Banking Awareness of 17, 18 and 19 December 2023

Topic: Corporates/Companies

1. IndiGo has become 1st Indian airline to reach 100 million passengers in a year.

• IndiGo also became 1st Indian airline to operate over 2,000 flights a day in 2023.
• IndiGO is India’s largest airline in the domestic and international segments.
• In November, IndiGo’s market share (by passenger carried) in domestic segment was 61.8%.
• This was nearly six times the market share of the Air India (ranked at 2nd).
• In the International segment, IndiGo’s market share was 18.5% in July-September among international airlines operating flights from and to India.
• Earlier this year, it placed order for 500 Airbus A320 family planes. This was the largest-ever aircraft order in history.
• IndiGo (InterGlobe Aviation Limited) is a low-cost airline headquartered in Gurgaon, Haryana, India.

Topic: Indian Economy/Financial Market

2. International Monetary Fund (IMF) said India is projected to contribute over 16% of the global growth.

• IMF said India has emerged as a star performer when it comes to real growth among peer countries.
• International Monetary Fund (IMF) released its annual Article IV consultation with India.
• Article IV consultation report reviews a country’s current and medium-term economic outlook.
• According to it, India is on track to be one of the fastest-growing major economies in the world this year.
• IMF said Indian economy is projected to grow at 6.3% in the current fiscal year and the next.
• In its Article IV consultation, IMF said India’s digital public infrastructure and a strong government infrastructure program will continue to sustain growth.
• IMF said headline inflation is expected to gradually decline to the target.
• International Monetary Fund (IMF):
  • The IMF is an international organisation to promote global monetary cooperation.
  • Its headquarters is located in Washington DC. It was established in 1945.
  • The Managing Director of IMF is Kristalina Georgieva.

Topic: Indian Economy/Financial Market

3. Coal imports of India declined 4.2% to 148.13 Million Tonnes (MT) in April-October period of current financial year.

• India’s coal imports were 154.72 MT in the corresponding period of the previous fiscal.
• Non-coking coal imports stood at 94.53 MT during the April-October period of current financial year.
• Non-coking coal imports during the April-October period of current financial year were lower than 104.41 MT imported during the same period last year, as per the data of mjunction services ltd.
• The mjunction services ltd is a B2B e-commerce company.
• Coking coal imports stood at 33.74 MT during April-October period of current financial year. They were slightly higher than 32.74 MT in the year-ago period.
• As per data, imports in October were at roughly 23.59 MT as against 19.04 MT in October last fiscal.
• Out of the total imports in October, imports of non-coking coal and coking coal stood at 16.88 MT and 4.31 MT, respectively.
• Imports of non-coking coal and coking coal stood at 11.69 MT and 4.69 MT, respectively in October last financial year. 

Topic: RBI

4. The 605^th meeting of the Central Board of Directors of RBI was held on 18 December 2023.

• The Meeting was held in Ekta Nagar (Kevadia), Gujarat under the Chairmanship of Governor Shaktikanta Das.
• At 605th meeting, RBI board discussed prevailing economic and financial scenario, both domestic and global.
• It also discussed the activities of select central office departments and the draft report on trend and progress of banking in India, 2022-23.
• The meeting was attended by the directors on the central board Satish K Marathe, Revathy Iyer, Anand Gopal Mahindra and Ravindra H Dholakia.
• RBI Deputy Governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar, and Swaminathan J took part in the meeting.
• Department of Economic Affairs Secretary Ajay Seth also took part in the meeting.

Topic: Reports and Indices

5. Overseas presence of Indian banks increased to 417 in 2022-23, according to a Reserve Bank of India survey.

• Their presence through the subsidiaries route increased to 417 during 2022-23 from 399 at the end of the preceding fiscal.
• RBI survey on International Trade in Banking Services 2022-23 showed their employee strength also increased 0.5% and 6.2% for foreign branches and subsidiaries, respectively, during 2022-23.
• RBI survey covered 14 Indian banks, which are having overseas branches or subsidiaries. 
• It also covered 44 foreign banks having branches or subsidiaries in India.
• The number of branches and employees of foreign banks in India declined from 858 in 2021-22 to 774 during 2022-23.
• Aggregate deposits and credit of foreign banks declined. Their capital and investments increased during 2022-23.
• The consolidated balance sheet of foreign banks in India increased 5.7 per cent in US dollar terms.
• Total income to assets ratio of overseas branches of Indian banks grew from 1.6% in 2021-22 to 3.9% in 2022-23. It was lower vis-a-vis that of 6.9% for foreign banks in India.
• Indian banks’ branches in the UAE generated highest fee income. They were followed by branches in the UK, Hong Kong, and Singapore.

Topic: Indian Economy/Financial Market

6. ICRA has revised projection for India’s FY24 GDP growth from 6.2% to 6.5%.

• ICRA’s GDP growth projection is lower than monetary policy committee’s revised forecast of 7% for FY24.
• ICRA said global commodity prices have remained benign in current quarter.
• Bloomberg Commodity Index remained 10.2% lower than the year-ago levels in Q3 (October-December) FY24 (till December 15).
• According to the ICRA Business Activity Monitor, year-over-year (YoY) growth increased from 9.5% in Q2 FY24 to 11.3% in October and November of that same year.
• This implies that throughout the first two months of the current quarter, the growth momentum was robust.
• Up to eight of the fourteen indicators that were available showed improved YoY performance in October and November of FY24 as compared to Q2 of FY2024.

Topic: Taxation

7. The gross collection of Direct Taxes for the Financial Year 2023-24 has registered a growth of over 17%.

• Before adjusting refunds, Gross Collection of Direct Taxes stood at over 15 lakh 95 thousand crore rupees against 13 lakh 63 thousand crore rupees in the corresponding period of 2022-23.
• For this finance year up to 17th December, net collections are at 13 lakh 70 thousand crore rupees which is an increase of 20.66%.
• Advance Tax collections for the Fiscal Year 2023-24 stood at over 6 lakh 25 thousand crore rupees which shows a growth of 19.94%.
• Advance Tax collection of over 6 lakh 25 thousand crore rupees comprises Corporation Tax at Rs 4,81,840 crore and Personal Income Tax at Rs 1,43,404 crore.
• Refunds amounting to Rs 2,25,251 crore have also been issued in the Fiscal Year 2023-24 up to 17th December.

Topic: Reports and Indices

8. India remains the largest recipient of remittances in 2023: World Bank Report

• According to the World Bank’s latest Migration and Development Report, India with 125 billion dollars remittance remains the largest recipient of remittances in the world in 2023.
• Mexico (67 billion dollars), China (50 billion dollars), the Philippines (40 billion dollars), and Egypt (24 billion dollars) are among the top five remittance recipient countries in the world.
• In the South Asia region, remittance flows to India registered a growth. This region witnessed a 7.2 per cent increase in remittances in 2023.
• Remittance flows to Europe and Central Asia decreased by 1.4 per cent.
• The report shows continuous growth in remittance flows to low- and middle-income countries (LMICs) in 2023.
• In 2023, remittances to LMICs grew by around 3.8 per cent.
• Due to global inflation and low growth prospects, real income for migrants could decline in 2024.
• For the second consecutive year, Middle East and North Africa registered a decline in remittance.
• As per the report, remittances have crossed the sum of foreign direct investment and official development assistance in recent years.

Topic: Reports and Indices

9. 13 states and Union Territories are recognised as ‘achievers’ in the Logistics Index Chart 2023.

• According to a report released by the Commerce and Industry Ministry, Andhra Pradesh, Karnataka, Tamil Nadu, Chandigarh and Gujarat are among the 13 states and Union Territories that are recognised as achievers in the Logistics Index Chart 2023.
• The other states and UTs in the "achievers" category are Delhi, Assam, Haryana, Punjab, Telangana, and Uttar Pradesh.
• Kerala, Maharashtra, Madhya Pradesh, Rajasthan, Uttarakhand, Arunachal Pradesh and Nagaland have been recognized as “fast-mover” states in the Logistics Index Chart 2023.
• Goa, Odisha, West Bengal, Bihar, Chhattisgarh, Himachal Pradesh and Jharkhand are ranked in the aspirer’s category.
• This report has given ranking to states based on their logistics ecosystem.
• It also highlights the logistics challenges faced by the stakeholders and also gives recommendations.
• The main aim of the Index is to increase focus on improving logistics performance across states.
• The logistics sector will play a key role in taking India's economy to about USD 35 trillion by 2047.

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