SBI Current Affairs - 2020

No proposal to increase FDI ceiling in banks

The government has clarified that there is no proposal to raise foreign investment limit in the banking sector.

What is the current status of foreign investment in banking sector?

Currently, the aggregate foreign investment (FDI, FII and NRI) cannot be more than 74% in private sector banks while the limit is at 20% for nationalized banks, State Bank of India and its associate banks.

What is the status of FDI in insurance sector?

The government intends to increase the FDI limit in insurance sector. For this it introduced the Insurance Laws Amendment Bill, 2008 in Parliament to increase it from current 26% to 49%. The coverage of life insurance in India has enhanced from 2.15% in 2001 to 3.17% which is above Brazil, Russia, Malaysia, Pakistan, China, Sri Lanka, Australia and Germany. However, the penetration is below France, Switzerland, the UK, the US, Japan, Singapore, South Korea, Taiwan and Hong Kong.

Arundhati Bhattacharya is the new managing director of SBI

Screenshot_4The Govt. has appointment Arundhati Bhattacharya has been appointed as the new managing director of the State Bank of India (SBI). Previously, Bhattacharya was the managing director of SBI Capital, the merchant banking arm of the bank.

Who is SBI’s first woman MD (Managing Director)?

Ms Arundhati Bhattacharya will be State Bank of India’s first woman managing director.

Who was the first Woman MD (Managing Director) of a Public Sector bank in India?

The first woman MD of a Public sector bank in India was Ms Ranjana Kumar. The Government of India appointed Ms Ranjana Kumar as the Chairperson and managing Director of the Indian Bank, she became the first woman to become head of a public sector bank in India.

Some other ladies who are at present heading banks in India:

Public Sector Banks:

  • United Bank of India: Ms. Archana Bhargav (Chairman & MD)
  • Allahabad Bank: Ms Shubhalakshmi Panse (Chairman & MD)

Private Sector Banks:

  • ICICI Bank: Ms.Chanda Kochhar (MD & CEO)
  • Axis Bank: Ms Shikha Sharma (MD & CEO)