Daily Current Affairs 20 March 2022 for Banking/Insurance/SSC and other related exams.
MCL becomes the largest coal producing company in India
The Mahanadi Coalfields Limited (MCL), a unit of the CIL, has crossed 157 million tonne (MT) in coal production in the financial year of 2021-22, to become the leading coal producing company in the country.
- On March 12, 2022, the company produced 7.62 lakh tonne of dry fuel which is the highest in a day during the current financial year reaching 157.7 MT with a growth of around 16 per cent over the last financial year.
CAMS launches Central Record Keeping Agency under NPS
Computer Age Management Services Limited (CAMS), India’s largest registrar and transfer agent of mutual funds (a SEBI regulated entity) has announced the go-live and launch of Central Record Keeping Agency (CRA) under the National Pension System (NPS).
- CAMS is India’s largest registrar and transfer agent of mutual funds and is a SEBI regulated entity.
- Sector regulator Pension Fund Regulatory and Development Authority (PFRDA) appointed CAMS as a CRA to broad-base the services to NPS subscribers and the ecosystem.
West Bengal celebrates Dol Utsav, welcomes spring season
The people of Bengal celebrated the festival of colours, predominantly known as Dol Utsav in the state through cultural programs, marking the onset of spring season.
- People from all age groups came out in the streets in large numbers and smeared ‘gulal’ or ‘aabir’ on each other. Children cheerfully sprinkled coloured water on the passers-by, which they greeted with affection.
BANKING & FINANCE
NPCI launches on-device wallet feature for UPI users for small transactions
The National Payments Corporation of India (NPCI) has come out with the ‘on-device’ wallet feature for Unified Payments Interface (UPI) users, which will be known as “UPI Lite”, for facilitating small ticket transactions. This is aimed at reducing stress on the banking system and making the transaction process even simpler.
- UPI Lite will process transactions in near offline mode i.e., debit offline and credit online, and at a later point, UPI Lite will process transactions in complete offline mode i.e., debit and credit both offline.
SBI to provide $1-bn credit line to Sri Lanka amid worsening economic situation
The finance ministry said that State Bank of India (SBI) will provide $1 billion credit facility to Sri Lanka for procurement of food, medicines and other essential items.
- Earlier, the Export-Import Bank of India (Exim Bank) had extended a line of credit of $500 million for financing the purchase of petroleum products to Sri Lanka which is facing a financial crisis.
Kotak Mahindra Bank signs MoU with Business France
Kotak Mahindra Bank Ltd has entered into a memorandum of understanding (MoU) with Business France, the French national agency in charge of the development of exports and international investments in France, to support companies in the Indo-French corridor.
- The MoU will try to promote business and start-up ecosystem cooperation and identify business and investment opportunities in India and France
BUSINESS & ECONOMY
USAID, Mastercard partnership seeks to foster digital empowerment of women
US Agency for International Development (USAID) and Mastercard have partnered to foster digital empowerment of women in India through an initiative called ‘Project Kirana’.
- Project Kirana is a business development and digital financial literacy programme for women entrepreneurs that aims to increase revenue streams, expand financial inclusion, and enable the adoption of digital payments and other digital tools by women-owned-and-operated kirana shops.
- The two-year programme, implemented by DAI and ACCESS Development Services, is working in select cities of Uttar Pradesh, according to a statement released by Mastercard.
BPCL becomes the first company to offer digital payment to non-internet users
Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 Company has partnered with UltraCash Technologies Pvt. Ltd. to offer a voice-based digital payment facility for BharatGas consumers for booking their LPG cylinders.
- Through this feature, the consumers who do not have smartphones or internet can book their cylinders and make the payment through ‘UPI 123PAY’. With the introduction of this facility, around 4 crore consumers of BharatGas in rural India will stand to benefit.
- BPCL is the first Company in India to offer their service to consumers after RBI Governor announced the launch of UPI 123PAY.