5 May

CURRENT AFFAIRS
01st May 2022 to 10th May 2022 CA
Contents
1. RBI/SEBI/NABARD In NEWS ................................................................................................ 2
................................................................................................................................................................ 2
1.1. RBI Reduced Repo Rate by 40 BPS ........................................................................... 2
1.2. Increase in Cash Reserve Ratio................................................................................... 4
1.3. LOC of USD 190 Million .................................................................................................. 5
1.4. Changes in Credit Ratings for Deposit taking NBFC ......................................... 6
1.5. Regulations Review Authority 2.0 – Third Trench ............................................. 6
1.6. Government Bond Auctions .......................................................................................... 7
1.7. SEBI asked information .................................................................................................. 8
2. Finance In NEWS ....................................................................................................................... 9
2.1. IMF on India’s dream of $5 Trillion Economy...................................................... 9
3. Reports/Index in NEWS ........................................................................................................ 10
3.1 State Government’s Borrowings................................................................................. 10
3.2 New form for ITRs for 2019-20 & 2020-21 ............................................................ 11
3.3 IRDAI Committee on Micro Insurance (MI) ........................................................... 12
3.4 ECOWRAP Report by SBI ............................................................................................... 13
3.5 PMI Service and PMI Manufacturing ........................................................................ 14
3.5 World Press Freedom Index 2022 .............................................................................. 15
4. Other Important NEWS ......................................................................................................... 17
4.1. Germany commits 10 Billion ..................................................................................... 17
4.2. Supply Chain Plan by Japan ....................................................................................... 18
Crack Grade B
4.3. PLFS Data October-December 2021. ....................................................................... 19
4.4. UN Tax Panel on Digital TAX ...................................................................................... 21
4.5. WHO report on COVID Death toll ............................................................................. 23
4.6. State of the World’s Forests 2022 ........................................................................... 26
4.7. Global Network Against Food Crises (GNAFC). ................................................... 28
5. One Liner ..................................................................................................................................... 30
www.crackgradeb.com | [email protected] |9971687048

Crack Grade B
1. RBI/SEBI/NABARD In NEWS
1.1. RBI Reduced Repo Rate by 40 BPS

Issue: - On the basis of an assessment of the current and evolving
macroeconomic situation, the Monetary Policy Committee (MPC) at its
meeting today (May 4, 2022) decided to: Increase the policy repo rate under
the liquidity adjustment facility (LAF) by 40 basis points to 4.40 per cent
with immediate effect.
Vote: - All members of the MPC – Dr. Shashanka Bhide, Dr. Ashima Goyal,
Prof. Jayanth R. Varma, Dr. Rajiv Ranjan, Dr. Michael Debabrata Patra and
Shri Shaktikanta Das – unanimously voted to increase the policy repo rate
by 40 basis points to 4.4 per cent.
Possible Trigger: - Near 7 per cent retail inflation in March and
expectations of similar prints in April – and probably the entire April-June
quarter – necessitated the off-cycle meeting of the monetary policy
committee (MPC) members as they realised the urgency to act fast or face
the grim prospect of failing to fulfil their mandate.
So, what is the Objective? - Near 7 per cent retail inflation in March and
expectations of similar prints in April – and probably the entire April-June
quarter – necessitated the off-cycle meeting of the monetary policy
committee (MPC) members as they realised the urgency to act fast or face
the grim prospect of failing to fulfil their mandate.
Note on Standing Liquidity Facility: -
The Standing Liquidity Facility provided to Primary Dealers (PDs) (collateralised
liquidity support) from the Reserve Bank would be available at the revised repo rate
of 4.40 per cent with effect from May 4, 2022.
Key Rates: -
Standing Deposit
Repo Rate Reverse Repo Rate Bank Rate & MSF
Facility
• 4.40% • 3.35% • 4.15% • 4.65%

Crack Grade B
Assessment – Global Economy, Domestic Economy & Outlook
International Monetary Fund & World Trade Organization
• The International Monetary Fund (IMF) has revised down its forecast of
global output growth for 2022 by 0.8 percentage point to 3.6 per cent, in a
span of less than three months.
• The World Trade Organization has scaled down projection of world trade
growth for 2022 by 1.7 percentage points to 3.0 per cent.
Liquidity & Inflation
• Liquidity remained in large surplus. Bank credit rose (y-o-y) by 11.1 per
cent as on April 22, 2022. India’s foreign exchange reserves declined by
US$ 6.9 billion in 2022-23 (up to April 22) to US$ 600.4 billion.
• In March 2022, headline CPI inflation surged to 7.0 per cent from 6.1 per
cent in February, largely reflecting the impact of geopolitical spillovers.
Food inflation increased by 154 basis points to 7.5 per cent and core
inflation rose by 54 bps to 6.4 per cent.
Stance
• Accommodative while focusing on withdrawal of accommodation to

ensure that inflation remains within the target going forward, while
supporting growth.

Crack Grade B
1.2. Increase in Cash Reserve Ratio
Issue: - RBI increased the CRR on its 4th May 2022 Monetary Policy Review.
Under Section: - In exercise of the powers conferred under the sub-section
(1) of Section 42 of the Reserve Bank Act, 1934 and sub-section (1) of
Section 18 of the Banking Regulation Act, 1949 (10 of 1949) read with
section 56 thereof.
Effective From – 21st May 2022.
CRR To -
4.50%
CRR
From -
4%
What is CRR?
Cash Reserve Ratio (CRR) is the share of a bank’s total deposit
that is mandated by the Reserve Bank of India (RBI) to be
maintained with the latter as reserves in the form of liquid
cash.
Objectives of CRR.
The Cash Reserve Ratio serves as one of the reference rates
when determining the base rate. Base rate means the
minimum lending rate below which a bank is not allowed to
lend funds. The base rate is determined by the Reserve Bank
of India (RBI).

Crack Grade B
1.3. LOC of USD 190 Million
Circular By: - RBI

Issue: - Exim Bank's Government of India supported additional Line of
Credit (LoC) of USD 190 million to the SBM (Mauritius) Infrastructure
Development Company Ltd.
Applicable to: - All Category – I Authorised Dealer Banks.
Applicable From: - The Agreement under the LoC is effective from April 18,
2022. Under the LoC, the terminal utilization period is 60 months from the
scheduled completion date of the project.
Key Highlights from the Circular

Export-Import Bank of India (Exim Bank) has entered into an agreement dated January
06, 2022 with the SBM (Mauritius) Infrastructure Development Company Ltd
(SBMIDCL), for making available to the latter, Government of India supported Line of
Credit (LoC) of USD 190 million (USD One Hundred and Ninety Million Only) for the
purpose of financing its participation through Redeemable Preference Shares in public
sector entities for implementing the ongoing Metro Express Project and other
infrastructure projects in Mauritius.
The Credit facility is an additional tranche to the existing Credit of USD 500 million
(USD Five Hundred Million) which has been extended to SBMIDCL on the terms and
conditions contained in the Dollar Credit Line Agreement dated May 27, 2017.
What is Line of Credit?

A line of credit (LOC) is a present borrowing limit that can be
tapped into at any time. The borrower can take money out as
needed until the limit is reached. As money is repaid, it can be
borrowed again in the case of an open line of credit.
A LOC is an arrangement between a financial institution—
usually a bank—and a customer that establishes the
maximum loan amount the customer can borrow. The
borrower can access funds from the line of credit at any time
as long as they do not exceed the maximum amount (or credit
limit) set in the agreement.

Crack Grade B
1.4. Changes in Credit Ratings for Deposit taking NBFC
Circular By: - RBI
Issue: - RBI unveils review on Minimum Investment Grade Credit Ratings
for Deposits of NBFCs.
Applicable to: - All deposit taking NBFC.
Changes: - Approved Credit Rating Agencies and Minimum Investment
Grade Credit Rating shall be ‘BBB– ‘from any of the SEBI-registered Credit
Rating Agencies.
1.5. Regulations Review Authority 2.0 – Third Trench

Issue: - As per The Reserve Bank of India (RBI) the Regulations Review
Authority has recommended the withdrawal of additional 225 redundant
circulars.
Why: - RRA 2.0 was set-up by the Reserve Bank of India to review the
regulatory instructions, remove redundant and duplicate instructions and
reduce the compliance burden on Regulated Entities (REs).
First Trench Second Trench Third Trench

150 Circulars 100 Circulars 225 Circulars
16th Nov 2021 18th Feb 2022 02nd May 2022
More About RRA 2.0

RRA 2.0 was set up in April 2021 to review regulatory
instructions to remove redundant and duplicate ones, reduce
the compliance burden on Regulated Entities (REs) by
streamlining reporting structure; revoke obsolete instructions;
and, wherever possible, obviate paper-based submission of
returns.

Crack Grade B
1.6. Government Bond Auctions
Issue: - Govt bond auction for Rs 32,000 crore sails through as RBI accepts
bids.
Key Highlights
The government bond auction for Rs 32,000 crore, the first after the 40-basis point
hike in the policy repo rate, sailed through as the Reserve Bank of India (RBI) accepted
the bids. The acceptance of bids indicates the RBI is not alarmed at the rising yields.
The auction was scheduled for four securities —
1. 5.74% GS 2026 (Rs 9,000 crore),
2. GOI Floating Rate Bond 2028 (Rs 4,000 crore),
3. 6.67% GS 2035 (Rs 10,000 crore), and
4. 6.99% GS 2051 (Rs 9,000 crore).

Crack Grade B
1.7. SEBI asked information
Issue: - Markets regulator Sebi asked stock exchanges and other Market
Infrastructure Institutions (MIIs) to submit information pertaining to
exceptional major non-compliances observed in the systems and network
audit.
Background: - Taking into account the rapid technological developments in
the securities market and the entailing risks that these developments pose
to the efficiency and integrity of markets, Sebi, in January 2020, had
mandated that stock exchanges, clearing corporations and depositories
should conduct an annual system audit by a reputed independent auditor.
Circular by: - SEBI
Why: - The systems and network audit report will be placed before the
governing board of the MII concerned. Later, the report along with the
comments of the management of the MII need to be communicated to Sebi
within a month of completion of audit, according to a circular.
Key Highlights from the Circular

The latest decision has been taken based on discussions with MIIs -- stock exchanges,
clearing corporations, depositories and recommendations of the Technical Advisory
Committee (TAC) of Sebi.
Under the new guidelines,
• MIIs are required to conduct system and network audit as per the framework and Terms
of Reference specified by the regulator.
• Also, they are required to maintain a list of all the relevant Sebi directions pertaining to
technology and compliance thereof and the same need to be included under the scope of
system and network audit.
• MIIs are also required to submit information with regard to exceptional major Non-
Compliances (NCs)/ minor NCs observed in the system and network audit.
• The systems and network audit report, including compliance with Sebi guidelines and
exceptional observation format, along with compliance status of previous year
observations will have to be placed before the governing board of the MII concerned.
Then, the report along with the comments of the management of the MII shall be
communicated to Sebi within a month of completion of audit, as per the circular.
• Along with the audit report, MIIs are required to submit a joint declaration from the
Managing Director (MD)/Chief Executive Officer (CEO) and Chief Technology Officer
(CTO) certifying the security and integrity of their IT systems, correctness and
completeness of data provided to the auditor.
• Among others, the joint declaration should also certify about entire network
architecture, connectivity (including co-lo facility) and its linkage to the trading
infrastructure are in conformity with Sebi's regulatory framework to provide fair
equitable, transparent and non-discriminatory treatment to all the market participants.
• In addition, they need to make the joint declaration that the internal review of critical
systems was carried out during the audit period, including the Failure Modes and Effects
Analysis (FMEA).

Crack Grade B
2. Finance In NEWS
2.1. IMF on India’s dream of $5 Trillion Economy
Issue
• The wait for India to become a $5-trillion economic powerhouse by 2024-25 (FY25)
is going to take longer than what the finance ministry had originally intended,
according to the International Monetary Fund (IMF).
So when will India achieve as per IMF?
• The vision will instead be achieved in 2028-29 (FY29), reveals the IMF data,
illustrating a four-year delay.
• However, the IMF data conveys that the economy will be $4.92 trillion in FY28,
clearly alluding to the fact that the target will be realised in FY29.
CEA Commentry -
• Chief Economic Advisor (CEA) V Anantha Nageswaran said India would become a
$5-trillion economy by 2025-26 or the following year, on the back of 8-9 per cent
sustained growth rate in real gross domestic product (GDP).
IMF's Assessment is based on -
• This is notwithstanding the paring down of the real GDP growth rate forecast for
India. IMF had assigned it at 8.2 per cent, from the earlier 9 per cent for 2022-23
(FY23). In nominal and rupee terms, the IMF projected the economy to grow 13.4
per cent in FY23 – a prognosis much higher than the Budget assumption of 11.1 per
cent.
• The IMF’s projection for nominal GDP growth rate (in rupee terms) will not sustain
at 13.4 per cent during the years following FY23. In fact, the projected growth rate
will keep dropping each year. It will come down to 10.6 per cent by FY28.

Crack Grade B
3. Reports/Index in NEWS
3.1 State Government’s Borrowings
Issue: - State government’s RBI recently released Currency and Finance

Report.
Report By: - ICRA
Borrowings
• The state government borrowings through the bond market could be lower
by Rs 50,000 crore in Q1Fy23 at Rs 1.4 trillion, according to rating agency
ICRA.
Who borrowed throught SDL?
• During Apr 1-May 2 FY2023, only Andhra Pradesh (Rs 44

billion), Maharashtra (Rs 40 billion), Punjab (Rs 25 billion) and Haryana (Rs 15
billion) raised through State Development Loans (SDL).
Total borrowings
• Together, they borrowed Rs 124 billion, about 82 per cent lower than the Rs
672 billion that as many as 19 states had initially indicated for this period.
GoI borrowings
• The government of India released a substantial Rs 8.8 trillion to the states in

FY22, compared to Rs 7.4 trillion in the revised estimates for FY22.
More About SDL

1. SDLs are bonds that are issued by the state government to manage their
state finances and fund their fiscal deficit.
2. Each state is allowed to issue securities up to a certain limit per year.
3. SDLs are traded at a spread above the benchmark G-sec security of the
same tenor. The spread is based on the state finances.
4. SDLs are issued in the primary market through normal auctions conducted
by the RBI and traded in the secondary market.
5. Interest is serviced at half-yearly intervals and the principal is repaid on
the maturity date.
Crack Grade B
3.2 New form for ITRs for 2019-20 & 2020-21
Issue: - Taxpayers filing ITR-U, which can be filed within 2 years of the end of
the relevant assessment year, will have to give reasons for updating the
income.
Issue
• The Income Tax department has notified a new form for filing updated I-T
returns in which taxpayers will have to give the exact reason for filing it
along with the amount of income to be offered to tax.
Availiable to which year?
• The new form (ITR-U) will be available to taxpayers for filing updated
income tax returns for 2019-20 and 2020-21 fiscals.
Why?
• The Budget 2022-23 has permitted taxpayers to update their ITRs within
two years of filing, subject to payment of taxes, a move aimed at helping
correct any discrepancy or omissions.
How many times it can be updated?
• A taxpayer would be permitted to file only one updated return per

assessment year.

Crack Grade B
3.3 IRDAI Committee on Micro Insurance (MI)
Issue: - IRDAI suggests new modules for low-income group, small businesses.
What is MI? - 'MI' aims to protect low-income people with insurance products that
are affordable. The objective of MI is to empower people to cope with and recover from
common risks such as death of the breadwinner, paying for treatment of serious
illnesses, reconstructing destroyed homes and businesses, among others.
Key Recommendations
The panel has recommended 14 standard modules and suggested that such products
may be sold by insurers either on individual basis or group basis.
The committee has suggested that the insurers should be allowed to adopt a modular
approach using various permutations and combinations for Combi MI (Micro
Insurance) products.
Certain standard products prescribed by the Insurance Regulatory and Development
Authority of India (IRDAI) can be offered as modules, albeit with a restricted sum
insured keeping the target segment in mind.
"It is recommended that the Combi MI product may be solicited by all distribution
channels authorised to distribute insurance products by IRDAI. It may also be sold
through the online mode, wherever feasible," the report said.
The panel has also suggested a maximum sum insured for each of the modules
recommended by it. These include, Rs 5 lakh for 'Saral Jeevan Bima', Rs 5 lakh for
'Bharat Griha Raksha Policy', Rs 10 lakh for 'Bharat Sookshma Udyam Suraksha', Rs
3 lakh in case of personal accident and Rs 2,000 per day for 30 days in a year towards
hospital expenses.
"Ideally, every insurer ought to offer the Combi product," the report said.
The committee was of the view that combining the MI product with various government
schemes at the Centre as well as state levels will increase the outreach of the product,
and also make it easier to convince the target groups about the benefit of insurance
protection.

Crack Grade B
3.4 ECOWRAP Report by SBI
Issue: - ECOWRAP Report by SBI
Key Recommendations
The share of incremental bank credit in incremental nominal GDP is likely to cross the
50 per cent mark in the current financial year, from a decade low of 27 per cent in
FY2022.
The incremental credit to GDP share was as high as 63 per cent in the pre-pandemic
year (FY19). The average share was 50 per cent for the seven-year period ended FY20.
For FY23, as per report the share of bank credit may again breach the 50 per cent mark
indicating the increasing role of banks in economic growth,".
In the fiscal ended 2021-22, banks' credit grew by 9.6 per cent, driven by all major
sectors.
FY22 ended with an incremental credit growth at Rs 10.5 lakh crore, 1.8 times higher
than growth of Rs 5.8 lakh crore in FY21, the report said.
Segment-wise, the jump in credit to MSMEs and infrastructure was strong at Rs 2.3
lakh crore while credit to housing and the NBFC sector was close to Rs 2 lakh crore.
Retail loans expanded by a sharp Rs 3.7 lakh crore, driven by a surge in personal loans
apart from housing credit. Credit to agriculture was at Rs 1.3 lakh crore.

Crack Grade B
3.5 PMI Service and PMI Manufacturing
Released By: - S&P Global
Key highlights from the Report

Manufacturing
➔ India’s manufacturing sector witnessed faster growth in April, sequentially, due
to quicker increases in production and factory orders, as well as renewed
expansion in international sales. The S&P Global India Manufacturing
Purchasing Managers’ Index (PMI) rose from 54 in March to 54.7 in April.
Service
➔ Purchasing Managers’ Index (PMI) rose to 57.9 in April from 53.6 in March,
making up for the loss since the Omicron variant of coronavirus hit the country
in late December. “New business inflows expanded further in April, taking the
current sequence of growth to nine months. The latest rise in sales was sharp
and the strongest since November 2021.
What is PMI?
➔ It’s a response-based survey which ask about their change in
perception of key business variables when compared to previous month.
➔ It is calculated separately for manufacturing and service sectors.
➔ It ranges from 0 to 100 where above 50 means expansion and below 50
shows contraction and at score at 50 indicates no changes.
➔ PMI complied by IHS Markit which is a part of S&P Global.

Crack Grade B
3.5 World Press Freedom Index 2022
Report By - Reporters Without Borders
Frequency - Annual since 2002.
Edition – 20th edition
Released On - World Press Freedom Day on 3rd May.
Theme for 2022 - Journalism under digital siege
Economic
context.
Legal Sociocultural
framework. context.
Political
Safety.
context. Indicators
Scoring Criteria
➔ Towards 100 Indicates → Highest Possible Level of Press Freedom

➔ Towards 0 Indicates → Lowest Possible Level of Press Freedom
India’s Rank: -
➔ India ranked 150 out of 180 countries falling 8 places from last report.
➔ Reason of fall
o Violence against Journalist
o Politically Partisan Media
o Pressure from Government

Crack Grade B
➔ As per the report India is one of the dangerous countries for Media
person.
World Best –
Indian Neighbours & Key Partners Russia: -

➔ The ranking of India’s neighbours, except that of Nepal, have also slid
down, with the index placing Pakistan at 157th position, Sri Lanka
146th, Bangladesh 162nd and Myanmar at 176th position, the report
released by Reporters Without Borders said.
➔ According to the RSF 2022 World Press Freedom Index, Nepal has
climbed up by 30 points in the global ranking at 76th position. Last
year, the Himalayan nation had been placed at 106th position, Pakistan
at 145th, Sri Lanka 127th, Bangladesh 152nd and Myanmar at 140th
position in the index.
➔ Russia was placed at 155th position, down from 150th last year, while
China climbed up by two positions with the Reporters Without Borders
placing it at 175th position. Last year, China was placed at 177th
position.

Crack Grade B
4. Other Important NEWS
4.1. Germany commits 10 Billion
Issue
• Germany committed an additional 10 billion euros assistance to India to help

achieve climate action targets set for 2030 which include sourcing 50% energy
requirement from renewables and installing 500 GW of non-fossil fuel
electricity capacity.
Background
• At the COP-26 in Glasgow, India had committed to net zero emissions by 2070
and declared to source 50% energy requirements from renewables by 2030. It
had also assured to install 500 GW of non-fossil fuel power capacity and
achieve carbon intensity reduction of 45% over 2005 levels by 2030.
Whe the pledge by Germany?
• This will support inter alia the achievement of their ambitious goals in the
climate action and sustainable development space, further promote German-
Indian research and development (R&D), encourage private investment and
thus aim at leveraging further funding.
Other Initiative: -
• Indian and Germany also agreed to establish an Indo-German Renewable

Energy Partnership focusing on innovative solar energy and other renewables,
including the associated challenges for electricity grids, storage and market
design to facilitate a just energy transition.
• They also also agreed to further examine collaboration on green energy
corridors such as the Leh-Haryana transmission line and the project of a carbon
neutral Ladakh.
• Both sides agreed to strengthen collaboration on risk finance and insurance
solutions against climate and disaster risks as well as capacity building via the
Global Initiative for Disaster Risk Management.
• Germany welcomed the Indian announcement to become a member of the
InsuResilience Global Partnership.
• The joint statement said that both sides agreed to enhance collaboration with
the Indian and German private sector in the context of public-private
partnerships for innovation and investments in SDGs and climate goals in
particular through DeveloPPP and structured funding mechanisms to mobilise
the private sector.

Crack Grade B
4.2. Supply Chain Plan by Japan
Background Data
• The development comes a year after India entered into a trilateral

Supply Chain Resilience Initiative (SCRI) arrangement with
Australia and Japan to enhance the resilience of supply chains in
the Indo-Pacific Region and develop dependable sources of supply
and explore other countries who could join in the initiative. It also
aims to provide opportunities to stakeholders towards capacity
building and promotion of domestic manufacturing.
• One of these projects aims to establish a master database of
manufacturing components, which will enable access to
information across manufacturing processes to digitise the drone
manufacturing process. Apart from that, other projects will reduce
usage of chemical fertilizer, thereby reducing carbon emission in
farmland with satellite data and artificial intelligence.
Key Highlights
Project Details
➔ The Japanese government has selected eight Indian and Australian projects that
will be implemented in the sphere of data, IT, medical and cold chain
marketplace, among others, as part of an arrangement to counter China’s
dominance in supply chain in the Indo-Pacific region.
➔ Six of the eight projects are from India and were selected by Japan on April 25
for the ‘Program for the Supply Chain Resilience in the Indo-Pacific Region’. The
remaining two projects will be conducted in Australia.
Implementation
➔ These projects will be implemented by March 2023.
Other details.
As per Japanese Embassy “These projects will initially conduct a demonstration
program to help Japanese companies visualise their supply chains, upgrade logistics,
facilitate trade procedures and diversify their production bases”.

Crack Grade B
4.3. PLFS Data October-December 2021.
Unemployment data December 2021
• The unemployment rate or joblessness for persons of 15 years

and above in urban areas slipped to 8.7 per cent in October-
December 2021 from 10.3 per cent in the year-ago quarter,
showed a periodic labour force survey by the National Statistical
Office (NSO).
Why it was high?
• Joblessness was high in October-December in 2020 mainly due to

the staggering impact of the lockdown restrictions in the country,
which were imposed to curb the spread of the deadly
coronavirus.
Previous Data - July-Sept 2021.
• The unemployment rate for persons of age 15 years and above in

July-September 2021 was 9.8 per cent in urban areas, the 13th
Periodic Labour Force Survey (PLFS) showed.
Male data.
• Among males, the unemployment rate in urban areas also dipped

to 8.3 per cent in October-December 2021 compared to 9.5 per
cent a year ago. It was 9.3 per cent in July-September 2021.
Female data.
• It also showed that the unemployment rate among females (aged

15 years and above) in urban areas also declined to 10.5 per cent
in October-December 2021 from 13.1 per cent a year ago. It was
11.6 per cent in July-September.

Crack Grade B
What is Labour force?
➔ Labour force refers to the part of the population which supplies or
offers to supply labour for pursuing economic activities for the
production of goods and services and therefore, includes both
employed and unemployed persons.
When was PLFS launched?

➔ NSO launched PLFS in April 2017. On the basis of PLFS, a quarterly
bulletin is brought out giving estimates of labour force indicators
namely unemployment rate, Worker Population Ratio (WPR), Labour
Force Participation Rate (LFPR), distribution of workers by broad
status in employment and industry of work in Current Weekly Status
(CWS).
➔ The estimates of unemployed persons in CWS give an average picture
of unemployment in a short period of seven days during the survey
period.

Crack Grade B
4.4. UN Tax Panel on Digital TAX
Issue
• The United Nations’ (UN’s) tax committee, of which India is part, is developing a set
of rules to tax digital services in a way that is distinct from global tax deals for large
multinationals, including Google, Facebook, Netflix, and Microsoft.
What is the similirity with OECD 2 pillar package?
• This multilateral route would be a parallel to the global tax deal drawn up under
the auspices of the Organisation for Economic Co-operation and Development
(OECD) and allows taxing small to mid-sized firms, regardless of their business size
and threshold.
• The OECD, composed of 139 countries, have been working on a consensus-based
two-pillar package deal to alter the existing tax system in view of the challenges of
digitisation.
• Pillar one would be applicable to 50-70 multinationals due to its criteria of a high
revenue threshold of euro20 billion and a minimum 10 per cent profitability. It
deals with reallocating additional shares of profit to market jurisdictions where the
users are.
• Pillar two relates to a global minimum tax at 15 per cent.
Diffrence from OECD approach?
• Unlike the OECD, which offers consensus-based solutions, the UN model gives
flexibility and greater taxing rights to enable countries to start taxing the digital
economy.
Why is at discussion?
• The committee discussion assumes significance as it agreed to take the multilateral

route even when the OECD’s “Base Erosion and Profit Shifting” (BEPS) multilateral
solution has been in place and is designed to work effectively to address the
challenges of the evolving international tax landscape of digital economy, transfer
pricing, etc.
• Among other nations, India too has adopted the OECD’s two pillars to tax digital
giants. However, the BEPS scope is restrictive, unlike the UN approach, which is
supposed to be broad-based and is intended to provide more flexibility.
When will the committee meet?
• The committee is expected to meet next in November in Geneva, where it is likely

to finalise the terms of the rules.

Crack Grade B
More about UN Model

➔ The UN, through its Committee of Experts on International
Cooperation in Tax Matters, has released the finalised draft of a new
Article 12B, to include income from automated digital services (ADS)
in the 2021 version of the UN Model Tax Convention, also termed as
UN Model.
➔ Article 12B does not require any particular threshold, such as a
permanent establishment, a fixed base, or a minimum period of
presence, in a contracting state as a condition for taxing income
from automated digital services.
➔ The UN model, which is aiming to be simpler and faster than the
pillar one solution, would give additional taxing rights to countries
where an automated digital service provider’s customers are located.
➔ The UN model allows market jurisdictions to levy a withholding tax
on the gross amount of digital services income. It means it gives
additional taxing rights to countries where an automated digital
service provider’s customers are located.
➔ The UN model consists of articles on the treaty’s scope and on
definitions to be used in the treaty. For different kinds of income and
capital, it allocates taxing rights before establishing how double
taxation will be eliminated where the taxing rights are shared.
➔ It also includes articles that prevent certain forms of tax
discrimination; provide for the exchange of tax information and
assistance in tax collection between the treaty partners; allow the
treaty partners to consult together, through the Mutual Agreement
Procedure, to resolve disputes or address doubts concerning the
treaty; and address certain types of treaty abuse

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4.5. WHO report on COVID Death toll
Issue
• The World Health Organisation (WHO) has put the number of Covid-19 deaths in
India at around 4.7 million, which the highest in the world.
Analogy
• The deaths, according to the report released on Thursday, could be directly due to
the disease or indirectly caused by the pandemic’s impact on health systems and
society.
Comparing it with India's official count.
• The WHO estimate of Covid deaths in India is 10-times the official count, and the
government has strongly rejected the figure and the methodology.
• India’s official Covid death toll is 481,486 between January 1, 2020, and
December 31, 2021.
Exact count by WHO
• The WHO report pegs Covid deaths in India at precisely 47,40,894 during 2020
and 2021. The coinciding pandemic death figure (described as excess mortality)
globally is approximately 14.9 million—ranging between 13.3 million and 16.6
million.
How WHO has calculated Excess mortality?
• Excess mortality is calculated as the difference between the number of deaths

that have occurred and the number that would be expected in the absence of the
pandemic based on data from earlier years.
What is India's stand?
• The Health Ministry said that India had informed WHO that in view of the
’authentic data’ published through the CRS by RGI, mathematical models should
not be used for projecting excess mortality numbers for the country.
• The Indian government said that it had objected to WHO classifying India into a
Tier II country. Tier classification is a simple grouping of countries based on
mortality data availability.
• According to WHO Countries are classified as Tier 1 if complete and nationally
representative monthly all-cause mortality data for the specified period have
been made available to WHO. Countries categorized as Tier 2 include countries for
which WHO does not have access to the complete data and thus requires the use
of alternative data sources.

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So as per data released by the Civil Registration System (CRS) report-2020
below is the total under the aegis of the office of Registrar General of India (RGI)
which was shared by WHO is: - (Only due to COVID is given below in the form of
an Image)
Estimated Registered Increase in Number of Deaths

Year Level of Death Registration
Deaths Deaths registered over previous years
2018 82,12,576 69,50,607 84.60% 4,86,828
2019 83,01,769 76,41,076 92% 6,90,469
2020 81,20,268 81,15,882 99.90% 4,74,806
*Till Date = 3rd May when the report was released.

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State Specific commentary.
➔ Some states and union territories (UTs) namely Maharashtra, Bihar,
Gujarat, West Bengal, Andhra Pradesh, Tamil Nadu, Karnataka, Madhya
Pradesh, Rajasthan, Assam, and Haryana have contributed significantly
in the increased number of deaths registered from 2019 to 2020.
➔ In the case of registered births, there has been a fall in 2020 in almost all
states and UTs except Bihar, Haryana, Madhya Pradesh, Rajasthan,
Sikkim, Andaman and Nicobar Islands, Jammu and Kashmir, and
Ladakh compared to 2019.
➔ Eleven States and UTs namely Uttar Pradesh, Telangana, Gujarat,
Jharkhand, Delhi, Karnataka, Chhattisgarh, Andhra Pradesh,
Maharashtra, Kerala and West Bengal have contributed significantly to
the decrease in registered births in 2020 over 2019.

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4.6. State of the World’s Forests 2022
Released By - Food and Agriculture Organization of the United Nations (FAO) at

the XV World Forestry Congress in May 2022.
Subtitle of the Report - Forest Pathways for Green Recovery and Building
Inclusive, Resilient and Sustainable Economies.
Frequency - Bi-annually
Key Highlights from the Report

Observation
➔ The world has lost 420 million hectares (mha), approximately 10.34 per cent of
its total forest area in the last 30 years, between 1990 and 2020, due to
deforestation, though forests cover 4.06 billion ha (31 per cent) of the earth’s
geographical area, the report said.
➔ It added that although the rate of deforestation was declining, 10 mha of forests
were lost every year between 2015 and 2020.
➔ "Some 47 mha of primary forests were lost between 2000 and 2020. More than
700 mha of forest (18 per cent of total forest area) is in legally established
protected areas. Nevertheless, forest biodiversity remains under threat from
deforestation and forest degradation,” the report said.
➔ “Unless additional action is taken, an estimated 289 mha of forests would be
deforested between 2016 and 2050 in the tropics alone, resulting in the emission
of 169 GtCO2e,” it warned.
About Infections Diseases.
➔ SOFO 2022, stated that 15 per cent of 250 emerging infectious diseases have
been linked to forests. It further stated that 30 per cent of new diseases, reported
since 1960, can be attributed to deforestation and land-use-change.
➔ “Deforestation, particularly in the tropics, has been associated with an increase
in infectious diseases such as dengue fever and malaria,” the report said.
➔ The report estimated the cost of global strategies to prevent pandemics based on
reducing the illegal wildlife trade, avoiding land-use change and increasing
surveillance to be $22 billion to $31 billion.
On Population
➔ SOFO 2022 further stated that the world population is projected to reach 9.7
billion people by 2050, which will increase competition for land, as the demand
for food for this large population will rise by 35 to 56 per cent by the 2050s.
➔ “The annual global consumption of all natural resources combined is expected to
more than double from 92 billion tonnes in 2017 to 190 billion tonnes in 2060
due to increases in population size and affluence,” it read.

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Poverty and Pollution
➔ It also stated that approximately 124 million more people fell into extreme poverty
after COVID-19 and this may have longer-term impacts on wood-based fuel, as
there is evidence of increased wood-based fuel use in some countries during the
pandemic.
➔ According to the report, around a billion people in sub-Saharan Africa will keep
relying on polluting fuels like charcoal and fuelwood till 2025.
Way forward: -
➔ “More than 140 countries have pledged, through the Glasgow Leaders’
Declaration on Forests and Land Use, to eliminate forest loss by 2030 and to
support restoration and sustainable forestry. To this end, an additional $19
billion has been allocated to help developing countries achieve these objectives,”
Restoring
degraded lands
and expanding
agroforestry
Halting Sustainably using
deforestation forests and
and maintaining building green
forests value chains
Key
Suggessions.

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4.7. Global Network Against Food Crises (GNAFC).
Released By - Global Network Against Food Crises (GNAFC), The GNAFC is an

international alliance of the United Nations, the European Union, governmental
and non-governmental agencies working to tackle food crises together.
About - The document showed that around 193 million people in 53 countries
or territories experienced acute food insecurity at crisis or worse levels in 2021.

➔ Some 40 million more people globally experienced acute food insecurity at crisis
or worse levels in 2021 than 2020.
➔ Of these, over half a million people (570,000) in Ethiopia, southern Madagascar,
South Sudan and Yemen were classified in the most severe phase of acute food
insecurity.
➔ The document showed that around 193 million people in 53 countries or
territories experienced acute food insecurity at crisis or worse levels in 2021.
➔ When looking at the same 39 countries or territories featured in all editions of
the report, the number of people facing crisis or worse nearly doubled between
2016 and 2021, with unabated rises each year since 2018.
Reason
Weather
Extremes

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Conflict
➔ The report was written prior to the Russian invasion of Ukraine February 24,
2022. But it found that conflict forced 139 million people in 24 countries /
territories into acute food insecurity. This is an increase from 99 million in 23
countries / territories in 2020.
Weather Extremes
➔ Another cause was weather extremes, which forced over 23 million people in eight
countries / territories into acute food insecurity, up from 15.7 million in 15
countries / territories in 2020.
Economic Shocks
➔ A third cause was economic shocks. Over 30 million people in 21 countries /
territories suffered acute food insecurity in 2021 due to economic shocks, down
from over 40 million people in 17 countries / territories in 2020.
Way forward: -
➔ The report demonstrated the need for a greater prioritisation of smallholder
agriculture as a frontline humanitarian response, to overcome access constraints
and as a solution for reverting negative long-term trends.

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5. One Liner
Headline Important Points based on NEWS

New ED as ex- ➔ The central board of the Reserve Bank of India
officio member (RBI) on Monday approved the appointment of
of MPC. executive director Rajiv Ranjan as an ex-officio
member of the Monetary Policy Committee (MPC).
Ranjan will be succeeding Mridul Saggar, who is
understood to have retired.
Pharma Export ➔ Pharma exports have touched Rs 1,83,422 crore in
2021-22 against Rs 90,415 crore in 2013-14, the
commerce ministry said on Sunday.
➔ The exports in 2021-22 sustained a positive growth
despite the global trade disruptions and drop in
demand for COVID related medicines, it added.
➔ India ranks third worldwide for production in
terms of volume and 14th by value.
➔ The current market size of the domestic
pharmaceutical industry is around USD 50 billion.
➔ The share of pharmaceuticals and drugs in the
global exports is 5.92 per cent.
Suman Bery as ➔ Eminent economist Suman Bery on Sunday took
new Vice charge as the Vice Chairman of the government think
Chairman of tank Niti Aayog, according to an official statement.
NITI Aayog ➔ Bery has previously served as Director General (Chief
Executive) of the National Council of Applied
Economic Research (NCAER) and the global chief
economist of Royal Dutch Shell.
➔ He was also a member of the Prime Minister's
Economic Advisory Council, Statistical Commission
and the Reserve Bank of India's Technical Advisory
Committee on Monetary Policy.
➔ "NITI Aayog welcomes Suman Bery as NITI Aayog's
Vice Chairman with effect from May 1, 2022," the
statement said.
UPI April Data ➔ India’s flagship digital payments platform —
Unified Payments Interface (UPI) — saw its highest
ever number of transactions in April 2022 at 5.58
billon, amounting to Rs 9.83 trillion.
➔ In March, UPI breached 5-billion transactions in a
month for the first time. In April, volume of
transactions was up 3.33 per cent and value of
transactions rose 2.36 per cent compared to
March.
➔ In March, UPI processed 5.4 billion transactions
amounting to Rs 9.6 trillion.

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➔ However, year-on-year (YoY), the volume of
transactions jumped 111 per cent and value of
transactions increased by almost 100 per cent.
➔ In April 2021, UPI had processed 2.64 billion
transactions worth Rs 4.93 trillion.
IGI Airport as ➔ Delhi’s Indira Gandhi International Airport, India’s
the busiest largest, emerged as the second busiest airport in
Airport in the the world in March, displacing Dubai Airport and
world trailing only Atlanta in the pecking order,
according to OAG, a global travel data provider.
➔ Its flight to the second position was the result of a
strong recovery in the domestic aviation market.
The government’s decision to reopen international
flights last month also helped increase traffic flow.
Merchandise ➔ India’s merchandise exports in April grew 24.2 per
Export April cent year-on-year to their third-highest level ever of
$38.2 billion on the back of higher commodity
prices amid the ongoing Russia-Ukraine war, the
preliminary trade data released by the commerce
ministry showed on Tuesday. The preceding month
had witnessed record outbound shipments of
$42.2 billion.
NHIA Projects ➔ The National Highways Authority of India awarded
projects for a total length of 6,306 kilometres in
the last financial year, while the agency
constructed 4,325 kilometres of highways, an
official statement said on Friday.
➔ The statement further said that capital expenditure
by NHAI (National Highways Authority of India) for
development of highway infrastructure reached an
all-time high of over Rs 1,68,770 crore during
FY22.
DISCOM Dues ➔ Total outstanding dues of electricity distribution
companies to power producers rose by 4.04 per
cent year-on-year to Rs 1,21,765 crore (Rs 1.21
trillion) in May 2022, according to the official data.
➔ Discoms owed a total of Rs 1,17,026 crore to power
generation firms in May 2021, according to portal
PRAAPTI (Payment Ratification And Analysis in
Power procurement for bringing Transparency in
Invoicing of generators).
➔ Power producers give 45 days to discoms to pay
bills for electricity supply. After that, outstanding
dues become overdue and generators charge
interest on that in most cases.
➔ To give relief to power generation companies
(gencos), the Centre enforced a payment security
mechanism from August 1, 2019. Under this

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mechanism, discoms are required to open letters of
credit for getting power supply.
GST Panel on ➔ The panel of state finance ministers is unanimous
Casino, Rase on hiking the GST rate on casino, race course and
Course and online gaming services to 28 per cent, West Bengal
Online finance minister Chandrima Bhattacharya said on
Gaming. Monday.
➔ However, a call on whe-ther the tax should be
levied on gross or net valuation wo-uld be taken
after further deliberations at the officer level. The
Group of Ministers (GoM) will decide on the
method of valuing the services. At present, services
of casino, horse racing and online gaming attract
18 per cent GST (Goods and Services Tax).
➔ The government had in May last year set up a
panel of state ministers for better valuation of
services of casinos, online gaming portals and race
courses for levying GST. The GoM, headed by
Meghalaya chief minister Conrad Sangma, met on
Monday and discussed the applicable GST rate on
these three services.
Central Bank ➔ Central Bank of India, a state-owned commercial
of India closing bank, plans to shut 13% of its branches to improve
600 branches its financial health, which has been under
pressure for several years, according to sources
and a document seen by Reuters.
➔ The bank is looking to reduce the number of
branches by 600 by either shutting down or
merging loss-making branches by the end of March
2023, according to the copy of a document
reviewed by Reuters.
➔ Central Bank along with a clutch of other lenders
was placed under RBI's prompt corrective action
(PCA) in 2017 after the regulator found some state-
run lenders were in breach of its rules on
regulatory capital, bad loans and leverage ratios.
➔ Since then all the lenders except Central Bank
have improved their financial health and come off
RBI's PCA list.
First shipment ➔ A free trade agreement between India and the
under FTA United Arab Emirates (UAE) that was signed on
with UAE February 18 came into force from May 1, with the
completion of all constitutional and legal processes
surrounding the pact.
➔ Commerce Secretary BVR Subrahmanyam on
Sunday flagged off the first consignment of goods
comprising jewellery products to the UAE under
the trade pact, termed as the Comprehensive
Economic Partnership Agreement (CEPA), in New

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Delhi. The consignment, which will now attract
zero Customs duty under the trade agreement, is
expected to reach Dubai on May 1.
➔ Gems and jewellery sector contributes a
substantial portion of India’s exports to the UAE
and is expected to benefit significantly from the
tariff concessions under the pact.
MGNREGA ➔ Indicating a turnaround in the employment
Data April situation in rural areas, the number of households
seeking work under the Mahatma Gandhi National
Rural Employment Guarantee Act (MGNREGA) in
April was 11.15 per cent lower than in the
equivalent month last year.
➔ However, the data also reve-als that compared to
pre-pandemic years, a disproportionately large
number of people — 23.26 million households in
April — are still seeking work under the
MGNREGA.
➔ The drop in the number of households seeking
work under the MGNREGA might be due to the
migration of manual casual labourers back from
rural areas to the cities where almost all economic
activities, including in contact sectors like hotels
and airlines, have resumed in full strength.
Delimitation of ➔ Redrawing the electoral map of Jammu and
J&K Kashmir, a three-member Delimitation
Commission on Thursday earmarked 47 Assembly
seats for Kashmir division and 43 for Jammu in its
final order submitted just a day before its two-year
tenure was to end.
PMJJBY Data ➔ The Centre’s flagship life insurance scheme —
Pradhan Mantri Jeevan Jyoti Bima Yojana
(PMJJBY), and accidental insurance scheme,
Pradhan Mantri Suraksha Bima Yojana (PMSBY) —
have seen enrollments rise to 128 million and 284
million, respectively, in seven years of inception.
➔ Atal Pension scheme, that provides a subscriber
aged 18-40 years with a guaranteed pension of Rs
1,000 to Rs 5,000 per month after attaining the
age of 60 years, depending on the contribution,
has seen its subscribers increase to 40 million in
the last seven years. All three social security
schemes were launched by the government on May
9, 2015.
➔ PMJJBY, provides life insurance cover worth Rs 2
lakh at Rs 330 per annum to all account holders
aged between 18 and 50 years, and has provided
claims for Rs 11,522 crore to families of 576,121
persons. Nearly 50 per cent of claims were paid out

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for Covid-19 deaths, the Ministry of Finance said
in a statement.
MoU between ➔ The Confederation of British Industry (CBI),
CBI and CII Britain’s largest business organisation, and its
Indian counterpart, the Confederation of Indian
Industry (CII), have agreed to set up a new joint
commission to increase cross-industry
collaboration and to push the trade deal over the
line.
➔ According to a memorandum of understanding
(MoU), the UK-India Business Commission will
provide a critical forum for discussion to ensure
that the free trade agreement (FTA) benefits
businesses in both countries, an official statement
said Monday. The group will provide continual
oversight and meet ahead of key milestones to take
views on trade-offs, breakdown barriers to market
access, and help feed in on-the-ground business
intelligence at a ministerial level in India and UK.
World Food ➔ A Nasa climate research scientist who has spent
Prize 2022. much of her career explaining how global food
production must adapt to a changing climate was
awarded the World Food prize 2022.
➔ Cynthia Rosenzweig, an agronomist and
climatologist, was awarded the $250,000 prize in
recognition of her innovative modeling of the
impact of climate change on food production.
➔ Dr. M.S. Swaminathan, the father of India’s green
revolution, was the first recipient of this award in
1987.
Mercom’s India ➔ Rajasthan became the first state in India to
Solar Project surpass 10 GW of cumulative large-scale solar
Tracker installations, as per Mercom’s India Solar Project
Tracker. The state has a total of 32.5 GW of
installed power capacity, with renewables
contributing 55%, followed by thermal energy at
43%, and nuclear energy making up for the
remaining 2%.
➔ Solar is the predominant source which now
accounts for around 36% of the power capacity
mix and 64% amongst renewables.
100th Unicorn ➔ India finally has its 100th unicorn. Bengaluru-
of India based neo banking start-up Open has hit the
billion-dollar valuation mark after it raised $50
million in its Series D investment round led by
IIFL.
Declaration to ➔ India is not among the 60 countries that have
keep the signed a global declaration to keep the Internet
Internet open, open, free, and neutral. The countries that have

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free and signed the declaration include the US, European
neutral. Union, United Kingdom, Canada and France.
Called the ‘Declaration for the Future of the
Internet’, the document is an agreement to prevent
digital authoritarianism.
➔ India, China and Russia are among the large
nations that are not part of this declaration.
➔ According to a release by the European
Commission, more countries are expected to follow
suit in the coming weeks. The signatories do not
include India.
Future of India ➔ The Future of India Foundation's a Delhi based
Foundations. NGO finds through 'Politics of Disinformation'
report that in an age of amplification to boost user
engagement, social media companies cannot use
'freedom of expression' as an excuse to let false
information to further propaganda thrive.
➔ Social media platforms cite ‘free speech’ in order to
absolve themselves of their role in spreading
disinformation. They have framed the discourse
around disinformation and its resolution as a
content-moderation problem. In reality, pervasive
disinformation is spread more by social media’s
amplification of disinformation-laden content
rather than its failure to remove it. It is only at the
removal stage that the question of free speech
arises.
➔ This and more form the Future of India
Foundation’s ‘Politics of Disinformation’ report,
which claims to be an attempt to cut through
crosstalk and obfuscation on the issue of
disinformation.

CURRENT AFFAIRS
11th May 2022 to 20th May 2022 CA
Contents
................................................................................................................................................................ 2
1.1. Changes in NBFC Loans to Priority Sector ............................................................ 2
1.2. Kisan Credit Card - Eligibility Changed ................................................................. 4
1.3. Interoperable Card-less Cash Withdrawal (ICCW) at ATMs ............................. 5
1.4. Regulations Review Authority 2.0 – Fourth Trench .......................................... 6
1.5. SEBI framework for Calculating Margin .................................................................. 7
2. Finance In NEWS ....................................................................................................................... 8
2.1. NBFC Cannot be regulated by State enactments : Supreme Court ............. 8
2.2. IMF on India’s dream of $5 Trillion Economy – Correction by IMF ........... 9
3. Reports/Index in NEWS ........................................................................................................ 10
3.1 Inflation Data April .......................................................................................................... 10
3.2 ESG (environmental, social, and governance disclosure ................................ 11
3.3 India Hosted SCO Meeting ............................................................................................ 13
4. Other Important NEWS ......................................................................................................... 14
4.1. India Vs Bangladesh Per Capita Income by IMF ................................................ 14
4.2. GST AAR Gujrat Ruling ................................................................................................. 15
4.3. LIC IPO Listing.................................................................................................................. 16
4.4. Global Annual to Decadal Climate Update............................................................ 18
4.5. Global Food Policy Report ........................................................................................... 19
4.6. Global Report on Assistive technology .................................................................. 20
4.7. Special Drawing Rights ................................................................................................. 21
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4.8. The Lancet Planetary Health report on Air Pollution ..................................... 23
4.9. World Governance Indicators ..................................................................................... 24
4.10. UN 5 Point plan to start renewables transition. ............................................. 28
5. One Liner ..................................................................................................................................... 31

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1. RBI/SEBI/NABARD In NEWS
1.1. Changes in NBFC Loans to Priority Sector

Issue: - RBI opens banks credit for NBFCs to on-lend continuously to
priority sector.
Key Highlights
What is the change?
• The Reserve Bank of India (RBI) on Friday decided to allow banks to lend
to NBFCs for on-lending to priority sectors on an on-going basis to ensure
continuation of the synergies that have been developed between banks
and NBFCs in delivering credit to the specified priority sectors.
Change in Limit
• This facility was earlier allowed till March 31, 2022.

• Now, bank credit to NBFCs, including housing finance companies (HFCs),
for on-lending to priority sectors will be allowed upto an overall limit of 5
per cent of an individual banks total priority sector lending.
• Similarly, small finance banks for on-lending to NBFC-MFIs and other
MFIs, which are RBI recognised, will be allowed up to an overall limit of
10 per cent of an individual bank’s total priority sector lending.
For Small Finance Bank
• Small finance banks will be allowed to lend to registered NBFC-MFIs and

other MFIs who have a gross loan portfolio of upto Rs 500 crore as of
March 31 of the previous financial year.
• “In case the gross loan portfolio of the NBFC-MFIs/other MFIs exceeds
the stipulated limit at a later date, all priority sector loans created prior
to exceeding the gross loan portfolio limit will continue to be classified by
the small finance banks (SFBs) as priority sector lending till
repayment/maturity, whichever is earlier

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What is Priority Sector?

Priority Sector means those sectors which the Government of India and Reserve Bank
of India consider as important for the development of the basic needs of the country
and are to be given priority over other sectors. The banks are mandated to
encourage the growth of such sectors with adequate and timely credit.
The categories of priority sector are as follows
1. Agriculture
2. Micro, Small and Medium Enterprises
3. Export Credit
4. Education
5. Housing
6. Social Infrastructure
7. Renewable Energy
8. Others

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1.2. Kisan Credit Card - Eligibility Changed
Issue: - Kisan Credit Card Scheme - Eligibility criteria for farmers engaged
in fisheries/ aquaculture.
Applicable To-
• All Scheduled Commercial Banks (including Small Finance Banks and

excluding Regional Rural Banks).
Why RBI Changed eligibility?
• As per RBI licensing/authorisation related requirements pertaining to

fishing/aquaculture in inland water bodies vary across states.
What is old rule of eligibility?
• The beneficiaries must own or lease any of the fisheries related

activities such as pond, tank, open water bodies, raceway, hatchery,
rearing unit, possess necessary license for fish farming and fishing
related activities, and any other State specific fisheries and allied
activities.
New Rule of Eligibility is -
• The beneficiaries must own or lease any fisheries related assets such as
ponds, tanks, open water bodies, raceways, hatcheries, rearing units,
boats, nets and such other fishing gear as the case may be and possess
necessary authorisation/certification as may be applicable in respective
states for fish farming and fishing related activities and for any other
state specific fisheries and allied activities.
Any other changes -
• No

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What is Kisan Credit Card?

The Kisan Credit Card scheme is a Government of India scheme which provides
farmers with timely access to credit. The Kisan Credit Card (KCC) scheme was
launched in 1998 with the aim of providing short-term formal credit to farmers and
was created by NABARD (National Bank for Agriculture and Rural Development).
The KCC scheme was introduced to ensure that the credit requirements for farmers
in the agriculture, fisheries and animal husbandry sector were being met. This was
done by helping them avail short-term loans and provide them with a credit limit to
purchase equipment and for their other expenses as well.
Moreover, with the help of KCC, farmers are exempt from the high interest rates of
the regular loans offered by banks as the interest rate for KCC starts as low as 2% and
averages at 4%. With the help of this scheme, farmers can repay their loans
depending on the harvesting period of their crop for which the loan was given.
1.3. Interoperable Card-less Cash Withdrawal (ICCW) at ATMs
Circular By: - RBI

Issue: - RBI issued guidelines for Interoperable Card-less Cash Withdrawal
(ICCW) at ATMs.
Applicable to: -
Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks / Payment Banks / Small
Finance Banks /
National Payments Corporation of India (NPCI) /
ATM Networks / White Label ATM Operators (WLAOs)
Issued: - Directive is issued under Section 10(2) read with Section 18 of
the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

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Key Highlights from the Statement on Development and Regulatory Policies
dated April 08, 2022
Interoperable Card-less Cash Withdrawal (ICCW) at ATMs
• Card-less cash withdrawal through ATMs is a permitted mode of transaction

offered by a few banks in the country on an on-us basis (for their customers at
their own ATMs).
• To encourage card-less cash withdrawal facility across all banks and all ATM
networks / operators, it is proposed to enable customer authorisation through
the use of Unified Payments Interface (UPI) while settlement of such transactions
would happen through the ATM networks.
.
RBI Guidelines to -
• All banks, ATM networks and WLAOs may provide the option of ICCW at their ATMs. NPCI has
been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM
networks.
Settlement -
• While UPI would be used for customer authorisation in such transactions, settlement would be
through the National Financial Switch (NFS) / ATM networks.
Charges -
• Same as ATM use by Cards. Nothing extra to this facility.
RBI on Withdrawl -
• Withdrawal limits for ICCW transactions shall be in-line with the limits for regular on-us / off-us
ATM withdrawals. All other instructions related to Harmonisation of Turn Around Time (TAT) and
customer compensation for failed transactions shall continue to be applicable.
1.4. Regulations Review Authority 2.0 – Fourth Trench

Issue: - The Regulations Review Authority (RRA 2.0) has recommended
withdrawal of an additional 239 circulars. With this, the total number of
circulars which stand withdrawn would be 714.
Why: - RRA 2.0 was set-up by the Reserve Bank of India to review the
regulatory instructions, remove redundant and duplicate instructions and
reduce the compliance burden on Regulated Entities (REs).

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First Trench Second Trench Third Trench Fourth Trench
150 Circulars 100 Circulars 225 Circulars 239 Circulars
02nd May
16th Nov 2021 18th Feb 2022 13th May 2022
2022
More About RRA 2.0

RRA 2.0 was set up in April 2021 to review regulatory
instructions to remove redundant and duplicate ones, reduce
the compliance burden on Regulated Entities (REs) by
streamlining reporting structure; revoke obsolete instructions;
and, wherever possible, obviate paper-based submission of
returns.
1.5. SEBI framework for Calculating Margin

Issue: - Sebi issues norms to calculate margin requirements for intra-day
snapshots.
Effective From: - 1st August 2022.
Key Highlights
What is the change?
The margin requirements to be consid-ered for the intra-day snapshots, in
derivatives segments, shall be calculated based on the fixed Beginning of
Day margin parameters.
The decision has been taken after considering representations received from
market participants and based on deliberations with various stakeholders. The
BOD margin parameters would include all SPAN margin parameters as well as
Extreme Loss Margin (ELM) requirements.
Sebi clarified that the change is only for the purpose of verification of upfront
collection of margins from clients. There will be no change in methodology of
determination and collection of End of Day (EOD) margin obligation of the client.

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2. Finance In NEWS
2.1. NBFC Cannot be regulated by State enactments : Supreme

Court
Background: -
• The top court was examining a question as to whether NBFCs regulated
by RBI could also be regulated by State enactments such as Kerala
Money Lenders Act, 1958 and Gujarat Money Lenders Act, 2011.
Where does RBI draw power from?
• Once it is found that Chapter IIIB of the RBI Act provides a supervisory
role for the RBI to oversee the functioning of NBFCs, from the time of
their birth (by way of registration) till the time of their commercial
death (by way of winding up), all activities of NBFCs automatically
come under the scanner of RBI.
Supreme Court's Observation -
• The top court said it was of the considered opinion that the Kerala Act
and the Gujarat Act will have no application to NBFCs registered under
the RBI Act and regulated by RBI.
• “Therefore, all the appeals filed by NBFCs against the judgment of the
Kerala High Court are allowed. Likewise, the appeals filed by the State
of Gujarat against the judgment of the Gujarat High Court are
dismissed,” the bench said.

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2.2. IMF on India’s dream of $5 Trillion Economy – Correction by
IMF
What is the Correction: - The International Monetary Fund (IMF) has “corrected” an error in
its calculations to now project that India would become a $5-trillion economy by 2026-27,
which is what the finance ministry has been saying of late. Last month, the data given by
the Fund had shown that this could be achieved by only 2028-29, two years after the
ministry's latest projections and a four-year delay over the original goal set by the
government.
Old Commentry Below
Issue
•The wait for India to become a $5-trillion economic powerhouse by 2024-25 (FY25)
is going to take longer than what the finance ministry had originally intended,
according to the International Monetary Fund (IMF).
So when will India achieve as per IMF?
•The vision will instead be achieved in 2028-29 (FY29), reveals the IMF data,
illustrating a four-year delay.
•However, the IMF data conveys that the economy will be $4.92 trillion in FY28,
clearly alluding to the fact that the target will be realised in FY29.
CEA Commentry -
•Chief Economic Advisor (CEA) V Anantha Nageswaran said India would become a
$5-trillion economy by 2025-26 or the following year, on the back of 8-9 per cent
sustained growth rate in real gross domestic product (GDP).
IMF's Assessment is based on -
•This is notwithstanding the paring down of the real GDP growth rate forecast for
India. IMF had assigned it at 8.2 per cent, from the earlier 9 per cent for 2022-23
(FY23). In nominal and rupee terms, the IMF projected the economy to grow 13.4
per cent in FY23 – a prognosis much higher than the Budget assumption of 11.1 per
cent.
•The IMF’s projection for nominal GDP growth rate (in rupee terms) will not sustain
at 13.4 per cent during the years following FY23. In fact, the projected growth rate
will keep dropping each year. It will come down to 10.6 per cent by FY28.

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3. Reports/Index in NEWS
3.1 Inflation Data April
Issue: - Retail inflation hits 8-yr high of 7.8% in Apr & WPI inflation hits
15.08% in Apr.
Released By: -
CPI which is Retail Inflation -The National Statistical Office (NSO),
Ministry of Statistics and Programme Implementation (MoSPI).
WPI - The Office of the Economic Adviser, Department for Promotion
of Industry and Internal Trade.
Retail Inflation based on CPI

• The retail inflation rate galloped to a 95-month high in April at 7.8 per cent.
• The food inflation rate in April spiralled to 8.38 per cent as prices of edible oils and vegetables
shot up by 17.3 per cent and 15.4 per cent.
• Fuel inflation also breached the double-digit mark at 10.8 per cent in April due to rising retail
prices of petrol, diesel, and cooking gas even as crude oil prices softened from March.
Wholesale Inflation
• India’s wholesale price index (WPI)-based inflation rate rose to the highest level in the current
2011-12 series at 15.08 per cent in April on the back of hardening commodity and vegetable
prices.
• With this, the WPI-based inflation has been in double-digits for 13 consecutive months.
• Core inflation, which excludes food and fuel inflation, rose marginally to a four-month high of
11.1 per cent. Fuel inflation climbed to 38.66 per cent, while inflation for manufactured
products increased to 10.85 per cent.
RBI Report Says: -

• The RBI’s monthly State of the Economy report, released, citing high frequency food price data
from the Ministry of Consumer Affairs for the period May 1-12, said the increase in the prices
of cereals was primarily because of the surge in wheat prices.
CRISIL Says: -
• With headline inflation accelerating to an eight-year high of 7.79 per cent in April, ratings
agency Crisil said price rise is getting broad-based, and the Reserve Bank is likely to respond
with rate hikes of up to 1 percentage point in FY23.
• The research wing of the entity said it now expects the average consumer price inflation for
FY23 to come at 6.3 per cent -- above the RBI's tolerance of 6 per cent -- as against 5.5 per cent
recorded in FY22.

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3.2 ESG (environmental, social, and governance disclosure
Issue: - Analysis by CRISIL on ESG Score of Indian Companies.
What does the analysis says?
• The analysis by Crisil Research shows 20 per cent of 586 Indian companies were in the
‘strong’ and ‘leadership’ matrix. Nearly 80 per cent or 464 companies were placed as
‘weak’, ‘below average’ and ‘adequate’.
On Leaders -
• Leaders on ESG have demonstrated a clear commitment towards sustainability, and

have consistently delivered superior performance. In contrast, those in the ‘weak’ and
‘below-average’ categories have poor disclosures and inadequate ESG risk-management
practices.
On Decision Making
• The uptake of sustainability in decision making is very piecemeal in India Inc because of
a lack of stewardship, and fiduciary persuasion to improve the ESG quotient.
On Emission -
• In India, only 1 in 5 companies reported their Scope 11 and Scope 2 greenhouse gas
(GHG) emissions. The disclosure on Scope 3 emissions was even worse — only 63 out of
586 companies published this data.
On Social Aspects -
• On social aspects, public sector undertakings (PSUs) fared relatively better with an
average score of 55 compared with 49 for private companies. PSUs also fared better on
key parameters such as gender diversity (15.3 per cent for PSUs versus 12.7 per cent for
private companies), attrition (2 per cent for PSUs and 22 per cent for private), and pay
disparity (CEO to median employee pay ratio of 4.8x for PSUs versus 137x for private).
• Despite increasing by almost 2x in the past one year, the share of independent directors
at 40 per cent for PSUs was much lower compared with 51 per cent for private
companies. Similarly, while 41 companies had independent directors, none was a PSU.
Further, women directors constituted 19 per cent of private company Boards, while for
PSUs it was just 13 per cent.
Where does PSU falls behind?
• PSUs fell behind their private-sector peers on governance practices, especially board
composition and functioning.

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More About ESG Global data by S&P

The S&P Global ESG Scores is an environmental, social and governance
data set that provides company level, dimension level, and criteria level
scores based on the S&P Global Corporate Sustainability Assessment
(CSA) process, an annual evaluation of companies' sustainability
practices.
Leverage the S&P Global ESG Scores to gain insight into deep range of
environmental, social and governance data that's comparable across
peers and subindustries and allows for easy aggregation at the portfolio
level.
This dataset provides:
• Sustainability scores that have an impact on a company's

business value drivers, including growth, profitability, capital
efficiency, and risk exposure for 11,000 companies
• Scores based on detailed survey process (CSA) and publicly
available sources
• Full data history dating back to 2013
• Easy linking to other S&P Global Market Intelligence identifiers

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3.3 India Hosted SCO Meeting
Issue: -
• Counter-terrorism experts from India, Pakistan and other member

states of the Shanghai Cooperation Organisation (SCO) deliberated on
boosting cooperation in combating various regional security
challenges at a meeting hosted by India.
Why and under which framework?
• India assumed the chairmanship of the Council of Regional Anti-

Terrorist Structure of SCO (RATS SCO) on October 28 for a period of
one year.
• The meeting is taking place under the framework of the SCO's
Regional Anti-Terrorist Structure.
Point of Discussion -
• A major focus of the discussions was to be on the situation in

Afghanistan, especially in dealing with the threat from terrorist groups
active in the Taliban-ruled country.
Who are SCO Members?
• The member states of the SCO are Russia, China, India, Pakistan,
Kyrgyz Republic, Kazakhstan, Tajikistan and Uzbekistan. Afghanistan is
among the observer states of the SCO.
India's Side -
• India has not recognised the Taliban regime in Afghanistan and has
been pitching for the formation of a truly inclusive government in
Kabul besides insisting that Afghan soil must not be used for any
terrorist activities against any country.

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4. Other Important NEWS
4.1. India Vs Bangladesh Per Capita Income by IMF
Per Capita Income India 2020-21
• India’s $1,935
Per Capita Income Bangladesh 2020-21
• Bangledesh's $1,962
Data Based on -
• The data is based on gross domestic product per capita at current prices
expressed in dollars at market exchange rates.
IMF's Projections -
• Projection-wise India may have regained in 2021-22 its lead over Bangladesh in
per capita income after Dhaka beat New Delhi on this parameter in recent years.
Other Commentry -
• This is not likely to sustain in any of the next six years. India is likely to lose to
Bangladesh by over $200 in 2027-28, according to projections made by the
IMF.

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What is per capita Income?
Per capita income is a measure of the amount of money earned
per person in a nation or geographic region. Per capita income
can be used to determine the average per-person income for an
area and to evaluate the standard of living and quality of life of
the population. Per capita income for a nation is calculated by
dividing the country's national income by its population.
4.2. GST AAR Gujrat Ruling
Background
• The applicant, Tirupati Construction, approached AAR to find

out about the applicability of GST on these activities. The
company was awarded a works contract for constructing a
hostel and staff quarters at a village in Surat by the Road and
Building Department of the Gujarat government.
Key Highlights
Company's Stand -
The company argued for 12 per cent GST rate.
Revenue Department Stand -
The revenue department opposed it on the ground that the company is silent on
the use of these structures.
AAR Ruling -
However, the AAR did not buy the argument of the revenue department, saying
that the activity or transaction undertaken by the state government does not fall
under the business activities.
So, Non-Commercial building will attract 12% GST rate according to this ruling.

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More About GST AAR

Any advance tax ruling is a written interpretation of tax laws. It is issued
by tax authorities to corporations and individuals who request for
clarification of certain tax matters. An advance ruling is often requested
when the taxpayer is confused and uncertain about certain provisions.
Advance tax ruling is applied for: before starting the proposed activity.
The objective of any advance ruling, including under GST is to-
• Provide certainty for tax liability in advance in relation to a future

activity to be undertaken by the applicant
• Attract Foreign Direct Investment (FDI) – By clarifying taxation and
showing a clear picture of the future tax liability of the FDI. The
clarity and clean taxation will attract non-residents who do not
want to get involved in messy tax disputes.
• Reduce litigation and costly legal disputes
• Give decisions in a timely, transparent and inexpensive manner
4.3. LIC IPO Listing
IPO Open Date IPO Close Date Allotment Date

• May 4, 2022 • May 9, 2022 • May 12, 2022
Initiation Of Credit Of Shares To IPO Listing Date

Refunds Demat Account • May 17, 2022
• May 13, 2022 • May 16, 2022

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Other Key Highlights
Shares of the Life Insurance Corporation of India (LIC) ended 8 per cent below their
issue price during their stock market debut on Tuesday.
The stock closed at Rs 873 against the initial public offering (IPO) price of Rs 949.
At the closing price, LIC is valued at Rs 5,53,722 crore (Rs 5.54 trillion), making it the
fifth-largest company in India by market capitalisation.
What is IPO?
An initial public offering (IPO) refers to the process of offering shares of a
private corporation to the public in a new stock issuance. An IPO allows a
company to raise capital from public investors. The transition from a
private to a public company can be an important time for private investors
to fully realize gains from their investment as it typically includes a share
premium for current private investors. Meanwhile, it also allows public
investors to participate in the offering.

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4.4. Global Annual to Decadal Climate Update
Issue -
• In the latest Global Annual to Decadal Climate Update, the WMO said that
2022 will be cooler (compared to the 1991 – 2020 average) over India,
along with Alaska and Canada.
• In a rare trend, India could be among the few regions globally where below
normal temperatures have been predicted for this year and the next four
years, the decadal climate outlook report issued by the World
Meteorological Organisation (WMO) has stated.
Why?
• One of the primary reasons for lowering of temperatures over India from
next year is the possible increase in rainfall activity in this decade.
• In April this year, the India Meteorological Department (IMD) had said that
the Indian monsoon will soon enter the positive epoch after remaining
under a negative epoch since 1971.
Challenges highlighted by WMO -
• However, the WMO has warned with high certainty that during any one year
between 2022 and 2026, the global near-surface temperature could exceed
1.5° Celsius of pre-industrial levels.

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4.5. Global Food Policy Report
Released By: -
• International Food Policy Research Institute (IFPRI)
Comments on India: -
• India’s food production could drop 16% and the number of those at
risk for hunger could increase 23% by 2030 due to climate change.
• The number of Indians at risk from hunger in 2030 is expected to be
73.9 million in 2030 and, if the effects of climate change were to be
factored in, it would increase to 90.6 million.
• The aggregate food production index would, under similar conditions,
drop from 1.6 to 1.5.
Impact of Climate Change
• Climate change will not impact the average calorie consumption of

Indians and this is projected to remain roughly the same at 2,600 kcal
per capita per day by 2030 even in a climate change scenario.
• The average temperature across India is projected to rise by between
2.4°C and 4.4°C by 2100.
• Similarly, summer heat waves are projected to triple by 2100 in India
and increase at the rate of 0.71 days per decade in Pakistan.
On Global Food Production
• Baseline projections indicate that global food production will grow by

about 60% over 2010 levels by 2050 in the context of climate change.
Production and demand are projected to grow more rapidly in
developing countries, particularly in Africa, than in developed
countries, due to projected growth in population and incomes.
On Hunger: -
• However, regional differences in access to food mean that nearly 500

million people are projected to remain at risk of going hungry.
Globally, about 70 million more people will be at risk from hunger
because of climate change, including more than 28 million in East and
Southern Africa, the report added.

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4.6. Global Report on Assistive technology
Released By – WHO and UNICEF

Subtitle of the Report - Global Report on Assistive Technology (GReAT).
Background: - There is a large, unmet need for assistive technology worldwide.
The Global Report on Assistive Technology was developed in response to the
World Health Assembly resolution (WHA71.8) on improving access to
assistive technology adopted in May 2018.
What is it: - It presents a comprehensive dataset and analysis of current
assistive technology access, drawing the attention of governments and civil
society to the need for, and benefit of, assistive technology, including its return
on investment.

More than 2.5 billion people need one or more assistive products, such as
wheelchairs, hearing aids, or apps that support communication and cognition.
Yet nearly one billion of them are denied access, particularly in low- and middle-income
countries, where access can be as low as 3% of the need for these life-changing
products.
As per the report number of people in need of one or more assistive products is likely
to rise to 3.5 billion by 2050.
As per a survey of 70 countries featured in the report found large gaps in service
provision and trained workforce for assistive technology, especially in the domains of
cognition, communication and self-care.
Recommendation
• Improve access within education, health and social care systems
• Ensure availability, safety, effectiveness and affordability of assistive products
• Enlarge, diversify and improve workforce capacity
• Actively involve users of assistive technology and their families
• Increase public awareness and combat stigma
• Invest in data and evidence-based policy
• Invest in research, innovation, and an enabling ecosystem
• Develop and invest in enabling environments
• Include assistive technology in humanitarian responses
• Provide technical and economic assistance through international cooperation to
support national efforts.

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4.7. Special Drawing Rights
Issue - The International Monetary Fund lifted the yuan’s weighting in the
Special Drawing Rights currency basket, prompting the Chinese central bank
to pledge to push for a further opening of its financial markets.

➔ The IMF raised the yuan’s weighting to 12.28 per cent from 10.92 in its first
regular review of the SDR evaluation since the Chinese currency was included in
the basket in 2016, the People’s Bank of China said in a statement Sunday. The
weighting of the US dollar rose to 43.38 per cent from 41.73 per cent, while those
of euro, Japanese yen and British pound declined.
➔ What is SDR?
o SDRs are an international reserve asset that can be converted into five
currencies. The yuan’s entry into the SDR signaled it became one of the
five global reserve currencies in 2016, after years of effort by Chinese
authorities to promote its global use.

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Latest NEWS related to SDR from RBI Press Release
➔ International Monetary Fund (IMF) has made an allocation of Special Drawing
Rights (SDR) 12.57 billion (equivalent to around USD 17.86 billion at the
latest exchange rate) to India on August 23, 2021.
➔ The total SDR holdings of India now stands at SDR 13.66 billion (equivalent
to around USD 19.41 billion at the latest exchange rate) as on August 23, 2021.
➔ This increase in SDR holdings will be reflected in the Foreign Exchange Reserves
(FER) data that shall be published for the week ended August 27, 2021.
More about Special Drawing Right

The Special Drawing Right (SDR) is an interest-bearing international
reserve asset created by the IMF in 1969 to supplement other reserve
assets of member countries.
The SDR is based on a basket of international currencies comprising the
U.S. dollar, Japanese yen, euro, pound sterling and Chinese Renminbi.
It is not a currency, nor a claim on the IMF, but is potentially a claim on
freely usable currencies of IMF members.
The value of the SDR is set daily by the IMF on the basis of fixed
currency amounts of the currencies included in the SDR basket and the
daily market exchange rates between the currencies included in the SDR
basket.
SDRs are only allocated to IMF members that elect to participate in the
SDR Department. Currently all members of the IMF are participants in
the SDR Department.

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4.8. The Lancet Planetary Health report on Air Pollution
Issue - India topped air pollution death toll in 2019, says report.
Released By: - The Lancet Planetary Health.

Comments on India.
➔ Air pollution was responsible for 16.7 lakh deaths in India in 2019, or 17.8%
of all deaths in the country that year.
➔ The majority of the 16.7 lakh air pollution-related deaths in India – 9.8 lakh
— were caused by PM2.5 pollution, and another 6.1 lakh by household air
pollution.
Reason: -
➔ According to the report, air pollution is most severe in the Indo-Gangetic Plain.
This area contains New Delhi and many of the most polluted cities. Burning of
biomass in households was the single largest cause of air pollution deaths in
India, followed by coal combustion and crop burning.
Deviations from Standard as per WHO: -
➔ The World Health Organization (WHO) has substantially tightened its health-
based global air quality guidelines, lowering the guideline value for PM2.5 from
10 micrograms per cubic metre to 5. This means that there is hardly any place
in India which follows the WHO norms.
Global Commentary: -
➔ Globally, air pollution alone contributes to 66.7 lakh deaths, according to the
report, which updates a previous analysis from 2015.
➔ Overall, pollution was responsible for an estimated 90 lakh deaths in 2019
(equivalent to one in six deaths worldwide), a number that has remained
unchanged since the 2015 analysis.
➔ Ambient air pollution was responsible for 45 lakh deaths, and hazardous
chemical pollutants for 17 lakhs, with 9 lakh deaths attributable to lead
pollution.

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4.9. World Governance Indicators
Issue - The World Bank’s World Governance Indicators provide a ranking of 215
countries territories based on six dimensions of governance.
Released By: - The World Bank.
Timeframe of the report: - 1996 to Present.
Number of Countries assessed: - World Bank’s World Governance Indicators
rank 215 countries and territories based on these.
Voice and
Accountability
Political
Control of Stability and
Corruption Absence of
Violence
Dimensions
Government
Rule of Law
Effectiveness
Regulatory
Quality
India’s Rank in the above 6 dimensions
Key Comments from the Report.

➔ Kashmir went from “partly free” since 2017 till 2019 to “not free” in 2020
scoring:-
o 8 (out of 40) in Political Rights,
o 20 (out of 60) in Civil Liberties.
o Its total score was 28 (out of 110) compared with 50 (out of 100) in
2017, 49 in 2018 and 49 in 2019.
➔ In 2018, the BJP-led government harassed and at times prosecuted activists,
lawyers, human rights defenders and journalists for criticising authorities.
Draconian sedition and counterterrorism laws were used to chill free expression.
Foreign funding regulations were used to target NGOs critical of government
actions or policies.
➔ It also noted foreign NGOs have been further curtailed in their activities. It added
that ABVP created a climate intimidation at university campuses, for example at
JNU in New Delhi.

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What is WGI Score?
• BBB is an investment-grade rating issued by global rating agencies such as

S&P and Fitch, a WGI score below BBB Median would suggest that India falls
below the middle when the scores of countries are arranged in a descending
order.
What is the usage?
• A sovereign credit rating is an independent assessment of the

creditworthiness of a country or sovereign entity. It can give investors insights
into the level of risk associated with investing in the debt of a particular
country, including any political risk.
Some points that Government of India raised concern -
• On one of the governance indicators of the WGI, the Cingranelli Richards

Human Rights Database & Political Terror Scale (HUM), the government noted
that Amnesty International did not publish its full report and had no data on
India.
• Its analysis of the Economic Intelligence Unit (EIU) showed India’s rank in the
EIU’s democracy index fell from 27 in 2014 to 51 in 2019. On “What does EIU
say about India in its Democracy Index?”, it noted that India slipped to the
51st place from 42nd on EIU’s 2019 Global Democracy Index and remains
classified as ‘flawed democracy’. India’s overall score fell to 6.90 in 2019,
lowest since the index was first published in 2006. The score has been
continuously declining since 2014, when it was 7.92.
• In the Bertelsmann Transformation Index (BTI), the government noted that
under ‘Political Transformation’: “From being in the top category of
‘Democracies in consolidation’ in 2014 we have fallen to ‘Defective
Democracy’.”
• Even in the analysis of the Heritage Foundation Index of Economic Freedom,
the presentation noted “India’s Economic Freedom Score has been “Mostly
Unfree” since Heritage Foundation started publishing data in 2008.”

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What is Investment Grade Ratings?

There are different grades designated with uppercase letters like “A” and “B”
that are assigned to the bonds and other fixed interest securities by the
credit rating agencies. For example, bonds with credit ratings of “AAA” and
“AA” are considered as high credit quality bonds and “A” and “BBB” are
considered medium credit quality bonds. Below “BBB” rating bonds are
considered as low credit quality or commonly referred to as junk bonds.
The investment-grade ratings assigned to different bonds and securities are
based upon the companies past credit history, financial strength, level of
debts, profitability potential, and so on.
The ratings can change as well based on the change in these measuring
parameters of the company. These grades help investors a lot in comparing
their investment options before making investment decisions.
4.10. UN 5 Point plan to start renewables transition.
Issue - Five ways to jump-start the renewable energy transition now: UN

Released By: - The United Nation.
Why: - Four key climate change indicators – greenhouse gas concentrations, sea
level rise, ocean heat and ocean acidification – set new records in 2021. This is
yet another clear sign that human activities are causing planetary-scale
changes on land, in the ocean, and in the atmosphere, with dramatic and long-
lasting ramifications.
The Secretary-General outlines five critical actions the

world needs to prioritize now to transform our energy
systems and speed up the shift to renewable energy -
“because without renewables, there can be no future.”
• 1. Make renewable energy technology a global public good
• 2. Improve global access to components and raw materials
• 3. Level the playing field for renewable energy technologies
• 4. Shift energy subsidies from fossil fuels to renewable energy
• 5. Triple investments in renewables

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1. Make renewable energy technology a global public good
➔ For renewable energy technology to be a global public good - meaning available
to all, and not just to the wealthy - it will be essential to remove roadblocks to
knowledge sharing and technological transfer, including intellectual property
rights barriers.
➔ Essential technologies such as battery storage systems allow energy from
renewables, like solar and wind, to be stored and released when people,
communities and businesses need power. They help to increase energy system
flexibility due to their unique capability to quickly absorb, hold and re-inject
electricity, says the International Renewable Energy Agency.
➔ Moreover, when paired with renewable generators, battery storage technologies
can provide reliable and cheaper electricity in isolated grids and to off-grid
communities in remote locations.
2. Improve global access to components and raw materials

➔ A robust supply of renewable energy components and raw materials is essential.
More widespread access to all the key components and materials - from the
minerals needed to produce wind turbines and electricity networks, to electric
vehicles - will be key.
➔ It will take significant international coordination to expand and diversify
manufacturing capacity globally. Moreover, greater investments are needed to
ensure a just transition - including in people’s skills training, research and
innovation, and incentives to build supply chains through sustainable practices
that protect ecosystems and cultures.
3. Level the playing field for renewable energy technologies

➔ While global cooperation and coordination is critical, domestic policy frameworks
must urgently be reformed to streamline and fast-track renewable energy projects
and catalyse private sector investments.
➔ Technology, capacity and funds for renewable energy transition exist, but there
needs to be policies and processes in place to reduce market risk and enable and
incentivize investments - including through streamlining the planning,
permitting and regulatory processes, and preventing bottlenecks and red tape.
This could include allocating space to enable large-scale build-outs in special
Renewable Energy Zones.
➔ Nationally Determined Contributions, countries’ individual climate action plans
to cut emissions and adapt to climate impacts, must set 1.5C aligned renewable
energy targets - and the share of renewables in global electricity generation must
increase from today’s 29 percent to 60 percent by 2030.
➔ Clear and robust policies, transparent processes, public support and the
availability of modern energy transmission systems are key to accelerating the
uptake of wind and solar energy technologies.

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4. Shift energy subsidies from fossil fuels to renewable energy
➔ Fossil-fuel subsidies are one of the biggest financial barriers hampering the
world’s shift to renewable energy. The International Monetary Fund (IMF) says
that about $5.9 trillion was spent on subsidizing the fossil fuel industry in 2020
alone, including through explicit subsidies, tax breaks, and health and
environmental damages that were not priced into the cost of fossil fuels. That’s
roughly $11 billion a day.
➔ Fossil fuel subsidies are both inefficient and inequitable. Across developing
countries, about half of the public resources spent to support fossil fuel
consumption benefits the richest 20 percent of the population, according to the
IMF.
➔ Shifting subsidies from fossil fuels to renewable energy not only cuts emissions,
it also contributes to the sustainable economic growth, job creation, better public
health and more equality, particularly for the poor and most vulnerable
communities around the world.
5. Triple investments in renewables

➔ At least $4 trillion a year needs to be invested in renewable energy until 2030 –
including investments in technology and infrastructure – to allow us to reach
net-zero emissions by 2050.
➔ Not nearly as high as yearly fossil fuel subsidies, this investment will pay off. The
reduction of pollution and climate impact alone could save the world up to $4.2
trillion per year by 2030.
➔ The funding is there - what is needed is commitment and accountability,
particularly from the global financial systems, including multilateral
development banks and other public and private financial institutions, that must
align their lending portfolios towards accelerating the renewable energy
transition.
➔ In the Secretary-General’s words, “renewables are the only path to real energy
security, stable power prices and sustainable employment opportunities.”

Crack Grade B
5. One Liner

SBI ➔ The board of State Bank of India has approved long-
Fundraisin term fundraising of $2 billion in single or multiple
g tranches for refinancing maturing liabilities and fresh
lending in the current fiscal year (Fy23).
➔ In a filing to the stock exchange, the bank said the
funds will be raised through a public offering and/or
private placement basis. The bank’s central board has
approved an enabling proposal for raising funds.
Morgan ➔ Morgan Stanley on Wednesday pared India’s growth
Stanley on forecast for FY23 to 7.6 per cent from 7.9 per cent,
India’s estimated earlier. It said that a slowdown in global
GDP growth, higher commodity prices and risk aversion in
global capital markets expose Asia’s third-largest
economy to downside risks.
➔ The investment bank said while its baseline forecast
for India is 7.6 per cent growth for FY23, its bearish
and bullish growth projections are 6.7 per cent and 8
per cent, respectively.
➔
PAN ➔ The Central Board of Direct Taxes (CBDT) issued a
Mandatory notification on May 10, 2022, making the furnishing of
for Permanent Account Number (PAN) or Aadhaar compulsory
withdraw for a further set of transactions. According to the

Crack Grade B
and notification, a person must obtain and quote PAN when he
deposit. enters into any of the following three transactions:
➔ High-value cash deposit: Cash deposit (or deposits)
aggregating to Rs 20 lakh or more in a financial year, in
one or more accounts of a person, with a banking
company, a co-operative bank, or a post office will require
PAN to be furnished.
➔ High-value cash withdrawal: The same applies to cash
withdrawal or withdrawals aggregating to Rs 20 lakh or
more in a financial year, in one or more accounts of a
person with a banking company, a co-operative bank, or a
post office.
Appointme ➔ The Reserve Bank on Friday said Sitikantha Pattanaik
nts by RBI and Rajiv Ranjan have been appointed as executive
directors with effect from May 1.
➔ Ranjan will also serve as an ex-officio member of the
rate-setting panel Monetary Policy Committee (MPC).
Forex ➔ India's forex reserves declined by USD 1.774 billion to
Reserve USD 595.954 billion for the week ended May 6 on the
back of a fall in the core currency assets, according to
Reserve Bank of India (RBI) data released on Friday.
➔ In the previous reporting week, the overall reserves had
declined by USD 2.695 billion to USD 597.728 billion,
falling below the USD 600 billion mark.
Appointme ➔ Leading stock exchange BSE on Tuesday said its board
nt in BSE has appointed S S Mundra, a public interest director,
as the chairman of the bourse. Mundra will replace
Justice Vikramajit Sen.
S&P on ➔ S&P Global Ratings on Wednesday slashed India’s
India’s growth forecast to 7.3 per cent from 7.8 per cent for
GDP FY23 on rising inflationary pressure and longer-than-
expected Russia-Ukraine war.
➔ The rating agency increased its inflation forecast for
India by 90 basis points (bps) to 6.3 per cent for the
current fiscal year.

Crack Grade B
➔
Remittance ➔ Flow of money into non-resident Indian (NRI) deposits
Data by moderated sharply to $3.23 billion in April 2021–
RBI March 2022 from $7.36 billion in the same period of
the previous year.
➔ Outstanding deposits have also gone down to $139.02
billion at the end of March 2022. This compares to
$141.89 billion a year ago, according to Reserve Bank
of India (RBI) data.
SBI Loans ➔ In view of the difficulties being experienced by
to Sri exporters in receipt of export proceeds from Sri Lanka
Lanka and State Bank of India’s credit facility agreement
dated March 17, 2022 with the Government of Sri
Lanka for sanction of Government of India guaranteed
USD 1000 million term loan to the latter for financing
purchase of essential goods by Sri Lanka from India, it
has been decided that such trade transactions with Sri
Lanka, falling under the said arrangement, may be
settled in INR outside the ACU mechanism.
RBI ➔ The Reserve Bank of India (RBI) on Tuesday rejected

rejected 6 applications for on-tap bank licences of six firms —four
firms of which applied for universal bank licence and two for
under One small finance bank.
Tap ➔ The Reserve Bank of India (RBI) rejected applications
License for on-tap bank licences of six firms —four of which
applied for universal bank licence and two for small
finance bank.
➔ 11 entities had applied for on-tap bank licences since
the guidelines were released by the RBI.

Crack Grade B
RBI’s ➔ The Reserve Bank of India (RBI) sold $20 billion in
action for March on a net basis in the spot markets — the
falling highest ever in a month. In March, the rupee fell to an
rupee all-time low on March 7, as it approached the 77/$
mark — a level the RBI made an effort to protect,
according to currency dealers. The Indian currency
finally breached the 77/$ level earlier this month.
➔ On Last week the rupee hit an all-time closing low of
77.58/$. The previous highest sale of dollars was in
October 2008 when the RBI sold $18.66 billion. The
central bank has been intervening in all segments of
the currency market, which has slowed the pace of
rupee depreciation.
➔ As a result, the US Federal Reserve turned hawkish
that has made investors rush for safe haven assets.
Following heavy dollar selling by the RBI, the country’s
foreign exchange reserves have fallen around $35
billion since the war broke out in late February this
year.
➔ The foreign exchange reserves touched an all-time high
in September last year after hitting $642.4 billion.
According to the latest figures, foreign exchange
reserves were at $595.95 billion as on May 6, 2022
Gold ➔ The RBI’s gold reserves started increasing from the
Reserve by 2017-18 financial year, and in the last two years it
RBI went up over 100 tonnes.
➔ As at end-March 2022, the Reserve Bank held 760.42
tonnes of gold, including gold deposits of 11.08 tonnes.
➔
Lenders ➔ The Supreme Court has rejected a plea against a
can initiate recent ruling by the National Company Law Appellate
insolvency Tribunal (NCLAT), paving the way for lenders to initiate
when insolvency proceedings against promoters, directors
personal and chairman who have signed personal guarantees on
guarantees corporate loans. This is irrespective of pendency of any
is signed. proceeding against the corporate debtor under the
Insolvency Bankruptcy Code (IBC).

Crack Grade B
➔ Under the IBC norms, a corporate resolution process
or liquidation proceeding against the corporate debtor
is required to initiate proceedings against personal
guarantor.
Export and ➔ India’s merchandise exports grew 30.7 per cent to
Import $40.19 billion in April, led by demand for petroleum
Data. products, electronic goods and chemicals, even as the
trade deficit widened due to high oil prices, data
released by the commerce and industry ministry
showed.
➔ India imported goods worth $60.3 billion, up nearly 30
per cent on year in April. Trade deficit widened to
$20.1 billion as compared to $15.29 billion in April last
year.
Liberalised ➔ Outward remittances under the Reserve Bank of
Remittance India’s (RBI’s) liberalised remittance scheme (LRS) was
Scheme. at an all-time high in FY22.
➔ In FY22, outflows under the LRS scheme was to the
tune of $19.61 billion, up 54.6 per cent from FY21,
data released by the RBI showed. In FY21, outward
remittance under the scheme was $12.68 billion; in
FY20 it was $18.76 billion; and in FY19 it was $13.78
billion.
➔
Netherland ➔ The Netherlands has emerged as India’s fifth-largest
s has export destination in 2021-22 (FY22), jumping from its
emerged as 10th position a year ago. Exports to the fifth-largest
6th Largest economy in the European Union (EU) bolted 94 per
export cent to $12.5 billion in the financial year ended March
destination 31.
➔ In FY22, the Netherlands surpassed Hong Kong,
Singapore, the UK, Germany, and Nepal to become
India’s largest export destination in the EU.

Crack Grade B
➔
India ➔ Issue - India has formally proposed at the World Trade
raised Organization (WTO) to allow members to sell foodgrains
concern in from their public stockholdings to weather the ongoing
WTO for food crisis that has led to sky-rocketing inflation.
export. ➔ Why and what is existing rule? - Existing WTO rules do
not allow member countries to export subsidised
foodgrains to the world market, as it may distort global
food prices. India believes an exception needs to be
made amid the current food crisis emanating from the
Russia-Ukraine war.
Bitcoin as ➔ The Central African Republic (CAR) adopted Bitcoin as
Legal the legal tender.
tender ➔ Last Year El Salvador has done it, so Central African
Republic is the second country to do so.

CURRENT AFFAIRS
21st May 2022 to 31st May 2022
BY TEAM CRACK GRADE B

Crack Grade B
Contents
0. Organization in News (Static) ........................................................................................ 2
........................................................................................ 3
................................................................................................. 7
............................................................... 8
.............................................................................. 9
................................................................ 10
....................................................... 11
....................................... 12
................................................................................................................................. 13
2. Finance In News ....................................................................................................................... 14
................................................................ 14
............................................... 15
................................................................. 16
3. Reports/Index in News.......................................................................................................... 17
............................................................................. 17
.......................................................................................................................................................... 19
.............................................................. 20
................................... 21
..................................................................... 22
....................................................... 23
........... 24
........................ 26
............................................................................................. 27
............................................................................... 28
...................................................................... 29
4. One Liner ..................................................................................................................................... 31

Crack Grade B
Name About Key Top Designation Hq Estd. Member India

Person Country Joined
UNICEF UNICEF works in the world’s Catherine M. Executive New York, USA 1964 190 NA
toughest places to reach the Russell Director
most disadvantaged
children and adolescents –
and to protect the rights of
every child, everywhere.
Across more than 190
countries and territories, we
do whatever it takes to help
children survive, thrive and
fulfill their potential, from
early childhood through
adolescence.
Asian ADB assists its members, Masatsugu Chairman Mandaluyong, 19- 68 1966
Develop and partners, by providing Asakawa Philippines Dec-
mental loans, technical assistance, 66
Bank grants, and equity
investments to promote
social and economic
development.
Internat The International Labour Gilbert F. Director Geneva, 1919 187 28-Jun-
ional Organization is a United Houngbo General Switzerland 19
Labour Nations agency whose
Organiz mandate is to advance
ation social and economic justice
through setting
international labour
standards.
World The World Bank is an David President Washington, 1944 189 1945
Bank international financial Malpass D.C., USA
institution that provides
loans and grants to the
governments of low- and
middle-income countries for
the purpose of pursuing
capital projects.
World The World Meteorological Gerhard President Geneva, 23- 187 1949
Meteor Organization is a specialized Adrian Switzerland Mar-
ological agency of the United 50
Organiz Nations responsible for
ation promoting international
cooperation on atmospheric
science, climatology,
hydrology and geophysics.

Crack Grade B
Released by: - RBI for the year 2021-22.
On Monetary Policy -
•The Reserve Bank of India (RBI) will follow a nuanced approach in the wake of inflation risks from high
commodity prices and the monetary policy will be calibrated while ensuring adequate liquidity to support
the needs of the productive sectors of the economy.
On Contingency Fund -
•The central bank made a provision of Rs 1.15 trillion for the Contingency Fund in FY22 against Rs
20,710.12 crore in the previous year.
What is the Contingency Fund calculation -
•The fund was maintained at 5.5 per cent of the balance sheet -- the lower end of the 5.5-6.5 per cent
band as recommended by the Bimal Jalan committee
On Inflation Targeting -
•The past two years, since the onset of the pandemic, the RBI’s main objective was to support growth.
Earlier this month, the six-member monetary policy committee of the central bank increased the repo
rate -- for the first time in four years -- by 40 basis points to 4.4 per cent.
•In line with the objective to bring down inflation, the RBI has started withdrawing liquidity from the
banking system.
•During the year, Rs 2.2 trillion was withdrawn from the system through restoring the cash reserve ratio
(CRR) to pre-pandemic levels, targeted long-term repo operations, and open market operations, it said.
On Non-Performing Assets -
•The gross non-performing assets (GNPA) ratio of all scheduled commercial banks (SCBs) moderated to
its lowest level in six years, aided by due efforts towards recoveries and technical write-offs. Bank credit
growth has begun to pick up to track nominal GDP growth and banks are regaining bottom lines.
On Currency in Circulation
•Circulation of Rs 2,000 notes that were introduced during demonetisation has fallen sharply over the
years and is 13.8% of the total value of notes in circulation, compared to 50.2% in 2017.
•Circulation of Rs 500 notes has risen consistently and is now 73.3% in terms of the total value.
On Counterfeit Notes
•After falling in 2020-21, counterfeit notes recorded a 10.7 per cent uptick in 2021-22, with the Rs 500
denomination fake notes rising by 102 per cent.
•Fake notes of Rs 2,000 increased by 55% in 2021-22 over the previous fiscal year.
•According to the Reserve Bank of India’s (RBI) annual report, during 2021-22, out of the total Fake Indian
Currency Notes detected in the banking sector, 6.9 per cent were detected at the RBI and 93.1 per cent
at other banks.

Crack Grade B
On State Finance
•State finances showed improvement in 2021-22 as the consolidated gross fiscal deficit (GFD) of 26 states
was lower by 31.5 per cent than a year ago.
•The GFD declined mainly due to higher growth in revenue receipts (30.5 per cent in FY22) as against a
contraction of 8.6 per cent in 2020-21.
•This is based on the information available for these states for April-February 2021-22
•State government finances were budgeted to improve in 2021-22 with the GFD-GDP ratio narrowing to
3.5 per cent from 4.7 per cent in the Revised Estimates for 20-21.
•The Centre released Rs 1.59 trillion in 2021-22 to states as back-to-back loans. Apart from these loans,
the Centre has released GST compensation of Rs 60,000 crore.
•In addition to the regular instalment of tax devolution, the Centre released two advance instalments of in
November 2021 and January 2022.
•Thirteen states received permission to borrow an additional Rs 32,412 crore (till Q2, 2021-22) as an
incentive for achieving the target set by the Ministry of Finance for capital expenditure.
•The outlay under the “Scheme for Financial Assistance to States for Capital Investment” has been
enhanced by the Centre from Rs 10,000 crore in the Budgeted Estimates to Rs 15,000 crore in the
Revised Estimates for 2021-22.
•The RBI report said based on the information available for 20 state governments, their combined GFD
had been budgeted at 3.2 per cent in 2022-23 against 3.7 per cent in 2021-22 (Revised Estimates). There
are significant variations among states.
•Following the recommendations of the Finance Commission, the Centre has allowed the states a fiscal
deficit of up to 4 per cent of gross state domestic product (GSDP) in 2022-23. Of that 0.5 per cent will be
tied to power sector reforms.
On Emerging Risk in Financial Sector

•The central bank, while encouraging innovation, is also factoring in emerging risks in the fintech
segment. Greater use of technology accentuates the concerns related to cyber security.
•Fintechs have disrupted the financial services space in terms of products, customer servicing, back-end
analytics, and delivery of services. Such innovation first disrupts the market and once it establishes its
constructive role, the regulators and authorities step in to regulate the space to nurture the innovation in
a sustainable manner and to also mitigate any associated risks.
•The RBI has also expressed concerns on the involvement of bigtechs in banking, finance services, and
insurance space as their involvement brings along systemic risks that have implications for financial
stability.
•It came in the backdrop of a working group of the RBI cautioning about big tech players. It said if these
players enter the digital lending space, it could have regulatory implications on concentration and
competition risk.
On Shadow Banks
•The Reserve Bank of India (RBI) has red-flagged non-banking financial companies (NBFCs) in its annual
report, observing that balance sheets of shadow banks expanded even as the asset quality deteriorated.
•The balance sheet of NBFCs expanded in 2021-22 (up to December 2021) but asset quality in the sector
deteriorated. Nevertheless, capital cushions showed an improvement.
•Higher risk appetite of the NBFCs has, however, contributed over time to their size, complexity, and
interconnectedness, thereby making some of the entities systemically significant that pose potential
threat to financial stability.
•The regulator is planning to put in several measures in the current financial year, for both banks and
NBFCs, to strengthen the regulatory and supervisory framework. For example, a revised regulatory
framework for these entities which provides for a layered structure based upon their size, activity, and
perceived riskiness, and will be applicable from October 1, 2022.

Crack Grade B
On Banking Fraud
•Frauds reported by banks and other financial institutions in value terms more than halved in 2021-22,
despite the number of instances of fraud increasing. The RBI data considers frauds of Rs 1 lakh and
above only.
•In 2021-22, frauds to the tune of Rs 60,414 crore were reported, down 56.28 per cent from Rs 1.38
trillion in 2020-21. In terms of number of frauds, these entities reported 23.69 per cent higher frauds at
9,103 in 2021-22 as against 7,359 frauds in 2020-21.
•An assessment of bank group-wise fraud cases over the last three years indicates that while private
sector banks reported maximum number of frauds, public sector banks contributed maximum to the
fraud amount.
•Also, frauds have occurred in the loan portfolio, both in terms of number and value. In the number of
frauds, advances constituted 42.2 per cent and in value terms it was almost 97 per cent at Rs 58,328
crore. Cards/internet constituted 39.5 per cent of the number of frauds but in value terms it was just
0.2 per cent.
On RBI's Balance Sheet

•The Reserve Bank of India’s (RBI’s) balance sheet increased 8.46 per cent during FY22, reflecting
mainly its liquidity and foreign exchange operations.
•While income increased 20.14 per cent, expenditure went up 280.13 per cent, according to the RBI’s
Annual Report for FY22.
•Last financial year was the first full year of the April-March accounting cycle. Earlier the RBI followed
the July-June financial year.
•The year ended with a surplus of Rs 30,307.45 crore against Rs 99,122 crore in the previous year (FY21).
•Income for FY22 rose to more than Rs 1.60 trillion from about Rs 1.34 trillion in FY21. However,
expenditure shot up to about Rs 1.3 trillion due to provisions of Rs 1.15 trillion for the Contingency
Fund and Rs 100 crore for the asset development fund, leading to a dip in surplus.
•The rise on the asset side was due to increase in foreign and domestic investment, gold, and advances,
the report said. Liabilities rose owing to increase in deposits, notes issued, etc. Domestic assets
constituted 28.22 per cent while foreign currency assets and gold constituted 71.78 per cent of the
total as on March 31, 2022.
On Circulation of Rs. 2000 & Rs. 500 Notes

•Circulation of Rs 2,000 notes that were introduced during demonetisation has fallen sharply over the
years and is 13.8% of the total value of notes in circulation, compared to 50.2% in 2017.
•Circulation of Rs 500 notes has risen consistently and is now 73.3% in terms of the total value.
On Transfer to Government of India
•The Central Board of Directors of the RBI had approved transferring Rs 30,207.45 crore as surplus to
the Central government.
•The Reserve Bank of India (RBI) will transfer Rs 30,307 crore as surplus to the government for 2021-22,
the central bank said in a statement following its board meeting on Friday. The decision was taken after
deciding to maintain the contingency risk buffer at 5.50 per cent of its balance sheet.
•This year’s transfer is sharply lower than what the central bank had did in the previous financial year —
Rs 99,126 crore.

Crack Grade B

Crack Grade B
Key Highlights
The RBI has set up a committee to evaluate the efficacy, adequacy and quality of customer service in
banks, NBFCs, and other entities regulated by it.
The six-member committee headed by former RBI deputy governor B P Kanungo has been asked to
submit a report within three months from the date of its first meeting, the central bank said in a
statement.
Other members of the panel are: A K Goel (Chairman IBA and MD & CEO, PNB), A S Ramasastri (former
Director, IDRBT), Amitha Sehgal (Hon. Secretary, AIBDA), Rajeshri N Varhadi (Professor, University of
Mumbai), and Anil Kumar Sharma (Executive Director, RBI).
Objective of the Panel -
❖ Evaluate the efficacy, adequacy and quality of customer service in entities regulated by RBI vis--
vis the existing RBI guidelines on customer service and identify gaps, if any," is one of the terms
of reference.
❖ It will also review the emerging and evolving needs of the customer service landscape, especially
in the context of evolving digital/ electronic financial products and distribution landscape and
suggest suitable regulatory measures.
❖ It will also identify the best practices, adopted globally and domestically, in customer service and
grievance redressal, especially for improvement in services rendered to retail and small
customers, including pensioners and senior citizens.
❖ Suggesting measures to leverage technology for enhancing customer service efficiencies,
upgrading internal grievance redress mechanism in Regulated Entities and strengthening the
overall consumer protection framework of RBI, is another task given to the panel.

Crack Grade B
Key Highlights
The RBI eased norms for non-bank entities to set up Bharat Bill Payment operating units by reducing the
net-worth requirement to Rs 25 crore, with a view to encourage more players in the segment.
At present
❖ A net worth of Rs 100 crore is required to obtain authorisation for a non-bank BBPOU (Bharat Bill
Payment Operating Units).
❖ The reduction in net-worth requirements follows an announcement regarding the same by the
central bank in April.
Why it has been done?
❖ To increase participation, the RBI had decided to align the net worth requirement of non-bank
BBPOUs with that of other nonbank participants which handle customer funds (like payment
aggregators) and have a similar risk profile.
Under Section
❖ This circular is issued under Section 10 (2) read with Section 18 of the Payment and Settlement
Systems Act, 2007 (Act 51 of 2007), and shall come into effect immediately.
What is BBPS?
Bharat Bill Payment System (BBPS) is an interoperable platform for bill payments and the
scope and coverage of BBPS extends to all categories of billers who raise recurring bills.
Users of BBPS enjoy benefits like standardised bill payment experience, centralised customer
grievance redressal mechanism and prescribed customer convenience fee.

Crack Grade B
Key Highlights
The Reserve Bank of India (RBI) has cancelled the certificate of registration (CoR) of five non-banking
finance companies (NBFCs).
Why?
❖ The CoR of the abovementioned NBFCs have been cancelled on account of violation of RBI
guidelines on outsourcing and fair practices code in their digital lending operations undertaken
through third party apps which was considered detrimental to public interest.
❖ These NBFCs were also not complying with the extant regulations of RBI pertaining to charging
excessive interest rates and were also involved in harassment of customers in the recovery
process.
Background -
❖ RBI had constituted a working group last year in January to study all aspects of digital lending
activities in the regulated financial sector as well as by unregulated players, so that an
appropriate regulatory approach could be put in place.
❖ This came in the wake of a spurt of digital lenders during the pandemic. As economic stress due
to the pandemic worsened, consumers had increasingly turned towards digital lending platforms
and mobile apps for quick short-term loans to tide over difficult times.
❖ The working group had suggested that self-regulatory organizations have to be set up covering
the participants in the ecosystem. In the medium term, the working group had suggested that
the central government may consider bringing in legislation to prevent illegal lending activities by
introducing the ‘Banning of Unregulated Lending Activities Act’.
5 NBFCs are
• UMB Securities Ltd,
• Anashri Finvest Ltd,
• Chadha Finance Ltd,
• Alexcy Tracon Pvt Ltd,
• Jhuria Financial Services Pvt Ltd.

Crack Grade B
Key Highlights
The Reserve Bank of India (RBI) has changed the ceiling for loans to individual to carry out
repairs/additions/alterations to their dwelling units.
Old ceiling based on 2013 Circular
❖ The ceiling on loans to individuals for carrying out repairs/additions/alterations to their

dwelling units was revised upwards to ₹2 lakh in rural and semi-urban areas and ₹5 lakh in
urban areas.
New ceiling as per new Circular on May 34 2022.
❖ The ceiling on such loans is now revised to ₹10 lakh in metropolitan centres (those centres
with population of 10 lakh and above) and ₹6 lakh in other centres.

Crack Grade B
Key Highlights
The Securities and Exchange Board of India (Sebi) tightened norms around cyber security for market
infrastructure institutions (MIIs).
Changes -
❖ The regulator has mandated MIIs to conduct comprehensive cyber audits at least two times in a
financial year.
❖ Further, the managing directors (MD) and chief operating officers (CEO) of the MIIs have been
directed to submit a declaration of compliance with all circulars and advisories related to cyber
security issued by Sebi from time to time.
❖ SEBI has also directed MIIs to communicate the status of the implementation of the provisions of
the latest circular it has issued on cyber security to Sebi within 10 days.
How -
❖ Under the modified framework, MIIs should identify and classify critical assets based on their
sensitivity and criticality for business operations, services and data management.
❖ The critical assets should include business critical systems, internet facing applications /systems,
systems that contain sensitive data, sensitive personal data, sensitive financial data, personally
identifiable information data, among others.
❖ All the ancillary systems used for accessing or communicating with critical systems either for
operations or maintenance should also be classified as critical system. Further, the board of the
MII will be required to approve the list of critical systems.
❖ "To this end, MII should maintain up-to-date inventory of its hardware and systems, software and
information assets (internal and external), details of its network resources, connections to its
network and data flows," Sebi said.
Who are MII?
Stock exchanges, depositories and clearing corporations are collectively referred to as

securities Market Infrastructure Institutions (MIIs).
According to the Bimal Jalan Committee (2010), these institutions are systemically important
for the country’s financial development and serve as the infrastructure necessary for the
securities market.

Crack Grade B
Key Highlights
The Securities and Exchange Board of India (Sebi) announced changes to guidelines for passive funds,
aiming to boost exchange-traded funds (ETFs).
For debt ETFs and index funds -
❖ The market regulator capped group-level exposure at 25 per cent.

❖ The cap will not apply when it comes to investment in public sector entities.
❖ The constituents of the index will be aggregated at issuer level for the purpose of determining
investment limits for single issuer, group or a sector.
❖ Sebi asked the Association of Mutual Funds in India (Amfi) shall issue a list of debt indices for
launching of debt ETFs within a month.
❖ In case of change in constituents of the index due to periodic review, the portfolio of ETF or index
funds will be rebalanced within seven calendar days.
❖ If the rating of a security is downgraded to below the rating mandated in the index methodology
(including downgrade to below investment grade), the portfolio be rebalanced within 30 calendar
days.
SEBI to AMC -
❖ Sebi said asset management companies (AMC) shall appoint at least two market makers (MMs)
for ETFs to provide continuous liquidity on the stock exchange platform.
❖ Sebi has managed those direct transactions with AMCs shall be facilitated for investors for
transactions above a specified threshold.
❖ Sebi has also allowed AMCs to launch passive equity-linked saving schemes (ELSS) through an
index fund. The investment universe of such schemes will be restricted to top 250 companies by
market cap. However, fund houses will launch either a passive or an active ELSS scheme and not
both.

Crack Grade B
Key Highlights
Sebi tweaked the standard operating procedure specifying steps to be taken by stock exchanges, clearing
corporations and depositories for dealing with possible defaults by trading or clearing members.
Why?
❖ The measures are aimed at protecting the interest of non-defaulting clients of trading members
(TMs) or clearing members (CMs) in the likely event of default.
Changes -
❖ Sebi, in consultation with the Market Infrastructure Institutions, has decided to modify the
framework in order to provide equitable distribution of funds amongst investors, according to
a circular.
❖ Under the new framework, within 30 trading days from crystallisation of balances, stock
exchanges (SEs) or clearing corporations (CCs) will have to endeavour to settle the claims of
maximum number of clients by way of interim measures under their supervision, prior to issuing
show cause notices.
Static Concepts
Stock Exchange -
A stock exchange, securities exchange, or bourse, is an exchange where stockbrokers and

traders can buy and sell securities, such as shares of stock, bonds, and other financial
instruments.
Clearing Corporation -
A clearing corporation is an organization associated with an exchange to handle the

confirmation, settlement, and delivery of transactions. Clearing corporations fulfil the
main obligation of ensuring transactions is made in a prompt and efficient manner.
Depository -
A depository can be an organization, bank, or institution that holds securities and assists
in the trading of securities. A depository provides security and liquidity in the market,
uses money deposited for safekeeping to lend to others, invests in other securities, and
offers a funds transfer system.

Crack Grade B
Key Highlights
The Central Board of Indirect Taxes and Customs (CBIC) has issued standard operating procedures (SOPs)
to ensure the timely recovery of goods and services tax (GST) dues from companies undergoing
liquidation under the Insolvency and Bankruptcy Code (IBC).
Challenge -
❖ A corporate debtor undergoing insolvency is liable to furnish its GST returns, pay tax, and meet
all other compliance as per the GST law during the corporate insolvency process. Tax officers
can’t make any claims after the winding up order of a company is passed.
❖ However, the CBIC observed, that there is an inordinate delay in filing claims by the Customs and
GST authorities, which results in their claims not being admitted once a resolution plan is
approved, the CBIC said.
❖ It also observed that the authorities then litigate on the rejection of the claims, despite the
settled position that no such claims can be raised once the plan is approved and no demands can
be raised on the resolution applicant that has taken over the company.
❖ One reason for such delay in filing claims is that the GST zonal office concerned did not receive
information that the resolution process had been initiated.
Changes -
❖ The CBIC said it has nominated a nodal officer to ensure filing of claims with the Insolvency and
Bankruptcy Board of India (IBBI) within 90 days of the commencement of the process.
❖ According to the procedure, correspondence with the resolution professional should be made
regarding the resolution plan, which is to be verified regularly with IBBI through its website about
the National Company Law Tribunal’s (NCLT’s) orders concerning liquidation or even withdrawal
of the matter.
❖ The nodal officer is to submit the monthly report with the CBIC, which includes details such as
amount of claim filed, arrears pending against the company from the concerned zone, final
orders issued for liquidation/resolution, and so on.
❖ The CBIC felt the need for the SOPs after the IBBI said the role of GST and Customs authorities
under the IBC needs to be formulated.

Crack Grade B
Key Highlights
The government is considering to prescribe a reporting and audit mechanism for Special Purpose
Acquisition Companies (SPACs) as it looks to legalise them and allow their listing on stock exchanges,
according to officials at the Ministry of Corporate Affairs (MCA).
Background -
❖ In its Companies Law Committee report 2022, the ministry proposed to introduce the SPAC
concept and give these entities legal status, as well as permitting their listing on stock exchanges
in India and abroad, among other proposals. The move shall pave the way for new-age firms to
list abroad and attract capital.
What is the framework?
❖ A SPAC is a company that does not have an operating business and is formed to acquire a target
company. This allows such a shell firm to raise capital through listing, without having any
operating business. Following listing, a SPAC acquires or merge into the target company.
Currently, the Companies Act does not support SPAC structures as it mandatorily requires a
company to be incorporated with a business object.
❖ The ministry proposed to introduce the framework for fractional shares, which, by concept,
allows investors to put in a fixed amount to buy part of that particular stock.
What is the impact?
❖ The proposal, if approved, will pave the way for small investors to invest in high-flying stocks.
And in return, the investor shall get all benefits proportionally, if the stock rises. Currently, Indian
laws do not allow it.
What are Fractional Shares?
A fractional share is a portion of an equity stock that is less than one full share. Fractional
shares often result from stock splits, which don't always result in an even number of shares.
Mergers or acquisitions create fractional shares, as companies combine new common stock
using a predetermined ratio.

Crack Grade B
Key Highlights
IRDAI sets up committees through GIC to suggest industry overhaul.
Why?
❖ To overhaul the insurance sector, the Insurance Regulatory and Development Authority of India
(Irdai) has formed various committees through the General Insurance Council (GIC) to suggest
reforms in several areas of general, reinsurance and life insurance such as regulation, product,
distribution, among others.
Who are included in the panel?
❖ These panels include heads of private and public sector insurance companies, members of Irdai
and representatives from the GIC, said an official. GIC was formed by Irdai to act as a link
between the insurance regulator and the non-life insurance industry, and has representation
from the industry.
❖ About five committees each have been formed to suggest changes in the general insurance
business, non-life insurance space, and two panels will look into the reinsurance segment.
Terms of Reference -
❖ These panels have been formed to look into areas of regulation, products, distribution, finance,
health, finance, taxation, ease of doing business, among others. The industry representatives
have also been asked to highlight the issues they have been facing and suggest steps that can be
taken, said another official. Some recommendations have already been submitted to the
insurance regulator.

Crack Grade B
Key Highlights
India has joined the First Movers Coalition, a global initiative aimed at decarbonising the heavy industry
and long-distance transport sectors.
Background -
❖ Launched by US President Joe Biden and the WEF at COP26 as a flagship public-private
partnership to clean up the most carbon-intensive sectors, also saw 50 new corporate members
with collective market cap of USD 8.5 trillion joining the force.
Objective -
❖ For decarbonising the heavy industry and long-distance transport sectors responsible for 30 per
cent of global emissions.
Who are the members?
❖ Besides India, Denmark, Italy, Japan, Norway, Singapore, Sweden and the United Kingdom have
also joined the US as government partners to create early markets for clean technologies through
policy measures and private sector engagements.
❖ India, along with Japan and Sweden, has also joined the steering board of the coalition
World Economic Forum
World Economic Forum (WEF) is a non-profit organisation that was founded in January
1971. WEF is based in Cologne-Geneva, Switzerland, and was formed with an initiative to
improve the states of the world. This organisation was formerly known as the European
Management Forum.
Mission - Committed to improving the state of the world by engaging business, political,
academic, and other leaders of society to shape global, regional, and industry agendas.
Founder and Exe Chairman - Klaus Schwab.

Crack Grade B
First Movers Coalition in details
Led by the WEF and the US government, the First Movers Coalition targets sectors,
including aluminium, aviation, chemicals, concrete, shipping, steel and trucking, which
are responsible for 30 per cent of global emissions - a proportion expected to rise to
over 50 per cent by mid-century without urgent progress on clean technology
innovation.
Objectives - The coalition's members have committed to purchasing - out of their

total industrial materials and long-distance transport spending - a percentage from
suppliers using near-zero or zero-carbon solutions, despite the premium cost.
Why - If enough global companies commit a certain percentage of their future

purchasing to clean technologies in this decade, this will create a market tipping point
that will accelerate their affordability and drive long-term, net-zero transformation
across industrial value chains.
Targets - The coalition also announced two new target sectors: carbon dioxide
removal and aluminium, which join the four existing sectoral pledges (aviation,
shipping, steel and trucking) launched at COP26.
Corporate Members - The new corporate members include global technology giants
Alphabet and Microsoft, along with AES, Aveva, Ball Corporation, BHP, Consolidated
Contractors Company, Ecolab, Enel, EY, FedEx, Ford Motor Company,
HeidelbergCement, Mitsui OSK Lines, National Grid, Novelis, PWC, Schneider Electric,
Swiss Re and Vestas.
Country Members - In addition to the US government, the coalition now has India,
Japan and Sweden in the Steering Board, as well as Denmark, Italy, Norway, Singapore
and the United Kingdom as government partners.

Crack Grade B
Key Highlights
The Edelman Trust Barometer Special Report: The Geopolitical Business, which was released on the side-
lines of the World Economic Forum Annual Meeting, also showed that geopolitics is now a litmus test for
trust in business.
On India -
❖ Indian companies have emerged as the most trusted by the domestic population, followed by
China, Canada, the US and the UK, according to a new study.
❖ In terms of domestic trust in companies headquartered in each market, India has topped the
charts (89 per cent, with a gain of 4 per cent since January), followed by 82 per cent in China and
70-76 per cent in Canada, the US and the UK.
On Russia -
❖ The corporate exit from Russia has set a precedent, and the expectations for action at times of
crisis are ever increasing. In fact, fewer than 6 in 10 respondents now say geopolitics is a business
priority.
Global Trust -
❖ On the overall trust index, taking into account trust in NGOs, business, government and media,
India is now placed at the second place after China, as against third in January this year.
❖ Globally, scientists have emerged the most trusted category, while the United Nations is the only
trusted global institution. The survey was conducted in 14 countries with 14,000 respondents
between April and May.

Crack Grade B
Key Highlights
India's largest state in terms of GDP and home to the country's financial capital Mumbai, on Sunday
joined the World Economic Forum's Global Plastic Action Partnership (GPAP) to advance regional efforts
to fight plastic pollution.
Benefit of it -
❖ The partnership will bring together Maharashtra's leading policy-makers, business leaders, civil
society organizations and experts to formulate a state-level plan to eradicate plastic pollution.
Background -
❖ The announcement follows the fifth United Nations Environment Assembly (UNEA 5), where a
resolution was adopted in March 2022 that will hold member nations legally accountable for
their contributions to the global plastic pollution crisis.
❖ By joining the Global Plastic Action Partnership,
o Maharashtra aims to enhance its commitment to curbing plastic pollution, raise its
ambition, and ensure accountability and inclusivity throughout the value chain.
The Agreement -
❖ The Ministry of Environment and Climate Change of Maharashtra will work with GPAP to launch a
National Plastic Action Partnership (NPAP) in Maharashtra as a platform to tackle plastic waste
pollution, according to a statement from the WEF.
❖ The GPAP-Maharashtra is the first in India. Maharashtra has an estimated population of 124
million people, larger than countries such as Ethiopia and the Philippines, making this a
significant partnership in per capita terms.
Other Nations are -
❖ Nations currently implementing such partnerships include Indonesia, Ghana, Pakistan, Vietnam
and Nigeria.

Crack Grade B
Key Highlights
Covid-19 pandemic has seen one new billionaire emerging every 30 hours, while nearly one million
people could be pushed into extreme poverty every 33 hours this year: Oxfam
Report Released -
❖ At the WEF, which describes itself as an international organisation for public-private partnership,
is hosting its annual meeting in Davos after a gap of more than two years.
Report Highlights -
❖ The report showed that 573 people became new billionaires during the pandemic, at the rate of
one every 30 hours.
❖ Oxfam expect this year that 263 million more people will crash into extreme poverty, at a rate of
a million people every 33 hours.
❖ Billionaires' wealth has risen more in the first 24 months of COVID-19 than in 23 years
combined. The total wealth of the world's billionaires is now equivalent to 13.9 per cent of global
GDP, marking a three-fold increase from 4.4 per cent in 2000, it added.
❖ Meanwhile, millions of others are skipping meals, turning off the heating, falling behind on bills
and wondering what they can possibly do next to survive. Across East Africa, one person is likely
dying every minute from hunger. This grotesque inequality is breaking the bonds that hold us
together as humanity. It is divisive, corrosive and dangerous. This is inequality that literally kills.
❖ Oxfam's new research also showed that corporations in the energy, food and pharmaceutical
sectors -- where monopolies are especially common -- are posting record-high profits, even as
wages have barely budged and workers struggle with decades-high prices amid COVID-19.

Crack Grade B
Key Highlights
A report released by the International Labour Organisation highlighted that the 112 million jobs lost
during the pandemic were yet to return to the global economy.
This is the 9th edition of the report.
Highlights of the report -
❖ As per the report, employment had reduced by 3.8 per cent, compared to the fourth quarter in
2019, translating into 112 million full-time jobs. The employment reduction is on account for
lower number of hours worked in a job.
❖ The deterioration had come on account of lockdowns in China, Russia-Ukraine war and rise in
fuel and food prices across the world.
❖ Although an average work week is set to include 48-hours of work life, women only worked 18.9
hours on average, in contrast men worked 33.4 hours per week.
❖ While average hours worked per female declined 4.5 per cent between the fourth quarter of
2019 and the first quarter of 2022, the corresponding decline for men was 3.8 per cent during
this period, thereby widening the gap.
❖ Further analysis shows that the brunt has been borne by women in lower-middle-income
economies, where the situation for women was much worse, to begin with.
❖ Furthermore, ILO data shows that the decline for women was much higher than the decline for
men, especially in the informal sector. The number of women in informal employment declined
by 24 per cent in 2020 Q2, compared to 18 per cent for men.
❖ India had one of the lowest female labour force participation rates in the sub-continent, with
only a fifth of women employed.
❖ For every 100 women at work prior to pandemic, 12.3 women would have lost their job as an

Crack Grade B
Key Highlights
The World Economic Forum's biennial travel and tourism study showed a recovering sector following
pandemic lows, though the recovery has been uneven and challenges remain.
About -
❖ The Travel and Tourism Development Index assesses 117 economies, identifying key factors in
enabling the sustainable and resilient growth of travel and tourism economies.
❖ The Travel and Tourism Development Index 2021 is a direct evolution of the Travel & Tourism
Competitiveness Index, which has been published biennially for the past 15 years, WEF said.
On India -
❖ India was on Tuesday ranked at the 54th place in a global travel and tourism development index,
down from 46th in 2019, but still remained on the top within South Asia.
Global -
❖ Japan has topped the global charts, followed by the US, Spain, France, Germany, Switzerland,
Australia, UK, Singapore and Italy in the top ten.
❖ Other than the US, the top-10 scoring economies are high-income economies in Europe or Asia-
Pacific.

Crack Grade B
Recently Financial Times Executive Education Rankings for 2022 was released.
❖ Published on 22 May 2022.

❖ Total Schools - 70
Programme
Design
Teaching
Value for
methods &
Money
materials
Category
India Rankings: -
Value for Programme Teaching Methods & Global India

Name Money Design Materials Location Rank Rank
Indian School of
Business 24 35 37 India 38 1
IIM Bangalore 30 42 39 India 43 2

IIM Ahmedabad 40 52 51 India 50 3

Crack Grade B
Top 10: -

Crack Grade B
Key Highlights
As per the recently released ADB paper the GDP of India will see highest decline in South Asia due to
COVID related school shutdown.
Global Estimates -
❖ GDP will decline to 0.19% in 2024, 0.64% in 2028 and 1.11% in 2023.
❖ School closure will have impact on 5.44 million people around the world employment in skilled
labour force by 2030.
❖ Skilled Employment will decline 0.05% in 2024, 0.25% in 2026 and 0.75% in 2030.
❖ Unskilled employment will decline to 0.22% in 2025, 0.51% in 2027, and 1.15% in 2030.
India Estimates from the report -
❖ GDP will decline by 0.34 in 2023, 1.36% in 2026, and 3.19% in 2030.
❖ Indian labour force comprises 408.4 million unskilled and 72.65 million skilled labour force.

Crack Grade B
Key Highlights
Drought in Numbers, 2022 report is about the effects of droughts globally and how droughts can be
mitigated released by United Nations Convention to Combat Desertification.
About India -
❖ Due to droughts GDP of India declined by 2-5% between 1998 to 2017.
Global Data -
❖ Globally droughts increased by 29% since 2000.

❖ 23 countries including USA faced drought between 2020 and 2022.
❖ The African continent suffered the most due to droughts.
❖ Wildfires in Australia are due to droughts.
Overall Impact -
❖ It is the second worst disaster after floods.

❖ Droughts caused economic loss of around USD 124 billion between 1998-2017.
Effects -
❖ As per World Bank due to draughts 216 million people will migrate by 2050.

Crack Grade B
Key Highlights
An increasing number of children are likely to die from “severe wasting” as the price of food and life-
saving treatment rises, UNICEF warned in a new report.
What is UNICEF's Warning?
❖ In a new “Child Alert” report, UNICEF said 600,000 more children may miss out on essential
treatment, which are packs containing high-energy paste made of ingredients including peanuts,
oil, sugar and added nutrients.
❖ It said the price of raw materials for the ready-to-eat packs to bring malnourished children back
to health had risen by 16%. UNICEF would need extra funding to make up the difference.
Data On India -
❖ India has 5,772,472 children below five years affected by severe wasting — the most in the
world, alerted UNICEF.
❖ The global body called the situation an ‘overlooked child survival emergency’ in its May 2022
child alert. Severe wasting, also known as severe acute malnutrition, is defined as low weight-for-
height.
Global Data -
❖ Indonesia ranked second with 812,564 children suffering from severe wasting, the United
Nations agency noted.
❖ Some countries have recorded a 40 per cent rise in cases since 2016, according to UNICEF. The
global burden of severe wasting has been increasing despite the availability of effective
treatment, and the crisis is made worse by conflict, climate change and the COVID-19 pandemic.
❖ South Asia remains the hub of severe wasting, with stats worse than sub-Saharan Africa. At least
7.7 million children in the region are affected, the UN agency said. Severe wasting is a
generational issue, as witnessed by marriage and child-bearing before the age of 18 among
adolescent girls who have high levels of anemia and are underweight.
❖ More than 13.6 million children globally are affected by this most visible and lethal type of
malnutrition, UNICEF added. “One out of every five deaths in children under five is due to severe
wasting.”
What is ‘severe wasting’?
Severe wasting is the most visible and deadly form of malnutrition. It is accompanied by
repeated bouts of illness that compromise a child’s immune system. This means that
common childhood illnesses that youngsters would normally overcome can prove fatal. At
least 2 in 3 children who are severely malnourished do not have access to ready-to-use
therapeutic food, according to UNICEF.

Crack Grade B
Sea Level Rise, Ocean Heat
Greenhouse
Ocean
Gas
Four Key Acidification
Concentrations,
Climate
Change
Indicators
Key Highlights
Greenhouse gas concentrations, sea level rise, ocean heat and ocean acidification -- the four key climate
change indicators -- set new records in 2021 with extreme weather -- the day-to-day 'face' of climate
change -- led to hundreds of billions of dollars in economic losses, the WMO State of the Global Climate
in 2021 report.
Temperature -
Global annual mean temperature difference is considered from pre-industrial conditions (1850-1900) for
six global temperature data sets (1850-2021).
The WMO State of the Global Climate in 2021 report confirmed that the past seven years have been the
warmest seven years on record and that year 2021 was "only" one of the seven warmest because of a La
Nina event (ocean phenomenon in the Pacifics) at the start and end of the year.
Ocean Heat -
The report's key findings include record high ocean heat -- much of the ocean experienced at least one
'strong' marine heatwave at some point in 2021; ocean acidification findings reiterated the
Intergovernmental Panel on Climate Change (IPCC) conclusions that open ocean surface pH is now the
lowest it has been for at least 26,000 years and current rates of pH change are unprecedented; global
mean sea level reached a new record high in 2021, after increasing at an average 4.5 mm per year over
the period 2013 -2021, which is more than double the rate between 1993 and 2002 and is mainly due to
the accelerated loss of ice mass from the ice sheets and in case of cryosphere, the glaciological year
2020-2021 saw less melting than in recent years, but there is a clear trend towards an acceleration of
mass loss on multi-decadal timescales.

Crack Grade B
Key Highlights
Sea Level -
❖ Globally, the rate of sea-level rise was 4.5 millimetre per year between 2013 and 2021. This was
more than twice the rate between 1993 and 2002.
❖ The major reason for the increase in sea levels is the accelerated loss of ice from the ice sheets in
the Arctic and Antarctic regions. The increase happened despite the La Nina phenomenon being
prevalent during the beginning and the end of 2021.
❖ La Nina is the cooler-than-normal phase of the El Nino Southern Oscillation phenomenon in the
equatorial Pacific Ocean. Usually during La Nina years, sea levels are less than the mean.
India's Data on Cyclone -
❖ A cyclonic storm hits the Sundarbans every 1.67 years, according to the analysis by India
Meteorological Department, Pune. Shorter return periods indicate more frequent cyclones. The
researchers studied cyclonic storms passing within about 90 kilometres of the coastal districts
between 1961 and 2020.
❖ Sea levels have risen at a rate of 30 mm per year in the Sundarbans delta in the last two decades,
with a 12 per cent loss in the shoreline, according to National Aeronautics and Space
Administration’s Landsat satellite imagery.
❖ This is more than six times the global average and has already led to the displacement of around
1.5 million people from the delta.
Way forward -
❖ If global warming is not kept under the 1.5°C mark as agreed to by countries under the Paris
Agreement by rapid reduction of greenhouse gas emissions, the rise in sea levels and intense
cyclones will make places like the Sundarbans unliveable, causing a huge migration of people
inland and a cascade of other socio-economic problems.

Crack Grade B

Forex Reserve ➔ India’s forex reserves declined by $2.67 billion to
$593.28 billion for the week ended May 13.
➔ Of the $593.28 billion foreign exchange reserves
held by India, $529.55 billion is in foreign currency
assets, $40.57 billion is in gold, $18.20 billion in
special drawing rights, which is an international
reserve assets created by the International
Monetary Fund (IMF), and $4.95 billion in reserve
position in the IMF.
FDI ➔ India attracted total foreign direct investments
Invesement (FDI) inflow of $83.57 billion in the financial year
2021-22, up by 1.95 per cent on-year, according to
data released by the Department for Promotion of
Industry and Internal Trade (DPIIT).
➔ Total FDI includes equity capital of unincorporated
bodies, reinvest earnings and other capital.
➔ During the entire 2020-21 financial year, the total
FDI inflow was $81.72 billion, despite the
disruption caused by the outbreak of the pandemic
last year.
World ➔ Commerce Minister Piyush Goyal will lead the Indian
Economic team at the World Economic Forum (WEF) in Davos
Forum – from May 22 to 26.
Piyush Goal to ➔ The annual meet of the WEF, a Geneva-based
lead the team international organisation working towards an array of
global issues, will take place in a physical form for the
first time since January 2020. Last year, the event
took place virtually given the pandemic situation. The
WEF, which was to be held earlier this year, was
delayed to May due to the spread of the Omicron
variant.
Credit Card ➔ Spending through the credit card in March 2022
Spending data jumped 48 per cent year-on-year to top Rs 1 trillion
by RBI -- five months after it had hit the same figure for
the first time in October 2021, buoyed by festive
season expenditure.
➔ The jump has been driven by the pickup in
consumption as the pandemic recedes.
➔ Expenditure in March, at Rs 1.07 trillion, was up
24.5 per cent over February, the data put out by
the Reserve Bank of India (RBI) showed.
➔ Further, more than 1.9 million credit cards (on a
net basis) were added in March -- the highest for a
month in FY22, taking the number to 73.6 million
at the end of the financial year.

Crack Grade B
ESIC Data ➔ Around 1.4 million new members joined the ESIC-
run social security scheme in March 2022 against
1.27 million in the previous month, according to
official data released on Wednesday.
➔ The latest data is part of a report, Payroll Reporting
in India: An Employment Perspective - March 2022,
released by the National Statistical Office (NSO).
IMF’s Gita ➔ Advanced economies will be back on track by 2024,
Gopinath’s but developing economies will be 5 per cent below
comment on where they would have been otherwise, IMF's Gita
India Gopinath said on Wednesday.
➔ Economies worldwide have been adversely
impacted by the coronavirus pandemic and are
slowly coming back into the recovery path.
Japanese ➔ Japanese lender MUFG Bank will establish a
Bank to open branch at the Gujarat International Financial Tec
a branch in City (GIFT City) in Ahmedabad for foreign currency-
GIFT City denominated lending business. This will be its sixth
branch in India.
➔ MUFG can support its domestic as well as global
clients with an expanded suite of financial services.
At present it has presence in Mumbai, Delhi,
Bengaluru, Chennai and Neemrana.
➔ The funds-based exposure in India was Rs
15,671.4 crore and non-fund based exposure was
Rs 5,169.1 crore as of December 2021. The lender's
capital adequacy ratio stood at 21.13 per cent in
December 2021, according to disclosures on its
website.
SBI on GDP ➔ Upcoming release of official data for economic
growth performance is likely to register a 2.7 per cent
growth for the January-March period, and the FY22
growth is expected to be 8.5 per cent, economists at
State Bank of India (SBI) said on Thursday.
Moody’s ➔ Moody’s Investors Service on Thursday lowered its
Investors gross domestic product (GDP) growth forecast for
Service on India to 8.8 per cent for calendar year 2022 (CY22)
GDP from its March estimate of 9.1 per cent, holding
that rising inflation and interest rates will temper
the economic growth momentum.
RBI on ➔ A comprehensive information technology (IT)

outsourcing IT outsourcing framework for all Reserve Bank of
activities India (RBI)-regulated entities may be on the cards
and aligned with the new privacy Bill.

Crack Grade B
➔ Senior bankers in the know mentioned that the
RBI’s Cyber Security and IT Examination (CSITE)
Cell in the Department of Supervision (DoS) could
play a significant role in hammering out the new
framework.
Most Valued ➔ India’s Adani Wilmar Ltd. is an outlier among Asia’s
IPO newly listed stocks. The food company has almost
tripled since its debut while most newcomers are
trading under water.
➔ Shares in the firm, a joint venture between the
group controlled by Asia’s richest person Gautam
Adani and Singapore’s Wilmar International Ltd.,
have outperformed 121 Asian initial public
offerings worth over $100 million this year. Almost
two-thirds of the region’s new listings are in the red
as rising interest rates and the war in Ukraine take
a toll.
➔
S&P on Pay ➔ Pay packages for the women who run S&P 500
package of companies jumped in 2021 as the economy
Women recovered and stock prices and profits soared.
➔ Median pay for the women occupying the corner
office rose to nearly $16 million, according to the
annual survey done by Equilar for The Associated
Press. Still, experts say there's much more to be
done to improve gender diversity in the corporate
ranks and close the pay gap between men and
women.
➔ Female CEO median pay rose 26.4% in 2021 to
$15.8 million, with 15 of the 18 women CEOs in
the survey seeing an increase. Median means half
made more than that level, and half made less.
That was a bigger jump than that for male CEO's
median pay, which rose 17.7% to $14.4 million.
The overall median pay increased 17.1% to $14.5
million.

Crack Grade B
Revenue from ➔ States gained Rs 49,229 crore from VAT revenue on
Fuel by States fuel when oil prices were increasing and will forego
Rs 15,021 crore now that excise duty on fuel has
been cut, SBI Research said in a report
Bank of ➔ State-owned Bank of Maharashtra (BoM) has
Maharashtra emerged as the top performer among public sector
as top lenders in terms of loan and deposit growth in
performer. percentage terms during 2021-22.
➔ The Pune-headquartered lender recorded a 26 per
cent increase in gross advances at Rs 1,35,240
crore at the end of March 2022, according to the
BoM data.
➔ It was followed by State Bank of India and Union
Bank of India with 10.27 per cent and 9.66 per
cent growth, respectively.
NPA declined ➔ Stressed assets of non-banking financial
for March companies- microfinance institutions (NBFC-MFIs)
2022 are estimated to have declined to around 14 per
cent as of March 2022 from close to 22 per cent in
September 2021, helped by revival in the economy
and limited impact of the omicron variant, says a
report.
➔ However, stressed assets of NBFC-MFIs, which
comprise of 30+ Portfolio at Risk (PAR) and loan
book restructuring remains well above the pre-
pandemic level of around 3 per cent, Crisil Ratings
said in a report released on Monday.
SGB Scheme ➔ The Sovereign Gold Bond Scheme 2021-22 - Series
Series II Issue II will be open for subscription for the period from
Price May 24, 2021 to May 28, 2021. The nominal value
of the bond will be ₹4,842/- (Rupees Four
thousand eight hundred and forty-two only) per
gram of gold.
Early ➔ Early Redemption of Sovereign Gold Bond Scheme
Redemption of (SGB 2015 I), Tranche 1, the early redemption due
SGB 2015 I on May 30, 2021 shall be ₹4837/- per unit of SGB.
SBG 2021-22 ➔ The Sovereign Gold Bond Scheme 2021-22 - Series
Series III III will be open for subscription for the period from
Subscription May 31, 2021 to June 04, 2021. The nominal
Price value of the bond will be ₹4,889/- (Rupees Four
thousand eight hundred and eighty-nine only) per
gram of gold.
FM Comments ➔ Finance Minister Nirmala Sitharaman on Friday
on Short flagged concerns about possible cartelisation in
Supply of markets and stressed on the need to look into the
commodities causes of short supply of commodities.
➔ Speaking at the 13th annual day function of the
Competition Commission of India (CCI), the
minister also said that the regulator needs to have

Crack Grade B
a "proactive understanding" of mergers and
acquisitions.
➔ While mentioning rising commodity prices due to
various factors, she said there is a need to look into
the causes of the short-supply situation.
Update on SBI ➔ The Ministry of External Affairs (MEA) on March 17
Loans to Sri had announced that State Bank of India (SBI)
Lanka would extend a term loan of $1 billion to Sri Lanka,
fully guaranteed by the Indian government, and
this was part of India’s financial aid to the troubled
island nation.
➔ What's the matter
➔ It's not usual that a commercial bank is roped in
extend loan to a nation
➔ Trade transactions to be settled in rupee, and not
in a fully convertible currency
➔ Transaction settlement outside the Asian Clearing
Union mechanism
➔ RBI dispensation only for SBI loans to Sri Lanka
➔ RBI approval came two months after MEA
announced deal
Thermal Vs ➔ In a bid to meet the ambitious 500 Gw renewable
Solar Capacity energy target and tackle the annual issue of coal
demand supply mismatch, the union ministry of
power has identified 81 thermal units which will
replace coal with renewable capacity by 2026.
➔ Coal-based power generation units which have high
tariffs have been identified by the ministry which
will operate at a technical minimum (operating
ratio) of 40 per cent and balance generation
capacity will be met by a renewable energy source.
➔ While the list includes the prominent players of the
sector, the note said it is “indicative and not
exhaustive.” Any other power plant is also allowed
to blend renewable energy with conventional power.
The ministry’s estimates indicate that this would
help conserve 34 million tonne of coal and reduce
carbon emissions by 60.2 million metric tonne.

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➔
Skills of ➔ Investing broadly in the skills of the future for both
Future today's and tomorrow's next-generation workforce
could add USD 8.3 trillion in increased productivity
to the global economy by 2030, the World
Economic Forum said.
➔ The Reskilling Revolution initiative, a coalition of
50 CEOs, 25 ministers and 350 organisations
committed to realising these gains for their
economies, societies and organisations, marked two
years of progress at the World Economic Forum
(WEF) Annual Meeting 2022 in Davos on
Wednesday.
➔ Their work will benefit over 100 million workers on
their journey towards reaching 1 billion people by
2030 with better education, skills an economic
opportunity, it said.
Indian Tariffs ➔ India charges higher tariffs on trade than any of the
are higher other 12 members of the Indo-Pacific Economic
Framework for Prosperity (IPEF).
➔ The tariff for India is 9.4 per cent compared to a
median of 3.1 per cent for the other countries,
which came together in an economic partnership.
DISCOMS ➔ The dues of state-owned power distribution
Dues to power companies (discoms) to power generators (gencos)
generators have touched Rs 1.19 trillion, at a time when the
country battles a coal and power shortage crises.
The lion’s share of dues is to privately owned or
independent power producers (IPPs), while
renewable power units continue to see an increase
in dues.
➔ The dues to central government gencos, which are
primarily NTPC, NHPC, among others, have
witnessed an increase of 25 per cent. This is
despite an incentive scheme announced in 2020 to
assist discoms to clear their dues.

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➔ According to the government data, Tamil Nadu is
the biggest defaulter, with Rs 20,842 crore dues to
gencos and Rs 700 crore to CIL. It is followed by
Maharashtra, with Rs 18,000 crore dues to gencos
and Rs 2,500 crore to CIL. Uttar Pradesh owes Rs
9,000 crore to gencos and Rs 300 crore to CIL.
US Became ➔ The US surpassed China to become India's top
largest trade trading partner in 2021-22, reflecting
partner of strengthening economic ties between the two
India countries. According to the data of the commerce
ministry, in 2021-22, the bilateral trade between
the US and India stood at $119.42 billion as
against $80.51 billion in 2020-21.
➔ Exports to the US increased to $76.11 billion in
2021-22 from $51.62 billion in previous fiscal year,
while imports rose to $43.31 billion as compared to
about $29 billion in 2020-21.
➔ During 2021-22, India's two-way commerce with
China aggregated at $115.42 billion as compared to
$86.4 billion in 2020-21, the data showed.
World Bank to ➔ World bank to fund USD 30 Billion for food crisis.
Fund food ➔ It will be done in the areas of nutrition, agriculture,
crisis water, social protection and irrigation, to adress the
ongoing food insurity around the world over the
next 15 months.
➔ It will be through funding of new and existing
projects.
Post Office ➔ The Post Office Savings Bank Account (POSB) will
Saving Bank not be connected through NEFT and RTGS from
are now NEFT May 18th 2022 and 31st May 2022 respectively.
and RTGS ➔ The POSB comes under Department of Post.
Enabled
Indira Gandhi ➔ Indira Gandhi Shehri Rozgar Guarantee Yojana.
Shehri Rozgar ➔ Annouunced by Ashok Gelhot CM of Rajastan in
Gurantee 2022-23 state budget, recently released the
Yojana guidelines for the implementation of Indira Gandhi
Shehri Rozgar Guarantee Yojana.
➔ Budget would be 800 crore
➔ It aims to provide 100 days of employment per year
to people residing in the urban areas in lines with
MGNREGA.
WEF and DCO ➔ The World Economic Forum (WEF) and the Digital
announcement Cooperation Organization (DCO) on 24th May 2022
announced that they will work together to identify
the ways to increase investment in new digital
activities, digital adoptions and digital
infrastructure.
➔ So for this the DCO and WEF will launch Digital
FDI enabling projects in countries across the globe.

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➔ The RBI introduced norms for facilitating the
physical import of gold through India International
Bullion Exchange (IIBX) or any authorized
exchange by Qualified Jewellers in India.
➔ The exchange should be authorized by the
International Financial Services Centres Authority
(IFSCA) or the Directorate General of Foreign Trade
(DGFT).
Housing Price ➔ As per the data released by the RBI All India House
Index Q4 FY22 Price Index rose 1.8% in the fourth quarter of FY22
on an annual basis.
➔ The rise in the key index was slower compared to
the January-March quarter of the preceding fiscal
when it had recorded an increase of 2.7%.
➔ RBI releases data on quarterly basis based on the
transaction level data received from housing
registration authorities in ten major cities.
Moody ➔ Moody’s investors service lowered calendar 2022
Invertors growth forecast for India to 8.8% from 9.1% it
Service on projected in March due to higher prices of crude oil,
India’s GDP food and fertiliser.
➔ The rating agency maintained its 2023 growth
forecast for India at 5.4%.
➔ Growth projections for G20 economies to 3.1% in
2022 down from the 5.9% growth registered in
2021.
SBI Ecowrap ➔ The SBI research report Ecowarp projected India’s
report GDP growth for FY22 to be at 8.2-8.5%.
Bank of ➔ Indian economy is expected to have grown at 9.2%
Baroda on in fiscal ended March 2022.
Indian
Economy
OECD on GDP ➔ The Organization for Economic Cooperation and
for FY24 Development retained the outlook for India’s real
gross domestic product at 5.5% in FY24, lower than
8.1% in 2022-23.
➔ In its Economic Outlook for Southeast Asia, China
and India OEDC’s report says that China’s
economy is seen growing 5.1% in both 2022 and
2023.
➔ ODG of China, India and 10 members of ASEAN is
projected to grow 5.8% this year.
World ➔ India is projected to grow by 6.4 per cent in 2022,
Economic slower than the last year's 8.8 per cent but still the
Situation and fastest-growing major economy, with higher
Prospectus inflationary pressures and uneven recovery of the
Report by UN labour market curbing private consumption and
investment.

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➔ The global economy is now projected to grow by
only 3.1 per cent in 2022, down from the 4.0 per
cent growth forecast released in January 2022.
Global inflation is projected to increase to 6.7 per
cent in 2022, twice the average of 2.9 per cent
during 20102020, with sharp rises in food and
energy prices.
➔ For the fiscal year 2023, India's growth is forecast
to be 6 per cent.
➔ India's projected growth for 2022 is 6.4 per cent, a
downward adjustment of 0.3 per cent from
January.
➔ The United States economy is expected to grow by
2.6 per cent in 2022 and 1.8 per cent next year,
while China is expected to grow by 4.5 per cent in
2022 and 5.2 per cent in 2023. The developing
countries, as a group, are projected to grow by 4.1
per cent in 2022, down from 6.7 per cent in 2021.

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CURRENT AFFAIRS

01st May 2022 to 10th May 2022 CA

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1.1. RBI Reduced Repo Rate by 40 BPS

• 4.40% • 3.35% • 4.15% • 4.65%

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International Monetary Fund & World Trade Organization

Liquidity & Inflation

• Accommodative while focusing on withdrawal of accommodation to

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Effective From – 21st May 2022.

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1.3. LOC of USD 190 Million

Circular By: - RBI

Key Highlights from the Circular

What is Line of Credit?

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1.5. Regulations Review Authority 2.0 – Third Trench

First Trench Second Trench Third Trench

16th Nov 2021 18th Feb 2022 02nd May 2022

More About RRA 2.0

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Key Highlights from the Circular

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2.1. IMF on India’s dream of $5 Trillion Economy

So when will India achieve as per IMF?

IMF's Assessment is based on -

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3.1 State Government’s Borrowings

Issue: - State government’s RBI recently released Currency and Finance

Who borrowed throught SDL?

• During Apr 1-May 2 FY2023, only Andhra Pradesh (Rs 44

• The government of India released a substantial Rs 8.8 trillion to the states in

More About SDL

Availiable to which year?

How many times it can be updated?

• A taxpayer would be permitted to file only one updated return per

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Issue: - ECOWRAP Report by SBI

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3.5 PMI Service and PMI Manufacturing

Released By: - S&P Global

Key highlights from the Report

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➔ Towards 100 Indicates → Highest Possible Level of Press Freedom

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Indian Neighbours & Key Partners Russia: -

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4.1. Germany commits 10 Billion

• Germany committed an additional 10 billion euros assistance to India to help

Whe the pledge by Germany?

• Indian and Germany also agreed to establish an Indo-German Renewable

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• The development comes a year after India entered into a trilateral

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Unemployment data December 2021

• The unemployment rate or joblessness for persons of 15 years

Why it was high?

• Joblessness was high in October-December in 2020 mainly due to

Previous Data - July-Sept 2021.