Banking Awareness of 26 and 27 July 2024

By Priyanka Chaudhary | Last Modified: 27 Jul 2024 16:57 PM IST
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Topic: Indian Economy/Financial Market

1. India imported 2.02 million tonnes (mt) of coking coal from Russia during the April–June period (Q1).

  • This is a five-year high level of import of coal from Russia.
  • Australia is a major source of coking coal. Its share of total imports has dropped to 8.64 million metric tonnes, or 56%. This is a five-year low level.
  • Australia continues to be India's top supplier, despite its gradually dropping share in coal imports to India.
  • With 2.08 million tonnes, down 2.5 percent year over year, the USA is the second-largest supplier of coking coal.
  • Between Q1FY21 and Q1FY25, the percentage of Russian coking coal in total imports has increased progressively from 9% to 13%.
  • From April to June of this fiscal year, imports from Russia increased by 45% year over year to 1.40 mt.
  • This is based on data gathered by market research company BigMint.
  • Russia has replaced other sources like Mozambique and Canada.
  • India is the second largest crude steel producer globally. India is the largest importer of coking coal.

Topic: World Economy

2. Global steel production increased by 0.5% in June 2024 to 161.4 million tonnes (mt).

  • This increase is in comparison to 160.6 mt output in the corresponding period a year ago.  
  • According to the World Steel Association, China’s steel output increased to 91.6 mt in June.
  • This was an increase of 0.2% from the year-ago period.
  • India’s steel output (production) increased by 6 per cent y-o-y at 12.3 mt.
  • The steel output of Germany increased by 8.9% and reached at 3.2 mt.
  • South Korea’s steel output increased by 7.2% to 5.1 mt. Brazil’s steel production increased by 11.8%.
  • The steel output of Japan, Russia, US and Iran declined.
  • Region-wise, Africa saw its production increased by 9.6%. Asia and Oceania’s steel output increased by 0.3%.

Topic: RBI

3. RBI introduced the PCA framework to improve the financial conditions of UCBs.

  • For weak urban cooperative banks (UCBs), the Reserve Bank of India (RBI) has approved a Prompt Corrective Action (PCA) framework.
  • This Prompt Corrective Action (PCA) framework will be applicable to urban co-operative banks (UCBs), with deposits above ₹100 crore (upper tier category).
  • Under the PCA framework, a financially unsound and ill-managed UCB can be brought under this.
  • If a UCB breaches the risk thresholds related to capital and profitability, then it can be brought under the PCA.
  • Currently, there are 1500 UCBs in the country, which are categorized into four tiers. Tiers 2 to 4 come under the upper Tier.
    • Tier-I (deposits up to ₹100 crore)
    • Tier-2 (deposits above ₹100 crore and up to ₹1,000 crore)
    • Tier-3 (deposits above ₹1,000 crore and up to ₹10,000 crore)
    • Tier-4 (deposits above ₹10,000 crore)
  • The main objective of the PCA is to enable supervisory intervention at an appropriate time.
  • The provisions of the PCA Framework will be effective on April 1, 2025.
  • Three risk thresholds have been prescribed by RBI for invoking PCA for breach of CRAR and in the case of NNPAs.
  • In the case of profitability, only one parameter of “incurred losses during two consecutive years” for breach has been prescribed by RBI.

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Topic: Banking System

4. IndusInd Bank has launched 'Wrestle for Glory' program.

  • It is a Corporate Social Responsibility (CSR) initiative of the IndusInd Bank.
  • The bank has collaborated with Inspire Institute of Sport (IIS) to launch 'Wrestle for Glory'.
  • The aim of the program is to empower 50 talented female wrestling athletes from across India.
  • It aims to provide them with coaching at the IIS facility on fully-funded scholarships.
  • The 'Wrestle for Glory' program has been launched as a part of the 'IndusInd For Sports' initiative.
  • The 'IndusInd For Sports' initiative, a non-banking sports vertical of the Bank, established in 2016.

Topic: Indian Economy/Financial Market

5. The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) for June 2024 have been released.

  • The All-India CPI-AL and CPI-RL (Base: 1986-87=100) registered an increase of 11 points each in June 2024.
  • The All-India CPI-AL and CPI-RL (Base: 1986-87=100) reached levels of 1280 and 1292, respectively in June 2024.
  • The year-on-year inflation rates based on CPI-AL and CPI – RL for June 2024 were recorded at 7.02% and 7.04%, respectively.
  • The year-on-year inflation rates for May, 2024 were 7.00% for CPI-AL and 7.02% for CPI-RL.
  • The Labour Bureau has been compiling All-India CPI-AL and CPI-RL every month.
  • They are compiled on the basis of retail prices collected from 600 villages spread over 20 States.
  • The Labour Bureau is an attached office of the M/o Labour & Employment.

All India Consumer Price Index (General and Group-wise)

Group

Agricultural Labourers

Rural Labourers

 

May, 2024

June, 2024

May, 2024

June, 2024

General Index

1269

1280

1281

1292

Food

1205

1220

1212

1227

Pan, Supari, etc.

2058

2060

2068

2070

Fuel & Light

1351

1342

1342

1333

Clothing, Bedding & Footwear

1296

1300

1355

1361

Miscellaneous

1339

1343

1339

1344

 

Monthly Banking/ Financial Awareness Books
June Financial Awareness 2024 May Financial Awareness 2024
April Financial Awareness 2024 March Financial Awareness 2024

Banking Awareness Vol-1 Jan 2024 to June 2024

Topic: Reports and Indices

6. India's ranking has dropped to 82 in the World's Most Powerful Passport ranking 2024.

  • The Henley Passport Index for 2024 and ranking of the world's most powerful passports have been released.
  • India is ranked 82nd globally, allowing Indian passport holders to travel to 58 countries without requiring a visa.
  • This represents a drop of two places compared to last year, when India was ranked 80th.
  • In the 2024 Index, Singapore's passport has reclaimed its title as the world's most powerful, granting visa-free or visa-on-arrival access to 195 countries.
  • Afghanistan ranked last with visa-free entry to only 26 destinations.
  • Henley Passport Index:
    • It was launched in 2006. The index covers 199 passports and 227 travel destinations.
    • It is based on the data collected from the International Air Transport Association (IATA).
    • Each passport is scored on the total number of destinations the holder can access visa-free.

Top most powerful passports for 2024

Rank

Country

Visa-Free Access

1

Singapore

195

2

France, Germany, Italy, Japan, Spain

192

3

Austria, Finland, Ireland, Luxembourg, Netherlands, South Korea, Sweden

191

4

Belgium, Denmark, New Zealand, Norway, Switzerland, United Kingdom

190

5

Australia, Portugal

189

82

India

58

Topic: Miscellaneous

7. A renowned economist, C.T. Kurien, passed away on 23 July 2024.

  • Christopher Thomas Kurien is a distinguished economist.
  • He is known for     lifelong work with a deep focus on economics for understanding and eradicating poverty.
  • His notable work include Wealth and Illfare, and Economics of Real Life.
  • "WEALTH AND ILLFARE — An Expedition into Real Life Economics" was his latest book.
  • He secured a Ph.D. on the subject ‘Factor Market Structure and Technological Characteristics of an Underdeveloped Country: An Indian Case Study’.
  • He has written 15 books on various aspects of economics and approaches economics from the viewpoint of fighting poverty.

Topic: Banking/Financial/Govt Schemes

8. ‘Model Skill Loan Scheme’ launched by Government to provide education and skill development opportunities to 25,000 youth.

  • Revised Model Skill Loan Scheme aims to provide access to skill courses to the youth of the country without any financial barriers.
  • These include high-level courses, which often require high course fees. This initiative will help India's youth become a future-ready workforce.
  • Under this scheme, education and skill development opportunities will be provided to 25 thousand youth across the country.
  • The loan amount limit under the new scheme has been increased from 1.5 lakh rupees to 7.5 lakh rupees.
  • Several non-banking financial companies (NBFCs), scheduled banks, and rural banks have also been roped in under the scheme, which will provide hassle-free loans to students.
  • The new Model Skill Loan Scheme is designed to support advanced-level skills courses, which often come with high fees, causing a significant financial barrier for many eligible students.
  • The aim of this initiative is to bridge that gap, and ensure that interested candidates receive the financial support they need for their skills training.

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