Banking Awareness of 27 and 28 December 2023

Topic: Taxation

1. Ministry of Finance has imposed anti-dumping duty on gypsum board from China and Oman.

• Anti-dumping duty has been imposed on “gypsum board/tiles with lamination at least on one side” from these two countries.
• The anti-dumping duty will be valid for five years. The revenue department has imposed the anti-dumping duty.
• It ranges from $23.46-47.62 per tonne depending on the producer from China.
• It has been kept at $71.80-91.42 per metric tonne in case of imports from Oman.
• Saint-Gobain India Private Ltd had filed the petition for anti-dumping probe on these items.
• Gypsum boards are predominantly used for ceilings in offices, shops and residential buildings.

Topic: Banking System

2. eSvarna has been launched by IndusInd Bank.

• It is India’s first corporate credit card on the RuPay network.
• With this launch, IndusInd Bank has become the first to integrate UPI functionality with a corporate credit card.
• eSvarna facilitates smooth transactions at merchant outlets.
• It allows users the flexibility to make UPI payments by linking the card with UPI-enabled apps.
• Cardholders can avail complimentary lounge access. They can also avail fuel surcharge waiver.
• IndusInd Bank is a Pune-based bank. It was started in 1994.
• Sumant Kathpalia is its CEO. Its tagline is we make you feel richer.

Topic: Indian Economy/Financial Market

3. India's current account deficit (CAD) declined to 1% of the GDP or $8.3 billion in Q2 of the Financial Year 2023-24.

• CAD declined chiefly because of lower merchandise trade deficit and growth in services exports, as per RBI data.
• CAD was 3.8% of GDP or $30.9 billion in the July-September quarter of 2022-23.
• In the Q1 of FY24, CAD was $9.2 billion or 1.1% of GDP.
• According to the data on Developments in India's Balance of Payments during the second quarter (July-September) of 2023-24, the merchandise trade deficit declined from $78.3 billion in Q2:2022-23 to $61.0 billion in Q2:2023-24.
• RBI said services export increased by 4.2% on a y-o-y basis with the increase in exports of software, business and travel services.
• RBI also stated that net services receipts grew both year over year and sequentially.
• Net outgo on the primary income account increased to $12.2 billion from $11.8 billion a year ago.
• Private transfer receipts have shown an increase of 2.6% to $28.1 billion from their level during the corresponding period a year ago.
• Net foreign direct investment (FDI) have shown an outflow of $0.3 billion compared to an inflow of $6.2 billion in Q2FY23.
• Foreign portfolio investment (FPI) recorded net inflow of $4.9 billion. This was lower than $6.5 billion during Q2FY23.
• External commercial borrowings (ECB) to India recorded net outflow of $1.8 billion in Q2FY24.

Topic: Banking System

4. State Bank of India has provided ₹200 crore to Muthoot FinCorp in funding.

• Muthoot FinCorp has raised the amount from SBI through the private issuance of non-convertible debentures (NCDs).
• The debt securities have a half-yearly interest payment frequency and a five-year maturity.
• Crisil has given them a "AA" rating with a "stable" outlook.
• The money raised will be used for corporate operations, future loans, and expansion and growth initiatives.
• Muthoot FinCorp is the flagship company of the Muthoot Pappachan Group (Muthoot Blue).
• The NBFC provides gold loans, Vyapar Mitra business loans, two-wheeler loans, and other loans through more than 3,600 locations throughout India.

Topic: Banking System

5. Customers can now make direct tax payments with Karnataka Bank.

• Customers of Karnataka Bank can now pay direct taxes by visiting any branch or using internet banking.
• Karnataka Bank has added another level of service to its offerings by allowing users to pay direct taxes, such as income taxes and advance taxes.
• It was already enabling online payments for goods and services taxes as well as customs duties.
• This development comes after the Reserve Bank of India authorised Karnataka Bank on the suggestion of the Ministry of Finance's Controller General of Accounts.
• The Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) have approved the bank to collect direct and indirect taxes.
• Karnataka Bank is a Scheduled Commercial Bank based in Mangaluru, Karnataka. It is a private sector bank. Srikrishnan Hari Hara Sarma is its MD and CEO.

Topic: Appointments

6. SEBI approved the appointment of Pramod Agrawal as BSE Chairman.

• Former Coal India chief Pramod Agrawal's appointment as the chairman of the BSE has been approved by the SEBI.
• His appointment will become effective from January 17, 2024.
• The Board of BSE had on December 13 approved the appointment of Pramod Agrawal as the Chairman of the Governing Board.
• He will take the place of SS Mundra, who was appointed as BSE chairman in May 2022.
• Pramod Agrawal has served as the Principal Secretary of the Department of Technical Education, Skill Development & Employment and the Department of Labor, Government of Madhya Pradesh.
• Bombay Stock Exchange (BSE):
  • It is known as the Bombay Stock Exchange (BSE). It is an Indian stock exchange located in Mumbai.
  • It was founded in 1875 by Premchand Roychand, a cotton merchant.
  • It is the oldest stock exchange in Asia and the tenth oldest in the world.

Topic: Miscellaneous

7. Prime Minister Narendra Modi becomes first world leader to reach 2 crore subscribers on YouTube channel.

• Prime Minister Narendra Modi has become the world's first leader to have 20 million subscribers on the YouTube channel.
• He has surpassed global leaders in terms of both subscribers and video views.
• Former Brazilian president Jair Bolsonaro is second on the list of subscriber numbers with around 64 lakh.
• In terms of views, Ukrainian President Volodymyr Zelenskyy is in second spot with 22.4 crore views.
• US President Joe Biden has 7.89 lakh subscribers while his Turkiye counterpart Recep Tayyip Erdogan has 3.16 lakh.
• Among the Indian leaders, Rahul Gandhi's channel has more than 35 lakh subscribers.
• Prime Minister Narendra Modi set up his YouTube channel in 2007.

Topic: Indian Economy/Financial Market

8. India’s fiscal deficit may surpass 5.9% of GDP target: India Ratings and Research.

• India’s fiscal deficit is likely to breach the target of 5.9% of the GDP in FY 24.
• According to the India Ratings and Research, India's fiscal deficit will surpass the 5.9% target due to high revenue expenditure and lower budgeted nominal GDP.
• The central government has recently got parliamentary approval for the first supplementary demand for grants of this year.
• It has increased total spending commitment for 2023-24 to ₹45.6 lakh crore including ₹35.6 lakh crore of revenue expenditure and ₹10.1 lakh crore of capital expenditure.
• The main reason for the increased expenditure would be the higher expenditure by some Ministries.
• The government demanded more funds for priority areas like food, fertilizer, and LPG subsidy, and the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) in the first supplementary demand for grants.
• The Central government's fiscal deficit in the first four months of 2023-24 touched 33.9% of the full-year target.
• Fiscal deficit is the difference between the government's total expenditure and its total revenue.

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