Banking Awareness of 10, 11 and 12 November 2024

Topic: Banking System

1. Five Nari Shakti branches of Union Bank of India for women entrepreneurs have been launched.

• The branches have been virtually launched by Union Finance Minister Nirmala Sitharaman from Bengaluru.
• Union Bank of India has opened Nari Shakti branches in Bengaluru, Chennai, Visakhapatnam, and Jaipur.
• The Nari Shakti branches operate with a focus on extending credit to women entrepreneurs.
• They will finance women-owned manufacturing and service units.
• The bank will also focus on advisory services, and workshops on start-ups.
• It will also focus on skill development programs, mentorship, networking, and collaborations.

Topic: Miscellaneous

2. Finance and Corporate Affairs Minister Nirmala Sitharaman held meeting with Asian Infrastructure Investment Bank (AIIB) delegation.  

• She urged AIIB to expand investments in climate adaptation and resilience, infrastructure development, energy security, and urban development.
• At the same time, she also urged it for extending support for India’s next-generation reforms.
• Sitharaman is also Governor on the Asian Infrastructure Investment Bank (AIIB) Board.
• AIIB delegation comprised 11 officials of the Board of Directors of AIIB.
• Before the meeting, the delegation visited the Regional rapid Transit System (RRTS) project.
• RRTS project is being financed by the Asian Development Bank (ADB), AIIB and the New Development Bank (NDB).
• Asian Infrastructure Investment Bank (AIIB):
  • It is a multilateral development bank with an aim to improve social and economic outcomes in Asia.
  • It started operating in January 2016. It is headquartered in Beijing, China.
  • It is the world's second largest multi-lateral development institution. It currently has 110 members.

Topic: Miscellaneous

3. Following the world's first sovereign guarantees from the US and Japan, ADB expands climate finance.

• The Asian Development Bank will raise its climate-related lending by up to $7.2 billion.
• This follows an agreement by the US and Japan to underwrite risk for a number of current loans.
• This is the first time that climate finance has ever had sovereign guarantees.
• Between 2019 and 2030, the ADB has established a long-term cumulative loan objective of $100 billion for climate finance. It made a $9.8 billion loan in 2023.
• As part of the ADB plan, Japan would cover $600 million, while the richest nation in the world would guarantee up to $1 billion of existing loans from Asia's leading development institution.

Topic: Taxation

4. By November 10, net direct tax collection has increased by 15.4% to ₹12.1 lakh crore.

• From April 1 to November 10, the Union government collected ₹12.1 lakh crore rupees in net direct taxes. This is an increase of 15.4% year over year.
• Direct taxes increased by more than 21% on a gross basis to ₹15 lakh crore in the same time. Personal and corporate taxes are included in direct taxes.
• Income Tax Department had issued tax refunds of ₹2.9 lakh crore.
• A healthy tax collection rate aids the government in reaching its annual fiscal deficit target.
• According to the July Budget, the Centre is targeting a fiscal deficit of 4.9% for FY25.
• Direct taxes are imposed on an individual's earnings or profits.
• They are directly paid by an individual or company to the government without any intermediaries.

Topic: Indian Economy/Financial Market

5. In Goa, India plans to create a miniature Silicon Valley for the GCC.

• According to Commerce & Industry Minister Piyush Goyal, India plans to establish a miniature Silicon Valley for global capacity centres (GCCs) in Goa.
• During the Amazing Goa Global Business Summit, the Minister made this statement virtually.
• In addition, the Minister stated that India's economic development would reach $35 trillion over the next 25 years.
• According to a recent survey, the state is the greatest place in India for wedding destination, he added.
• Silicon Valley is located in Northern California, US. It is a global center for high technology and innovation.

Topic: Appointments

6. Harsh Vardhan Aggarwal will take over as the new President of FICCI.

• Harsh Vardhan Aggarwal, Vice Chairman and Managing Director, Emami Limited, has been elected President of FICCI for 2024-25.
• Presently, Aggarwal serves as the Senior Vice President of FICCI.
• He will replace Anish Shah, Group CEO and Managing Director, Mahindra & Mahindra, at the conclusion of FICCI's 97th Annual General Meeting on November 21.
• Aggarwal is the second-generation leader at the Emami Group.
• Federation of Indian Chambers of Commerce & Industry (FICCI):
  • It is the largest, oldest and apex business non-governmental trade association in India.
  • It was established in 1927. It is headquartered in New Delhi.

Topic: Indian Economy/Financial Market

7. In October, India's steel exports recorded double-digit growth.

• According to data compiled by the Steel Ministry, India's steel exports recorded a double-digit growth of 11% in October as compared to previous month, indicating better prospects for the sector.
• The country's steel exports increased from 4 lakh tonnes in September to 44 lakh tonnes in October.
• Meanwhile, imports declined, which will help domestic steel companies get better prices for their products in the third quarter.
• For the first time in the current fiscal year, imports slowed following government-imposed restrictions on imports of inferior quality steel from countries such as Vietnam.
• As a result, according to official data, steel imports declined by 4% to 9.8 lakh tonnes in September from 11 lakh tonnes.
• In 2024-25, India's steel output is expected to reach 152 million tonnes, with an annual growth of 8%, driven by government spending on big infrastructure projects such as highways, ports and railways.

Topic: Corporates/Companies

8. 50th foundation day of NTPC celebrated by NML.

• The 50th Foundation Day of NTPC was celebrated on 8 November by NTPC Mining Limited (NML) Headquarters, Ranchi.
• On this occasion, Chief Guest, NML CEO and Regional Executive Director (Coal Mining) Animesh Jain hoisted the NTPC flag.
• NTPC started its journey in the power sector on November 7, 1975 and over the last 50 years, it has grown.
• NTPC, India's largest power utility company, achieved impressive growth with an installed capacity of 76,475.68 MW, and record generation of 422 BUs in FY24, up 6%.
• During the occasion, CMD NTPC virtually launched hydrogen-fuelled buses. This service is about to start in Leh.
• NTPC Limited is India's largest integrated power utility company, meeting one-fourth of the country's power requirements.

Topic: Banking/Financial/Govt Schemes

9. National MSME Cluster Outreach Programme has been launched by Union Minister for Finance Nirmala Sitharaman.

• Union Minister Nirmala Sitharaman launched a national program to boost financial access for Micro, Small, and Medium Enterprises (MSMEs).
• It has been organized jointly by the Department of Financial Services (DFS), the Ministry of Finance, the Government of India, and the Small Industries Development Bank of India (SIDBI).
• The main aim of the program is to ensure access to financial services and promote the growth of Micro, Small and Medium Enterprises (MSMEs).
• The Union Finance Minister also virtually inaugurated six new SIDBI branches in Karnataka.
• SIDBI signed a Memorandum of Understanding (MoU) with the Peenya Industries Association to support MSMEs through capacity building, credit facilities, and knowledge-sharing.
• The Union Finance Minister also distributed sanction letters to 11 MSME customers of SIDBI, aggregating to Rs. 25.75 crore.

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