Roadmap for Banking of the Future
Daily Current Affairs – 28 November 2021
Daily Current Affairs 28 November 2021: This post contains the current affairs for 28 November 2021 that are important for competitive exams like IBPS PO and Clerk, SBI PO and Clerk, RBI Assistant and Grade B, other Insurance exams. You can also attempt our Current Affairs Quiz after reading our daily current affairs.
Banking & Economy
RBI announces higher cap on promoter stake in private banks at 26% after 15 yrs
- The Reserve Bank of India had formed an Internal Working Group (IWG) in June 2020, to review the extant guidelines on ownership and corporate structure for Indian private sector banks. The IWG had 5 members with Shri Shrimohan Yadav as the convenor.
- The Internal Working Group (IWG) had made 33 recommendations to RBI. Now RBI has accepted 21 recommendations out of these 33. Some important points from these recommendations are given below:
- The initial lock-in requirements will continue as minimum 40 per cent of the paid-up voting equity share capital of the bank for first five years.
- The cap on promoters’ stake in long run of 15 years has been raised from 15 percent (earlier) to 26 percent of the paid-up voting equity share capital of the bank.
- The minimum initial capital requirement for licensing new banks has been increased as below:
- For Universal Banks: The initial paid-up voting equity share capital/ net worth required to set up a new universal bank has been increased to ₹1000 crore (from present ₹500 crore).
- For SFBs: The initial paid-up voting equity share capital/ net worth required to set up a new SFB, has been increased to ₹300 crore (from present ₹200 crore).
- For UCBs transiting to SFBs: The initial paid-up voting equity share capital/ net worth has been increased to ₹150 crore (from present ₹100 crore) which has to be increased to ₹300 crore in five years (from present ₹200 crore).
- All the new Small Finance Banks which are setup now, should be listed (on stock exchange) within ‘eight years from the date of commencement of operations’. Note that Universal banks shall continue to be listed within six years of commencement of operations.
RBI imposes Rs 1 Crore penalty on SBI For violating norms
- The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on State Bank of India (SBI) on November 26, 2021, for violating sub-section (2) of section 19 of the Banking Regulation Act, 1949.
- SBI held shares in the borrower companies of an amount exceeding 30 percent of the paid-up share capital of those companies.
- As per Sub-section (2) of the Banking Regulation Act, 1949, no banking company can hold shares in any company, as pledgee, mortgagee or absolute owner, of an amount exceeding 30 percent of the paid-up share capital of that company or thirty per cent of its own paid-up share capital and reserves.
National
Bihar has highest level of multidimensional poverty while Kerala is least poor state: NITI Aayog’s Multi-dimensional Poverty Index
- The government think tank Niti Aayog has released the first ever Multi-dimensional Poverty Index (MPI) to measure poverty at the national, State/UT, and district levels.
- As per the inaugural index, Bihar has been adjudged as the state with highest level of multidimensional poverty. 51.91 percent of the state’s population are multidimensionally poor.
- Jharkhand is at second position with 42.16 percent of the state population as multidimensionally poor. This is followed by Uttar Pradesh at 37.79 percent, Madhya Pradesh (36.65 per cent) and Meghalaya (32.67 per cent) in top five poorest states.
- Meanwhile, Kerala (0.71 percent), Goa (3.76%), Sikkim (3.82%), Tamil Nadu (4.89%) and Punjab (5.59 %) are the top 5 lowest poverty state across India.
- Kottayam in Kerala is the only district which registered zero poverty across the country as per the index.
Madhya Pradesh announces launch of India’s first Cyber Tehsil
- The Madhya Pradesh Cabinet has approved the proposal to create Cyber Tehsils.
- Madhya Pradesh will be the first state in India to create Cyber Tehsil.
- Cyber Tehsil will make the property mutation process easy and people can avail the benefit of the system from anywhere in the state .
- Similarly the process of conversion will also become convenient in the cases of undisputed land through this service.
Defence
Indian Armed Forces undertake military exercise ‘Dakshin Shakti’ in Jaisalmer
- The Indian Army had organised the biggest military exercise called Dakshin Shakti in Rajasthan’s Jaisalmer from November 19 to 22, 2021.
- Exercise Dakshin Shakti witnessed the participation of over 30,000 troops from the Army, Navy, IAF, Coast Guard, BSF and intelligence.
- The drills were undertaken in the deserts of Thar to the Rann of Kutch.
- The main objective of this exercise was to test the capability of the troops in the marshy and marine areas and to see how well the forces worked together and how well they connected.
- The aim was also to establish the best coordination among armed forces, space technology and artificial intelligence.
Indian Navy commissions 4th Scorpene-class submarine INS Vela at Naval Dockyard Mumbai
- The Indian Navy formally commissioned the fourth Scorpene-class submarine INS Vela at the Naval Dockyard in Mumbai on November 25, 2021.
- INS Vela is the fourth in the series of six submarines being developed under the Kalvari-class submarine Project-75.
- It has been built by Mazagon Dock Shipbuilders Ltd in collaboration with M/s Naval Group of France.
Appointment
Indian candidate Praveen Sinha elected to top committee of INTERPOL
- The Central Bureau of Investigation (CBI) Special Director Praveen Sinha has been elected as ‘Delegate for Asia’ on the executive committee of the International Criminal Police Organization (Interpol).
- Sinha was elected in the elite panel on November 25, 2021 during the 89th Interpol general assembly in Istanbul, Turkey
- Meanwhile, Ahmed Nasser Al Raisi of the United Arab Emirates (UAE) has been elected as the new President of INTERPOL (Headquarters: Lyon, France).
Obituary
Sahitya Akademi winning eminent Assamese Poet Sananta Tanty passes away at 69
- Sahitya Akademi Award-winning Indian poet of Assamese literature Sananta Tanty has passed away after a prolonged illness. He was 69.
- Tanty received several awards and recognitions. He received the Sahitya Akademi in 2016 for his collection of poems in Assamese titled ‘Kailoir Dinto Amar Hobo’ (Tomorrow Will Be Ours).
