Honours & Awards
1. ‘Tomb of Sand’ becomes 1st Hindi novel to win 2022 Booker Prize
- Indian author Geetanjali Shree and American translator Daisy Rockwell won the 2022 International Booker Prize for “Tomb of Sand”.
- The book "Tomb of Sand' was originally written in Hindi, it is the first book in any Indian language to win such a prestigious award.
- The prize money of 50,000 pound will be split between Shree and Rockwell.
- The book is about a widow who dares to confront her experiences during the 1947 partition into India and Pakistan.
Banking & Finance
2. Japan's MUFG Bank gets approval set up branch at GIFT City
- MUFG Bank becomes the first Japanese bank to open a branch at Gujarat International Financial Tech City (GIFT City) in a bid to offer a wide range of banking services to both domestic and global clients.
- MUFG Bank has already taken all necessary approvals from the International Financial Services Centre Authority (India) and the Financial Services Agency (Japan) to set up a branch at GIFT City.
- MUFG had opened its first branch in Mumbai in 1953.
Banking & Finance
3. Govt revises motor third party insurance premium from June 1
- The Ministry of Road Transport and Highways has increased the third-party (TP) motor insurance premium for various categories of vehicles with effect from June 1.
- The premium for new private cars is hiked between 1% and 23%.
- The premium of private cars with an engine capacity of 1,000 cc is being hiked by 23% (Rs 2,094).
- For cars with an engine capacity between 1000 -1500 cc, the premium is hiked by 12% (Rs 3,416).
- The premium for Cars above 1500cc is hiked by 1%.
Banking & Finance
4. Indian Bank partners with Northern Arc to offer financial solutions
- Northern Arc (NBFC) has announced a joint venture (JV) with Indian Bank, which will help both institutions leverage synergies and offer customercentric financial solutions to borrowers in the retail segment.
- This move will help Indian Bank by gaining access to Northen Arc's n-POS platform which helps fintechs, NBFCs and investors co-lend to retail loan borrowers.
- MD & CEO, Northern Arc Capital: Ashish Mehrotra
- MD and CEO of Indian Bank: Shanti Lal Jain
Banking & Finance
5. RBI cuts net-worth requirement for non-bank Bharat Bill Payment units
- The Reserve Bank of India (RBI) has relaxed the norms for non-bank entities to set up Bharat Bill Payment operating units (BBPOU) by reducing the net-worth requirement to Rs 25 crores.
- Presently, the minimum net worth of Rs 100 crore is required to obtain authorisation for a non-bank BBPOU.
- Bharat Bill Payment System (BBPS) is an interoperable platform for bill payments and the scope and coverage of BBPS extends to all categories of billers who raise recurring bills.
Banking & Finance
6. CCEA clears sale of govt's 29.5% stake in Hindustan Zinc
- The Cabinet Committee on Economic Affairs (CCEA) has cleared the government's 29.5% stake sale in Hindustan Zinc Ltd (HZL) to fetch around Rs 38,000 crore to the exchequer.
- This decision will strengthen the government's disinvestment drive in the current fiscal year.
- The government has budgeted Rs. 65,000 crore from PSU disinvestment and strategic sale.
- In 2002, the government offloaded a 26% stake in HZL to Sterlite Opportunities and Ventures Ltd (SOVL).
Banking & Finance
7. BOB Financial launched co-branded contactless RuPay Credit Card with HPCL
- Bank of Baroda Financial and Hindustan Petroleum (HPCL) in partnership with National Payments Corporation of India (NPCI), have launched HPCL BoB co-branded contactless RuPay Credit Card.
- The card includes various features such as rewards for spending on utilities, grocery and departmental stores.
- This card can be used across merchants and ATMs globally through the JCB network.
- BOB Financial is a wholly-owned subsidiary of the Bank of Baroda (BoB).
Banking & Finance
8. HDFC Securities launches robo-advisory platform for mutual fund investments
- HDFC Securities has launched HDFC Money(robo-advisory platform) for all mutual fund investments.
- HDFC Money is a 100% digital platform that doesn’t involve opening or having a Demat Account.
- This also manages other aspects of finances such as accessing, managing, and tracking portfolios, starting goal planning, insurance planning, and managing/filing taxes.
- One can track funds of their choice and get comprehensive reports about the fund performance history.
National & International Appointments
9. Indian officer Anwar Hussain Shaik is new chair of WTO's committee
- Ten years later, an Indian government officer, Anwar Hussain Shaik has been made the chair of the WTO's Committee on Technical Barriers on Trade(TBT).
- He replaced Elisa Maria Olmeda de Alejandro from Mexico.
- Aim: To ensure that standards and conformity assessment procedures, and technical regulations are non-discriminatory and do not create unnecessary obstacles to trade.
- WTO is a 164 member organisation that formulates rules for global exports and imports.
Science & Technology
10. PARAM PORUL Supercomputer inaugurated at NIT, Tiruchirappalli
- Param Porul (supercomputer) was inaugurated at NIT Tiruchirappalli under National Supercomputing Mission (NSM) for public use.
- The NSM is a joint initiative of the Ministry of Electronics and Information Technology (MeitY) and the Department of Science and Technology (DST).
- This supercomputing facility is established under phase two of the national supercomputing mission to facilitate computational research.
Banking & Finance
11. Sebi withdraws permanent recognition granted to ICEX
- SEBI has withdrawn the recognition granted to the Indian Commodity Exchange Limited (ICEX).
- The withdrawal of recognition follows an order passed by SEBI on May 10 after finding the bourse non-compliant on several grounds like net worth and infrastructural requirements.
- After this, the ICEX has been directed to transfer the money available in the Investor Protection Fund and Investor Services Fund of ICEX to Sebi's Investor Protection and Education Fund.
Banking & Finance
12. Moody's cuts CY22 India GDP growth forecast to 8.8% amid rising inflation
- Moody’s Investors Service has cut its gross domestic product (GDP) growth forecast for India to 8.8% for calendar year 2022 (CY22) from its March estimate of 9.1%.
- Reason: Rising inflation and interest rates will temper the economic growth momentum.
- It projected inflation to be around 6.8% and 5.2% for 2022 and 2023, respectively.
- Earlier, the S&P Global Ratings had cut India’s growth projection for 2022-23 to 7.3 per cent, from 7.8 per cent earlier.
Banking & Finance
13. RBI issues norms for gold import by qualified jewellers through IIBX
- The Reserve Bank of India (RBI) has issued norms for facilitating physical import of gold through India International Bullion Exchange IFSC (IIBX) or similar authorised exchange by Qualified Jewellers in India.
- As per the guidelines, banks may allow Qualified Jewellers to remit advance payments for 11 days for import of gold through IIBX in compliance to the extant Foreign Trade Policy and regulations issued under IFSC Act.
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