Banking Awareness of 15, 16 and 17 October 2023

Topic: RBI

1. Certificate of registration of Ind Bank Housing has been cancelled by RBI.

• Ind Bank Housing’s net loss increased to ₹55.78 lakh in FY23 in comparison to ₹12.93 lakh in FY22.
• As per RBI, the company (Ind Bank Housing) shall neither transact the business of a Housing Finance Institution nor of a Non-Banking Financial Institution as defined in National Housing Bank Act, 1987 and RBI Act, 1934, respectively.
• Ind Bank Housing Ltd is a Chennai-based housing finance company.
• Indian Bank and HUDCO (Housing and Urban Development Corporation Ltd) are major shareholders in it.

Topic: Agriculture

2. Twenty per cent export duty on paraboiled rice has been extended by the centre until March 31, 2024.

• The step is aimed at stabilizing domestic rice prices.
• The export duty was imposed with immediate effect in August 2023. The export of broken rice is already banned.
• Overall paddy acreage in the current Kharif season is marginally higher than year-ago.
• The crop yield is expected to be lower due to a severe rainfall deficiency in August and floods in Haryana and Punjab.
• The non-Basmati acreage in Haryana has decreased. At the same time, Basmati area has increased, showing an overall increase in paddy coverage.
• Rice production may be less than the targeted 111 million tonnes this kharif.
• In the 2022 kharif season, rice production was 110 million tonnes.

Topic: Banking System

3. ICICI Bank has introduced ‘iFinance’ facility.

• iFinance is a one-stop facility for viewing savings and current accounts across banks.
• This enables customers to get a consolidated view of their savings and current accounts in one place.
• Customers of other banks can also get the benefit from this facility.
• ICICI Bank has introduced this facility by leveraging the Account Aggregator ecosystem.
• ‘iFinance’ provides a single-view dashboard of all accounts.
• ICICI Bank customers as well as customers of other banks can view their accounts across banks in one place.
• The one-view dashboard can be accessed on ICICI Bank’s mobile banking and internet banking platforms.
• ICICI Bank (ICICI Bank Limited):
  • It is a private sector bank. Girish Chandra Chaturvedi is chairman of its board of directors.
  • Its MD & CEO is Sandeep Bakhshi. It is headquartered in Mumbai. It was founded in 1994.

Topic: Infrastructure and Energy

4. Share of natural gas in India’s energy mix will reach 10.6% by 2045.

• The Organization of the Petroleum Exporting Countries (OPEC) has projected this in its latest world oil outlook.
• As per the Petroleum and Natural Gas Regulatory Board (PNGRB), India’s share of gas in the total energy mix is currently 5.78%.
• The fourth-largest importer of liquefied natural gas (LNG) in the world is predicted to experience robust medium- and long-term growth in natural gas consumption, according to the OPEC report.
• India’s city gas distribution (CGD) sector is expected to consume around 150 million standard cubic meters per day (MSCMD) by 2028. At present, it consumes around 35 MSCMD of gas.
• The 12th City Gas Distribution, CGD Bidding Round of the Petroleum and Natural Gas Regulatory Board was officially launched on 12 October 2023 in Delhi.
• With the exception of Mizoram, Andaman & Nicobar, and Lakshadweep, practically the entire nation would have access to CGD networks after this bidding round.
• This round would cover the remaining 2% of India's population and remaining 12% of its geographic region.
• The network spans 92 districts across five states and two union territories.
• To ensure complete coverage in the future, the ministry intends to bring the network to island regions.
• India aims to boost natural gas's portion of the energy basket to 15% by 2030.

Topic: Infrastructure and Energy

5. Production delay in Parsa East & Kanta Basan block led to shortage of fuel supply in Rajasthan.

• Parsa East & Kanta Basan block is located in Chhattisgarh.
• It is owned by Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL).
• Union Environment Ministry has given permission for non-forestry use of 1898.328 ha in February 2022.
• Handover and tree felling in an area of 141 ha of forest land is needed to continue the mining operations till FY'24.
• Out of 141 hectares of forest land, 91.21 ha of Forest land is yet to be handed over by the Chhattisgarh government.
• The Centre has allocated additional coal from state-owned Coal India. The Centre has taken this step as an extreme measure.

Topic: Indian Economy/Financial Market

6. For the sixth consecutive month in September, wholesale inflation remained in deflation zone.

• WPI inflation in September 2023 was -0.26% in comparison to -0.52% in August 2023.
• In other words, producers’ inflation rate based on the Wholesale Price Index (WPI) remained in the negative zone for the sixth successive month in September 2023.
• The main reason for deflation in September 2023 is a fall in prices of chemical & chemical products, mineral oils, textiles, basic metals and food products.
• WPI showed contraction for sixth consecutive month with a decline of 0.3% YoY.

Topic: Reports and Indices

7. Female labour force participation rate (FLFPR) increased to 37.0%.

• On October 9, 2023, the Ministry of Statistics and Program Implementation released the Periodic Labor Force Survey Report 2022-23.
• The report shows that there has been a significant improvement in female labour force participation in the country.
• This rate increased to 37.0% in 2023 by improving 4.2 percentage points.
• This significant jump in the female labour force participation rate is a result of the Government's decisive program to ensure women's empowerment through policy initiatives aimed at the long-term socio-economic and political development of women.
• Government initiatives span the life cycle of women, including large-scale initiatives for girls' education, skill development, entrepreneurship facilitation, and safety in the workplace.
• Policies and laws in these areas are driving the government's 'women-led development' agenda.
• The increase in FLFPR reflects the increasing participation of women in the labor force.
• It also points to a broader social change, where women are increasingly contributing to the country's progress and their empowerment.

(Source: PIB)

Topic: Miscellaneous

8. Green Credit Programme has been notified by the government.

• On October 13, the ‘green credit’ program was notified by the Union Ministry of Environment, Forests and Climate Change.
• It is a first-of-its-kind market-based instrument designed to incentivize individuals, industries, and local bodies across sectors for their voluntary environmental actions.
• The program is a domestic voluntary market mechanism, where a green credit serves as a single unit of credit provided for each specified activity.
• This programme will cover 8 types of activities. In 2021, it was announced as part of the government's 'Lifestyle for the Environment' or 'LiFE' movement.
• In its initial phase, it will focus on two key activities: water conservation and afforestation.
• A user-friendly digital platform will streamline the processes of registration of projects, its verification, and issuance of green credits.
• The Green Credit Registry and Trading Platform is being developed by the Indian Council of Forestry Research and Education along with experts.
• On June 26, 2023, the ministry had proposed the draft Green Credit Programme Implementation Rules 2023 and had invited objections and suggestions within 60 days.
• Overall, the rules identified eight sectors for these activities:
  • Tree plantation
  • Water
  • Sustainable agriculture
  • Waste management
  • Air pollution reduction
  • Mangrove conservation and restoration
  • Ecomark (a government scheme to identify environment-friendly products)
  • Sustainable building and infrastructure
• In addition, the ‘Ecomark Scheme’ was also notified by the ministry for the labeling of environmentally friendly products.
• Ecomarks will provide accreditation and labeling for household and other consumer products that meet the quality requirements of the Indian Standards for that product and certain environmental criteria.

Topic: Indian Economy/Financial Market

9. In Q2 of FY24, new investment dropped by 13%.

• In the second quarter of 2023-24, fresh investment has dropped to ₹6.9 lakh crore, 13% less than the first quarter.
• The decline in investment commitments during Q2 comes after a 45.8% sequential decline recorded in the first quarter.
• A total of 2,238 new projects with an investment of ₹6.88 lakh crore were announced in Q2.
• 2,745 new projects worth ₹7.91 lakh crore were announced in Q1.
• In Q2, the highest decline in foreign and Union projects was witnessed.
• Private investment plans contracted for the second consecutive quarter, although it was a slower pace of 0.24% compared with the 62.5% contraction in the first quarter.
• ₹3.93 lakh crore of private investment projects have been announced in Q2.
• New projects from Union government agencies dropped 47.4% in Q2.
• The irrigation sector, which is generally driven by small investments initiated by states, was the only sector to register sequential growth in the second quarter.
• Odisha and Telangana are the top two states to receive new investment in Q2.

Topic: Awards and Prizes

10. Hollywood Actor Michael Douglas will be conferred the Satyajit Ray Lifetime Achievement Award.

• Hollywood actor and producer Michael Douglas will receive the prestigious Satyajit Ray Lifetime Achievement Award at the 54th International Film Festival of India (IFFI).
• He is known for his roles in many popular films such as Wall Street (1987), Basic Instinct (1992), Falling Down (1993), and The American President (1995).
• The Satyajit Ray Lifetime Achievement Award is presented to individuals for their exceptional contributions to the world of cinema.
• On 12 October, noted author and activist Sivasankari was honoured with the prestigious Saraswati Samman for the year 2022 at the National Museum in Delhi.
• She has been awarded for her memoir written in Tamil, Surya Vamsam.  
• Saraswati Samman:
  • It was started in 1991. It is sponsored by K. K. Birla Foundation.
  • It is given annually for prose or poetry in any one of 22 languages in Schedule VIII of the Indian Constitution.

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