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ICICI Bank unveiled a digital platform named "Campus Power" to assist students who want to
pursue higher education in India and abroad.
Axis Bank and Airtel Payments Bank collaborate to digitise last-mile cash collection.
One of the top NBFCs, Mufin Finance, has received preliminary authorisation from the RBI to
issue semi-closed prepaid payment instruments.
RBI has given the State Bank of India preliminary approval for its proposed operations support
subsidiary, which aims to reduce the cost-to-income ratio.
Nainital Bank-BoB co-branded Contactless RuPay Credit Card has been launched, according
to BFSL, a wholly-owned subsidiary of Bank of Baroda and Nainital Bank.
Government department will work with SBI, to establish an integrated pension platform.
RBI delays implementation of provisions for issuing credit and debit cards, by three months,
from July 1, 2022 to October 1, 2022.
Karnataka Bank has launched online savings bank (SB) account opening facility through
‘Video-based Customer Identification Process (V-CIP)’.
South Indian Bank has launched a new portal called ‘SIB TF Online’ for its corporate EXIM
customers.
Bengaluru-based neobanking platform Freo has launched its digital savings account ‘Freo
Save’ in partnership with Equitas Small Finance Bank.
Selling price of bank notes in the denomination of ₹20, ₹50, ₹100 and ₹200 has gone up in
FY22. However, for notes in the denomination of ₹500, the prices have remained unchanged.
Selling price for 1,000 pieces of ₹50 recorded a maximum increase of around 23 per cent in
FY22 over FY21, while that of ₹20 registered the lowest increase of a little over 1 per cent,
Fino Payments Bank collaborated with Go Digit for shop insurance policy.
Alternate authentication mechanism for digital payments : napID Cybersec Pvt. Ltd.(INDIA)
Context based retail payments to remove the physical act of payment : Tone Tag (Brand of
Naffa Innovations Pvt. Ltd.) (INDIA)
Social Media Analysis and Monitoring tool for detection of digital payment fraud and
disruption : TrustCheckr (INDIA).
NBFC giant, HDFC has announced the collaboration with global information technology
services and consulting firm, Accenture to digitally transform its lending business.
Federal Reserve of the US has raised interest rates for the first time since 1994.
Trade data released by the Ministry of Commerce and Industry showed that India’s May trade
deficit widened to $24.29 billion from $6.53 billion a year ago.
India’s merchandise exports in the month of May rose by 20.55% to $38.94 billion.
Wholesale price inflation (WPI) spiked to 15.88% in May, the highest since September 1991 as
a surge in price pressure in food and fuel overwhelmed a moderation in the dominant
manufactured product segment.
According to data released by the Ministry of Statistics and Programme Implementation,
India's headline retail inflation rate eased to 7.04 percent in May.
From FY19 through FY22, Enhanced Access and Service Excellence-EASE evolved over four
year editions, catalysing improvements in a variety of areas in PSBs.
The EASENext program’s EASE 5.0 ‘Common reforms agenda’ was designed for Public
Sector Banks and was introduced by Minister of Finance and Corporate Affairs Nirmala
Sitharaman through video conference in New Delhi.
The six-member Monetary Policy Committee (MPC) led by RBI Governor Shaktikanta Das
voted unanimously to raise repo rate by 50 basis points to 4.90 percent.
The Monetary Policy Committee has raised the repo rate in order to tackle elevated inflation.
Standing Deposit Facility and Marginal Standing Facility rates also raised by 50 basis points.
Standing Deposit Facility rate now 4.65 percent, and Marginal Standing Facility rate now 5.15
percent.
Policy Repo Rate: 4.90%
Standing Deposit Facility (SDF): 4.65%
Marginal Standing Facility Rate: 5.15%
Bank Rate: 5.15%
Fixed Reverse Repo Rate: 3.35%
CRR: 4.50%
SLR: 18.00%
E-mandate on cards for recurring payments, limit upped from Rs 5,000 to Rs 15,000.
RBI revises inflation projection for FY23 to 6.7 % from 5.7% earlier.
Real GDP forecast for FY23 retained at 7.2%.
India's foreign exchange reserves increased by USD 3.854 billion to USD 601.363 billion,
owing to a substantial growth in the country's foreign currency assets.
PhonePe issued a report on a triple increase in digital payments in India by 2026.
This was confirmed by the report issued by PhonePe after the collaboration with Boston
Consulting Group (BCG), the report was titled ‘Digital Payments in India: A $10 trillion
opportunity. The report highlights the growth of India’s digital payments in the last five years.
The government has approved 8.1 per cent rate of interest on employees' provident fund
(EPF) deposits for 2021-22.
Centre has handed Rs 86,912 crore to the states, fully compensating them for the GST,
despite only having roughly Rs 25,000 crore in the GST compensation pool.
GST revenue for May stood at nearly Rs 1.41 lakh crore, a 44 per cent increase over the same
month last year, the Finance Ministry.
United States overtook China to become India’s top trading partner in 2021-22.
According to commerce ministry data, in 2021-22, bilateral trade between the US and India
stood at US$ 119.42 billion as against US$ 80.51 billion in 2020-21.
India’s Top Trading Partners 2021-22:
• In 2021-22, the UAE is India’s third-largest trading partner with USD 72.9 billion. It is
followed by Saudi Arabia (USD 42.85 billion) as 4th, Iraq (USD 34.33 billion) as 5th, &
Singapore (USD 30 billion) as its 6th largest trading partner.
• Acemoney has launched UPI 123Pay payment and wearable ATM cards. The UPI
123Pay payment allows people to carry out cashless transactions without
smartphones or internet connections using feature phones.
• Zomato acquired Blinkit for Rs 4,447 crore in all-stock deal
• Zomato (Online food delivery platform) has announced the acquisition of Blink
Commerce (Blinkit), earlier known as Grofers India.
• DBS Bank India purchase 9.9% share in Svakarma Finance.
• LIC has introduced Dhan Sanchay, a non-linked, non-participating individual savings
life insurance plan that offers both protection and the savings.
Q. Who has been appointed as the Director-General of New Development Bank’s (NDB)
India Regional Office in GIFT City?
A) Rudrendra Tandon B) DJ Pandian
C) Gaurav Ahluwalia D) Pratibha Parkar
Answer : B
✓ New Development Bank (NDB) of the BRICS countries has appointed Dr. D.J. Pandian
as the Director General of its India Regional Office in Gujarat International Finance
Tech-City (GIFT City).
✓ Pandian earlier served as the Vice President and Chief Investment Bank the Asia
Infrastructure Investment Bank (AIIB).
NDB IN NEWS 2022
❖ Dr D J Pandian appointed to lead NDB’s India Regional Office in Gift City.
❖ BRICS PartNIR Innovation Center has signed MoU with a BRICS bank (New
Development Bank).
Q. Which supercomputers has topped the 59th top 500 list of the world’s most powerful
supercomputers?
A) Frontier B) Fugaku
C) Sequoia D) Venngage
Answer : A
✓ US Frontier Overtakes Japan’s Fugaku as the World’s Most Powerful Supercomputer
✓ Recently, 59th edition of top 500 list of the world’s most powerful supercomputers was
unveiled by Germany.
✓ The Most powerful supercomputers were ORNL’s Supercomputer Frontier from the
US.
✓ FRONTIER:
✓ It is a supercomputer built using Hewlett Packard Enterprise (HPE) architecture and
equipped with Advanced Micro Devices (AMD) processors. It is a is powered by AMD.
✓ It has broken the exascale speed barrier with a Linmark benchmark score of 1.1
exaflops.
✓ Frontier features a total of 8,730,112 cores and is designed on the newest HPE Cray
EX235a architecture with AMD EPYC 64C 2GHz processors.
✓ Fugaku belongs to Japan’s Riken Centre for Computational Science.
SUPERCOMPUTER IN NEWS 2021-22.
❖ US Frontier Overtakes Japan’s Fugaku As World’s Most Powerful Supercomputer.
❖ Param Porul supercomputer inaugurated at NIT Tiruchirappalli.
❖ C-DAC Commissions “PARAM Ganga” Supercomputer at IIT Roorkee under National
Supercomputing Mission.
❖ Indian Institute of Science (IISc.), Bengaluru commissions one of India’s most powerful
supercomputers ‘Param Pravega’.
❖ Meta builds the world’s fastest supercomputer named RSC
❖ Iran Develops Its Most Powerful Supercomputer “Simorgh”.
❖ United States will build the world’s first exascale supercomputer named Aurora.
❖ India’s largest HPC-AI supercomputer ‘PARAM Siddhi – AI’.
❖ Param 8000 was India's first supercomputer.
Q. Who has won the Best Male actor award in the International Indian Film Academy Awards
held in Abu Dhabi?
A) Akshay Kumar B) Vicky Kaushal
C) Ranveer Singh D) Sidharth Malhotra
Answer : B
✓ The International Indian Film Academy Awards (IIFA) held in Abu Dhabi.
✓ This year the IIFA 2022 Awards was hosted by Salman Khan, Maniesh Paul and Riteish
Deshmukh.
Q. Who has been appointed as the new Chief Executive Officer (CEO) of NITI Aayog,
replacing Amitabh Kant?
A) Sindhushree Khullar B) V. K. Saraswat
C) V. K. Paul D) Parameswaren Iyer
Answer : D
✓ Former Drinking and water Sanitation Secretary Parameswaren Iyer has been
appointed as the new Chief Executive Officer of NITI Aayog for 2 years.
✓ He will succeded Amitabh Kant.
✓ Sindhushree Khullar as the first CEO of the NITI Aayog.
✓ Planning Commission was replaced by a new institution – NITI Aayog on 1st January,
2015 with emphasis on ‘Bottom –Up’ approach to envisage the vision of Maximum
Governance, Minimum Government, echoing the spirit of ‘Cooperative Federalism’.
Answer : A
✓ Iga Swiatek, the No. 1 seed from Poland, won women’s singles title at French Open
2022, by defeating Coco Gauff of the United States, 6-1, 6-3.
✓ It was her second French Open title, and she dropped just one set en route, in the fourth
round to Qinwen Zheng.
✓ Świątek also became the youngest winner of multiple majors since Maria Sharapova in
2006.
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