka
Are • Tamil Nadu
• Haryana
• Lakshadwdeep
Bottom • Arunachal Pradesh
5 States • Mizoram
Are • Ladakh
• Meghalaya
3.5 World Air Quality Report 2021
Issue: - Recently, the 2021 World Air Quality Report was released, the report
presented an overview of the state of global air quality in 2021.
By: - IQAir, a Swiss group
How: - It’s a measures of air quality levels based on the concentration of
Particulate Matter (PM) 2.5.
Survey Size: - The report is based on PM2.5 air quality data from 6,475 cities
in 117 countries, regions and territories around the world.
Why: - Air pollution is now considered to be the world's largest environmental
health threat, accounting for seven million deaths around the world every year.
Air pollution causes and aggravates many diseases, ranging from asthma to
cancer, lung illnesses and heart disease. Air pollution affects those that are
most vulnerable the most. It is estimated that in 2021, the deaths of 40,000
children under the age of five were directly linked to PM2.5 air pollution.

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Key Highlights from Report – India’s Position
India's annual average PM2.5 levels reached 58.1 µg/m³ in 2021, ending a three-year
trend of improving air quality. India's annual PM2.5 averages have now returned to pre-
quarantine concentrations measured in 2019.
India was home to 11 of the 15 most polluted cities in Central and South Asia in 2021.
In 2021, Mumbai had recorded Particulate Matter (PM) 2.5 annual average of 46.4
microgram/cubic metre – nearly nine times above the World Health Organisation
(WHO) limit.
Key Highlights from Report – Other than India Position
Global - Only 222 out of 6,475 global cities met updated PM 2.5 parameters.
Asia - Only 4 city met norms from 1887 cities of Asia out of 6475. 46 of 50 most polluted
cities in the world are in Central and South Asia.

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3.6 State of World Population 2022 Report
Issue: - Recently, the United Nations Population Fund’s (UNFPA) flagship State
of World Population Report 2022 launched.
By: - United Nations Population Fund’s (UNFPA)
Title of the Report: - Seeing the Unseen: The case for action in the neglected
crisis of unintended pregnancy

Rising Unintended Pregnancies: Between 2015 and 2019, there were roughly 121
million unintended pregnancies globally each year.
Globally, an estimated 257 million women who want to avoid pregnancy are not using
safe, modern methods of contraception so it shows lack of same and modern methods
of contraception.
Contraceptive use is 53% lower among women who have experienced intimate partner
violence.
Over 60% of unintended pregnancies, and almost 30% of all pregnancies, end in
abortion. 45% of all abortions performed globally are unsafe.
Some studies have shown that over 20% of refugee women and girls will face sexual
violence.
In the first 12 months of the Covid-19 pandemic, the estimated disruption in
contraceptive supplies and services lasted an average of 3.6 months, leading to as many
as 1.4 million unintended pregnancies.
More about United Nation Population Fund

It is a subsidiary organ of the UN General Assembly and works as a
sexual and reproductive health agency. The UN Economic and Social Council
(ECOSOC) establishes its mandate.
It was established as a trust fund in 1967 and began operations in 1969.
In 1987, it was officially renamed the United Nations Population Fund but
the original abbreviation, ‘UNFPA’ for the United Nations Fund for Population
Activities was retained.
UNFPA works directly to tackle Sustainable Development Goals on health
(SDG3), education (SDG4) and gender equality (SDG5).

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3.7 World Energy Transitions Outlook 2022
Issue: - Recently, the International Renewable Energy Agency (IRENA)

launched the World Energy Transitions Outlook 2022 at the Berlin Energy
Transition Dialogue.
Why: - The Outlook sets out priority areas and actions based on available
technologies that must be realised by 2030 to achieve net zero emissions by
mid-century. It provides in-depth analysis of two areas particularly relevant for
the decarbonisation of end-use sectors: electrification and bioenergy. It also
explores the socio-economic impacts of the 1.5°C pathway (under Paris
Agreement) and suggests ways to speed progress towards universal access to
clean energy (renewable energy).
Key Highlights from Report – Findings

• Global annual additions of renewable power will triple by 2030 as recommended
by the Intergovernmental Panel on Climate Change.
• The Outlook sees electrification and efficiency as key drivers of the energy
transition, enabled by renewables, hydrogen, and sustainable biomass.
• End-use decarbonisation will take centre-stage with many solutions available
through electrification, green hydrogen, and the direct use of renewables.
• High fossil fuel prices, energy security concerns and the urgency of climate
change underscore the pressing need to move faster to a clean energy system.
Key Highlights from Report – Recommendation
• Short-term interventions addressing the current energy crisis must be

accompanied by a steadfast focus on mid- and long-term goals of the energy
transition.
• Renewables will have to scale-up massively across all sectors from 14% of total
energy today to around 40% in 2030.
• The largest energy consumers and carbon emitters will have to implement the
most ambitious plans and investments by 2030.
• Countries need to set more ambitious targets and implement measures to ramp
up energy efficiency and deployment of renewables.
• To fulfil the 1.5°C Scenario, the electricity sector will have to be thoroughly
decarbonised by mid-century, with solar and wind leading the transformation.

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4. Other Important NEWS
4.1. India opens up central govt procurement
Issue: - In a first, India opens up central govt procurement market to UAE.

Why: - Because it signed FTA with UAE last month.
Key Highlights
India has opened up its central government procurement market to the United Arab
Emirates (UAE) under the free trade agreement (FTA) signed last month. This will give
national treatment status to UAE companies, on a par with Indian companies, while
bidding for central government tenders.
The (two) parties recognise the importance of government procurement in trade
relations and set as their objective the effective, reciprocal and gradual opening of their
government procurement markets, in order to maximise, inter alia, competitive
opportunities for the suppliers of the parties.
The trade deal also specifies what will and will not be opened up. Public procurement
of goods and services, including construction services above Rs 200 crore (SDR 20
million) by 34 designated central government ministries, including the Ministry of New
and Renewable Energy and the Ministry of Power, will be opened up.
What is Free Trade Agreement?

A Free trade Agreement (FTA) is an agreement between two or more
countries where the countries agree on certain obligations that affect trade in
goods and services, and protections for investors and intellectual property
rights, among other topics.

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4.2. Change in GST System
Issue: - Auditing officers lose adjudicating notice power under GST system.
Why: - Experts allege that auditing and investigating officers were not
adjudicating the notices judiciously and were retaining the demands made
in them.
Key Highlights
Assesses have got some relief as only jurisdictional tax officers would now be able to
adjudicate notices issued under the goods and services tax (GST) system.
The power to adjudicate these notices have been taken away from auditing and
investigating officers under the GST system, according to a circular issued by the
Central Board of Indirect Taxes and Customs (CBIC).
Now, the central tax officers of audit Commissionerate and Directorate General of
Goods and Services Tax Intelligence (DGGI) can issue only notices, raising additional
demand. Once a notice is issued by an auditing officer or an investigating officer or a
jurisdictional officer, the assesses could approach the respective officer to correct it in
the earlier scheme of things.
Something Interesting about GST

The idea of moving towards GST was first mooted by the then Union
Finance Minister in his Budget speech for 2006-07. Initially, it was
proposed that GST would be introduced from 1st April 2010.The
Empowered Committee of State Finance Ministers (EC) which had
formulated the design of State VAT was requested to come up with a
roadmap and structure for GST.
The constitution Amendment Bill was passed by the Lok Sabha in May,
2015. The Bill with certain amendments was finally passed in the Rajya
Sabha and thereafter by the Lok Sabha in August, 2016. Further, the Bill
has been ratified by the required number of States and has since received
the assent of the President on 8th September,2016 and has been enacted as
the 101st Constitution Amendment Act, 2016. The GST Council has also
been notified w.e.f. 12th September,2016. GST Council is being assisted by
a Secretariat.

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4.3. Minamata Convention on Mercury
Issue: - Recently, Indonesia has introduced a global declaration that calls on

parties to the Minamata Convention on Mercury to tackle illegal trade of
mercury.
Why: - Mercury is considered by the World Health Organisation (WHO) as
one of the top ten chemicals or groups of chemicals of major public health
concern. Exposure to mercury – even small amounts – may cause serious
health problems, and is a threat to the development of the child in utero and
early in life. Mercury may have toxic effects on the nervous, digestive and
immune systems, and on lungs, kidneys, skin and eyes.
When: - The declaration was read in Nusa Dua, Bali, where Indonesia is
hosting the fourth Conference of Parties (COP4) to the Minamata Convention
on Mercury. The conference is being held from 21st to 25th March 2022.
Key Highlights - Objectives

Develop practical tools and notification and information-sharing systems for monitoring
and managing trade in mercury.
Exchange experiences and practices relating to combating illegal trade in mercury,
including reducing the use of mercury in artisanal and small-scale gold mining.
Share examples of national legislation and data and information related to such trade.
Key Highlights - The Convention
The Minamata Convention on Mercury is a global treaty to protect human health and
the environment from the adverse effects of mercury and its compounds.
It was agreed at the fifth session of the Intergovernmental Negotiating Committee in
Geneva, Switzerland 2013.
Controlling the anthropogenic releases of mercury throughout its lifecycle is one of the
key obligations under the Convention.
The Convention also addresses interim storage of mercury and its disposal once it
becomes waste, sites contaminated by mercury as well as health issues.
India has ratified the Convention.

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4.4. Hidden Inflation
Explain: - Raising the price per given amount is a strategy employed by

companies, mainly in the food and beverage industries, to stealthily boost
profit margins or maintain them in the face of rising input costs is
Shrinkflation.
Article By: - World Economic Forum.
Better Understood in the below image: -

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5. One Liner

CISF at Jio ➔ The Union government has sanctioned armed
World Centre security cover of over 200 CISF personnel to guard
the recently launched Jio World Centre, a business
and entertainment centre in Mumbai developed by
Reliance Industries Ltd (RIL).
➔ The centre, touted to be about 12 times larger than a
FIFA football field and 10.3 times the size of the
Empire State Building in New York, has come up on
an 18.5 acre campus at the tony Bandra Kundra
Complex (BKC) in Maharashtra's capital city.
Team Lease ➔ The pandemic led to a surge in hiring in the
Report on healthcare sector, and according to a latest report by
Hiring TeamLease specialised roles in healthcare exhibited
superlative growth rates (near 100 percent to 220
percent across roles) during FY21-22.
➔ The report titled ‘Professional Staffing – Digital
Employment Trends Report FY2021-22’ by
TeamLease said that the sector employment grew
from 6.8 million in FY21 to 7.5 million in FY22. Of
this, the share of specialised staff is about 25 per
cent. The healthcare sector is set to employ around
9.5 million people by FY26.
Manpower ➔ With the bulk of the hiring resurgence being
Group witnessed in Q4CY2021 and Q1CY2022, the latest
Employment ManpowerGroup Employment Outlook Survey for Q2
Outlook this year has shown an 11 percentage points dip
Survey quarter-on-quarter (QoQ).
➔ As against a hiring outlook of 44 per cent in
Q4CY2021 and 49 per cent in Q1CY2022, the same
now stands at 38 per cent even as the west and
south regions are set to lead with a hiring pace of 43
per cent and 39 per cent. On the other hand, north
and east regions carry an outlook of 35 per cent and
31 per cent, respectively. However, on a year-on-year
(YoY) basis, the hiring outlook of 38 per cent in
Q2CY2022 is 28 points higher than the 10 per cent
in Q2CY2021.
➔ Conducted across 3090 employers, the
ManpowerGroup Employment Outlook Survey found
55 per cent of employers forecasting an increase in
payrolls, 17 per cent anticipating a decrease and 36
per cent expecting no change, resulting in a net
employment outlook of 38 per cent.

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India’s ➔ India exported goods worth $400 billion ahead of
Export at schedule, even as it stares at a disruption in the
$400 Billion global economy emanating from the conflict between
for first time Russia and Ukraine that began last month.
➔ To be sure, the $400 billion figure was achieved as
on March 21, which is 37 per cent higher than the
previous financial year, when India exported goods
worth $291 billion. The government is confident of
clocking exports worth $410 billion by 31 March as
India has been exporting goods worth roughly $1.3
billion per day.
➔ During the same time period, imports grew 51 per
cent on year to $589 billion, resulting in a trade
deficit of $189 billion. The trade deficit was $114
billion in FY21.
SBI Group to ➔ The Reserve Bank of India (RBI) has approved SBI
hold 9.99% Mutual Fund, along with other SBI group
Stake in companies, to hold a 9.99% stake in ICICI Bank –
ICICI Bank the country’s second largest lender.
➔ At the end of the December quarter, SBI Mutual
Fund had 5.72% stake in ICICI Bank.
University of ➔ The Regents of the University of California on
California Thursday picked up 0.57 per cent stake in Kotak
picked up Mahindra Bank for Rs 1,907.6 crore.
Stake in ➔ The stake was purchased at Rs 1,699 per share from
Kotak Canada Pension Plan Investment Board (CPPIB),
Mahindra data released by BSE showed.
Bank ➔ CPPIB sold 2.02 per cent stake in Kotak Mahindra
Bank for Rs 6,800.4 crore. The names of the other
buyers couldn’t be ascertained. Shares of Kotak
Mahindra Bank fell 3.1 per cent to end at Rs
1,713.4.
SBI Co ➔ Country’s largest lender State Bank of India has
Lending signed a co-lending agreement with five housing
Agreement finance companies including PNB Housing Finance
and Shriram Housing Finance to give loans for
affordable homes.
➔ Shortage in affordable housing continues to be a
major concern for India, especially for the
Economically Weaker Section (EWS) and the
Informal Sections of the society. SBI is actively
looking at co-lending opportunities with multiple
HFCs to further improve the penetration in this
segment, bank SBI chairman Dinesh Khara said in a
statement. Other three HFCs with whom SBI signed
agreement are IIFL Home Finance, Edelweiss
Housing Finance, and Capri Global Housing
Finance.

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➔ The two entities will jointly service housing loan
customers as per the 20:80 co-lending model (CLM)
of the Reserve Bank of India (RBI). HFCs would
select the borrowers and also service it.
ESIC Data ➔ Around 12.84 lakh new members joined the ESIC-
run social security scheme in January 2021 against
15.34 lakh in the previous month, official data
showed on Friday, giving a perspective on formal
sector employment in the country.
➔ The latest data is part of a report released by the
National Statistical Office (NSO).
➔ Gross new enrolments with Employees' State
Insurance Corporation (ESIC) were 10.78 lakh in
April, 8.91 lakh in May, 10.68 lakh in June, 13.42
lakh in July, 13.47 lakh in August, 13.57 lakh in
September, 12.47 lakh in October and 10.44 lakh in
November 2021, the latest data showed.
SBI Loan ➔ State Bank of India (SBI) is looking to build a retail
book forecast loan book of Rs 10,000 crore for personal, micro,
small and medium enterprise and agriculture
sectors in FY23. It would be done through a co-
lending partnership with finance and housing
finance companies (HFCs).
➔ At present, SBI has 14 such tie-ups, which is set to
expand to 25 in FY23. CS Setty, managing director
of retail and digital banking at SBI, said in the
current financial year, the bank firmed up a policy
and internal set up for a co-lending model. And,
FY23 will be the first full fina¬ncial year to grow
activity.
Government’s ➔ The government's total liabilities rose to Rs 128.41
total Liability lakh crore in December quarter from Rs 125.71 lakh
crore in the three months ended September 2021,
according to the latest public debt management
report.
➔ The increase reflects a quarter-on-quarter increase
of 2.15 per cent in October-December 2021-22.
➔ In absolute terms, the total liabilities, including
liabilities under the 'Public Account' of the
government, jumped to Rs 1,28,41,996 crore at the
end of December 2021. As of September 30, the total
liabilities stood at Rs 1,25,71,747 crore.
Axis Bank ➔ Axis Bank, the third-largest private sector lender in
buys Citi the country, will buy the retail business of Citibank
Bank retail India in an all-cash deal for Rs 12,325 crore. This is
Business the biggest deal in the banking space since the
acquisition of ING Vysya Bank by Kotak Mahindra
Bank in 2014, which was valued at Rs 15,000 crore.

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➔ The deal includes Citi’s credit cards, retail banking,
wealth management, and consumer loan businesses,
besides the consumer business of its non-banking
financial company, Citicorp Finance (India) Limited.
This, however, excludes Citi’s institutional client
businesses in India, Citi said in a statement, adding
that Axis Bank was selected following an extensive
and competitive auction process. Citi said it
remained committed to serving institutional clients
in India and globally.
➔ Axis Bank will offer 3,600 employees of Citi’s
consumer banking business a remuneration that is
at par or higher than their current packages.
BRBNMPL ➔ Shri Shaktikanta Das, Governor, Reserve Bank of
India (RBI), dedicated Varnika, the Ink
Manufacturing Unit of Bharatiya Reserve Bank Note
Mudran Private Limited (BRBNMPL), a wholly owned
subsidiary of RBI to the nation today (March 28,
2022) in Mysuru. In his address, Governor
recognised the substantial progress made towards
achieving self-reliance in banknote production
ecosystem in India. He emphasised the importance
of continuously building capacity (in terms people,
process, and technology), research and development
and innovation to achieve 100 per cent self-
sufficiency in banknote manufacturing in the near
future.
➔ BRBNMPL has set up Varnika with an annual ink
manufacturing capacity of 1,500 MT to enhance the
security of banknotes. It is a boost to ‘Make in India’
initiative. It ensures that the entire requirement of
banknote printing inks is produced in-house. This
unit also manufactures Colour Shift Intaglio Ink
(CSII) and meets the entire requirements of banknote
printing presses in India, which has resulted in cost
efficiency and self-sufficiency in banknote ink
production. Further, commissioning of varnish plant
for manufacturing different types of varnishes and
production of medium and special additives
indigenously in-house has helped the currency
ecosystem in achieving twofold goals of cost
efficiency and reduced import dependency.
➔ This is in line with India’s march towards achieving
complete self-reliance to commence manufacturing
of all critical and key raw materials used in printing
banknotes.
Sovereign ➔ In terms of GOI notifications F.No.4(19)-W&M/2014
Gold Bond dated March 04, 2016 (SGB 2016, series II - Issue
Redemption date March 29, 2016) and F.No.4(7) - W&M/2016

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dated August 29, 2016 (SGB 2016-17 series II -
Issue date September 30, 2016) on Sovereign Gold
Bond (SGB) Scheme, premature redemption of Gold
Bond may be permitted after fifth year from the date
of issue of such Gold Bond on the date on which
interest is payable. Accordingly, the next due date of
premature redemption of the above tranches shall be
March 29, 2022 and March 30, 2022 respectively.
➔ 2. Further, the redemption price of SGB shall be
based on the simple average of closing gold price of
999 purity [published by the India Bullion and
Jewellers Association Ltd (IBJA)] of the week
(Monday-Friday) preceding the date of redemption.
Accordingly, the redemption price for the premature
redemption due on March 29, 2022 and March 30,
2022 shall be ₹5166/- (Rupees Five Thousand One
Hundred Sixty-Six only) per unit of SGB based on
the simple average of closing gold price for the week
March 21-25, 2022.
PNB Lead ➔ Formation of new district in the State of Meghalaya –
Bank for New Assignment of Lead Bank Responsibility has been
district in assigned to Punjab National Bank, also there is no
Meghalaya change in the lead bank responsibilities of the
erstwhile district and of other districts in the State of
Meghalaya.
Update on ➔ Reserve Bank of India said on Wednesday that
Alternative investments by commercial banks in Alternate
Investment Investment Funds (AIFs) category-I and II will get the
Fund same prudential treatment applicable to investment
in Venture Capital Funds.
➔ Why - RBI said it had received queries from banks
on applicability of the prudential treatment for
investment in VCFs to investment in AIFs.
➔ What is AIF?
➔ AIF means fund established or incorporated in India,
a privately pooled investment vehicle, that collects
funds from sophisticated investors (Indian or
foreign). AIFs invest funds in line with a defined
investment policy for the benefit of its investors.
ED request to ➔ The Enforcement Directorate has prepared a list of
RBI 40 non-banking financial companies (NBFCs)
involved in digital lending activities but acting as a
front for companies linked to Chinese nationals. It
has asked the Reserve Bank of India (RBI) to cancel
licences of such shadow lenders.
➔ People privy to the development said there are
entities that have received an NBFC licence from the
RBI and also tied up with digital lending apps (DLAs)

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extending small-ticket personal loans, and credit to
small and micro enterprises, among others.
Update on ➔ Return of advance to foreign buyer after 12 months
return of requires RBI nod.
money to ➔ Therefore, please send a suitable request to RBI,
exporter if through your bank, explaining the reasons for the
failed to failure to export and the delay in sending back the
supply good advance within one year.
withing 12 ➔ Para C.2 of RBI master Direction no.16/2015-16
months. dated January 1, 2016 (as amended) says that in the
event of the exporter’s inability to make the
shipment, partly or fully, within one year from the
date of receipt of advance payment, no remittance
towards refund of the unutilised portion of the
advance payment or towards payment of interest,
shall be made after the expiry of the period of one
year, without the prior approval of the RBI.
Therefore, please send a suitable request to RBI,
through your bank, explaining the reasons for the
failure to export and the delay in sending back the
advance within one year.
SEBI Penalty ➔ The Securities and Exchange Board of India (Sebi),
to Axis Bank on Thursday, levied a penalty of Rs 5 lakh on Axis
Bank for flouting merchant banking (MB)
regulations. The matter dates back to a period
between August 2016 and August 2019.
➔ At that time, Axis Bank acted as a merchant bank
for 22 debt issues launched by various companies. It
had subscribed to securities in nine such issuances
but failed to make requisite disclosure.
➔ Rule 27 of the MB Regulations says that a merchant
banker must submit to Sebi, complete particulars of
the transaction with respect to the acquisition of the
securities of the body corporate, whose issue is being
managed by that merchant banker, within 15 days
from the date of entering into such a transaction.
MSP for Raw ➔ The government has increased the minimum
Jute support price (MSP) of raw jute by Rs 250 to Rs
4,750 per quintal for the 2022-23 season.
➔ The Cabinet Committee on Economic Affairs, chaired
by Prime Minister Narendra Modi, on Tuesday
approved the MSP for raw jute for the 2022-23
season.
➔ The approval is based on recommendations of the
Commission for Agricultural Costs and Prices.
India Ratings ➔ India Ratings, on Wednesday, cut its real gross
on GDP domestic product (GDP) growth forecast for FY23 to
7-7.2 percent from 7.6 percent seen earlier, on back

Crack Grade B
of higher commodity prices due to Russia’s invasion
of Ukraine.
World’s ➔ Last year, 10.78 million students had appeared for
largest exam the world’s largest college entrance examination
to be : CUET conducted by China, GaoKao. However, India may
surpass the Chinese Gaokao this year as the
National Testing Agency prepares to conduct the
Common University Entrance Test (CUET) in 13
languages.
➔ Although data on the number of students clearing
the Class XII examination is not available for 2020-
21, data from Unified District Information System for
Education (UDISE) shows 12.7 million students
enrolled in Class XII in 2019-20. If 90 per cent of
students prepare to sit for CUET, India will have
over 11 million appearing to secure a seat in the
country’s 45 central universities.
➔ The number is expected to be higher in 2021-22,
given that enrollments in Class XII have been rising.
In 2017-18, 12.2 million students were enrolled in
Class XII. Compared to 2012-13, Class XII
enrolments have increased 17.7 per cent. Of the
12.7 million registered in Class XII in 2019-20, 48.4
per cent were girls.
World Line ➔ UPI has emerged as the most preferred payment
India Report mode among consumers, with a person-to-merchant
(P2M) market share of 56 per cent in volume terms
in calendar year (CY) 21, according to a report by
Wordline India. In value terms, UPI merchant
transactions account for 41 per cent of the market
share.
➔ Having said that, cards are still dominating the
merchant acceptance payments ecosystem, with 26
per cent market share in volume terms, and 53 per
cent in value terms. Among cards, credit cards have
26 per cent and 8 per cent market share in value
and volume terms, respectively. Similarly, debit
cards have a market share of 23 per cent and 14 per
cent in value and volume terms, respectively.
Textile ➔ The Indian textile industry, which has a significant
Industry of presence of micro, small and medium enterprises, is
India expected to close the current fiscal year (FY22) on a
strong note (on the pandemic-hit previous year’s low
base), and continue to grow next fiscal (FY23) as
well. .
➔ Demand for textile products has recovered, with
economic recovery and wider coverage of vaccination
in domestic and international markets alike.
Additionally, Indian exports have got a boost owing

Crack Grade B
to the US ban on China’s Xinjiang cotton, and are
likely to continue growing in the medium term. The
impact of the Russia-Ukraine crisis remains a
monitorable, though.
➔
EPFO Data ➔ Retirement fund body EPFO added 15.29 lakh
subscribers on a net basis in January 2022, an
increase of over 21 per cent compared to 12.60 lakh
in December 2021, according to the latest payroll
data.
➔ Approximately 6.65 lakh net subscribers exited the
scheme but re-joined EPFO by continuing their
membership with EPFO instead of opting for final
withdrawal.
➔ Age-wise comparison of payroll data revealed that
the age group of 18-25 years has recorded the
highest number of net enrolments with 6.90 lakh
additions in January 2022, around 45.11 per cent of
total net subscribers added in the month.
➔ State-wise comparison of payroll figures highlights
that the establishments covered in Maharashtra,
Haryana, Gujarat, Tamil Nadu and Karnataka are
leading by adding approximately 9.33 lakh
subscribers during the month, which is around 61

Crack Grade B
per cent of total net payroll addition across all age
groups.
Australian ➔ Australia will invest over $280 million to boost
Investment in cooperation with India, which will further bolster
India. economic relations and support jobs and businesses
in both the countries, according to an official
statement released by the Australian government.
➔ The Australian government will provide additional
investment worth $16.6 million to strengthen
linkages with India’s key policy and finance
institutions and $8.9 million to support enhanced
business engagement and an increased Austrade
presence in India. This will be a part of the ‘Update
to the India Economic Strategy to 2035’ launched on
Tuesday.
Periodic ➔ Unemployment rate for persons of age 15 years and
Labour Force above in urban areas dipped to 9.8 per cent in July-
Survey September 2021 from 13.2 per cent in the same
quarter of the previous year, showed a periodic
labour force survey by the National Statistical Office
(NSO).
➔ It also showed that unemployment rate among
females (age 15 years and above) in urban areas also
declined to 11.6 per cent in July-September 2021
from 15.8 per cent a year ago. It was 14.3 per cent in
April-June 2021.

Current Affairs: 01st March 2022 To 10th March 2022 CA

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CURRENT AFFAIRS

01st March 2022 to 10th March 2022 CA

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1.1. UPI 123

Issue: - RBI launched UPI123 for feature phone.

App-based Functionality: Missed Call:

Interactive Voice Response (IVR): Proximity Sound-based Payments:

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1.2. Changes in Investment by Umbrella Organization

Issue: - Changes to some below investment criteria by Umbrella

SECTION INITIALLY NOW

2(III)(B) Investments in unlisted It is advised that the investment

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1.3. Interest Equalization Scheme on Pre and Post Shipment

Circular By: - RBI

What is Interest Equalization Scheme?

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Issue - The National Bank for Financing Infrastructure and Development

1.5. Change in UPI Limit

Issue: - SEBI issued a circular to increase the amount from 2L to 5L.

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3.1 State of India’s Environment Report 2022.

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What are Free Trade Agreements?

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Released By: - V-Dem Institute at Sweden’s University of Gothenburg.

3.4 IPCC released 2nd part of 6th assessment report

Issue: - Recently, the Intergovernmental Panel on Climate Change (IPCC),

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Key Highlights – Why the Decline

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Issue: - The President of United States of America has signed an executive

The measures Consumer protection

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3.8. Mercom India Research

Issue: - According to Mercom India Research, India installed a record 10

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4.1. IARI Research on Resilient Crops

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4.2. Pandemic Treaty

Issue: - Pandemic treaty is a proposed treaty to be better prepared for any

Key Highlights - Adoption

Key Highlights – Why the Need??

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Headline Important Points based on NEWS

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BARC Report ➔ Overall television advertising volumes grew 22 per

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1.1. Payment and Settlement Systems Regulations, 2008

Issue: - Payment and Settlement Systems Regulations, 2008, Amended

What is Payment and Settlement Systems Regulations?

1.2. Regulatory Framework for Microfinance Loans

Circular By: - RBI

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What is a Microfinance Loan?

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