CURRENT AFFAIRS

Detailed explanation-1: -IDBI Bank receives nod to handle import, exports transactions with Iran: Sources - The Economic Times.

Detailed explanation-2: -Exim Bank was established by the Government of India, under the Export-Import Bank of India Act, 1981 as a purveyor of export credit, mirroring global Export Credit Agencies. Exim Bank serves as a growth engine for industries and SMEs through a wide range of products and services.

Detailed explanation-3: -Lending lines of credit can be issued by banks to help both importers and exporters. Letters of credit reduce the risk associated with global trade since the buyer’s bank guarantees payment to the seller for the goods shipped.

Detailed explanation-4: -It has 3,683 ATMs, 1,892 branches, including one overseas branch in Dubai, 58 e-lounges and 1,407 centres as of 1 February 2020. As of September 2021, Life Insurance Corporation holds the 49.24% shareholding and the Government of India holds 45.48%, with LIC being in control of the management of the bank.

Detailed explanation-5: -as a Private Sector Bank. The Bank was categorized as a ‘Private Sector Bank’ for regulatory purposes by the Reserve Bank of India with effect from 21 January 2019 consequent upon Life Insurance Corporation of India acquiring 51% of the total paid-up equity share capital of the bank.