Banking Awareness of 19, 20 and 21 May 2024

By Priyanka Chaudhary | Last Modified: 21 May 2024 16:15 PM IST
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Topic: Agriculture

1. Government plans new farm law to promote inter-state agriculture produce sale.

  • The new law will help farmers sell their produce online outside their state boundary.
  • It aims to establish an independent regulatory authority to frame rules and regulations, including fees, for promoting all inter-state trading.
  • The authority will not interfere in trade within the state and the local government will have complete control over it.
  • Although Agriculture is a state subject, but there is a provision under Article 307 of the Indian Constitution to appoint such an authority which will have power to make the rules and regulations.
  • Article 301-304 of the Constitution deal with freedom of trade and commerce as well as reasonable restrictions.
  • In 2020, the Central government had introduced three farms laws through an ordinance which were later passed by the Parliament.
  • A year later, the government had to repeal the laws after a prolonged protest by farmers.

Topic: Indian Economy

2. According to ICRA, India’s GDP growth rate for the fourth quarter expected to dip to a low of 6.7%.

  • ICRA expects India’s GDP growth rate at around 6.7% for the Q4 FY 2023-24. In Q3 FY2023-24, the growth rate was 8.4%.
  • Gross Value Added (GVA) was 6.5 per cent in the third quarter and is estimated to be 5.7 in fourth quarter FY24 due to lower growth in industrial and service sectors.
  • The gap between the GDP and the GVA growth, is likely to moderate to ~100 basis points (bps) in Q4 FY2024 as lower expansion in the net indirect taxes is expected.
  • GDP is the total value of goods and services produced in a given period.
  • GVA is GDP minus net taxes (gross tax collection minus subsidy).

Topic: Appointments

3. Sanjiv Puri succeeded R Dinesh as President of CII for 2024-25.

  • Sanjiv Puri is the Chairman of ITC Ltd.
  • Rajiv Memani, Chairman of TVS supply chain solutions, has become the President-designate of CII.
  • R Mukundan, MD and CEO of Tata Chemicals Ltd, has become the Vice President of CII.
  • Confederation of Indian Industry (CII):
    • It was established in 1895.
    • It is one of India’s oldest business lobby groups which represent the interests of various industries.
    • It is headquartered in New Delhi.

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Topic: Banking System

4. In FY 24, the Government will get 30% more dividends from public sector banks.

  • In FY24, public sector banks net profit has grown about 37% year-on-year to ₹1,41,203 crore.
  • The government will get around 30% more dividends from PSB due strong financial performance.
  • PSBs will pay total dividends of ₹18,013 crore to the government in FY24 as compared to ₹13,804 crore in 2023. Out of 12 PSBs, 10 have declared dividends.
  • State Bank of India (SBI), Bank of Baroda (BoB), Canara Bank and Indian Bank are the top four PSBs to provide dividends.
  • State Bank of India declared the highest dividend of ₹13.70 per equity share (1370 per cent on equity share of Re 1 face value) in FY24.
  • SBI's share is 39 per cent of the total public sector bank dividend paid to the government.
  • BoB with a dividend at ₹7.60 per equity is the second highest among PSBs. Canara Bank is in the third spot in terms of providing dividends to the government in FY 24.
  • Indian Bank’s Board has recommended a dividend of ₹12 per equity share, which is the fourth highest among PSBs.

Topic: Miscellaneous

5. Andhra-born Gopi Thotakura created history by becoming the first Indian space tourist.

  • Indian expatriate Gopi Thotakura made history as the first Indian space tourist and the second Indian to go to space by joining the crew of Amazon founder Jeff Bezos' Blue Origin's NS-25 mission.
  • On 19 May, Blue Origin successfully completed its seventh manned space flight and the 25th for the New Shepard program.
  • Gopi Thotakura was one of six members of the crew, including Mason Angel, Sylvain Chiron, Kenneth L. Hayes, Carroll Scholar and former Air Force Captain Ed Dwight.
  • Each astronaut left for space with a postcard from Blue Origin's foundation, Club for the Future.
  • The club's mission is to inspire future generations to pursue careers in STEAM for the benefit of the Earth.
  • In 1984, the first Indian civilian to fly in space was Wing Commander Rakesh Sharma, a former pilot in the Indian Air Force.
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Topic: Agriculture

6. FSSAI issued a warning to fruit traders for using calcium carbide for ripening.

  • The Food Safety and Standards Authority of India (FSSAI) has issued a stern warning to fruit traders, handlers, and Food Business Operators (FBOs) for using calcium carbide for ripening of fruits.
  • Calcium carbide is generally used for ripening fruits like mangoes. It releases acetylene gas.
  • The acetylene gas contains harmful traces of arsenic and phosphorus.
  • It can cause dizziness, frequent thirst, irritation, weakness, difficulty in swallowing, vomiting, and skin ulcers.
  • Acetylene gas poses hazards to handlers and could leave dangerous residues.
  • Under the Food Safety and Standards Regulations, the use of calcium carbide for ripening fruits is banned.
  • FSSAI has authorized the use of ethylene gas as a safer alternative for fruit ripening in India.
  • The Central Insecticides Board and Registration Committee has approved Ethephon 39% SL for the ripening of mangoes and other fruits.
  • FSSAI has published a guidance document titled “Artificial Ripening of Fruits – Ethylene Gas a Safe Fruit Ripener”.

Topic: Banking System

7. Bank of Maharashtra topped among PSU banks in terms of business growth.

  • In terms of total business and deposit mobilization among public sector lenders, the Bank of Maharashtra registered the highest growth rate in the last fiscal.
  • Bank of Maharashtra registered a growth of 15.94% in the total business (domestic) in FY24.
  • State Bank of India (SBI) with 13.12% growth is in the second position.
  • However, SBI's total business is around 16.7 times higher than Bank of Maharashtra (BoM) in absolute terms.
  • In terms of growth in deposit mobilisation, the Bank of Maharashtra is in the first spot with a 15.66% rise.
  • The Bank of Maharashtra with 52.73% growth is at the top of the list of low-cost CASA deposits. It is followed by the Central Bank of India with a 50.02% growth.
  • The Bank of Maharashtra is a leading bank among PSBs at 17.38% in terms of the capital adequacy ratio.
  • In terms of the capital adequacy ratio, Indian Overseas Bank (17.28 per cent) and Punjab & Sind Bank (17.16%) are in second and third positions respectively.


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