Banking Awareness of 1, 2 and 3 March 2026

Topic: Indian Economy/Financial Market

1. The Reserve Bank of India stated that India's current account deficit narrowed during April-December 2025.

• The deficit stood at US$30.1 billion, representing 1% of GDP.
• During the same period a year ago, the deficit was US$36.6 billion.
• Net foreign direct investment inflows increased during April-December 2025, reaching US$3 billion. Last year, FDI inflows were US$0.6 billion.
• Foreign portfolio investment recorded a net outflow of US$4.3 billion during this period.
• During the same period last year, FPIs posted a net inflow of US$9.4 billion.
• Foreign exchange reserves declined by US$30.8 billion, based on the balance of payments.
• This decline occurred during April-December 2025. A year ago, reserves had declined by US$13.8 billion. The RBI released a report on India's balance of payments for the third quarter of 2025-26.
• The report covers the period October-December. Services exports saw an annual increase.
• Computer services exports saw growth. Other business services exports also increased year-on-year.

Topic: MoUs/Agreements

2. India has renewed its bilateral swap arrangement (BSA) with Japan.

• This renewed arrangement will be effective from February 28, 2026.
• The Reserve Bank of India announced this extension in an official statement.
• The total size of the swap facility remains at US$75 billion.
• This arrangement allows both countries to exchange their local currencies.
• If necessary, they can swap them for US dollars.
• It serves as a two-way agreement between the two authorities.
• Both countries hope that this agreement will strengthen the existing financial safety net.
• They believe that it will further strengthen financial cooperation.
• They also see it contributing to regional financial stability.
• This mechanism is also expected to support global financial stability.

Topic: Indian Economy/Financial Market

3. Pralhad Joshi stated that the government plans to reduce India's logistics costs to 10 percent by 2030 to support the country's development.

• Union Minister of Consumer Affairs, Food and Public Distribution Pralhad Joshi made this statement while addressing the 70th Foundation Day celebrations of the Central Warehousing Corporation in New Delhi.
• Joshi emphasized that the warehousing and logistics sector is a key driver of the country's economic progress.
• He emphasized that the Indian warehousing market will grow at an annual growth rate of approximately 15 percent.
• The sector is expected to reach a valuation of approximately US$35 billion by 2027.
• He attributed this projected growth to the rapid growth of e-commerce and the expansion of organized retail.
• He praised the CWC for its contribution to the logistics ecosystem.
• The Corporation currently operates 953 warehouses across the country.
• These facilities together offer a storage capacity of 16.1 million metric tons.

Topic: Agriculture

4. India remains the world's largest milk producer.

• It contributes approximately 25% to global milk production.
• Over the past decade, the milk sector has grown at approximately six percent annually.
• Milk production is projected to increase from 146 million tonnes in 2014-15 to over 247 million tonnes in 2024-25.
• This represents an increase of over 69.4 percent.
• Per capita milk availability stood at 485 grams per day in 2024-25.
• This is significantly higher than the global average of 328 grams per day.
• The growth of allied sectors such as livestock, dairy, poultry, and fisheries has supported agricultural progress.
• These sectors contribute significantly to the gross value added of agriculture.
• They also provide an important source of rural employment.

Topic: Taxation

5. India's gross GST collections reached ₹1.83 lakh crore in February 2026.

• This represents an increase of 8.1% compared to the same month last year.
• Total GST revenue for FY26 reached ₹20.27 lakh crore as of February 28. This total figure represents an increase of 8.3% year-on-year.
• Refunds issued in February amounted to ₹22,595 crore. Refund payments were 10.2% higher than a year ago.
• Net GST revenue after refunds stood at ₹1.61 lakh crore for February. Gross domestic GST revenue stood at ₹1.36 lakh crore.
• GST revenue from imports was ₹47,837 crore. Import-related collections grew by 17.2% year-on-year.
• Net cess revenue declined to ₹5,063 crore. This was significantly lower than the ₹13,481 crore recorded in February last year.
• Maharashtra contributed the highest pre-settlement GST amount with ₹10,286 crore. Karnataka and Gujarat were the next major contributors.
• Several states recorded positive post-settlement SGST growth. These were Himachal Pradesh, Chandigarh, Uttarakhand, Haryana and others.
• Some states reported negative post-settlement SGST growth. These included West Bengal, Jharkhand, and Odisha.
• West Bengal, Haryana, Uttar Pradesh, and Maharashtra recorded growth lower than the national average of 8%.

Topic: Indian Economy/Financial Market

6. India's real GDP grew by 7.8% in the third quarter of the current fiscal year.

• Real GDP growth is projected to be 7.6% for 2025–26. This is higher than the 7.1% recorded in 2024–25.
• The Ministry of Statistics and Program Implementation released a new series of annual and quarterly national accounts estimates.
• The revised series uses 2022–23 as the base year. This replaces the previous base year of 2011–12.
• The year 2022–23 was chosen because it reflects a stable period post-COVID.
• The economy grew by 8.4% in the second quarter of the current fiscal year. Growth slowed slightly to 7.8% in the third quarter.
• India recorded real GDP growth of 7.2% in 2023–24. Growth was 7.1% in 2024–25.
• The manufacturing sector has been a key driver of economic resilience. It achieved double-digit growth in 2023-24.
• The secondary sector recorded growth of over 9% in the current financial year. The tertiary sector also grew by over 9%.
• Trade, hotels, transport, broadcasting-related services, and storage sectors achieved a growth rate of 10.1% at constant prices in 2025-26.
• Private final consumption expenditure increased by over 7% in 2025-26.
• Gross fixed capital formation also increased by over 7% during the year.

Topic: Corporates/Companies

7. Micron Technology’s Semiconductor ATMP Facility inaugurated by Prime Minister in Gujarat.

• The state-of-the-art Semiconductor Assembly, Test and Packaging (ATMP) facility of Micron Technology inaugurated in Sanand, Gujarat, by Prime Minister Narendra Modi.
• The event officially marked the start of commercial production and shipment of the first Made-in-India semiconductor memory module.
• The facility has been established with a total investment of over ₹22,500 crore under the India Semiconductor Mission.
• The project, whose ground-breaking was performed in September 2023, has now been readied to convert advanced DRAM and NAND wafers into finished products for global markets.
• The inauguration is being regarded as a transformative step for India’s expanding technology ecosystem.
• Nearly 500,000 square feet of cleanroom space has been created at the plant, placing it among the largest raised-floor cleanrooms worldwide.
• Indigenous memory modules will begin commercial shipments from this facility, strengthening domestic manufacturing capabilities.
• The initiative represents the first proposal approved under the national semiconductor mission.

Topic: MoUs/Agreements

8. An MoU signed between IMD and Nagaland Higher Education Department to strengthen weather research.

• An MoU was signed between the India Meteorological Department (IMD) and the Department of Higher Education, Nagaland, to enhance weather forecasting and atmospheric research.
• The agreement was formalised in Kohima in the presence of Higher Education Minister Temjen Imna Along and officials from both sides.
• Installation of an X-Band Polarimetric Doppler Weather Radar at Dimapur Government College has been envisaged under the Centre’s Mission Mausam scheme.
• Academic engagement, research collaboration and capacity building in meteorological sciences will be strengthened through institutional cooperation.
• Improved understanding of region-specific weather hazards in Nagaland is expected as a result of this collaboration.
• The MoU will remain valid for a period of 20 years, ensuring sustained collaboration between the two institutions.