[PIN-2014] Part 4/6: Economic Regulators, Banking Sector CMDs, RBI monetary policy, RBI Committees, Business GK CEOs

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  1. Prologue to six part Article series
  2. Economy Related Officials/ Regulators
  3. RBI Banking sector
  4. RBI key rates / monetary policy rates
  5. RBI Committees
  6. Bank CMDs
  7. Commercial Banks
  8. Insurance
  9. PSU & Corporations
  10. Business GK: Private companies, MNC giants

Prologue to six part Article series

Total six parts covering December 2013 to 8th June 2014- nearly six months that is the usual time span for current affairs most competitive exams below UPSC Civil service exam.

  1. National
  2. international
  3. sports
  4. banking and business GK
  5. books, authors, movies, beauties
  6. diaspora, civilian awards (national + international) and Dead in News

Useful for?

  • IFoS mains
  • security jobs: CDS, CAPF, ACIO
  • Banking jobs: IBPS, SBI PO, SBI Clerk, RBI Grade “B” Officer, RBI Assistant,
  • Staff selection: SSC CGL, SSC 10+2;
  • State PSC: UPPSC Lower & upper subordinate, Rajasthan, MP, Maharashtra, Punjab, Gujarat, Karnataka etc.
  • PSU/Corporation jobs: EPFO, ESCI, FCI, ONGC etc.

All of above exams have 3-5-8 MCQs from Person in news, books, author, awards and sports.

What about UPSC/CSAT / preliminary exam?

  1. This article series is pretty much useless for Civil service (IAS/IPS), they stopped this variety of MCQs since last three prelims.
  2. Besides even if UPSC examiner asks something, it’d require far deeper coverage of static background, which I’ve ignored for PIN-2014, because here my focus is non-UPSC exams, their examiners don’t go that deep.
  3. PIN data asked in IFoS (Forest service) Mains exam, hence important.
  4. For IFoS prelims not much important, because both civil service and forest service got common prelims (refer to point #2)

Any updates, corrections please do post in the comments but with reference except wikipedia

Economy Related Officials/ Regulators

I’m only dealing with ‘persons in news’ here. Otherwise economy current affairs = separate gigantic matter altogether. For that, refer to .

CAG Shashi Kant Sharma replaced Vinod Rai in 2013
CBDTCentral board of direct taxes. RK Tewari
CBECCentral board of excise and customs. Ms. JM Shanthi Sundaram
CCICompetition commission of India. Ashok Chavla.
DG HydrocarbonsBN Talukdar, previously worked in Oil India Ltd.
Finance commission
  • Article 280 of Constitution
  • 14th FC: YV Reddy, recommendations will apply from 1st April 2015
  • 13th FC: Vijay Kelkar
Finance secyArvind Mayaram. also headed panel for FDI-FII definitions; NSEL scam.
FMCRamesh Abhishek
IRDATS Vijayan
NHAIAK Upadhyay
PFRDAAnup Wadhawan replaced Yogesh Agrawal
Planning commissionMontek Singh Ahluwalia. I think Modi will remove him soon. इसके बुरे दिन आनेवाले है, और आने भी चाहिए for spending 35 lakh rupees for toilet in his office.
Principle economic advisorDr. Ila Patnaik (Indian express columnist)
SEBIUK Sinha term extended. previous chairman CB Bhave and board member KM Abrahams trapped in CBI preliminary inquiry (some allege they’re victimized for investigating SAHARA).
TRAIRahul Khullar

RBI / Banking sector

RBI Gov.Raghuram Govind Rajan replaced D Subbarao.

  • Term: three years (2016)
  • 23rd Governor
  • youngest governor was CD Deshmukh.
  • Served as chief economists of IMF. Chief economic Adviser to FM
RBI Dy.Govfour dy. governors

  1. Urjit Patel
  2. R. Gandhi (replaced Anand Sinha)
  3. H.R. Khan
  4. SS Mundra (RBI searchpanel shortlisted him, now awaiting government approval.)

RBI Dy.Gov term= 5 years/62 years. Minimum age less than 60.

(In RBI grade “B” exam they ask such things.)

KC Chakrabarty Dy govrnor resigned before his term. वेसे भी अंकलजी लोगो की राजन के साथ बनती नहीं.

  • New Banking license, Badhan IDFC: article click me
  • You’ll also find some PowerPoint presentations under Mrunal.org/economy dealing with banking sector evolution, classification, NBFC vs Banks difference etc.
  • I’m not repeating ^those things for lack of time and duplication.

Following topics I’ve not yet covered yet in any article, but you should prepare from net:

  1. Minor accounts-new RBI directive,
  2. Rupay card
  3. capital infusion in public sector banks to meet BASEL norms
  4. SBI launches Tab banking service- savings, housing, e-KYC.
  5. State bank extends special housing loan scheme indefinitely
  6. Government  sold its stakes from Axis bank (9% @6crore)
  7. Srei infra co got RBI license to open new 9k white label ATMs. Tata to roll out 15k ATMs by 2016.

RBI key rates / monetary policy rates

key rates1st April 20143rd June 2014 (latest)
Bank Rate9%same
Repo (=also known as Policy rate)8%same
Reverse repo8-1=7%same
SLR23%22.5% (reduced= this will increase money supply by ~40,000 crore)
CRR4%same

RBI Committees

After entry of Rajan in September 2013

Anil Kumar SharmaPublic key infrastructure
Bimal jalanNew Bank licenses- Bandhan and IDFC
Chandra shekharBy RBI on simplifying norms for all foreign investors to invest in Indian govt. securities – recommended new category Registered Foreign Portfolio Investor (RFPI)
Nachiket MorFinancial products for small businessman and low income households
PJ Nayak Panel
  • By RBI- To review governance of Boards of Banks in the country
  • Recommended to reduce govt. share in public banks less than 50%
Urjit PatelMonetary policy strengthen revise. Target 4% CPI, monetary policy Committee, decision by majority
Vijaya BhaskarBy RBI – on resolving foreign exchange benchmark setting process, like LIBOR between FIMMDA and FEDAI – recommended Indian money market and currency market should move towards transaction based benchmark
G PadmanabhaFacilitating exporters. RBI relaxes merchant banking norms accordingly.

Bank CMDs

I’m not including all bankers but only those who were in news in last 5-6 months.

AIFI (All India financial institutions)

NABARDHarsh Kumar Bhanwala
SIDBISushil Muhnot
EXIMYaduvendra Mathur
NHB (Housing)Mohammad Mustafa, IAS

Who was setup first? EXIM > NABARD > NHB > SIDBI (latest)

Commercial Banks

Allahabad BankRakesh Sethi replaced Shubhalakshmi Panse
Andhra BankC.V Rajendran
AxisShikha Sharma
Bank of BarodaS S Mundra
Bank of IndiaVijaya laxmi aiyyar
Bank Of MaharastraSushil Muhnot
Bharatiya Mahila BankUsha Anathasubramanium
HDFCAditya Puri (for banking); Renu Sud Kamad (for NBFC-housing finance)
ICICIChanda Kotchar too clichéd
Punjab and Sind BankJatinder Bir Singh
Punjab National BankKR Kamath
SBIArundhati Bhattacharya
State bank of TravancoreMD Jeevandas Narayan
Union Bank of IndiaArun Kumar tiwari
United Bank of IndiaArchana Bhargava resigned. (Feb 2014)
Vijaya BANKV. Kannan
Doha Bankopened its first branch in India, in 2013.
UCOArun Kaul
Bank of IndiaVR Iyer
Oriental Bank of CommerceSC Bansal
Indian BankTM Bhasin
Dena BankAshwini Kumar
Indian Overseas bankM Narendra
Canara bankRK Dubey

Insurance

IRDA chairmanTS Vijayan
LICSK Rai
National insuranceNSR Chandra prasad
Oriental InsuranceAK Saxena
United InsuranceMilint Karat
ING Vysya Life InsuranceBoss Kshitij Jain. From now on “Exide life insurance company”, after takeover by Exide industries.

PSU & Corporations

  • List not exhaustive. I’ve only included the names I spotted in Indianexpress since December onwards. Otherwise this list alone would run five mile long.
  • Most of them can be ignored unless you’re applying for their Management Trainee exams :)
NMDCNarenda Kothari new CMD.
BBNLBharat Broadband network ltd. owned by BSNL, Powergrid and Railtel. for implementing National optical fibre network project.
BSNLRK Upadhyay
Delhi MetroMangoo Singh.
GAILBC Tripathy
HPCL- Hindustan PetroleumNishivasudeva first female CMD
IRCONIndian railways construction company. Signed integrity pact of Transparency international.
NTPCArup Chodhary
ONGCDK Sarraf Previously with ONGC Videsh
Prasar BharatiJawahar Sircar.
SAILChandrasekhar Verma
Shipping corporation of IndiaArun Kumar Gupta

Business GK: Private companies, MNC giants

  • List not exhaustive. I’ve only included the names I spotted in Indianexpress since December onwards.
  • As such this is not much important for sarkari job exams (Except for testing random GK during interview).
  • These MCQs are asked in certain management colleges that donot accept CAT Scores and have their own separate entrance exams
  • + sometimes during IIM interviews, especially after your sales pitch on “Why MBA?”
AdobeShantanu Narayen, CEO
AirbusSrinivasan Dwarkanath
AlibabaJack Ma. Chinese e-commerce site. Will bring biggest IPO
AmazonJeff Bezos
Amway IndiaCEO Willian Pinckney arrested for direct selling. (one type of multi-layer marketing/Ponzi game)
AppleTim Cook, plans to buy headset maker Beats.
AsusJonney Shih
Axis CapitalNilesh Shah
BitcoinSatoshi Nakamoto
BritanniaVarun Berry, MD
BritanniaVarun Berry, MD
Cadbury Indiachanged name to Mondelez India (American company who bought it). although product names will remain one and same.
CIIAjay Sriram
CrisilRoopa Kudva
Ebay IndiaLatif Nathan. Founder is Pierre Omidyar. In news because hackers stole user accounts.
FacebookMark Zuckerberg acquired whatsapp for 19 billion.
FICCIFederation of Indian Chambers of Commerce and Industry (FICCI).President Sidharth Birla
FlipkartSachin Bansal, acquired Myntra- online fashion store.
FliporaOnline search engine by Jonathan Siddharth and Vijay Krishnan.
Forbes RichestBill Gates-1 ; Karlos slim- 2 ; Mukesh Ambani 40.Now Bill Gates=World’s first trillionaire.
FTIL, MCX-SXTheir promoter Jignesh Shah arrested for NSEL scam
General motorsfirst woman CEO Mary Barra
GoogleCEO Eric Schmidt. Founders Larry page and Sergei Brin.bought Titan Aerospace (Solar powered drones. will help providing internet connectivy to distant parts of the world)
ICAIK Raghu
InfosysCEO SD Shibulal soon to reitre.
InfosysCEO SD Shibulal soon to retire.
ING Vysya Life InsuranceBoss Kshitij Jain. From now on “Exide life insurance company”, after takeover by Exide industries.
IntelRenne James – latest process is “Core M”
Kamal BaliVolvo India
Kiran Mazmudar ShawIIM B Board chairperson + BIOCON
MaricoSaugata Gupta, MD.
Maruti SuzukiRC Bhargav
Master CardAjay Banga
MCXSatyananda Mishra
Merc. Benz IndiaEberhard Kern.
MicromaxCEO Vineet Taneja
MicrosoftCEO Satya Nadela replcaed Steve ballmer. He is from Hyderabad. Azure – cloud service
NASSCOMR.Chanrashekher, ex-telecom Secretary
National Stock Exchange of IndiaChitra Ram Krishna
NeotelVodafone bought this company from Tata communication.
Pepsi IndiaD Shivakumar
Rajat GuptaEx-director of Goldman Sach, penalized for insider trading.
Rajat GuptaEx-director of Goldman Sach, penalized for insider tradsing.
Rajeev SuriNokia CEO
SamsungSamsung Electronics Chairman Lee Kun Hee. Got warrant in UP.
SamsungSamsung Electronics Chairman Lee Kun Hee. He has arrest warrant in Uttar Pradesh! Samsung s5 In India without 4g.
Samsung s5But without 4g.
Sunpharmabought ranbaxy from Japan’s Daaichi Sankyo
Titanic IIBy Asustralian company Blue Star line.
Titanic II shipBy Asustralian company Blue Star line.
TwitterDick Costolo, went to China to learn new technology.
VedantaTom albanese replaced MS Mehta
VodafoneMartin Pieters.
Walmart IndiaKrish Iyer
Warren BuffetBerkshire Hathaway
whatsappJan Koum, Brian Acton. Sold company to facebook.

For more current affairs, visit Mrunal.org/Current

Any updates, corrections please do post in the comments but with reference except wikipedia

Inputs from Mr. Chandradeo.

Mrunal recommends

  1. (free) NCERT, NIOS, TN-Books 4 History,Geo,Sci
  2. Indian Polity M.Laxmikanth (Hindi | English)
  3. Spectrum: Modern History (Hindi | English)
  4. Maths: Quantam CAT Sarvesh Kumar
  5. Objective General English SP Bakshi
  6. Word Power made Easy -Norman Lowe
  7. Topic wise Solved Paperset by Disha

29 Comments on “[PIN-2014] Part 4/6: Economic Regulators, Banking Sector CMDs, RBI monetary policy, RBI Committees, Business GK CEOs”

  1. It’s cool….
    Thankyou

  2. PFRDA: Anup wadhawan

  3. mrunal baba ki jai .

  4. In the Title “Commercial Bank”.. Mr. Arun Tiwari is the CMD of Union Bank of India.. But Archana Bhargava was the CMD of United Bank of India, who resigned in Feb 2014 after the bank reported a bad debt amounting to about Rs. 8000 crores..
    @Mrunal Sir Kindly Confirm

  5. धन्यवाद महोदय।

  6. Mrunal sir , please science and tech. ka december – june ka hindu wala article publish kar do……..upsc level……please sir , consider…

  7. SS Mundra is expected to become the deputy governor of RBI but still not declared.

  8. Thanks. I have sbi exm on 14th June.So. was waiting for this article eagerly.

    1. Bhai SBI PO is on 22nd June check your hall ticket

      1. Different people have it on different dates, don’t worry. Mine is on 5th July.

  9. Sir,
    Please provide some valuable information related to Environment & Bio Diversity…for GS1Paper(Prem)

  10. Hi sir
    this is such a nice information and verym much useful for competitive exams aspirants
    thank u sir

  11. hi… , I think ,Dr. manmohan singh is the youngest RBI governor …… please correct me i m wrong …

  12. please correct me if i m wrong…….but i m sure about it…… mrunal , you r doing good jobs for us..

  13. Archana Bhargav was in UNITED BANK OF INDIA

  14. ss mundra is not rbi dy gov pl correct it

  15. pls give something to eat for UPSC aspirants also….

  16. Thank You Sir

  17. Corrections / Updates
    1. PFRDA Anup Wadhwan
    2. United Bank of India Archana Bhargava resigned. (Feb 2014)
    3. Union Bank of India Arun Tiwari
    4. Youngest RBI governor was CD Deshmukh.
    5. added some more Bank CMDs
    6. regarding 4th RBI Dy.governor

    RBI’s search panel has shortlisted SS Mundra’s name and sent it to government for final approval. (As of April 2014 Hindu)

  18. new Infosys CEO is Vishal sikka

  19. RBI dupty governor appointed first time for 3 year…it may be extended by GOI

  20. sir the new head of TRAI is Mr. Nrapendra Mishra

  21. hello m new to mrunal.org but feeling good and with the company of awesome guys…

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