Banking Current Affairs | September 2022

 The RBI introduced a Regulatory Sandbox (RS) in 2019 to foster responsible innovation in
financial services, promote efficiency and expand benefits to consumers.
PNB MetLife launches new unit linked insurance plan
 PNB MetLife has launched a new ULIP plan PNB MetLife Goal Ensuring Multiplier (GEM) that
offers customers life insurance coverage and helps them invest methodically with the goal of
creating wealth for the future.
 Customers can choose from 13 different funds to best fit their risk appetite and can also opt for
goal-based fund management strategies.
 PNB MetLife Headquarters: Mumbai
HAL-L&T consortium bags ₹860 cr contract to build five PSLV rockets
 A space consortium formed by Hindustan Aeronautics Ltd (HAL) and Larsen & Toubro (L&T) was
awarded a Rs 860 crore contract for the next five Polar Satellite Launch Vehicles (PSLVs).
 ISRO has been providing satellite launch services since 1990 through the PSLV, launching 319
customer satellites from 33 countries.
 In September 2016, a PSLV injected 104 satellites into orbit - a world record.
HDFC ERGO to build online insurance platform on Google Cloud
 HDFC ERGO General Insurance has roped in Google Cloud to build an online platform for
selling insurance.
 HDFC ERGO plans to completely migrate to the cloud by 2024.
 Google Cloud will assist the insurance provider with IT systems integration and AI/ML
technologies to build predictive insights and mitigate insurance fraud.
 HDFC ERGO MD & CEO: Ritesh Kumar
 Headquarters: Mumbai
RBI tell lenders to adhere to digital loan norms by Nov 30
 RBI said that regulated entities engaged in credit delivery through digital lending will have time
till November 30 to comply with the lending norms for existing digital loans.
 For new and existing customers availing fresh loans, these norms will be applicable immediately.
 The guidelines are applicable to all kinds of digital loans extended by commercial banks, NBFCs
& co-operative banks.
CCI clears PayU's $4.7 billion acquisition of BillDesk
 The Competition Commission of India has approved PayU's $4.7 billion acquisition of online
payments firm Billdesk.
 The deal involves the merger of the two of the country’s largest players in payments gateway
business.
 The PayU-BillDesk deal is the second-largest buyout in the Indian internet sector after
Walmart’s $16 billion acquisition of ecommerce major Flipkart in 2018.
PSU banks to open about 300 branches in unbanked areas by Dec 2022

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 As part of the financial inclusion drive, public sector banks will open 300 branches in unbanked
areas of various states by Dec 2022.
 New branches will cover villages with a population of more than 3,000.
 95 branches will be opened in Rajasthan followed by 54 in Madhya Pradesh.
 Banks were asked to open branches at allocated locations by the respective State Level
Bankers' Committee (SLBC).
India set to become 3rd largest economy in the world
 SBI's Research Report said that India would surpass Germany in 2027 and Japan by 2029 at the
current rate of growth and become the world's 3rd largest economy.
 Indian economy is currently the 5th largest economy in the world.
 For Q1 FY 2022-23, India registered GDP growth at 13.5%. The report said, at this rate India is
likely to be the fastest growing economy in the current fiscal.
Krishnan Sankarasubramaniam takes over as Tamilnad Mercantile Bank CEO
 Krishnan Sankarasubramaniam has taken over as Tamilnad Mercantile Bank Managing Director
and Chief Executive Officer.
 Sankarasubramaniam succeeds K V Rama Moorthy and his term would be for a period of 3
years.
 Prior to taking up the new role, Sankarasubramaniam was serving Punjab and Sind Bank as its
Managing Director & CEO.
 Tamilnad Mercantile Bank Headquarters: Thoothukudi, Tamil Nadu.
HDFC Bank introduces new SMS banking facility for its customers
 HDFC Bank introduced a new SMS banking facility for its customers.
 Customers can now access a wide range of banking services round-the-clock 24/7 x 365 no
matter where they are.
 Customers no longer need to remember or type lengthy pre-defined keywords to conduct SMS
banking thanks to this new SMS facility, which is integrated with AI technology.
 HDFC Bank Tagline: We Understand Your World
IndusInd Bank, ADB join hands to support supply chain financing
 IndusInd Bank signed a strategic partnership with Asian Development Bank (ADB) to support
and promote supply chain finance solutions in India.
 The Bank has entered into a partial guarantee programme with ADB with an initial outlay of $70
million (Rs 560 crore), for promoting supply chain finance solutions in India.
 IndusInd Bank MD & CEO: Sumant Kathpalia
 Headquarters: Mumbai
SBI Card launches ‘cashback SBI Card’
 SBI Card on announced the launch of ‘cashback SBI Card’ that enables cardholders to earn 5%
cashback on all online spending without any merchant restrictions.
 Consumers can apply for the card on the digital application platform ‘SBI Card SPRINT’.

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 SBI Card was launched in October 1998 by State Bank of India.

 SBI Card MD & CEO: Rama Mohan Rao Amara
 Headquarters: Gurugram
August GST revenue collection up 28% YoY at Rs 1.44 lakh crore
 The gross GST revenue collected in the month of August 2022 stood at Rs 1,43,612 crore, up 28%
on a year-on-year basis.
 With this, the monthly GST revenues have exceeded Rs 1.4 lakh crore for six months in a row.
 In July, the GST collection was Rs 1.49 lakh crore, the second-highest level since its introduction
in July 2017.
SBI lowers India's GDP forecast to 6.8% for FY23
 SBI has revised down India's full-year GDP growth forecast to 6.8 for the financial year FY23.
Earlier, the growth forecast was 7.5%.
 SBI's lowering of GDP growth forecast comes after National Statistical Office (NSO) released
data for the April-June quarter (Q1) of 2022-23, where the economy showed a growth of 13.5%.
 This growth rate is lower compared to 20.1% growth in Q1 of last year.
Moody’s slashes India’s economic growth forecast to 7.7% for 2022
 Moody’s Investors Service slashed India’s economic growth projection for 2022 to 7.7%, citing
dampening of economic momentum in coming quarters on rising interest rates, uneven
monsoon, and slowing global growth.
 Earlier Moody's had projected India's GDP to expand by 8.8% this year.
 Indian economy grew by 8.3% in 2021 after a 6.7% contraction in 2020.
A book on Indian Banking released by Dr Ashutosh Raravikar
 Dr Ashutosh Raravikar has authored a new book titled “Indian Banking in Retrospect - 75 years
of Independence”.
 He is currently The Director of the Department of Economic & Policy Research(DEPR), RBI.
 The book is published by Aswad Prakashan Private Limited.
 Bibek Debroy, Chairman of the Economic Advisory Council to the Prime Minister of India has
written the foreword of the book.
Mahindra Finance partners CRIF Solutions
 Mahindra Finance has partnered with CRIF Solutions Private (CRIF) to offer a seamless
onboarding experience for customers seeking loans.
 Mahindra Finance would now leverage an automated decisioning platform StrategyOne - A
Forrester rated Enterprise Business Rules Engine provided by CRIF, to integrate its customer
acquisition channels across multiple retail asset product lines.
AFI partners with HSBC India to support young women athletes
 Athletics Federation of India (AFI) has partnered with HSBC India to support women athletes of
the country, especially the youngsters.

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 Under the partnership, promising girls will be picked from the National Inter District
Championships for Under-14 and Under-16 categories and would be nurtured to perform on the
global stage.
 Selected athletes will receive training in Special coaching camps.

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