Current Affairs for CSEET - 2023

India Post Payments Bank launches WhatsApp Banking Services

India Post Payments Bank (IPPB) launched its WhatsApp Banking Services in New Delhi, allowing customers to conveniently access banking services on their mobile phones. The new WhatsApp Banking channel will enable customers to connect with the bank on WhatsApp and access a range of services, including requesting doorstep services, finding the nearest Post Office, and more

Bank of Maharashtra inaugurated its first dedicated Branch for Start-ups in Pune

State-owned Bank of Maharashtra (BoM) has opened its first dedicated branch for startups in Pune, Maharashtra. The dedicated branch will provide all kinds of support to a startup during its growth journey. Asheesh Pandey, Executive Director, Bank of Maharashtra, was present in the inaugural ceremony.

RBI appoints Neeraj Nigam as executive director

On April 3, the Reserve Bank of India (RBI) announced that Neeraj Nigam has been appointed as the new executive director (ED). Nigam was previously the regional director of the Bhopal office of the bank, and will now assume his new role as ED. The RBI made this announcement through a press release

Public Sector Banks Transfer Rs 35,012 Crore Unclaimed Deposits To RBI

Several public sector banks in India have transferred a total of Rs 35,012 crore ($4.7 billion) in unclaimed deposits to the Reserve Bank of India (RBI). The move comes as part of an effort to reduce the amount of unclaimed funds held by banks and ensure that the money is put to productive use

The Asian Development Bank (ADB) has projected a moderate economic growth rate for India due to various factors such as a global slowdown, tight monetary conditions, and elevated oil prices. According to the latest ADB outlook, India's economic growth rate is expected to reach 6.4% in 2023-24 from 6.8% in FY23, while the growth forecast for the current year has been revised downwards to 6.4% from 7.2% earlier projected.

RBI to launch centralised portal PRAVAAH for licencing, approval applications

RBI is set to introduce a new secured web-based portal called "PRAVAAH" (Platform for Regulatory Application, Validation And AutHorisation) aimed at simplifying and streamlining the application processes. The portal will display the timeframes for deciding on applications and approvals, leading to greater effectiveness in regulatory processes and making it easier for regulated entities to do business with RBI

India’s RBI Open To Softening Stance On Deal With European Regulators

India's central bank is reportedly willing to ease its stance on signing an agreement with European regulators on market infrastructure, provided the latter drop their demand to scrutinize and penalize Indian intermediaries like the Clearing Corp of India (CCIL). The RBI and European banks held a meeting in March, which marked the beginning of lengthy discussions about the de-recognition of CCIL by foreign regulators. Credit Suisse, BNP Paribas, Societe Generale, and Deutsche Bank, which operate in India, will be the most affected by the outcome of the negotiations

GST Revenue Collection Increases 13% To Rs 1.60 Lakh Crore In March 2023

The Goods and Services Tax (GST) revenue collection for March 2023 has increased by 13% to Rs 1.60 lakh crore, according to data released by the Ministry of Finance. This marks the third consecutive month of increase in GST collections and is a positive sign for India's economy, which has been grappling with the impact of the COVID-19 pandemic.

SEBI Unveils New Logo On Its Foundation Day

On the occasion of Sebi Foundation Day, the Securities and Exchange Board of India (SEBI) unveiled its new logo at a ceremony held in Mumbai. The new logo represents SEBI's commitment to facilitating economic growth through capital formation, while also incorporating the power of technology and data into policy-making.

UPI Processes 8.7 Bln Transactions In March, Highest Ever Since Inception

The Unified Payments Interface (UPI), India's flagship digital payment platform, set a new record at the end of the fiscal year 2022-23. In March 2023, the UPI processed a historic high of 8.7 billion transactions, worth Rs 14.05 trillion. This achievement marks yet another milestone for the UPI since its inception.

PhonePe Launches E-Commerce App Pincode On ONDC Network

Walmart-backed Indian fintech decacorn PhonePe has recently launched Pincode, a new consumer-facing app aimed at strengthening its e-commerce initiatives. The app will be integrated into India's Open Network for Digital Commerce (ONDC) framework. This move comes three months after Flipkart completed the full ownership separation of PhonePe

MRF emerges as ‘second strongest tyre brand in the world’

According to a recent report by Brand Finance, a U.K.-based brand valuation consultancy, MRF Ltd. has been ranked as the second-strongest tyre brand in the world. The report evaluated various parameters, and MRF scored high on most of them, including being the second fastest-growing tyre brand globally. With a score of 83.2 out of 100, MRF received a AAA- brand rating

Rajya Sabha Passes Competition Amendment Bill, 2023

The Rajya Sabha approved the Competition Amendment Bill, 2023, aimed at modernizing the two-decade-old anti- .trust law to align with changes in the economy. The Competition Amendment Bill, 2023 aims to modify the Competition Act, 2002, which authorizes the Competition Commission of India (CCI) to prevent practices that adversely impact competition and consumer interests.

Rural Development Ministry Introduces Captive Employer Scheme For Rural Youth

The Union Minister for Rural Development, Shri Giriraj Singh, has launched an innovative Captive Employer initiative under the Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY) in New Delhi. This program aims to train rural poor youth and provide employment opportunities through 19 captive employers who will offer training in different sectors, including hospitality, textiles, retail, and telecommunications. More than 31,000 rural youth are expected to receive training and employment opportunities through this scheme

Central Advisory Council under the Real Estate

The Union Housing and Urban Affairs Ministry has created a committee to tackle the problem of incomplete real estate projects. The committee, consisting of 14 members and chaired by Amitabh Kant, will focus on stalled legacy projects and make recommendations on how to complete them. The committee was formed in response to a recommendation made by the Central Advisory Council under the Real Estate (Regulation and Development) Act, 2016

IIT-Bombay And UIDAI Join Hands To Develop Touchless Biometric System

The Unique Identification Authority of India (UIDAI) has partnered with the Indian Institute of Technology-Bombay (IIT-Bombay) to develop a touchless biometric capture system that is easy to use and accessible from anywhere. The collaboration involves joint research between the two organizations to create a mobile fingerprint capture system and a liveness model that is integrated with the capture system