Banking Awareness of 26 and 27 October 2023

Topic: Miscellaneous

1. Asian Development Bank (ADB) has given approval for a $400-million policy-based loan to India.

• The loan is for sub-programme 2 of the Sustainable Urban Development and Service Delivery Programme.
• The aim of this programme is to provide support to reform agenda of the government for improving the quality of urban life.
• Sub-programme 1 was approved in 2021. It established national-level guidelines as well as policies to improve urban services.
• Sub-programme 2 is providing support to investment planning and reform steps at the urban local body (ULB) and state levels.
• ADB would keep assisting the Ministry of Housing and Urban Affairs with project execution by offering knowledge and advising support.
• ADB will concentrate on lower-income states since they need assistance with institutional strengthening, policy reform, and capacity building.

Topic: Indian Economy/Financial Market

2. Crude oil imports by India have reached to 12-month low level of 17.80 million tonnes (MT) in September 2023.

• Before this, crude oil imports were lowest in September 2022 at 16.77 MT.
• As per the Petroleum Planning and Analysis Cell (PPAC), crude oil imports on a provisional basis decreased by 5% M-o-M.
• Crude oil imports were higher by 6% on an annual basis, according to PPAC.  
• As per Vortexa, India purchased around 4.196 million barrels per day (mb/d) of crude oil. This is the lowest in FY24.
• Three-eight percent of all imports came from Russia.
• Increasing prices of medium sour grades Urals (Russia) and Arab Light (Saudi Arabia) impacted imports.
• India is the world’s third-largest importer of crude oil.

Topic: Indian Economy/Financial Market

3. Twelve per cent ethanol blending target for ESY 2022-23 has been achieved by government.

• The target of blending 12% ethanol with petrol during the current ethanol supply year (ESY) has been achieved.
• The current ethanol supply year (ESY) ends in October 2023.
• The target of 12% blending was fixed for ESY 2022–23 (December 2022–October 2023).
• The target for next year, ESY 2023–24 (November 2023–October 2024), is 15%.
• Oil Minister HS Puri announced that target of 12% has been achieved.
• He launched reference fuels produced Indian Oil Corporation (IOC).
• Reference fuels (gasoline and diesel) are premium high-value products. Their demand is currently fulfilled by import from other countries.

Topic: RBI

4. Minimum amount for offering non-callable term deposits has been increased by RBI from ₹15 lakh to ₹1 crore.

• RBI’s instruction in this regard will also apply to Non-Resident (External) Rupee (NRE) Deposit / Ordinary Non-Resident (NRO) Deposits.
• Premature-withdrawal-facility will be available for all domestic term deposits accepted from individuals for amount of ₹1 crore and below.
• Non-callable term deposits are term deposits (TDs) without premature withdrawal option.
• According to the RBI’s Master Direction “on Interest Rate on Deposits”, banks are allowed to offer differential rate on interest on TDs.
• This rate of interest should be based on non-callability of deposits in addition to tenor and size of deposits.

Topic: Summits/Conferences/Meetings

5. The 7th Indian Mobile Congress inaugurated by PM Modi on 27^th October.

• He inaugurated the Indian Mobile Congress (IMC) 2023 at Bharat Mandapam in New Delhi.
• He also provided 100 5G Use Case Labs, which are being developed under the 100 5G labs initiative, to educational institutions.
• IMC 2023 is being organized from 27th to 29th October, 2023.
• IMC 2023 is being held with the theme of Global Digital Innovation. IMC 2023 is introducing a startup program - ‘Aspire’.
• More than one lakh participants from about 22 countries are attending IMC 2023.
• The aim of the ‘100 5G labs initiative’ is to develop 5G applications to promote innovation across socioeconomic sectors.

Topic: RBI

6. RBI has asked private banks to make sure at least two Whole Time Directors, including the MD and CEO, are on their boards.

• RBI has also asked wholly owned subsidiaries of foreign banks to ensure at least two Whole Time Directors, including the MD and CEO, on their boards.
• As per RBI, the Board of the bank should decide the number of Whole Time Directors (WTDs) by taking into account factors like the size of operations, and business complexity.
• The RBI circular said, "Banks that currently do not meet this minimum requirement are advised to submit their proposals for the appointment of WTD(s) within a period of four months from the date of issuance of the circular."

Topic: Agriculture

7. India’s first Nano DAP plant has been inaugurated by Union Home and Cooperation Minister Amit Shah.

• India’s first Nano DAP plant has been inaugurated by IFFCO near Kalol in Gandhinagar, Gujarat. It has been set up in Rs 300 crore rupees.
• This plant will help in reducing the imports of DAP and will also bring down the logistics and warehousing costs.
• The plant will produce 5 crore bottles of Nano dap liquid equivalent to 25 tons of DAP.
• Amit Shah said that natural farming adoption will reduce the use of fertilizers in agriculture.
• The liquid nano DAP will not affect the nutrients in the soil and will have zero harmful metal particles.

Topic: Miscellaneous

8. ISRO Chairman S. Somnath wrote his autobiography.

• The autobiography in Malayalam is titled Nilavu Kudicha Simhangal– translated as ‘Lions that Drank the Moonlight’.
• This book focuses on the power of hard work and perseverance in the face of difficulties.
• It is inspired by the massive success of ISRO's moon mission, Chandrayaan-3, under the chairmanship of Shri Somnath, which catapulted India into an exclusive league of countries.
• The book will be published by Kerala-based Lipi Publications, which is scheduled to launch in the market in November 2023.
• The ISRO chairman said the purpose of this book is not to teach my life story.
• Its sole purpose is to inspire people to pursue their dreams while battling adversities in life.

Topic: Summits/Conferences/Meetings

9. 16^th Urban Mobility India Conference started in New Delhi.

• The three-day conference is being organized under the Ministry of Housing and Urban Affairs in collaboration with the Delhi Metro Rail Corporation Limited.
• ‘Integrated and Resilient Urban Transport’ is the theme of the conference.
• It was inaugurated by Union Minister, Hardeep Singh Puri on 27th October.
• The main agenda of the conference will be the design and implementation of efficient, high-quality, integrated, and resilient urban transport systems in the cities.
• The primary objective of the Conference is to disseminate information to the cities and help them to adopt the latest and best urban transport practices.
• This conference will bring national and international experts, technology and service providers, policymakers, practitioners and officials from the urban sector to one platform.
• The National Urban Transport Policy (NUTP) stresses on building capabilities at the state and city level to resolve challenges associated with urban transport.

Read Banking Awareness PDF - 26 and 27 October 2023