Banking Awareness of 15, 16 and 17 August 2023

By Priyanka Chaudhary | Last Modified: 17 Aug 2023 16:59 PM IST
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Topic: Appointments

1. R Doraiswamy has been appointed as MD of LIC.

  • The government has appointed R Doraiswamy as the managing director of the Life Insurance Corporation of India (LIC).
  • Doraiswamy is currently the executive director at the central office in Mumbai.
  • His appointment will come into effect from 1 September 2023. His tenure will be till the date of superannuation (i.e.31.08.2026), or until further orders, whichever is earlier.
  • The Financial Services Institutions Bureau (FSIB) had recommended the name of Doraiswamy as MD. The FSIB was headed by Bhanu Pratap Sharma.
  • In July 2023, Sat Pal Bhanoo was appointed as Managing Director of Life Insurance Corporation.
  • Doraiswamy will replace Ipe Mini. Ipe Mini is due to superannuate at the end of August 2023.
  • Currently, LIC has four Managing Directors — Mini Ipe, M Jagannath, Tablesh Pandey, and Sat Pal Bhanoo.

Topic: Indian Economy/Financial Market  

2. Andhra Pradesh has become the top performing state in capex spending in the Q1 of the current fiscal.

  • According to the data from Comptroller and Auditor General of India (CAG), it has spent ₹12,669 crore in capital expenditure during April-June period.
  • This amount is 41% of the State’s capex budget of ₹31,061 crore for FY24.
  • The capex of Andhra Pradesh was only 7% of its annual target in the Q1 of previous year.
  • It was worst performer in FY23 spending. It spent only ₹6,917 crore or 23% of its budgeted capex in FY23.
  • Capital expenditure of Telangana also increased to 27% of its FY24 budget. It was 8% in the same quarter of the previous fiscal.
  • Other States that have achieved more than 20% of its annual target in Q1 are Madhya Pradesh and Rajasthan.
  • India Ratings and Research (Ind-Ra) analysed the capex spends of 20 States.
  • It said Madhya Pradesh, Andhra Pradesh, Gujarat, Telangana and Uttar Pradesh jointly accounted for 56.4% of the aggregate capex in Q1.
  • The main reasons for capex growth appear to be robust tax collections, contraction in expenditure, particularly towards subsidies and salary payments during the Q1.
  • For example, Andhra Pradesh achieved 22% of its budgeted revenue receipts in Q1 against 18% in the year-ago quarter.
  • Major State economies such as Maharashtra, Karnataka and Uttar Pradesh have achieved less than 10% of their annual capex target till Q1.
  • Karnataka was at the top among all States and Union Territories in FY23. It achieved 130% of its annual target in the last fiscal.

Topic: Reports and Indices

3. Current situation index stood at 88.1 in July, as per the July 2023 round of RBI’s Forward Looking Surveys.

  • Current Situations Index (CSI) declined to 88.1 from 88.5 in May 2023.
  • Consumer confidence is reflected in current situation index.
  • Household perception of current inflation increased 10 basis points to 8.9%.
  • Expectations of both three months and one year ahead inflation moderated by 10 basis points each to 10.0% and 10.3%, respectively.
  • Sentiments on current income improved. They moved to optimistic zone for the first time in four years.
  • The future expectation index (FEI) recorded a marginal increase from 116.3 to 116.6.
  • Capacity utilization (CU) in the manufacturing sector has grown for the 3rd successive quarter to 76.3% in Q4 FY23 from 74.3% in Q3 FY23.
  • Seasonally adjusted Capacity utilization (CU) for Q4 FY23 remained stable at 74.1%.
  • The business expectations index (BEI) improved from 126.4 in Q1 FY24 to 132.5 for Q2 FY24.

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Topic: Indian Economy/Financial Market

4. Retail inflation hits a 15-month high of 7.44%.

  • Retail inflation shot up again to 7.44% in July, up from 4.87% in June. Consumers faced a sharp rise in food prices to 11.5%.
  • This is the highest pace of retail inflation since April 2022 and the first time since September 2022 that the price rise has crossed 7%.
  • Prices of vegetables rose by 37.3%, mainly due to tomatoes, while cereals and pulses became costlier by over 13%, increasing food bills by over 12.3% for urban consumers and 11% for rural consumers.
  • According to the National Statistical Office, rural residents faced a higher overall inflation rate of 7.63% in July.
  • The consumer price index was up 2.9% from June's level. Food prices rose 6.7% month-on-month.
  • A slight softening of tomato prices in August may help ease the inflationary trend, but higher prices of pulses, spices (up 21.6%), milk (up 8.34%), and cereals remain a cause for concern.
  • Wholesale prices remained in deflationary mode for the fourth consecutive month in July.
  • The prices of food and primary articles rose by over 7.5%, causing overall prices to fall sharply to -1.36% from the 92-month low of -4.1% recorded in June.
  • Inflation in primary food articles at the wholesale level stood at 14.3%.
  • Meanwhile, goods exports fell 15.9% to $32.25 billion in July, while imports fell 17% to $52.9 billion.
  • This is the eighth time in ten months that merchandise exports have declined.
  • However, the decline in the value of exports, excluding petroleum and gems and jewelry, was only 5.7%.

Topic: Miscellaneous

5. India made the first crude oil payment in local currency to the UAE.

  • India and UAE started their bilateral trade settlements in their respective local currencies.
  • Indian Oil Corporation (IOC) made a payment in rupees for a million barrels of oil purchased from Abu Dhabi National Oil Company (ADNOC).
  • India and UAE trade in local currencies is part of the enhanced bilateral cooperation.
  • The main objective of this step is to streamline transactions and reduce costs by removing the need for dollar conversions.
  • Both countries also agreed to establish a real-time payment link for simplifying cross-border money transfers.
  • The bilateral trade between India and the UAE reached $84.5 billion.
  • India is planning to replicate similar local currency arrangements with other countries to reduce the cost of imports and foster export.


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Topic: Summits/Conferences/Meetings

6. Youth 20 Summit will be organized by the Ministry of Youth Affairs & Sports in Varanasi.

  • Ministry of Youth Affairs and Sports will organize Youth 20 Summit-2023 from 17th to 20th August.
  • More than 100 delegates from G20 countries, Guest countries and International Organizations will discuss on five themes of Y20.
  • The themes are: Future of Work: Industry 4.0, Innovation and 21st Century Skills, Peacebuilding and Reconciliation: Ushering in an Era of No War, and Climate Change and Disaster Risk Reduction.
  • Youth experts, decision-makers and youth representatives from G20 countries will participate in the meeting.
  • They will negotiate, finalize and sign the Y20 Communiqué created from the conclusions of the meetings held in the past few months.

Topic: Banking/Financial/Govt Schemes

7. Union Cabinet approved PM Vishwakarma scheme.

  • It is a new Central Sector Scheme to support traditional artisans and craftspeople of rural and urban India.
  • It has a financial outlay of Rs.13,000 crore for five years (FY 2023-24 to FY 2027-28).
  • It aims to strengthen and nurture the Guru-Shishya parampara or family-based practice of traditional skills by artisans and craftspeople.
  • It also aims at improving the quality and reach of products and services of artisans and craftspeople.
  • It aims to ensure that the Vishwakarmas are integrated with the domestic and global value chains.
  • Under this scheme, the artisans and craftspeople will be provided recognition through PM Vishwakarma certificate and ID card.
  • They will also be provided Credit Support upto Rs.1 lakh (First Tranche) and Rs.2 lakh (Second Tranche) with a concessional interest rate of 5%.
  • Further, they will be provided Skill Upgradation, Toolkit Incentive, and Incentive for Digital Transactions and Marketing Support.
  • Eighteen traditional trades will be covered in the first instance under the scheme. These trades are given in the following table.

(i) Carpenter (Suthar)

(ii) Boat Maker

(iii) Armourer

(iv) Blacksmith (Lohar)

(v) Hammer and Tool Kit Maker

(vi) Locksmith

(vii) Goldsmith (Sonar)

(viii) Potter (Kumhaar)

(ix) Sculptor (Moortikar, stone carver), Stone breaker

(x) Cobbler(Charmkar)/ Shoesmith/Footwear artisan

(xi) Mason (Rajmistri)

(xii) Basket/Mat/Broom Maker/Coir Weaver

(xiii) Doll & Toy Maker (Traditional)

(xiv) Barber (Naai)

(xv) Garland maker (Malakaar)

(xvi) Washerman (Dhobi)

(xvii) Tailor (Darzi)

(xviii) Fishing Net Maker

Topic: Miscellaneous

8. Bindeshwar Pathak passed away recently.

  • He was a social activist, social entrepreneur and founder of 'Sulabh International'.
  • He established the Sulabh International Social Service in 1970.
  • He was awarded the Padma Bhushan in 1991.
  • He campaigned extensively against manual scavenging.
  • He was the Brand Ambassador for Swachh Rail Mission of Indian Railways.
  • He has written the book titled “The Road to Freedom”.

Topic: Summits/Conferences/Meetings

9. The first-ever Global Summit on Traditional Medicine will be hosted by WHO and the Ministry of Ayush.

  • The first-of-its-kind global summit on traditional medicine by the World Health Organization (WHO) and the Ministry of AYUSH is scheduled to be held in Gandhinagar, Gujarat on August 17-18, 2023.
  • This much-awaited summit will act as a platform for experts and practitioners to access the latest scientific advances and evidence-based knowledge in the field.
  • Its main goal is to ensure health and well-being for all.
  • Honorable Director General of WHO, Dr. Tedros Adhanom Ghebreyesus will inaugurate the summit.
  • G20 health ministers, WHO regional directors, and distinguished invitees from countries across six WHO regions are expected to attend the event.
  • A declaration will be adopted during the summit, which will assist WHO in shaping the future of the WHO Global Center for Traditional Medicine.
  • In 2022, WHO established the Global Center for Traditional Medicine (GCTM) with the support of the Government of India.
  • This center is a collaborative project of the Ministry of AYUSH and the WHO and is the first and only global center for traditional medicine worldwide.


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