Banking Awareness of 14, 15 and 16 September 2024

Topic: Taxation

1. According to DGGI data, the amount of Goods and Services Tax (GST) evasion increased to Rs 2.01 lakh crore in FY24.

• In the preceding fiscal year, the total amount of tax evasion under the Goods and Services Tax (GST) system was Rs 1.01 lakh crore.
• In all, 20,576 instances of GST evasion were found by DGGI officers and the Central GST zones in FY24, totalling over Rs 2.37 lakh crore.
• This comprised Rs. 35,377 crore from CGST zones and Rs. 2.01 lakh crore from the Directorate General of GST Intelligence (DGGI).
• The industries most vulnerable to GST evasion, according to the DGGI report, are online gaming and banking, financial services, and insurance (BFSI).
• Rs 81,875 crore in tax evasion was attributed to the online gaming industry alone. The BFSI industry witnessed Rs 18,961 crore in evasion.
• The iron, copper, scrap, and alloys industries were the most affected by evasion among goods at Rs 16,806 crore in evasion.
• Pan masala, tobacco, cigarettes, and beedi came second at Rs 5,794 crore.
• Mumbai was the zone with the highest detection rate of GST evasion, totalling Rs 70,985 crore.
• Delhi came in second with Rs 18,313 crore, Pune was third with Rs 17,328 crore, Gurugram was fourth with Rs 15,502 crore, and Hyderabad was fifth with Rs 11,081 crore.
• The number of occurrences of GST evasion reported in the report increased from 4,872 to 6,084 in FY24.
• There has been a consistent rise in detected evasion since the implementation of GST in 2017. This is clear from the figures provided in following table.

Topic: Corporates/Companies

2. ICRA ESG has assigned its first Environmental, Social, and Governance (ESG) rating to InCred Financial Services Ltd.

• InCred Financial Services has been assigned a rating of “Impact 57, Moderate”.
• An organisation is considered to have a moderate commitment to ESG principles if its ESG Impact rating falls between 40 and 59.
• If an entity's ESG Impact rating falls between 40 to 59, it means that complete sustainability measures have not yet been meaningfully adopted by it.
• Investors can evaluate the non-financial risks and possibilities connected with businesses with the aid of ESG-assigned ratings.
• ICRA ESG Ratings Ltd (ICRA ESG) is a wholly-owned subsidiary of ICRA Ltd.
• InCred Financial Services Ltd. is a Non-Banking Financial Company (NBFC) that focuses on personal loans, student loans, business loans, etc.

Topic: Banking System  

3. Seven phygital branches will be launched by Bank of Baroda as a pilot project.

• The phygital branches integrate self-service and assisted service models.
• The second phygital branch of Bank of Baroda was recently inaugurated by Debadatta Chand, Managing Director and CEO, in Mumbai at Vile Parle.
• In July 2024, first phygital branch was opened by Bank of Baroda at Horniman Circle in Mumbai.
• In August 2024, second branch was opened at Chanda Nagar in Hyderabad.
• The phygital branch is equipped with video contact centre.
• At video contact centre, a customer can connect with contact centre of bank through a video call and get help on non-financial services.
• The physical branch offers seamless client assistance through both universal service counters by branch executives and an exclusive service area.
• Customers can obtain services including PAN updating, email account statements, TDS certificates, and more at a self-service kiosk equipped with tablets.

Topic: RBI

4. The conversion of Tata Capital Limited (TCL) from a NBFC-CIC to an NBFC-ICC has been approved by RBI.

• The conversion of TCL from a non-banking finance company (NBFC)-core investment company (CIC) to an NBFC-investment credit company (ICC) has been approved by RBI.
• This approval has come after TCL’s merger with Tata Cleantech Capital and Tata Capital Financial Services.
• The move opens the door for Tata Capital's prospective listing by signifying the company's transition into an operational one.
• It was previously a holding company operating under the CIC framework.
• Tata Capital and its parent company, Tata Sons Pvt, have been identified by the RBI as NBFC-upper layer and are required to list by September of the next year.
• The company has been granted a certificate of registration as an NBFC-ICC, indicating that it complies with regulations.
• Tata Capital Limited is a financial and investment service provider in India.
• It is a subsidiary of Tata Sons Limited. It is the financial services arm of the Tata Group. It was established in 2007. It is based in Mumbai.

Topic: Summits/Conferences/Meetings

5. Global Bio-India’s fourth edition ended successfully.

• Global Bio-India 2024 was a three day event organised between 12 and 14 September in New Delhi.
• It was organised by Department of Biotechnology (DBT), Ministry of Science & Technology, Government of India, along with Biotechnology Industry Research Assistance Council (BIRAC).
• It was themed on the potential and opportunities in ‘Biotech Innovation’ and ‘Bio-manufacturing’ and their impact on the bio economy.
• Dr. Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology inaugurated the annual conference.
• In Global Bio India, India’s biotech startups launched 11 products.

Topic: World Economy

6. Algeria became a new member of the BRICS New Development Bank (NDB).

• Algeria’s membership to the BRICS New Development Bank (NDB) has been approved.
• This was announced by the NDB chief Dilma Roussef at a meeting in Cape Town, South Africa.
• Algeria has taken an important step towards integrating into the global financial system.
• Algeria is a leading exporter of natural gas in the African continent.
• BRICS New Development Bank (NDB):
  • It was formed in 2015 to mobilise resources for projects in emerging markets and developing countries.
  • Brazil, Russia, India, China and South Africa are the founding members of the BRICS New Development Bank.
  • Its main aim is to offer an alternative to international financial institutions like the World Bank and IMF.

Topic: Miscellaneous

7. Sri Vijaya Puram will be the new name of Port Blair in the Andaman and Nicobar Islands, according to government decision.

• According to Union Home Minister Amit Shah, the government decided to free the country of its colonial heritage by this renaming.
• According to Union Home Minister, Sri Vijaya Puram represents the nation's successful freedom struggle.
• The Andaman and Nicobar Islands hold a unique position in the history and freedom struggle of the nation, according to the Union Home Minister.
• The island region that was previously the Chola Empire's naval base is now positioned to provide the vital foundation for our aspirations for growth and strategy.
• The Andaman and Nicobar Islands Union territory's capital city is Sri Vijaya Puram.
• The Centre's ₹72,000 crore project for Nicobar Island has made news, raising concerns that it could force the native Shompen tribe to relocate.
• There are 244 Shompens, who are mostly nomadic hunters who live in isolation on Nicobar Island.
• In honour of Parakram Diwas, Prime Minister Narendra Modi named 21 sizable, unidentified UT islands after recipients of the Param Vir Chakra.
• Additionally, the prime minister announced the model for the Netaji Subhas Chandra Bose Dweep, formerly known as Ross Islands, where a national memorial honouring the late leader will be erected.

Topic: Reports and Indices

8. In terms of states having AYUSH facilities, Madhya Pradesh leads the nation.

• As per the 'Health Dynamics of India - Infrastructure and Human Resources' report, Madhya Pradesh has 52 district hospitals, which places it second in terms of the number of district hospital.
• Delhi is in third place with 40 district hospitals, and Uttar Pradesh leads the ranking with 125 district hospitals.
• The Ministry of Health and Family Welfare, Government of India, recently released the report.
• MP is also third in terms of tribal pockets having AYUSH doctors at 228 primary and community health centres.
• With 296 AYUSH doctors, Odisha is ranked first, followed by Chhattisgarh (279 AYUSH doctors).
• Since 2005, Madhya Pradesh has been one of the six first states in India to substantially expand the number of sub-health centers located in rural areas.
• In addition, it comes in seventh place out of the 10 states with the most primary health centers.
• With 332 community health centers out of 5,491 in the country, Madhya Pradesh is also in the top six states for the number of these facilities.
• The report shows that Madhya Pradesh is one of the top three states with respect to the number of sub-divisional hospitals.

Topic: Awards and Prizes

9. RINL received the prestigious CII-GBC National Energy Leader Award for the Sixth Consecutive time.

• Rashtriya Ispat Nigam Limited (RINL) has bagged the prestigious National Energy Leader Award from the Confederation of Indian Industry – Green Business Centre (CII-GBC).
• The prestigious awards were received by Sri K Sudhakaron on the behalf of RINL from Sri Milind Deora.
• RINL has also achieved the “Excellent Energy Efficient Unit Award for an impressive eighth consecutive year.”
• RINL has made consistent efforts toward energy conservation, including initiatives such as Harnessing waste heat recovery systems, Pulverized Coal Injection (PCI) in blast furnaces, and Waste recycling and Energy benchmarking.
• RINL focuses on enhancing energy efficiency, reducing carbon footprints, and embracing innovative technologies for sustainable growth.
• Rashtriya Ispat Nigam Ltd (RINL) is a Navratna PSU. It runs the Visakhapatnam Steel Plant.

Topic: Reports and Indices

10. India has reached Tier 1 in the Global Cyber ​​Security Index 2024.

• India has jumped to Tier 1 in the 2024 Global Cybersecurity Index (GCI), released by the International Telecommunication Union (ITU), for its exemplary role-modeling in cybersecurity commitments and impacts.
• The ‘GCI 2024’ used a new five-level analysis, a change that allows for a greater focus on each country’s progress with cybersecurity commitments.
• According to the report, 46 nations are ranked in Tier 1, the highest of the five categories, which is reserved for "role modelling" nations that exhibit a strong commitment to each of the five cybersecurity pillars.
• India ranked highest in adopting measures such as legal, technical, capacity development, and cooperation as relative strong areas.
• Organisational measures were listed as areas of potential development for the country.
• ITU cybersecurity projects and programmes are supporting national efforts to manage cyber threats more effectively.

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