Banking Awareness of 27, 28 and 29 November 2024

Topic: Banking System

1. In September, the difference between credit and deposit growth narrowed to 90 basis points.

• In the banking system, the difference between the growth of deposits and credit decreased from 330 basis points in June to 90 basis points in September.
• This suggests that the RBI's decision in November 2023 to raise the risk weights on bank credit to non-banking finance companies (NBFCs) and unsecured consumer credit is having an impact.
• The RBI increased risk weights by 25 basis points for banks' and NBFCs' unsecured consumer credit exposures, including credit card receivables, and bank lending to NBFCs other than housing finance companies (HFCs).
• This was done in order to prevent any possible risk from building up.
• According to the most recent RBI data, bank credit growth (y-o-y) slowed to 12.6% in September from 15% in June 2024.
• According to the most recent RBI data, deposits increased 11.7% year over year.
• Certificate of deposit (CD) issuances increased 57% year over year to ₹6.01 lakh crore in 2024–2025 (up to November 1), according to the most recent RBI bulletin.
• This is much more than the ₹3.91 lakh crore needed to meet funding needs in a year ago period.
• Banks' metropolitan branches, which made up 60.6% of loans, saw a slower growth of 11.6% in September.
• The shares of loans for agriculture, industry, housing and personal (non-housing) purposes were 11.5%, 23.7%, 16.5%, and 14.9%, respectively.
• PSBs' deposits increased by just 9% year over year in September 2024 (compared to 8.1% in June).
• This was still far less than the 15% recorded by other banks.
• The share of senior citizens’ deposits has grown from 19.7 % a year ago to 20.1 % in September.

Topic: Indian Economy/Financial Market

2. By 2030, the Indian pharmaceutical sector is expected to have grown 58% to $130 billion.

• With $27.85 billion in export revenue, India solidifies its standing as the "Pharmacy of the World."
• The Indian pharmaceutical sector is currently worth $55 billion. By 2047, it is expected to reach $450 billion.
• With $27.85 billion in exports to date, India is firmly establishing itself as the "Pharmacy of the World."
• The pharmaceutical industry in India is predicted to keep growing, reaching a $1 trillion market by 2047.
• India's pharmaceutical sector contributes roughly 2% of the country's GDP and ranks third in the world in terms of pharmaceutical output volume and fourteenth in terms of value.
• India is the third-largest biotechnology destination in Asia-Pacific and one of the top 12 worldwide.
• The factors that contribute to India’s leadership are low manufacturing cost, cost-efficient R&D and an abundant pool of skilled labour.

Topic: Banking System

3. HDFC Bank, a private sector bank, has launched ‘Pragati’ savings account.

• Through ‘Pragati’ savings account, the bank is targeting semi-urban and rural (SURU) people pan-India.
• HDFC Bank has 51% of its branches in semi-urban and rural areas.
• The Pragati Savings Account by HDFC Bank aims to develop a comprehensive banking ecosystem for agricultural sector of India.
• The Pragati Savings Account has industry-first features, such as a partnership with BigHaat.
• The account has low-maintenance requirements. It offers special benefits for SURU customers.

Topic: Appointments

4. Nand Kishore has been appointed as MD & CEO by SBI Funds Management.

• He was Deputy Managing Director (Global Markets) at SBI’s Corporate Centre in Mumbai.
• He will take charge from Shamsher Singh as Managing Director & Chief Executive Officer.
• Kishore has more than 34 years of experience working with SBI across various key banking verticals.

Topic: Appointments

5. Masato Kanda has been elected as the 11th president of ADB.

• The Asian Development Bank (ADB) Board of Governors has elected Masato Kanda as ADB’s president.
• He is currently serving as Special Advisor to Japan’s Prime Minister and Minister of Finance.
• He will complete the remaining term of President Asakawa, which will end on 23 November 2026.
• ADB has been established as a regional development bank. It is headquartered in Manila, Philippines.
• This bank maintains 31 field offices in the world to promote social and economic development in Asia.
• At the time of its establishment, 31 countries were members of this bank, but now the number has reached 68.

Topic: Infrastructure and Energy

6. India’s first green hydrogen fuelling station established in Leh.

• Amara Raja Infra has completed the construction of India's first green hydrogen fuelling station in Leh, Ladakh.
• Union Minister for Power and Housing and Urban Affairs Manohar Lal inaugurated this facility.
• The fuelling station project with a capacity of producing GH2 of 80kg per day has been completed in two years.
• The landmark project will enable emission-free transport in and around Leh.
• NTPC will now operationalize five hydrogen fuel cell buses in the region.
• The project would serve as a precursor to large-scale green hydrogen mobility and storage projects.
• It will be useful for studying and deploying multiple hydrogen fuelling stations across the country.

Topic: Reports and Indices

7. India secured 49th place in the Network Readiness Index 2024.

• India has moved 11 places in the latest Network Readiness Index 2024 (NRI 2024).
• India secured 49th place globally in the Network Readiness Index 2024.
• India’s score has also improved from 49.93 in 2023 to 53.63 in 2024.
• This Index has been released by the Portulans Institute, an independent non-profit research and educational organization based in Washington, DC.
• India leads in several indicators, such as AI, FTTH Internet subscriptions, and mobile broadband internet traffic.
• India secured first position in the “AI scientific publications,” “AI talent concentration,” and “ICT services exports.
• It also secured second place in “FTTH/Building Internet subscriptions,” “mobile broadband internet traffic within the country,” and “international Internet bandwidth.
• This report assesses 133 economies based on four pillars- technology, people, governance, and impact.
• In the last decade, teledensity has improved from 75.2% to 84.69%, while wireless connections have reached 119 crore.

Topic: Agriculture

8. The country's milk output increased by 3.78% in 2023–2024 compared to 2022–2023, according to the "Basic Animal Husbandry Statistics – 2024."

• According to the report, the nation is expected to produce 239.30 million tonnes of milk in 2023–2024.
• Over the previous ten years, this represents a compound annual growth of 5.62%.
• The amount of milk produced in 2014–15 was 146.3 million tonnes.
• The amount of milk produced in 2022–2023 was 230.58 million tonnes.
• India is first in the world for milk output and second for egg production.
• Uttar Pradesh leads the nation in milk production, accounting for 16.21% of total milk output, followed by Rajasthan (14.51%).
• The best yearly growth rate in milk production in 2023–24 was 9.76% for West Bengal, followed by 9.04 percent for Jharkhand in 2022–23.
• An estimated 142.77 billion eggs are estimated to be produced overall in 2023–2024, representing a compound annual growth of 6.8% over the previous ten years.
• The production increased by 3.18% per year in 2023–24 compared to 2022–23.
• With 17.85% of the nation's total egg output, Andhra Pradesh leads the pack, followed by Tamil Nadu (15.64%).
• An estimated 10.25 million tonnes of meat is estimated to be produced nationwide in 2023–2024, comprising cattle, buffalo, sheep, goats, pigs, and poultry.
• Over the previous ten years, it saw a compound annual increase of 4.85%.
• With 12.62% of the total meat production, West Bengal leads the list, followed by Uttar Pradesh (12.29%).
• An anticipated 33.69 million kg of wool will be produced nationwide in 2023–2024, a little increase of 0.22% from the previous year.

Topic: Banking/Financial/Govt Schemes

9. The continuation of the Atal Innovation Mission with a ₹2,750 crore budget till 2028 has been approved by the Union Cabinet.

• The flagship initiative, Atal Innovation Mission (AIM), has been approved with an expanded scope of work and an allocated budget of ₹2,750 crore for the period up to March 31, 2028.
• AIM 2.0 is a step towards a Viksit Bharat aimed at expanding, strengthening, and deepening India's already vibrant innovation and entrepreneurship ecosystem.
• India ranks 39th on the Global Innovation Index and is home to the third largest start-up ecosystem in the world.
• The continuation of AIM will directly contribute to the creation of better jobs, innovative products and high-impact services across sectors.
• AIM 2.0 is designed to strengthen India's innovation and entrepreneurship ecosystem by increasing inputs and improving the quality of outputs.
• Atal Innovation Mission (AIM):
  • It was launched in 2016. It is a flagship initiative of NITI Aayog to promote innovation and entrepreneurship.
  • Atal Tinkering Labs is a major initiative under Atal Innovation Mission to promote a creative, innovative mindset in schools.

Topic: Banking/Financial/Govt Schemes

10. Nayi Chetna 3.0 campaign launched by Union Minister Shri Shivraj Singh Chouhan.

• On 25th November, the 3rd edition of the National Campaign against Gender-Based Violence ‘Nayi Chetna – Pehal Badlaav Ki’ launched by Union Minister for Rural Development, Agriculture & Farmers Welfare, Shri Shivraj Singh Chouhan, in New Delhi.
• The objectives of Nayi Chetna 3.0 are to raise awareness about gender-based violence, encourage communities to speak out, ensure access to support systems, and empower local institutions to act against violence.
• Mr Chauhan stressed that gender-based violence persists not only in rural areas but also in urban areas.
• He said that the Government will ensure that through our coordinated efforts every woman can live her life with dignity, respect and self-confidence.
• 227 new Gender Resource Centres (GRCs) in 13 states were also inaugurated by Mr Chouhan.
• These centres provide a safe space for victims of gender-based violence to obtain information, report incidents and access legal aid.
• Each GRC serves as a vital link in a support network, where victims can feel validated and empowered to express their experiences.
• Union Minister Smt. Annapurna Devi launched the #AbKoiBehanAhi campaign at the launch of New Chetna 3.0 highlighting the need for collective action against Gender Based Violence (GBV).
• This one-month campaign is being organized by Deendayal Antyodaya Yojana—National Rural Livelihood Mission (DAY-NRLM) under the Ministry of Rural Development.
• It will run across all Indian states and union territories till 23 December 2024.

Read Banking Awareness PDF -27, 28 and 29 November 2024