Banking Current Affairs | July 2022

Banking Current Affairs

RBI imposes restrictions on two UP-based cooperative banks
 RBI has imposed several restrictions, including on fund withdrawals, on two Uttar Pradesh-
based cooperative banks in view of their deteriorating financial position.
 The two lenders are Lucknow Urban Co-operative Bank and Urban Co-operative Bank Limited,
Sitapur.
 The restrictions under the Banking Regulation Act will remain in force for six months.
 RBI Governor: Shaktikanta Das
Reliance, Ola & Rajesh Exports sign program agreement under PLI scheme
 Reliance New Energy, Ola Electric, and Rajesh Exports have signed a program agreement under
government's Production Linked Incentive (PLI) scheme for advanced chemistry cell (ACC)
battery storage.
 As per the agreement, the companies will build a total of 50 gigawatt hours (Gwh) of battery
storage.
 They will receive ₹18,100 crore under government's incentive program.
RBI gives fresh ray of hope to payment aggregator license aspirants
 RBI has allowed another window to payment aggregators (PAs) existing as of March 2020 to
apply to the central bank for a licence.
 PAs could now apply for a licence by September 30, 2022.
 Those applying should have a minimum net worth of Rs 15 crore as on March 31, 2022.
 The RBI also said that the timeline of March 31, 2023, for achieving the net worth of Rs 25 crore
by PAs would remain.
RBI sets October 1 deadline for CoF data purge
 RBI said with effect from October 1, no entity in the card transaction/payment chain, other than
card issuers or card networks, can store CoF (card on file) data.
 Any such data stored must be purged.
 Other than card issuer & card network, the merchant or its payment aggregator, can save the
CoF data for a maximum of transaction date plus 4 days or till settlement date, whichever is
earlier.
Rajasthan inks pact with Telangana to set up women's bank
 Rajasthan Grameen Aajivika Vikas Parishad (RGAV) on 25 July 2022 signed an MoU with the
Telangana government’s Stree Nidhi Credit Cooperative Federation.
 This agreement was signed to set up 'Rajasthan Mahila Nidhi', a financial institution for women,
in Rajasthan.
 This institution will be operated entirely by women & will act as a complementary body to the
formal banking system.
Coca-Cola signs on Neeraj Chopra for Limca Sportz promotion
1|Page
 Banking Current Affairs | July 2022

 Coca-Cola has signed Olympic gold medalist Neeraj Chopra for Limca Sportz promotion.
 Recently, Neeraj Chopra has become the first-ever Indian to win a silver medal at World
Athletics Championships with his best throw of 88.13 m.
 Also, Neeraj Chopra has been ruled out of the Birmingham Commonwealth Games 2022 in
England due to an injury he picked up at World Athletics Championships.
ISRO earns $279 million in foreign exchange through satellite launches
 ISRO has earned 279 million dollars in foreign exchange by launching satellites for global clients.
 ISRO in association with its commercial arms has successfully launched 345 foreign satellites
from 34 countries on-board Polar Satellite Launch Vehicle (PSLV).
 Recently on June 30, PSLV-C53 mission by ISRO, successfully launched 3 Singapore customer
satellites: DS-EO, NeuSAR and SCOOB-1.
Banks can look at having paperless branches: RBI discussion paper
 A discussion paper on 'Climate Risk and Sustainable Finance' was released by RBI.
 In discussion paper, RBI said it intends to prepare a strategy based on the global best practices
on mitigating the adverse impacts of climate change.
 RBI suggested that banks and other financial institutions could consider eliminating the use of
paper at their branches as well as introduce e-receipts at ATMs.
RBI launches awareness campaign for Unclaimed deposits
 RBI has launched a national campaign with a focus on the eight states that have maximum
amount of unclaimed deposits.
 Unclaimed deposits in banks jumped to Rs 48,262 crore in FY22 from Rs 39,264 crore in FY21.
 Balances in savings/current accounts not operated for 10 years, or term deposits not claimed
within 10 years from the date of maturity, are classified as "unclaimed deposits".
Japan's Sakurajima volcano erupts
 Japan's Sakurajima volcano, located on the island of Kyushu, erupted, prompting evacuations in
the region.
 The authorities have raised the alert level to the highest level of 5.
 Earlier this year, on January 15, The Hunga Tonga volcano eruption destroyed the uninhabited
island of Hunga Tonga Ha’apai.
 It is now officially the largest explosive eruption of the 21st century.
Frauds reported by PSBs decline to Rs 3,204 crore in FY22
 As per RBI data, the amount involved in fraud cases reported by public sector banks (PSBs) has
come down.
 PSBs reported 5,624 cases of fraud in 2017-18, involving ₹28,884 crore, which declined to 2,369
cases corresponding to ₹3,204 crore in 2021-22.
 The net profit of PSB's increased to ₹66,519 crore in 2021-22 against ₹31,820 crore in 2020-21.
 Gross NPAs of PSBs fell to ₹5,41,750 crore.

2|Page
 Banking Current Affairs | July 2022

Competition Commission clears Axis Bank-Citi deal

 Competition Commission has approved Axis Bank's proposed acquisition of Citi's consumer
business in India, one of the largest deals in the country's financial services space.
 This deal worth Rs 12,325 crore was announced on March 30.
 Under the deal Axis Bank would take over Citi's credit cards, personal loans and wealth
management businesses that are focused on the affluent segment.
RBI allows IDBI Bank bidders to own more than 40%
 RBI have accepted the Centre’s request for allowing non-financial institutions and non-
regulated entities to own more than 40 per cent of IDBI Bank.
 The government and LIC are going to sell 51-74% of the lender through a strategic divestment.
 The IDBI Bank was categorized as a 'Private Sector Bank' for regulatory purposes by the Reserve
Bank of India with effect from 21 January 2019.
Global GDP growth to slow to 2.7% in 2022
 Global GDP growth is projected to slow to 2.7 percent in 2022 and 2.6 percent in 2023, according
to global financial services provider S&P Global Market Intelligence.
 This follows after a 3.3 per cent GDP contraction in 2020 and a 5.8 percent rebound in 2021.
 The 2022 forecast is due to the US economy’s weaker first-half performance.
U.S. firm Panattoni to invest $200mn in logistics parks in India
 U.S. firm Panattoni will invest $200 million (about ₹1,597 crore) in India to develop four industrial
and logistics parks across major cities as it sees huge growth potential amid rising demand for
warehouses.
 Panattoni, a global leader in industrial & logistics real estate development debuted in Asian
market with India.
 Panattoni India Development Pvt. Ltd. is headquartered in Bengaluru.
RBI penalises three cooperative banks for violating norms
 RBI on July 25 penalised three cooperative banks for not complying with certain regulatory
norms.
 A monetary penalty of Rs 45 lakh was imposed on Dombivli Nagari Sahakari Bank for reporting
cases of frauds with delay.
 A penalty of Rs 2 lakh was imposed on Odisha-based The United Puri-Nimapara Central Co-
operative Bank and a penalty of Rs 3 Lakh on Jila Sahakari Kendriya Bank Maryadit.
Canara Bank launches its mobile app-Canara ai1
 Canara Bank on 22 July 2022 launched a mobile banking super app called Canara ai1.
 The banking app would be a one-stop solution with more than 250 features to cater to the
banking needs of its customers.
 It is aimed to eliminate the need to have multiple mobile apps for availing different banking
services.

3|Page
 Banking Current Affairs | July 2022

 Canara Bank MD & CEO: Lingam Venkat Prabhakar

 Headquarters: Bangalore
ADB approves $96 mn loan for safe drinking water in Himachal Pradesh
 The Asian Development Bank (ADB) has approved a $96.3 mn loan to fund safe drinking water
and sanitation project in Himachal Pradesh.
 The loan has been provided under the Himachal Pradesh Rural Drinking Water Improvement &
Livelihood Project.
 The ADB project will connect 75,800 households to the service, providing an uninterrupted water
supply to about 370,000 residents across 10 districts.
SBI launches WhatsApp Banking Services
 SBI has officially begun offering WhatsApp banking services to its customers.
 Customers can know their account balance and check mini statements on the go via SBI
WhatsApp banking services.
 Recently in July, Open agri network Samunnati has entered into a co-lending partnership with
SBI to expand its outreach to Farmer Producer Organisations (FPOs).
 SBI Chairman: Dinesh Kumar Khara
HDFC Bank to be among global top 10 banks after merger
 HDFC Bank will be among the world’s top 10 most valuable banks after its merger with parent
HDFC.
 The combined market cap of HDFC Bank and HDFC would be around $160 billion.
 HDFC Bank is a systemically important bank in India along with SBI and ICICI Bank.
 Recently in April, RBI approved HDFC Bank's proposed merger with parent and mortgage lender
Housing Development Finance Corp Ltd (HDFC)
Centre appoints Sanjay Kumar Jain as NLMC interim head
 The Centre has appointed Sanjay Kumar Jain as interim CEO of National Land Management
Corporation (NLMC).
 NLMC will own, hold, manage and monetize such land and assets of the PSUs that are to be
closed down and the surplus non-core land assets of government-owned companies under
strategic disinvestment.
 NLMC was incorporated on June 3 as a wholly-owned Government of India company.
Droupadi Murmu to take oath as 15th President of India
 Droupadi Murmu to take oath as the 15th President of India today.
 The oath of the office will be administered by Chief Justice of India N.V. Ramana.
 She will be the first President to be born after Independence and is the youngest to occupy the
top post.
 She is also the first tribal woman candidate and second woman in the country to occupy the
highest constitutional position of India.

4|Page
 Banking Current Affairs | July 2022

Centre considering extension of PMAY-Urban Mission up to March 2024

 The extension of government's flagship urban housing scheme, Prime Minister Awas Yojana
(PMAY) Urban up to March 2024 is under consideration by the Ministry of Housing.
 Meanwhile, an interim extension of 6 months for all verticals except Credit Linked Subsidy
Scheme has been granted.
 Since June 25, 2015 the scheme has provided all-weather 'pucca' houses to all eligible urban
beneficiaries.
Nakul Jain hired as CEO of Paytm gateway biz
 One97 Communications, the parent entity of Paytm, has hired Nakul Jain as CEO of Paytm
Payments Services Ltd (PPSL).
 Jain earlier served as managing director of private banking, priority banking, deposits and
branch banking at Standard Chartered Bank.
 Praveen Sharma, the former CEO of Paytm Payments Services, has been moved to lead the
company’s commerce vertical.
India's GDP to grow 7% this fiscal: FICCI survey
 FICCI has projected India's economy to grow 7% in the current fiscal, lower than the earlier
projection of 7.4% in April, mainly due to the ongoing geopolitical uncertainties.
 The median growth forecast for agriculture and allied activities has been pegged at 3% for
2022-23 while industry and services sectors are anticipated to grow 6.2% and 7.8%, respectively.
 FICCI President: Sanjiv Mehta
RBI sees regulation violation by Sberbank, Russia’s largest Bank
 RBI has sought an explanation from Russia’s Sberbank for violation of domestic banking
regulations.
 Russia’s largest bank allegedly paid a bonus to its Indian CEO Ivan Nosov for performance year
2019 to 2021 without the RBI’s approval.
 Banking rules in India require a lender to seek the RBI's approval on bonus payments to key
executives.
 RBI Governor: Shaktikanta Das
Headquarters: Mumbai
ADB slashes India's growth forecast to 7.2% for FY23
 The Asian Development Bank (ADB) slashed growth forecast for India to 7.2% for FY23 from
7.5% estimated earlier citing higher than anticipated inflation since April and subsequent
monetary tightening by the central bank.
 Recently in July, ADB was the 2nd largest lender to Sri Lanka with $359.6 million in credit in last
4 months. India emerged as the top lender extending $376.9 million.
IndusInd Bank partners with EazyDiner to launch co-branded credit card

5|Page
 Banking Current Affairs | July 2022

 IndusInd Bank has announced a partnership with EazyDiner to launch a co-branded credit card,
called EazyDiner IndusInd Bank Credit Card.
 The partnership is aimed at enhancing customer dining experience.
 Recently in July, IndusInd Bank board has approved a proposal to raise Rs 20,000 crore in debt
to fund business growth.
 IndusInd Bank CEO: Sumant Kathpalia
Headquarters: Mumbai
Centre cuts windfall tax on crude oil
 The central government lowered the windfall tax on crude oil production to ₹17,000 per tonne
from ₹23,250 per tonne.
 It scrapped the ₹6 per litre export tax on petrol.
 The levy on diesel was cut to ₹10 per litre from ₹13 per litre earlier, and on aviation turbine fuel
to ₹4 per litre from ₹6 per litre.
 The Government also clarified that SEZ units would now be exempt from the windfall tax.
RBI renews its statement of commitment to FX Global Code
 RBI has renewed its statement of commitment to the FX Global Code, which is a compilation of
best market practices formulated by central banks worldwide.
 The code was initially launched in May, 2017 and updated on July 15, 2021.
 RBI had also facilitated formation of India Foreign Exchange Committee (IFXC) to promote
adoption and adherence of the Code among FX market participants in India.
Microsoft introduces Workplace social app 'Viva Engage'
 Microsoft is introducing Viva Engage, a new app in Teams that helps build community and
connection, along with providing tools for personal expression.
 On this app, leaders can share news and insights, answer questions, and facilitate two-way
conversations.
 With Storyline and Stories features, employees can connect with co-workers, and share their
thoughts, expertise, passions, and ideas.
RBI hikes Capital Adequacy Ratio for Urban Cooperative Banks to 12%
 RBI has hiked the minimum Capital Adequacy Ratio (CAR) for Urban Cooperative Banks (UCBs)
with deposits above Rs 100 crore to 12 per cent from 9.0 per cent.
 RBI has allowed till March 2026 to meet revised CAR norm in phases for UCBs that don't meet it
currently.
 It has retained the norm of a minimum CAR of 9 per cent for tier-1 banks. Tier-1 banks are those
with deposits up to Rs 100 crore.
Urban co-operative banks to have four-tiered regulatory framework: RBI
 On the recommendations of an expert committee headed by NS Vishwanathan, RBI has
adopted a four-tiered regulatory framework for Urban Co-operative Banks (UCBs) based on size
of deposits, with an aim to strengthen their financial soundness.

6|Page
 Banking Current Affairs | July 2022

 A minimum net worth of Rs 2 crore for Tier 1 UCBs operating in single district and Rs 5 crore for
all other UCBs (of all tiers) has been stipulated.
CII-Exim Bank Conclave: India and Africa partners in progress
 Commerce and Industry Minister Piyush Goyal attended the CII-Exim Bank conclave and said
"India and Africa were partners in progress".
 He emphasized bringing cost-effective solutions to drinking water, healthcare, education and
power generation.
 He also emphasized inclusion of emerging areas, such as solar energy, start-ups, and digital
infrastructure for partnership.
DBS named 'World's Best SME Bank' by Euromoney
 Singapore-based DBS bank has been recognised as the 'World's Best SME Bank' by Euromoney.
 DBS has been honoured with this title for the second time since 2018.
 Since the start of the pandemic in 2020, DBS has applied emerging technologies to help small-
to-medium enterprises (SMEs) manage their credit risk.
 Euromoney is a leading UK-based financial publication.
 DBS Bank CEO: Piyush Gupta
Morgan Stanley cuts India's FY23 GDP estimate by 0.40%
 Brokerage firm Morgan Stanley reduced its forecast for India's GDP growth estimate by 0.4 per
cent to 7.2 per cent for the Financial Year 2023 due to slower global growth.
 RBI has also estimated the GDP growth rate at 7.2 percent for the current fiscal.
 Morgan Stanley further said the growth will further slow down to 6.4 per cent in the FY24, which
is 0.3% lower than the earlier forecast.
IndusInd Bank board gives nod to mobilise Rs 20,000 cr
 IndusInd Bank board has approved a proposal to raise Rs 20,000 crore in debt to fund business
growth.
 The board approved raising funds through debt securities in any permitted mode on a private
placement basis.
 Recently in July, RBI imposed a penalty of Rs 1 crore on IndusInd Bank for non-compliance with
certain Know Your Customer (KYC) norms.
 IndusInd Bank CEO: Sumant Kathpalia
Ola Electric invests $500 Million in Bengaluru-based cell R&D facility
 Ola Electric is investing $500 million in a cell research and development facility in Bengaluru.
 The facility would house advanced labs and high-tech equipment for battery innovation.
 Ola recently unveiled its first Li-ion cell NMC 2170.
 The company was recently also allocated 20GWh capacity under the ACC PLI scheme by the
government for developing advanced cells in India.
RBI imposes restrictions on Mumbai-based Raigad Sahakari Bank

7|Page
 Banking Current Affairs | July 2022

 RBI imposed several restrictions on Mumbai-based co-operative bank Raigad Sahakari Bank.
 A withdrawal cap of Rs 15,000 per customer is placed and it will remain in force for a period of
six months.
 RBI also imposed a penalty of Rs 6 lakh on Shri Chhatrapati Rajarshi Shahu Urban Co-operative
Bank, for contravention of provisions related to 'Frauds - Classification and Reporting'.
Farmers' average income grew 1.3-1.7x in last 5 years says SBI study
 A study by SBI shows the average income of farmers rose by 1.3 -1.7 times across India between
financial year 2017-18 and 2021-22.
 Increase in income of farmers engaged in cash crops was noteworthy compared to farmers
growing non-cash crops.
 Income from allied and non-farm activities grew by a significant 1.4-1.8 times in line with the
increase in farmers’ income during the same period.
Yes Bank partners with JC Flowers ARC to sell 48k crore Bad Loans
 Yes Bank has selected JC Flowers ARC as partner to form an asset reconstruction company to
sell bad loans of the bank valuing ₹48,000 crore.
 The bank signed a binding term sheet with JCF ARC LLC and JC Flowers Asset Reconstruction
Pvt. Ltd. for this strategic partnership.
 This is being termed the single-largest bad loan deal.
 Yes Bank MD & CEO: Prashant Kumar
Headquarters: Mumbai
Pre-packed food items to attract 5% GST from 18 July
 The Central Board of Indirect Taxes and Customs clarified on Sunday single packages of food
items like cereals, pulses and flour weighing up to 25 kg will be considered as 'prepackaged and
labelled', liable to 5% GST from July 18.
 If a retail shopkeeper supplies in loose quantity the item bought from a manufacturer or
distributor in a 25 kg pack, such sale to consumers will not attract GST.
Tata Steel to invest ₹12,000 crore in FY23 in India and Europe
 Tata Steel plans to invest ₹8,500 crore in India and ₹3,500 crore on the company's operations in
Europe in FY23.
 In India, the focus will be on the Kalinganagar project expansion and mining activity.
 The company is expanding the capacity of its plant in Kalinganagar, Odisha from 3 MT to 8 MT.
 Tata Steel recently also spent ₹12,100 crore on the acquisition of Odisha based steel mill NINL.
Kotak Mahindra Bank becomes first to integrate with new IT portal
 Kotak Mahindra Bank has completed technical integration with the new e-filing portal of the
Income Tax (IT) department.
 After this, it has become the first private bank to fully integrate with this portal.
 Its customers can now pay their direct taxes through the e-pay tax tab on the portal using
Kotak net banking or by visiting a branch.

8|Page
 Banking Current Affairs | July 2022

 Kotak Mahindra Bank Chairman, MD & CEO - Uday Kotak

Israel sells Haifa Port to Adani Ports for $1.2 billion
 Israel sold Haifa Port, a major trade hub on its Mediterranean coast, to winning bidders Adani
Ports of India for $1.2 billion.
 Haifa Port said the new group will operate the port until 2054.
 Adani Ports, the largest transport utility in India, is targeting expansion and seeks to become the
premier global port group.
 Adani Ports CEO: Karan Adani
Headquarters: Ahmedabad
Embedded Value of LIC rises to ₹5.41 lakh crore
 Life Insurance Corporation of India (LIC) reported an embedded value of ₹5,41,492 crore as of
March 2022, a little higher than ₹5,39,686 crore six months ago.
 A year ago this figure stood at ₹96,605 crore on March 31, 2021.
 The Embedded Value (EV) is a measure of the consolidated value of shareholders' interest in the
life insurance business.
 LIC Chairman: M.R. Kumar
Headquarters: Mumbai
Trade Deficit widens to a record $26.1 Billion in June
 India’s trade deficit widened to record $26.18 billion in June.
 While goods exports increased and exceeded $40.1 billion, imports outpaced, reaching $66.3
billion on account of higher purchases of coal, gold and petroleum products.
 Coal imports jumped almost fourfold to $6.76 billion while gold imports almost trebled to
surpass $2.7 billion. Petroleum imports climbed 99.5% to $21.3 billion.
Airtel allots 1.2% equity shares to Google for $1 Billion
 Airtel has allotted preferential shares amounting to over ₹5,224 crore to Google while the
remaining $300 million will be invested through commercial agreements over the next five
years.
 Google now holds 1.2% stake in India’s No. 2 telecom service provider.
 The investment follows Google’s $4.5 billion investment in Reliance Jio in July 2020 for India
Digitization Fund.
Centre allows a private company, Bajaj Healthcare to process opium
 For the first time the central government allowed a private company, Bajaj Healthcare, to
process opium to extract alkaloids used to make pain-killers, cough syrups, and even cancer
drugs.
 The Central Bureau of Narcotics (CBN), Gwalior, licenses farmers to cultivate opium poppy;
supervises and controls the cultivation; and procures the opium produced by the licenced
cultivators.

9|Page
 Banking Current Affairs | July 2022

Raymond group appoints Atul Singh as Executive Vice Chairman

 Raymond appointed Atul Singh, former head of Coca-Cola India, as Executive Vice Chairman.
 This is a significant step for creating a future ready organisation that has since inception been
run by the founders - the Singhania family.
 The textile, apparel, retail and real estate conglomerate is going to mark its centenary year in
2025.
 Chairman & M D of Raymond: Gautam Hari Singhania
India’s imports from China rose to a record high in first half of 2022
 India’s imports from China reached a record $57.51 billion in the first half of 2022. Imports of
Chinese goods rose 34.5% from a year earlier and are set to surpass last year’s $97.5 billion
figure.
 India’s exports to China slid 35% and accounted for only $9.57 billion of the total $67.08 billion
in two-way trade.
 The trade deficit at half year mark stands at $47.94 billion.
Infosys buys BASE life science
 Infosys will acquire Denmark based BASE life science for about €110 million (₹875 crore) in an
all-cash deal.
 The acquisition will deepen Infosys’s expertise in the life sciences domain as well as strengthen
its footprint across Europe.
 The acquisition is expected to close during the second quarter of FY23.
 Infosys CEO: Salil Parekh
 Headquarters: Bengaluru
RBI fines Ola Financial Services
 Reserve Bank of India (RBI) has imposed a fine of Rs 1.67 crore on Ola Financial Services Private
Limited for non-compliance with certain provisions related to Prepaid Payment Instruments
(PPI) and Know Your Customer (KYC) norms.
 The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the
Payment and Settlement Systems Act, 2007.
RBI imposes penalty on 3 Co-operative Banks
 The Reserve Bank on 11 July imposed a penalty on three cooperatives banks, for deficiencies in
regulatory compliance.
 A penalty of ₹ 37.50 lakh has been imposed on The Maharashtra State Co-operative Bank.
 A penalty of ₹ 50 lakh has been imposed on The Nasik Merchant's Co-operative Bank.
 A penalty of ₹ 2 lakh has been imposed on The National Central Cooperative Bank Limited.
Union Bank of India launches virtual banking lounge on Metaverse
 Union Bank of India on 8 July 2022 launched a Metaverse-based virtual lounge - Uni-verse,
where it will showcase its products to customers virtually.

10 | P a g e
 Banking Current Affairs | July 2022

 It is the first Indian bank to open a virtual shop for publicity.

 In the initial phase, Uni-verse will host the bank’s product information and videos.
 Union Bank has launched this virtual lounge initiative in partnership with Tech Mahindra.
RBI imposes penalties on Federal Bank & Bank of India
 Reserve Bank of India (RBI) on 8 July 2022 imposed a penalty of Rs 5.72 crore on Federal Bank
for deficiencies in regulatory compliance.
 RBI also imposed a penalty of Rs 70 lakh on Bank of India
for non-compliance with certain provisions of Know Your Customer (KYC) norms.
 RBI on 4 July 2022 also imposed a monetary penalty of Rs 1.05 crore on Kotak Mahindra Bank.
RBI imposes penalty on Kotak Mahindra Bank & IndusInd Bank
 Reserve Bank of India on 4 July 2022 imposed penalties on Kotak Mahindra Bank & IndusInd
Bank for deficiencies in regulatory compliance.
 A penalty of Rs 1.05 crore has been imposed on Kotak Mahindra Bank for contravention of
certain norms.
 A penalty of Rs 1 crore has been imposed on IndusInd Bank for non-compliance with certain
Know Your Customer (KYC) norms.
 RBI Governor - Shaktikanta Das
Govt revamps Banks Board into Financial Services Institutions Bureau
 The government has approved the resolution for establishing the Financial Services Institutions
Bureau (FSIB) in place of the Banks Board Bureau (BBB).
 The FSIB will now select the chiefs of public sector banks & insurance companies.
 Bhanu Pratap Sharma, former Chairman, BBB, has been appointed as the initial Chairperson of
FSlB for a term of 2 years.
 The BBB was originally set up in 2016.

11 | P a g e