CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India (RBI) on Thursday approved the appointment of Vinod Rai, former Comptroller and Auditor General (CAG) of India as Independent Chairman of Unity Small Finance Bank Limited (Unity Bank ).

Detailed explanation-2: -Ex-CAG Vinod Rai joins Unity Small Finance Bank as independent chairman. The Reserve Bank of India (RBI) on Thursday approved the appointment of former comptroller and auditor general (CAG) of India Vinod Rai as independent chairman of Unity Small Finance Bank (Unity SFB), the newest private lender in India.

Detailed explanation-3: -The Reserve Bank of India (RBI) has appointed Vinod Rai as the independent Chairman of the Unity Small Finance Bank (USFB). He is the former Comptroller and Auditor General (CAG) Chief.

Detailed explanation-4: -Unity Small Finance Bank is currently owned by a consortium of Centrum Financial Services and fintech BharatPe’s parent, Resilient Innovations, with the latter holding 49%. Centrum Financial was granted a small finance bank licence by Reserve Bank of India in November 2021.

Detailed explanation-5: -The Reserve Bank of India (RBI) on Tuesday announced that the government has nominated Vivek Joshi to its central board. Joshi who is the secretary of the Department of Financial Services, will hold the position of Director at RBI. The nomination has come into effect from November 15, 2022, until further orders.