| 1. | The RBI has published guidelines for digital lending. | The RBI’s standards apply to RBI-regulated businesses and lending service providers who are contracted to offer different permitted credit facilitation services. According to the RBI, digital loans must be credited directly to borrowers’ bank accounts rather than through a third party. The RBI further stated that the fees or costs owed to Lending Service Providers (LSPs) in the credit intermediation process should be paid by digital lending businesses rather than borrowers. Before signing the loan contract, the RBI said that the borrower must be presented with a standardised Key Fact Statement (KFS). It further said that the whole cost of digital loans, expressed as an Annual Percentage Rate (APR), must be disclosed to borrowers. To resolve digital lending-related concerns, banks and LSPs engaged by them must establish a nodal grievance redressal officer. New regulations prohibit automatic increases in credit limit without the borrower’s explicit approval. On January 13, 2021, the RBI established a Working Group on ‘digital lending (WGDL), including lending through online platforms and mobile applications’ . The regulator/controlling authority of organisations authorised to conduct digital lending but not regulated by the RBI may consider developing digital lending rules/regulations based on the suggestions of the WGDL. |
| 2. | Muthoot Finance got the ‘best growth performance award’ at the 22nd edition of Dun & Bradstreet’s ‘India’s Top 500 Companies’ corporate awards. | The top-500 list by Dun & Bradstreet ranks commercial and public sector Indian firms across 60 industries based on income, net profit, net worth, and other financial factors. The subject for this year’s event was “ESG: The Only Way for Sustainable and Responsible Growth.” Dun & Bradstreet is a provider of business decisioning data and analytics. Muthoot Finance is India’s biggest gold loan Non-Banking Financial Company (NBFC). Its headquarters are located in Kochi, Kerala. |
| 3. | India is rated seventh among the top 20 worldwide countries in terms of digital currency possession. | According to the United Nations, digital money is owned by 7.3% of India’s population. According to the UN, the usage of bitcoin rose at an unprecedented rate during the Covid-19 outbreak. According to the United Nations Conference on Trade and Development (UNCTAD), developing nations will account for 15 of the top 20 economies in terms of the proportion of the population that owns cryptocurrency in 2021. Ukraine (12.7% population), Russia (11.9% population), Venezuela (10.3% population), Singapore (9.4% population), Kenya (8.5% population), and the United States (8.3% population) are the top six nations. Three policy briefs have been issued by UNCTAD. Private digital currencies, according to policy briefs, are an unstable financial asset that might entail societal risks and costs. “All that glitters is not gold: The high cost of leaving cryptocurrencies unregulated,” according to one of the policy briefs. Another brief is titled “The Cost of Doing Too Little Too Late: How Cryptocurrencies Threaten Domestic Resource Mobilization in Developing Countries.” |
| 4. | The Finance Ministry revised its prior statement on APY and barred income tax payers from participating in APY beginning October 1, 2022. | According to the statement from the Finance Ministry, every person who is or has been an income-tax payer would be unable to join APY from October 1, 2022. If a subscriber who joined on or after October 1, 2022 is later discovered to be a tax payer on or before the date of application, the APY account will be cancelled. The subscriber would get the accrued pension money up to that point. On May 9, 2015, the Atal Pension Yojana (APY) was started. It became active on June 1, 2015. It is available to all Indian nationals aged 18 to 40 who have a savings account in a bank or post office. It is a purely volunteer programme. It is a pension plan based on periodic contributions. The subscriber would get a pension at the age of 60 under it. Depending on the contribution specified, each subscriber will get a Central Government guaranteed minimum pension ranging from $1,000 to $5,000 per month from the age of 60 till death. In the event of the subscriber’s death, the same pension will be paid to the spouse until the spouse’s death. |
| 5. | The RBI has revoked the licence of Pune-based Rupee Co-operative Bank. | With effect from September 22, 2022, the co-op bank will cease banking operations. The Maharashtra Commissioner for Cooperation and Registrar of Cooperative Societies has also been asked to issue an order to wound up the bank and appoint a liquidator. The RBI revoked the licence because the bank lacked appropriate capital and earning potential, and its continued existence would be detrimental to depositors’ interests. The bank violated many sections of the Banking Regulation Act of 1949. On liquidation, each depositor would be entitled to collect the deposit insurance claim amount of his/her savings up to a monetary limit of Rs. 5 lakh only from the Deposit Insurance and Credit Guarantee Corporation (DICGC). The RBI fined eight urban cooperative banks for noncompliance with different rules. 1. Warud Urban Co-operative Bank, Maharashtra 2. Yavatmal Urban Co-operative Bank, Maharashtra 3. Jila Sahakari Kendriya Bank Maryadit, Chhindwara (Madhya Pradesh) 4. Chhattisgarh Rajya Sahakari Bank Maryadit, Raipur (Chhattisgarh) (Rs 25 lakh fine) 5. Garha Co-operative Bank Limited, Guna (Madhya Pradesh) 6. Goa State Co-operative Bank, Panaji 7. Mehsana Urban Co-operative Bank, Gujarat (Rs 40 lakh fine) 8. Indapur Urban Cooperative Bank, Maharashtra (Rs 7 lakh fine) |
| 6. | The government has re-nominated four part-time, non-official RBI Central Board Directors. | Satish Kashinath Marathe, Swaminathan Gurumurthy, Revathy Iyer, and Sachin Chaturvedi are their names. Marathe and Gurumurthy have been re-nominated for a four-year term beginning August 11, 2022, or until further instructions, whichever comes first. Iyer and Chaturvedi have been re-nominated for a four-year term that will end on September 18, 2022, or until further instructions are issued, whichever comes first. The RBI’s central board currently has 13 directors. |
| 7. | CoinSwitch, a cryptocurrency exchange, has created the Web3.0 Discovery Fund. | CoinSwitch’s Web3.0 Discovery Fund is a corporate venture financing project. CoinSwitch will provide early-stage investments in entrepreneurs developing blockchain solutions for Web3. Portfolio startups will be curated by Web3 Discovery Fund. It will also enable single-window access to Tiger Global, Ribbit Capital, and other investment partners. Autonomy Network has partnered with T-Hub to establish a Web3 community in Hyderabad, Telangana. Autonomy Network created infrastructure that requires no programming. It enables the creation of NFTs (Non-Fungible Tokens) without the need for coding. Web3 refers to the World Wide Web that is built on blockchain technology. In 2014, Ethereum co-founder Gavin Wood proposed the phrase “Web3.” |
| 8. | According to the CAG report, the overall loss of the four PSU insurers in the health insurance portfolio over the previous five years was Rs. 26,364 crore. | According to the research, the company lost Rs. 26,364 crore from 2016-17 to 2020-21. According to the survey, PSU insurers’ market share in the health insurance sector is steadily falling. New India Assurance Company Limited (NIACL), United India Insurance Company Limited (UIICL), Oriental Insurance Company Limited (OICL), and National Insurance Company Limited (NICL) are the four PSU insurers. The second largest line of business for PSU insurers is health insurance. The first is the motor insurance industry. According to the research, PSU insurers’ IT systems lacked necessary validation checks and controls. As a result, there have been lapses such as numerous claim settlements, excess payments in excess of the sum covered, and so on. |
| August 10, 2022 | August 11, 2022 | August 12, 2022 |
|---|---|---|
| FAO initiated a programme to monitor soil nutrients digitally in Sub-Saharan Africa (SSA) and Central America. | The Cabinet has approved an agreement between India and Australia on audiovisual co-production. | ISRO opened India’s first virtual space museum, dubbed ‘SPARK.’ |
| The Samudrayaan Mission seeks to create a self-propelled manned submersible capable of transporting three people to a depth of 6000 metres in the ocean. | On August 8, the Zoological Survey of India (ZSI) published a paper titled “Threatened Animals of Kerala.” | The ‘Langya’ zoonotic virus has infected 35 persons in China. |
| World Lion Day is celebrated on August 10th. | The Union Cabinet has adopted an additional protocol to the Universal Postal Union constitution. | The inaugural U-16 Khelo India Women’s Hockey League will take place in New Delhi on August 16. |
| The RBI fined eight urban cooperative banks for noncompliance with certain rules. | Agriculture Minister has released the indigenous vaccination Lumpi ProVac. | Latvia and Estonia withdrew from the cooperation group of China and Central and Eastern European nations. |
| Nitish Kumar will take the oath of office as Bihar’s Chief Minister. | Sunil Chhetri and Manisha Kalyan have been named the AIFF Footballers of the Year. | NHIDCL and NSDC signed a Memorandum of Understanding to collaborate on skill development projects. |
| Serena Williams, the iconic American tennis player, has announced her retirement from professional tennis. | Telangana CM launches Nethanna Bima initiative for weavers. | International Youth Day in 2022: August 12th |
| Home and Cooperation Minister Amit Shah e-launched cooperative onboarding on the GeM site. | Purushottam Rupala’s book ‘Fish and Seafood’ was published in 2007. | World Elephant Day 2022: August 12th |
| Recently, Marathi actor Pradeep Patwardhan died. | Justice Uday Umesh Lalit has been appointed as the 49th Chief Justice of India. | In New Delhi, Union Home and Cooperation Minister Amit Shah launched a day-long National Conference of Rural Cooperative Banks. |
| James Marape is sworn in as Papua Next Guinea’s new Prime Minister. | The Union Cabinet has authorised the extension of PMAY-Urban until December 31, 2024. | The RBI has released digital lending rules. |
| The Reserve Bank of Australia will begin a digital money pilot project. | Keshav Prasad Maurya is elected Leader of the House in Uttar Pradesh’s Legislative Council. | Climate research: The Arctic is warming four times faster than the rest of the world. |
| CM Yogi Adityanath inaugurated ‘Radio Jaighosh’ to celebrate the anniversary of the Kakori Train Action. | On August 11, the Election Commission will convene a virtual Asian Regional Forum meeting. | Ramadhar Singh gets inducted into the US Heritage Wall of Fame as the first Indian social psychologist. |
| In Ranchi, a two-day Jharkhand Janjatiya Mahotsav 2022 began. | Uzbekistan and Ukraine won the open and women’s portions of the 44th Chess Olympiad, respectively. | SBI will handle the Indian Visa Application Centre (IVAC) in Bangladesh for another two years. |
| The Peninsular Rock Agama vanished from southern India because to habitat loss and development. | The Maharashtra Governor officially kicks off the 22nd ‘Bharat Rang Mahotsav’ in Mumbai. | The government has authorised Corbevax as an adult booster dosage. |
| AIIMS has created an anti-gravity body suit for practising yoga in space. | 14th World Biofuel Day: August 10th | The Mexican President suggested a Commission for World Peace, which would be led by three leaders, including Prime Minister Modi. |
| Y.S. Jagan Mohan Reddy, Chief Minister, distributed 694 crore under Vidya Deevena at Bapatla. |