Banking Awareness of 10 and 11 November 2023

By Priyanka Chaudhary | Last Modified: 11 Nov 2023 17:57 PM IST
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Topic: Indian Economy/Financial Market

1. India’s forex reserves cover of imports on balance of payments basis has grown to 10.2 months as at June-end 2023.

  • India’s forex reserves cover of imports was at 9.6 months at end-March 2023.
  • The import cover increased in sync with increase in forex reserves.
  • The forex reserves stood at $595.051 billion as at June-end 2023 against $578.449 billion as at March-end 2023.
  • Import cover is a trade-based indicator of adequacy of reserves.
  • According to RBI’s Half Yearly Report on Management of Foreign Exchange Reserves: April - September 2023, RBI’s gold holding increased to 800.79 tonnes of gold as at end-September 2023.
  • At March-end 2023, RBI’s gold holding stood at 794.64 tonnes as at March-end 2023.
  • The gold holding includes gold deposits of 39.89 tonnes.
  • The ratio of short-term debt (original maturity) to reserves decreased to 20.8% at end-June 2023. It was 22.2% at end-March 2023.
  • The ratio of volatile capital flows to reserves remained at 70.3% between end-March 2023 and end-June 2023. This includes cumulative portfolio inflows and outstanding short-term debt.

Topic: Corporates/Companies

2. Life Insurance Corporation (LIC) has recorded its highest ever half-yearly profit in H1 of FY24.

  • It recorded a net profit of ₹17,469 crore for H1 FY24. This is its highest ever half-yearly profit.
  • This was primarily due to the transfer of ₹13,768 crore from non-participating policyholders' fund to shareholders' account, which related to accretion on available solvency margin.
  • LIC had changed its accounting policy in September 2022 regarding transfer of this amount (net of tax).
  • According to changed policy, it had transferred Rs 27,241 crore to the shareholders’ account in FY23.
  • LIC’s total premium income fell 10.72% y-o-y to ₹2.1-lakh core. This was mainly due to 30.9% decline in group premium to ₹70,977 crore.
  • Individual business premium increased 5.5% to ₹1.3-lakh crore.
  • LIC maintained its market leadership with 58.5% share in terms of first year premium income.
  • Life Insurance Corporation (LIC):
    • It was formed in September 1956. Government of India owns LIC.  It is headquartered in Mumbai.
    • Its slogan is yogakshemam vahamyaham (Your welfare is our responsibility). Siddharth Mohanty is its chairperson.

Topic: Reports and Indices

3. According to the Wood Mackenzie report, India would become world’s 2nd largest solar module manufacturer by 2025.

  • In its latest report, Wood Mackenzie has forecasted that India will overtake Southeast Asia as the second-largest module production region by 2025.
  • Wood Mackenzie said this will be driven by India’s strong PLI incentives.
  • It added India and US have announced over 200 gigawatts (GW) of planned module capacity since 2022.
  • Earlier, ICRA said India’s solar photovoltaic (PV) module manufacturing capacity to increase to more than 60 GW by 2025 from the current level of around 37 GW.
  • International Energy Agency (IEA) in a report last month said that India’s domestic production capacity can surpass 70 GW by 2027.
  • According to the IEA, solar manufacturing currently is concentrated in five countries accounting for more than 90% of global capacity.
  • These five countries are China (80% of the global market), Vietnam, (5%), India (3%), Malaysia (3%) and Thailand (2%).
  • India accounts for 3% of the global solar manufacturing market.
  • Wood Mackenzie is a global consultancy firm for renewables, energy and natural resources.

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Topic: Indian Economy/Financial Market

4. Industrial output growth declined to three-month low level of 5.8% in September 2023.

  • India’s industrial output growth was at 14-month high level of 10.3% in August 2023.
  • Manufacturing growth has halved to 4.5% in September 2023 from 9.3% recorded in the August 2023.
  • The production of consumer durables has grown just 1% in September. Non-durables grew at 2.7% in September.
  • The growth in electricity sector moderated to 9.9%. The growth in mining sector moderated to 11.5%.
  • Primary goods grew fastest at 8%. Infrastructure and construction goods grew 7.5%.
  • Capital goods and Intermediate goods output grew 7.4% and 5.8%, respectively.
  • In August 2023, only seven of 23 manufacturing sectors contracted. Nine sectors recorded contraction in output in September.
  • In September, the contraction in manufacturing sectors was led by furniture (-20.2%). The apparel segment contracted 17.9%
  • The output in computers and electronics declined 8.9%. Chemicals sector contracted to 5.6% in September.
  • India’s overall industrial output grew up 6% in the first half of current year.

Topic: Miscellaneous

5. One percent interest rate rebate has been announced by the government to Divyang borrowers.

  • Government has announced this rebate under the National Handicapped Finance and Development Corporation loan for timely repayment.
  • Government has taken this decision to further enhance financial inclusion and foster economic empowerment among persons with disabilities.
  • This move aims to reduce the financial burden on divyang individuals seeking financial assistance and to encourage responsible repayment practices.
  • Department of Empowerment of Persons with Disabilities Secretary Rajesh Aggarwal gave cheques to eight Divyang loan beneficiaries.
  • National Handicapped Finance and Development Corporation:
    • It was set up in January 1997 as a not for profit company under Ministry of Social Justice and Empowerment.
    • It provides financial assistance for wide range of income generating activities to disabled persons.
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Topic: Miscellaneous

6. The International Monetary Fund (IMF) executive board has approved a 50% quota increase.   

  • The executive board has approved a proposal to make a 50% increase in the quota allocated to members in proportion to their current quotas.
  • The Board of Governors will now consider and vote on the proposal.
  • The proposal will be effective only after consideration and voting by the Board of Governors.
  • The proposal has come after the guidance from the International Monetary and Financial Committee at the 2023 annual meetings.
  • Presently, India has a quota of Special Drawing Rights (SDR) of 13,114.4 million. This means India has a share of 2.75%.
  • India is the eighth-largest quota-holding country in the IMF.
  • On the basis of quota, India has 132,063 votes. This denotes a share of 2.63%.
  • If the increase in quota is made effective, all these will grow.

Topic: Agriculture

7. ‘Bharat Organics’ brand of National Cooperative Organics Ltd (NCOL) has been launched by Cooperation Minister Amit Shah.

  • Cooperation Minister Amit Shah also launched logo, website and brochure of NCOL.
  • He also gave away NCOL membership certificates to 5 cooperative societies.
  • He addressed the national symposium on the promotion of organic products through cooperatives organised by NCOL, in New Delhi.
  • The NCOL will initially sell six organic products in India.
  • The six organic products are tur dal, chana dal, sugar, rajma, basmati rice, and Sonamasoori rice.
  • They will be sold through Safal outlets of Mother Dairy and online platforms.
  • NCOL is headquartered in Gujarat. National Dairy Development Board is its chief promoter. It has been established under the Multi State Cooperative Societies Act, 2002.
  • India ranks 4th globally in organic agricultural land and first in number of producers according to 2020 data.
  • India has 27 lakh hectares of land under certified organic certification.
  • Madhya Pradesh, Uttarakhand, Goa, Maharashtra, Gujarat and North Eastern are some states leading in certified organic land.

Topic: Miscellaneous

8. United Kingdom will include India in its safe states list.

  • The United Kingdom has decided to include India in its list of safe states.
  • Apart from India, Georgia has been also included in the list of safe states of the United Kingdom.
  • This decision was announced by the UK Home Office to streamline immigration procedures and enhance border control measures.
  • This move would speed up the process of returning people from India who have travelled to the UK illegally.
  • The UK witnessed an increase in the arrival of small boats from India and Georgia in the last year.
  • This compelled the UK government to reassess its approach and take steps under the "Illegal Migration Act 2023" against asylum seekers from these countries.
  • All the countries in the list are considered by the UK government to be safe, stable and free from widespread human rights abuses.
  • As per the rule, the UK could detain illegal immigrants from these countries or order their prompt return.

Topic: Agriculture

9. Indian Agricultural Research Institute (IARI) has developed the Pusa-2090 Paddy Variety.

  • IARI has developed this variety to tackle stubble burning.
  • This variety has a shorter maturation time, which provides farmers with 30 extra days.
  • Paddy crop is usually transplanted in June. It is usually ready for harvest only in late October.
  • Due to this, farmers have very little time to prepare their fields to sow the next wheat crop.
  • Pusa-2090 is an improved version of the currently used Pusa-44. Pusa-44 takes 155 to 160 days to mature.
  • Pusa-2090 variety matures in only 120 to 125 days. So, farmers will get around 30 days to farmers to ready their fields for the next crop.

Topic: Reports and Indices

10. Quacquarelli Symonds released the QS Asia University Rankings 2024 on 8 November.

  • In the QS Asia University Rankings, two Indian institutions, IIT Bombay and IIT Delhi, have been ranked in the top 50 list.
  • IIT Bombay has secured the top position in India and 40th position in Asia.
  • Similarly, IIT Delhi stood second among Indian institutes and secured 46th overall rank.
  • In ranking, China's Peking University topped the Asia ranking list by securing rank 1, followed by the University of Hong Kong at the second position and the National University of Singapore at the third position.
  • Nanyang Technological University, Singapore, and Tsinghua University, China have secured the fourth position.
  • In this year's QS Asia University Rankings, a total of 856 universities in Asia are included.
  • The 11 indicators used to compile the QS Asia University Rankings include academic reputation, employer reputation, and faculty/student ratio, etc.



University Name



Peking University



The University of Hong Kong

Hong Kong (China)


National University of Singapore



Nanyang Technological University



Tsinghua University



Zhejiang University



Fudan University



Yonsei University

South Korea


Korea University

South Korea


Chinese University of Hong Kong

Hong Kong (China)



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