Banking Awareness of 14, 15 and 16 January 2024

By Priyanka Chaudhary | Last Modified: 16 Jan 2024 17:25 PM IST
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Topic: RBI

1. DLabs at the Indian School of Business (ISB), RBI Innovation Hub, and Union Bank of India jointly launched ‘Build for Billions’.

  • ‘Build for Billions’ is a startup accelerator programme. It is themed around financial inclusion for the informal economy.
  • It will support visionary fintech startups devoted to addressing the issues/hurdles/challenges faced by gig workers, migrant workers, domestic workers, street vendors, carpenters, plumbers, electricians, and construction labourers.
  • These all represent informal economy. Some of the issues/hurdles/challenges faced by these are low and volatile income, irregular income streams, limited access to credit and savings, and a lack of social security nets.
  • ‘Build for Billions’ is the 50-day equity-free accelerator by the business incubator DLabs.
  • DLabs has launched it in partnership with Reserve Bank Innovation Hub (RBIH) and Union Bank of India.
  • It offers comprehensive support, which include mentorship, capacity building, resources, and networking opportunities.
  • It offers the chance to pitch banks and investors, and a unique piloting opportunity with Union Bank.
  • Rajesh Bansal, CEO, RBIH said the Reserve Bank Innovation Hub is excited to partner with DLabs and Union Bank for the launch of ‘Build for Billions’.
  • Startups can apply for this programme by 21 January, 2024.
  • The Reserve Bank Innovation Hub (RBIH) is a wholly-owned subsidiary of the RBI. Rajesh Bansal is its CEO.
  • It has been set-up to facilitate and promote an environment which accelerates innovation across the financial sector.
  • DLabs is a business incubator at the Indian School of Business (ISB).

Topic: Indian Economy/Financial Market

2. Exports increased by 1% to $38.45 billion in December 2023 as shown by government data.

  • However, imports declined by 4.85% to $58.25 billion in December 2023.
  • Government has released data about imports and exports on 15 February 2024.
  • During April-December period of current fiscal, exports declined by 5.7% to $317.12 billion.
  • During the same period of current fiscal, imports declined by 7.93% to $505.15 billion.
  • India's main export items are Refined Petroleum, Diamonds, Packaged Medicaments, Jewellery, and Rice.   
  • India’s main import items are Crude Petroleum, Gold, Coal Briquettes, Diamonds, and Petroleum Gas.

Topic: Taxation 

3. Industry seeks an extension to sunset period for getting the concessional tax rate of 15% for companies that set up Greenfield manufacturing units.

  • Industry bodies have petitioned the Finance Ministry for a three-year extension to the concessional tax regime.
  • The concessional tax regime ends on 31 March 2024.
  • Despite the tax rates that are concessional (15% for newly established manufacturing enterprises and 22% for all other corporates), the net growth in corporate income tax collections in January was 12.37% higher than the previous year.
  • The government revenues have been positively impacted by the lower or concessional tax rates.
  • The industrial and manufacturing sector, especially MSMEs have also benefitted from the lower or concessional tax rates.  
  • The industry is in favour of extending the sunset period by at least three years.
  • Under Section 115BAB, a tax rate of 15% (17.16% after surcharge and cess) was declared in 2019 for newly established manufacturing enterprises.
  • The deadline to avail of lower rates was originally set for March 31, 2023, but it was later extended by a year.

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Topic: Banking System

4. IndusInd Bank has partnered with EazyDiner to launch credit card.

  • In partnership with EazyDiner, IndusInd Bank has launched the EazyDiner IndusInd Bank Platinum Credit Card.
  • When paying for both dining and takeaway at specific restaurants using the EazyDiner App and PayEazy, the credit card offers an additional 500 discount.
  • With assured discounts of 25% to 50% at over 2,000 restaurants, cardholders receive a three-month EazyDiner Prime membership free of joining or annual fees.
  • Every ninety days, users can renew their membership by paying ₹30,000.
  • For every ₹100 spend, the card offers up to two reward points.
  • IndusInd Bank is a Pune-based bank. It was started in 1994. Sumant Kathpalia is its CEO. Its tagline is we make you feel richer.

Topic: Banking System  

5. The launch of SmartFin has been announced by Yes Bank.  

  • It is an end-to-end digital supply chain finance (SCF) platform.
  • It is powered by Veefin Solutions, a leading financial products and digital solutions provider offering innovative solutions.
  • The significance of Supply Chain Financing (SCF) as a model to drive working capital efficiencies has been growing.
  • YES Bank was founded in 2004. It is headquartered in Mumbai. Prashant Kumar is its MD and CEO.
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Topic: Miscellaneous

6. A USD denominated 144A/Regulation S senior secured Social Bonds offering is being planned by Shriram Finance.

  • However, this Social Bonds (Notes) offering by Shriram Finance, a non-banking finance company, is subject to market conditions.
  • This is part of the company’s $3.5-billion Global Medium Term Note (GMTN) Programme.
  • This GMTN Programme is for issuance of debt securities in international markets by way of public/ private issue.  
  • It is expected that the notes will be rated “BB” by both Fitch and S&P.
  • Regulation-S exempts offers and sales of securities made outside of the United States from the requirement of Securities and Exchange Commission (SEC) registration.
  • Barclays, Deutsche Bank, HSBC, J.P. Morgan, Standard Chartered Bank, BNP PARIBAS, Citigroup, DBS Bank Ltd, Emirates NBD Capital, MUFG and SMBC Nikko have been appointed by the company as Joint Global Coordinators and Joint Bookrunners.

Topic: Indian Economy/Financial Market

7. According to a NITI Aayog report, 24.82 crore people came out of multi-dimensional poverty in India in 9 years to 2022-23.

  • Uttar Pradesh, Bihar and Madhya Pradesh registered the largest decline.
  • As per NITI Aayog’s discussion paper, multidimensional poverty in India decreased from 29.17% in 2013-14 to 11.28% in 2022-23.
  • 2.75 crore people came out of multidimensional poverty every year.
  • As per NITI Aayog, the national multidimensional poverty judges simultaneous deprivations across three dimensions.
  • These three dimensions are health, education, and standard of living.
  • These three dimensions are represented by 12 sustainable development goals-aligned indicators.
  • These include nutrition, child and adolescent mortality, maternal health, years of schooling, school attendance, cooking fuel, sanitation, drinking water, electricity, housing, assets, and bank accounts.
  • NITI Aayog’s National Multidimensional Poverty Index (MPI) uses the Alkire Foster methodology to assess the decline in poverty rates.
  • National MPI covers 12 indicators. On the other hand, global MPI covers 10 indicators.
  • Uttar Pradesh topped the list with 5.94 crore people coming out of poverty. It was followed by Bihar at 3.77 crore and Madhya Pradesh at 2.30 crore.
  • As per NITI Aayog CEO BVR Subrahmanyam, “Government has a goal to bring down multidimensional poverty to below 1%.”
  • According to the discussion paper, India is all set to reach single-digit poverty levels during 2024.
  • The discussion paper said, “India is likely to achieve Sustainable Development Goals (SDGs) 1.2 (reducing multidimensional poverty by at least half) much ahead of 2030.”
  • The recent National MPI was based on National Family Health Surveys 4 (2015-16) and 5 (2019-21).

Topic: Indian Economy/Financial Market

8. WPI-based inflation rises to 0.73% in December.

  • The wholesale price index (WPI)-based inflation increases from 0.26% in November to 0.73% in December.
  • This is the highest wholesale inflation registered in the past nine months.
  • The WPI inflation in December has increased mainly due to higher prices of food articles, machinery & equipment, other manufacturing, other transport equipment, and computer, electronics & optical products, among others.
  • The WPI inflation was in the negative zone from April to October.
  • The food inflation has increased to 9.38% from 8.18% in November 2023.
  • In November 2023, the WPI-based inflation had increased due to food inflation.
  • If the global oil prices rise, the overall inflation could witness a further increase in the coming months.

Topic: Banking/Financial/Govt Schemes

9. PM Modi released the first installment to 1 lakh beneficiaries of PMAY-G under the PM-JANMAN scheme.

  • PM Modi released the first installment of Pradhan Mantri Awas Yojana – Gramin under the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN).
  • PM Modi released ₹540 crores as the first installment of funding.
  • Since the launch of the PM-JANMAN scheme, had sanctioned projects worth over ₹4,700 crore through 9 ministries under the PM-JANMAN package.
  • PM-JANMAN was launched for the socio-economic welfare of Particularly Vulnerable Tribal Groups (PVTGs) in November 2023.
  • It has a budget of around 24,000 crore rupees. It focuses on 11 critical interventions through nine ministries.
  • It aims to improve the socio-economic conditions of the PVTGs by saturating PVTG households and habitations with basic facilities.
  • Safe housing, clean water to drink, better access to healthcare, nutrition, education, energy, road and telecom connectivity, and chances for sustainable livelihood are some of these facilities.

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