National news
Banking Laws (Amendment) Bill 2024 Introduced in Lok Sabha
The Banking Laws (Amendment) Bill 2024 was introduced in the Lok Sabha today by Union Minister of State for Finance, Pankaj Choudhary.
- This bill seeks to amend several significant banking laws to modernize and enhance the regulatory framework of the banking sector.
- The amendments proposed include changes to the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, and the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980.
- The bill aims to streamline banking operations and align them with contemporary financial practices, reflecting the government’s commitment to improving the efficiency and effectiveness of banking regulations.
Lok Sabha Introduces Railways (Amendment) Bill 2024
The Lok Sabha saw the introduction of the Railways (Amendment) Bill 2024 by Railways Minister Ashwini Vaishnaw. The bill aims to amend the Railways Act of 1989 to enhance the powers of the Railways Board and improve operational efficiency.
- Key provisions of the bill include the integration of the Indian Railway Board Act, of 1905 into the Railways Act, of 1989.
- This move seeks to simplify the legal framework governing Indian Railways by repealing the Indian Railway Board Act, of 1905 and incorporating its provisions into the Railways Act.
- The changes are intended to streamline the constitution and composition of the Railway Board, thereby boosting the overall efficiency of railway operations.
- The bill was introduced to modernize and strengthen the administrative framework of Indian Railways.
Banking news
RBI Shortens Frequency of Credit Reporting to Fortnightly
The Reserve Bank of India (RBI) has revised the credit information reporting frequency from monthly to every 15 days, effective immediately.
- Objective: The change aims to enhance the accuracy and timeliness of credit data, benefiting both lenders and borrowers.
- Faster Updates for Borrowers: Borrowers will see quicker updates in their credit reports, allowing positive financial actions, such as loan repayments, to be reflected more promptly.
- Enhanced Accuracy: More frequent updates ensure that credit reports are up-to-date, offering a clearer and more accurate assessment of a borrower’s financial health, potentially leading to better loan terms.
RBI:
- Founded: 1 April 1935, Kolkata
- Headquarters: Mumbai
- governor: Shaktikanta Das
Pine Labs-owned Setu Launches UPISetu in Partnership with Axis Bank
Setu, a Pine Labs-owned API provider, launched UPISetu with Axis Bank, focusing on UPI solutions for businesses and developers.
- Platform Features: UPISetu offers a variety of UPI services including QR Code Payments, UPI Autopay, EMI Payments, Third-Party Validation, brand and bank offers, dispute resolution, instant cashbacks, and refunds.
- Market Impact: The platform aims to capitalize on UPI’s growing adoption in India, enhancing transaction success rates and supporting merchant digitization.
- Statements: Pine Labs CEO B Amrish Rau and Axis Bank’s Sanjeev Moghe emphasized UPISetu’s potential to advance UPI’s evolution and support digital payments.
- About Setu and Pine Labs: Setu, founded in 2018 and acquired by Pine Labs in 2022, provides API solutions and is RBI-licensed as an account aggregator. Pine Labs focuses on merchant commerce and digital payments across India, the Middle East, and Southeast Asia.
Axis bank:
- CEO: Amitabh Chaudhry (1 Jan 2019–)
- Headquarters: Mumbai
- Founded: 3 December 1993, Ahmedabad
DBS Bank India Launches ‘DBS Golden Circle’ for Senior Citizens: Key Highlights
DBS Bank India Limited (DBIL) has introduced the ‘DBS Golden Circle,‘ a priority banking program tailored for senior citizens aged 60 and above, offering enhanced banking services and income security.
- Exclusive Benefits: The program provides higher interest rates on savings accounts (up to 7% per annum for balances above Rs 4 lakhs) and Fixed Deposits (additional 0.50% per annum for tenures of 376 to 540 days), cyber insurance, and other perks.
- Milestone: The launch coincides with DBS Bank’s 30th anniversary in India, utilizing its branch network and digital services to improve customer experiences.
- DBIL Leadership: Managing Director and CEO – Surojit Shome. Headquarters – Mumbai, Maharashtra. Founded in 1994, DBIL is a wholly-owned subsidiary of DBS Bank Ltd, Singapore
DBS:
- CEO: Piyush Gupta (9 Nov 2009–)
- Headquarters: Singapore
- Founded: 16 July 1968, Singapore
RBI Ranks 12th in Global Central Bank Asset Rankings
The Reserve Bank of India (RBI) secured the 12th spot in the Sovereign Wealth Fund Institute’s (SWFI) Top 100 Largest Central Bank Rankings by Total Assets in 2024, with total assets amounting to USD 839 billion.
Balance Sheet Growth: RBI’s balance sheet grew by 11.08% year-on-year, reaching Rs 70.47 trillion as of March 2024.
Top Global Central Banks:
- 1st: The Federal Reserve System (FRS) of the USA, with assets of USD 7.84 trillion.
- 2nd: People’s Bank of China (PBC), with USD 6 trillion.
- 3rd: Bank of Japan (BOJ), with USD 5.54 trillion
Top 10 Largest Central Banks by Total Assets
Rank | Name of the Bank | Total Assets | Country |
1 | Federal Reserve System (FRS) | USD 7.84 trillion | United States of America (USA) |
2 | People’s Bank of China (PBC) | USD 6 trillion | China |
3 | Bank of Japan (BOJ) | USD 5.54 trillion | Japan |
4 | Deutsche Bundesbank (DBB) | USD 2.77 trillion | Germany |
5 | Bank of France | USD 2.01 trillion | France |
6 | Norges Bank | USD 1.63 trillion | Norway |
7 | Bank of Italy (BOI) | USD 1.38 trillion | Italy |
8 | Bank of England (BOE) | USD 1.28 trillion | United Kingdom (UK) |
9 | Bank of Spain (BOS) | USD 1.04 trillion | Spain |
10 | Swiss National Bank (SNB) | USD 944 billion | Switzerland |
About the Sovereign Wealth Fund Institute (SWFI)
- Incorporation: Established in 2008, SWFI provides in-depth research and analysis on global capital, investor intelligence, money flows, and transparency.
- Leadership: The institute is chaired by Lakshmi Narayanan.
- Corporate Offices: Located in Las Vegas, Nevada, USA.
Appointment news
DBS Appoints Tan Su Shan As First Female CEO
Indian-origin top Singapore banker Piyush Gupta is set to step down as the Chief Executive Officer of the DBS Group in March 2025. He will be succeeded by Tan Su Shan, who was appointed Deputy CEO yesterday, in addition to being Group Head, Institutional Banking, at DBS.
First ever female chief executive
Gupta is set to retire at the next Annual General Meeting of DBS on March 28, 2025, according to the bank. Her first stint at DBS was as a university student. When she becomes CEO, the banking group will have its first ever female chief executive. Her past roles have been at Morgan Stanley and Citigroup. Tan has also been a nominated MP in Singapore from 2012 to 2014.
Tunisia’s President Replaces Prime Minister Ahead of October Election
In a recent political shakeup, Tunisia’s President Kais Saied has dismissed Prime Minister Ahmed Hachani and appointed Kamel Maddouri, the former Social Affairs Minister, to the role. This change marks the sixth prime ministerial appointment under Saied’s administration. The announcement comes just before Tunisia’s presidential election on October 6, amid growing social and economic unrest.
- Political Shift: President Saied’s decision to replace Hachani, who had been in office for only a year, was made without providing specific reasons. The new prime minister, Kamel Maddouri, is stepping into a turbulent political environment characterized by high inflation, unemployment, and social discontent. Saied’s administration has faced criticism for its handling of economic challenges and increasing authoritarian measures.
- Background on Saied’s Rule: Since coming to power in 2019, Saied has implemented significant changes, including suspending the parliament and rewriting the constitution to centralize power. These actions have sparked controversy and raised concerns about democratic backsliding in Tunisia, once seen as a beacon of progress following the Arab Spring uprisings.
About Tunisia
- President: Kais Saied
- Capital: Tunis
- Currency: Tunisian Dinar (TND)
Sports news
Prez Droupadi Murmu, VP Jagdeep Dhankhar & PM Modi congratulates Indian wrestler Aman Sehrawat on winning Bronze Medal at Paris Olympics
Praised Aman Sehrawat as one of the youngest male wrestlers to win a medal in his first Olympics, highlighting his promising future and India’s continued success in wrestling. on winning the Bronze Medal at the Paris Olympics.
- Vice President Jagdeep Dhankhar: Commended Aman’s dedication and perseverance, expressing pride in his achievement on the global stage and wishing him continued success.
- Prime Minister Narendra Modi: Celebrated Aman’s dedication and perseverance, noting that the entire nation is rejoicing in his remarkable accomplishment.
- Union Home Minister: Lauded Aman for his exceptional perseverance and strength in achieving the Olympic medal.
Science And Tech News
IIT Indore and DRDO Develop Energy-Harvesting GPS Tracking Shoes
Indian Institute of Technology (IIT) Indore and Defence Research and Development Organisation (DRDO) have developed advanced shoes with energy-harvesting and GPS tracking capabilities.
- Purpose: Designed specifically for soldiers, these shoes can generate electricity and track the real-time location of the wearer.
- Initial Supply: The first batch of 10 pairs has been supplied by IIT Indore to DRDO units.
Key Features:
- Energy Harvesting: The shoes use Tribo-Electric Nanogenerator (TENG) technology to generate electricity with each step. This energy is stored in a device within the shoe soles and can power small appliances.
- GPS and RFID: Equipped with GPS and Radio Frequency Identification (RFID) technologies for real-time location tracking of personnel.
- Development: Guided by Professor IA Palani from IIT Indore.
DRDO:
- Date founded: 1958
- Headquarters: DRDO Bhavan, New Delhi, India
- Agency executive: : Sameer V. Kamat, Chairman, DRDO;
Important days
Quit India Movement Day (August Kranti Day)
- Date: Annually observed on August 8
- Significance: Commemorates the launch of the Quit India Movement in 1942, a crucial movement in India’s fight for independence from British rule, demanding the immediate withdrawal of British forces.
- Themes: Highlights the power of non-violent resistance and civil disobedience in achieving social and political change, emphasizing democracy, freedom, and unity.
- 2024: Marks the 82nd anniversary of Quit India Movement Day.