Banking, Finance & Economy Current Affairs - 2022-23

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The Ministry of Agriculture & Farmers Welfare of the Government of India will be launching ‘Meri Policy Mere Hath’. The ‘Meri Policy Mere Hath’ is a doorstep distribution drive that will grant crop insurance to the farmers for the upcoming Kharif season.

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Dr. Mansukh Mandaviya, Union Minister of Health & Family Welfare, Chemicals & Fertilizers has inaugurated the seminar on “Industry Connect 2022”: Industry and Academia Synergy.

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New Delhi, Telecom infrastructure provider ATC India on appointment as of Sandeep Girotra as its chief executive officer (CEO). He succeeds Ashwini Khillan, who is moving into a new Asia-Pacific regional leadership role, ATC India .
Girotra has over 30 years of experience across various functions within the telecom and technology space.

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The Star Health and Allied Insurance Co. Ltd have launched ‘Star Women Care Insurance Policy’. The policy is a woman-centric comprehensive health cover policy specially dedicated to granting health security to women at every stage of their lives. It is available as both an individual policy and a floater policy. Women between the age group 18 years up to 75 years are eligible to opt for the policy. They don’t have to undergo any premedical tests to avail this policy. The premium amount can be paid in quarterly or half-yearly installments and the policy terms can be for 1 year, 2 years,s or 3-years. It covers regular hospitalization along with the cover for assisted reproduction treatment, delivery (pre and post-natal cover), multiple medical consultations, preventive health check-ups, voluntary sterilization as well as child hospitalization. Thus, mothers can grant health cover for their newborn child, in which the newborn child will get health cover of up to 25% of the Sum Insured from day 1 and 100% of the sum insured from the next subsequent year onward. It has the feature of ‘Star Mother Cover’ which covers hospital room rent of the insured mother if the insured child is less than 12 years old and is hospitalized in the ICU.

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Reserve Bank of India (RBI) has directed Paytm Payments Bank Ltd to stop the onboarding of new customers with immediate effect. The bank has also been directed to appoint an IT audit firm to conduct a comprehensive System Audit of its IT system. The RBI took the decision in exercise of its powers under section 35A of the Banking Regulation Act, 1949.

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The Ministry of Youth Affairs and Sports, Government of India, has contributed an amount of USD 72,124 towards UNESCO Fund for Elimination of Doping in Sport in 2022.

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To contain the illegal content, the European Union has come up with new regulations. Under the Digital Services Act, digital companies (Like Google, Meta, Twitter, etc) can be fined up to 6 % of their global turnover for violating rules. In case of repeated breaches, these companies can be even banned in EU Countries.

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Generali Asia has appointed Bruce de Broize as MD and CEO of Future Generali India Life Insurance (FGILI). He takes over from Miranjit Mukherjee who served as interim CEO since September 2021. He was the Regional Head of Distribution for Generali Asia based in Hong Kong for over five years. In March, Generali has become the majority shareholder of the Indian life insurance joint venture after getting all regulatory approvals.

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Reserve Bank of India, has its report on currency and finance, indicated that India would take another 13 years to recover from the losses during COVID 19.The halt of economic means of production, due to COVID 19 made the Indian economy grow at -6.6 % during fiscal 2020-21. All the sectors except Agriculture saw negative growth. The table below represents the growth amid COVID 19 pandemic.

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The US Fed Reserve has introduced a hike in the key policy rates. In a move to contain the inflation that is affecting the global markets the US Federal Open Market Committee (like MPC in India), raised the interest rates by 0.5%. The change in the position of the US currency has a ripple effect on the global economies, including India. The US Fed is led by Jerome Powell.