Topic: Reports and Indices
1. Overseas presence of Indian Bank increased during 2023-24 according to RBI survey.
- During 2023-2024, the number of branches of foreign banks in India increased by 0.6%.
- During 2023-2024, the number of employees of foreign banks in India increased by 1.4%.
- According to RBI’s 2023-24 round of survey on international trade in banking services, the overseas presence of Indian banks during 2023-24 increased in terms of balance sheet size, number of branches and employees.
- Employee strength of the banks increased by 8.2% in overseas branches and 1.7% in subsidiaries.
- Consolidated balance sheets of overseas branches grew by 4.3 per cent.
- Consolidated balance sheets of subsidiaries of Indian banks grew by 0.4 per cent.
- In US dollar terms, deposits of overseas branches of Indian banks grew 8.8 per cent.
- Their lending have fallen marginally by 0.8 per cent during 2023-24.
- Total income to assets ratio of overseas branches of Indian banks has grown to 6.2% in 2023-24.
- However, the ratio remained lower than the ratio of Indian banks’ subsidiaries (7.3%) and foreign banks’ operating in India (7.6%).
- Branches of Indian banks in the United Kingdom (UK) generated highest fee income.
- This was followed by the branches of Indian banks in the United Arab Emirates (UAE), Singapore and Hong Kong.
Topic: Indian Economy/Financial Market
2. India’s coking coal imports for the April – September months of the current fiscal increased to six-year high level.
- India’s coking coal imports for the mentioned period reached at 29.6 million tonnes (mt).
- They were higher than the H1FY20 levels of 29.3 mt. It had declined to 21.1 mt in H1FY21.
- It has been rising consistently since H1FY22.
- Shipments from Russia witnessed a substantial increase of more than 200% during the April – September months of the current fiscal.
- Shipments rose by approximately 3% on a y-o-y basis.
- Indian steel mills have reduced sourcing of coking coal from Australia.
- However, Australia is still the largest supplier of coking coal, a key steel-making feedstock.
- India is the second largest producer of crude steel after China. India is the largest importer of coking coal.
- Russia is the third largest supplier after Australia and the US to India’s mills, according to BigMint data.
- Shipments from the US were at 4.3 mt for April – September months of the current fiscal.
- Shipments from Russia increased from 0.9 mt in H1FY23 to 2.9 mt in H1FY24.
- Share of Australian coking coal to total import declined, volume wise, to 54% at 16 mt out of 29.6 mt. This was at six-year low level.
- The share of Australia’s coking coal supply was 80% in April–September of FY22 period at 21.7 mt.
Topic: Awards and Prizes
3. The US-based Global Finance magazine has ranked RBI Governor Shaktikanta Das as the top central banker.
- This is the second consecutive year that he has been ranked as the top central banker globally.
- Governor Shaktikanta Das received the award for A+ grade in the Central Bank Report Card 2024.
- The award was presented on 26 October at an event organised by Global Finance in Washington DC, USA.
- Das has been ranked at the top of the list of three central bank governors who have been given an A+ rating.
- Apart from Das, Christian Ketel Thomsen of Denmark and Thomas Jordan of Switzerland have also been ranked in the 'A+' category of central bankers.
- The grades are based on a scale from A to F for success in inflation control, economic growth targets, currency stability and interest rate management.
- State Bank of India (SBI) has been recognised as the Best Bank in India for 2024 by Global Finance Magazine of the US at its 31st Annual Best Bank Awards event.
Topic: Taxation
4. Uttar Pradesh’s Authority for Advance Ruling (UPAAR) has ruled pre-paid vouchers are taxable at 18%.
- UPAAR has ruled prepaid vouchers constitute supply of goods.
- UPAAR has ruled pre-paid vouchers are treated at par with Sodexo vouchers or gift vouchers issued by Kalyan Jewellers.
- Accordingly, they will attract GST at the rate of 18%.
- Supply of vouchers by the applicant are taxable at 9% CGST and 9% UPGST.
- In its ruling earlier this year, UPAAR said this. The ruling has been made public now.
- UPAAR said that supply of vouchers by the applicant are taxable as supply of goods.
- The applicant was Noida based Payline Technologies. It was involved in the business of selling and purchasing gift cards, vouchers or pre-paid vouchers.
- Pre-paid vouchers ae vouchers against which goods or services can be purchased from specific brands on e-commerce platforms like Amazon, Flipkart, etc.
- The applicant purchases the vouchers against the advance payments at discounted prices.
- They are then supplied to clients. The clients can hand over them to anyone.
Topic: Appointments
5. Manu Kapoor has been appointed by Essar Group as its Group Chief of Public Policy and Corporate Affairs.
- Kapoor will be responsible for building and maintaining strategic relationships with key stakeholders.
- Kapoor brings over three decades of experience in working with governments and corporations.
- Essar Group is an Indian multinational conglomerate company. It is headquartered in Mumbai.
- It was founded by Shashi Ruia and Ravi Ruia. Shashi Ruia is its chairman.
Topic: Appointments
6. Cabinet committee appointed a full-time MD for NAFED for five years.
- The Appointments Committee of the Cabinet (ACC) has appointed Deepak Agarwal as the regular MD of NAFED for a period of five years.
- ACC is responsible for appointing senior officials to key positions in the Central government, public sector undertakings and autonomous bodies.
- National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) was established on 2nd October 1958.
- It was set up to promote Cooperative marketing of agricultural produce to benefit the farmers.
- Its headquarters is in Delhi and regional offices are in Delhi, Mumbai, Chennai and Kolkata.
- NAFED was also part of “Operation Greens” where price stabilization measures were implemented to increase farmers’ income.
Topic: MoUs/Agreements
7. An Mou signed between the Government e-Marketplace (GeM) and Sikkim government to increase the adoption of GeM.
- This is a significant milestone for GeM's collaboration with various state governments to act as a facilitator for public procurement of goods and services in an efficient, transparent and inclusive manner.
- With this MoU, GeM has covered all states and union territories.
- As of October 23, buyers from the Sikkim government have made purchases worth around Rs 90 crore.
- Currently, more than three thousand sellers from Sikkim are connected on the GeM portal.
- Of these, 2,720 sellers are registered as "micro" sellers.
- Through the GeM portal, Sikkim-based sellers get access to bids issued by the purchasing agencies of the Central Government, Sikkim and other State Governments.
- GeM is a one-stop online platform for procurement of goods and services for all Central Government Agencies, Central Public Sector Undertakings, State Governments and all the concerned departments including buyers from cooperative societies.
Topic: Miscellaneous
8. Union Cabinet approved a 1000 crore rupees Venture Capital Fund for the space sector.
- It has been approved under the aegis of the Indian National Space Promotion and Authorisation Centre (IN-SPACe).
- The deployment period of the proposed Venture Capital Fund will be up to five years from the actual date of the start of the fund operations.
- The average allocated amount could be 150 to 250 crore rupees per year.
- The indicative range of investment is proposed to be Rs 10-Rs 60 crore.
- Indicative Equity Investment Range could be Rs 10 crore–Rs 30 crore for the growth stage and Rs 30 crore to Rs 60 crore for the late growth stage.
- This fund will support approximately 40 startups.
Topic: Agriculture
9. Union Minister Shri Rajiv Ranjan Singh launched the 21st Livestock Census Operation.
- The 21st Livestock Census Operation launched on 25th October at Hotel Leela Ambience Convention, Shahdara.
- Since 1919, the Livestock Census (LC) is a crucial exercise that is conducted on every five years.
- The Census involves a comprehensive door-to-door survey that captures detailed data on domesticated animals and birds.
- The 21st Livestock Census operation will be conducted during October 2024 - February 2025.
- Cattle, Buffalo, Mithun, Yak, Sheep, Goat, Pig, Camel, Horse, Mule, Donkey, Dog, Rabbit and Elephant are covered in this census.
- It will be the first Livestock in which data on livestock holding by pastoralists will be available independently.
- This livestock will also provide information on the “Gender of the person majorly involved in livestock rearing”.
Topic: Reports and Indices
10. Mormugao became India’s first port to be listed on the Environmental Ship Index (ESI) platform.
- Mormugao Port Authority has become the first Indian port to be listed as an incentive provider on the Environment Ship Index (ESI) portal.
- Mormugao Port’s effort to incentivise green shipping has received international recognition.
- Mormugao Port is India’s first port to introduce Green Ship Incentives through the ESI.
- Mormugao Port’s ‘Harit Shrey’ incentive program was launched in October 2023.
- This initiative supports the broader goal of achieving long-term emission reductions in maritime operations.
- It offers discounts on port charges based on ESI scores and rewards ships with higher environmental performance.
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