Banking Awareness of 22, 23 and 24 May 2024

By Priyanka Chaudhary | Last Modified: 24 May 2024 19:10 PM IST
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Topic: Indian Economy/Financial Market

1. The 30-share BSE Sensex went up 164.24 points in early trade on May 24, 2024.

  • It reached its all-time high of 75,582.28 in early trade on May 24, 2024.
  • The NSE Nifty climbed 36.4 points and breached the 23,000 mark for the first time ever.
  • The NSE Nifty reached its lifetime peak of 23,004.05.
  • Foreign Institutional Investors (FIIs) turned buyers on 23 May 2024 after days of offloading equities.
  • They bought equities worth ₹4,670.95 crore on 23 May 2024.
  • The BSE Sensex reached at an all-time peak of 75,418.04 up by 1,196.98 points or 1.61%.
  • The 50-issue index climbed by 369.85 points or 1.64% to 22,967.65.

Topic: Banking System

2. Receivables Exchange of India Ltd (RXIL) has crossed ₹1 lakh crore in MSME invoice financing.

  • The Trade Receivables Discounting System (TReDS) platform, RXIL has financed more than 50 lakh invoices totaling ₹1 lakh crore.
  • RXIL has over 25,000 registered MSMEs on the platform.
  • In FY24, RXIL recorded more than ₹6,000 crore growth in monthly invoice financing volumes.
  • It is now targeting financing for ₹75,000 crore worth of invoices in FY25.
  • Out of the 4 crore MSMEs registered on the Udyam portal, only 82,000 have partnered with all of the TReDS platforms as of now.
  • It is estimated that the MSME sector has a $380 billion loan deficit.
  • Over 30% of India’s GDP comes from the MSME sector.
  • Approximately 11 crore people are employed in the MSME industry.
  • Receivables Exchange of India Ltd is India’s first TReDS exchange platform. It was established on 3 December 2016.
  • RXIL is a joint venture between SIDBI, NSE, State Bank of India, ICICI Bank, and YES Bank.
  • RXIL offers working capital solutions for MSMEs by facilitating invoice financing.

Topic: Indian Economy/Financial Market

3. Goldman Sachs has estimated an increase in net financial savings of Indian households to 6% of GDP in FY23-24.

  • This is significantly higher than the 18-year low of 5.1% of GDP in 2022-23.
  • This is due higher estimate of gross financial savings of 12.5% of GDP in FY24 owing to higher bank deposit growth.
  • Bank deposit growth was 11 per cent y-o-y in FY24 as against 9.4 per cent y-o-y in FY23.
  • Goldman Sachs has estimated an increase in household liabilities to 6.6% of GDP, as against 5.9% of GDP in FY23.
  • There had been a decline in the net financial savings of Indian households to an 18-year low of 5.1 per cent of GDP in FY23.
  • This decline had been due to an increase in household liabilities.
  • The overall assets under management of retirement savings, insurance and mutual funds increased at a 15% CAGR.
  • They improved faster than bank deposit CAGR of 9 per cent over the last ten years.
  • The percentage of household savings in India allocated to non-bank assets is significantly lower than in developed and rising economies such as Taiwan and Korea.
  • India's gross savings rate (the last ten-year average) is at 31% of GDP. This is more than the 26.5% global average.
  • In India, households continue to be the largest savers in the economy.
  • After the pandemic, private company savings have increased.
  • Indian families have historically kept their money in physical assets like real estate.
  • Physical asset savings between 2010 and 2020 accounted for an average of 12.8% of GDP.

Topic: Appointments

4. Pradeep Natarajan’s joining as Whole Time Director of IDFC First Bank has been approved by RBI.

  • Pradeep Natarajan will serve as Whole Time Director for a term of three years.
  • RBI confirmed its approval for his appointments and designated him as Executive Director for coming three years.
  • The appointment requires approval of the shareholders.
  • IDFC First Bank is an Indian private-sector bank. It was founded in 2015. It is headquartered in Mumbai. V. Vaidyanathan is its MD & CEO.

Topic: Awards and Prizes

5. Hindustan Shipyard Limited (HSL) gets 'PSU Samarpan Award’.

  • Cmde Hemant Khatri, the Chairman and Managing Director (C&MD) of HSL has been honoured with 'PSU Samarpan Award'.
  • This is an award by Gov Connect, an initiative by ilouge Media.
  • The award recognizes leadership of HSL's CMD in driving the transformation of the Shipyard.
  • CMD, HSL, received the award in the 'Other PSU' category.

Topic: Reports and Indices

6. India's PMI shows strong growth in business and exports.

  • In May, the Indian economy registered a record rise in exports and the sharpest upturn in employment over 18 years.
  • The HSBC's flash India Composite Purchasing Managers' Index (PMI) stood at 61.7 in May.
  • The flash services PMI index hit a four-month high of 61.4 this month, up from April's 60.8.
  • As per the HSBC Flash Purchasing Manager’s Index (PMI), India registered the third-strongest upturn in private sector output since July 2010.
  • Business activity in India expanded robustly in May due to service Industry.
  • Increase in international demand has expanded exports at the fastest pace since September 2014.
  • Job creation across the private sector has improved, reaching its sharpest level since September 2006.
  • The services sector witnessed the fastest pace of job additions in the last 21 months.

Topic: Corporates/Companies

7. ONGC registered the highest-ever profit in FY24.

  • In FY24, ONGC reported its highest-ever standalone net profit of Rs 40,526 crore.
  • ONGC announced that its consolidated net profit for FY24 reached an all-time high of Rs 57,101 crore.
  • ONGC crude oil production registered a surge of 2.4 per cent quarterly.
  • It reached 5.359 million metric tonnes (MMT) in the fourth quarter of FY24.
  • ONGC’s standalone gross revenue declined by 11 per cent from Rs Rs 1,55,517 crore in FY23 to 1,38,402 crore in FY24.
  • ONGC has announced a total dividend of Rs 12.25 per share with a total amount of Rs 15,411 crore.
  • This includes an interim dividend of Rs 9.75 per share already paid during the year.
  • During FY24, ONGC spent Rs 37,000 crore in capital expenditure.

Topic: Reports and Indices

8. India moved to 39th place on the World Economic Forum's Travel & Tourism Development Index 2024.

  • As tourism activities returned to pre-pandemic levels, India’s rank on the World Economic Forum's Travel & Tourism Development Index 2024 reached 39th position.
  • In 2021, India’s rank was 54th. USA is at the top of the World Economic Forum's Travel & Tourism Development Index 2024.
  • Spain, Japan, France and Australia are among the top five in the Travel & Tourism Development Index 2024.
  • India is ranked highest in South Asia and among the lower-middle-income economies.
  • The index is prepared by the World Economic Forum in collaboration with the University of Surrey.
  • India ranks 18th in price-competitive and 25th in Ground and Port infrastructure.
  • India is only one of three to score in the top 10 for all the resource pillars.
  • India’s overall TTDI (Travel and Tourism Development Index) score is 2.1 per cent below its 2019 level.
  • High-income economies in Europe and Asia-Pacific continued to lead the index.
  • The report highlights that the Middle East has seen the biggest improvement in international tourist arrivals.

Topic: Indian Economy/Financial Market

9. Bombay Stock Exchange (BSE) market capitalisation has reached $5 trillion milestone as of May 21.

  • This is regarded as resulting from the ongoing rally in the Indian stock markets, encouraged by firm support from different sectoral indices as well as positive economic indicators.
  • Over the past few sessions, Indian stock indices have demonstrated resilience with little volatility.
  • The Sensex had a cumulative increase of about 2,000 points last week.
  • Early in April, the BSE market cap hit $4 trillion. In just over a month and a half, it increased by an additional trillion.
  • Foreign investors have been net sellers of Indian stocks in recent sessions.
  • Domestic institutional investors have compensated by remaining net buyers.
  • Foreign Portfolio Investors (FPIs) sold stocks worth Rs 8,671 crore in April and Rs 28,242 crore so far in May, according to the National Securities Depository Limited (NSDL).

Topic: RBI

10. RBI will transfer Rs 2.11 lakh crore (Rs 2,10,874 crore) surplus to government for 2023-24.

  • This transfer is 141% more over the Rs 87,416 crore, which was the last year’s (2022-23) dividend.
  • The 608th meeting of the Central Board of Directors of Reserve Bank of India was held at Mumbai and this decision to surplus transfer was taken during the meeting.
  • The government planned to provide for a dividend of Rs 1.02 lakh crore from the central bank, state-run banks, and other financial institutions in the interim budget projections for the fiscal year 2024–2025.
  • The Reserve Bank of India (RBI) often uses its excess revenue from assets, valuation adjustments on its dollar holdings, and currency printing fees to distribute dividends.
  • The devaluation of the rupee in relation to the dollar influences the surplus transfer as well.


Surplus transfer (Rs crore)







July 2020-March 2021







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