Banking Awareness of 28, 29 and 30 September 2025

Topic: Indian Economy/Financial Market

1. India’s industrial output grew by 4% in August 2025.

• This was slightly lower than the 4.3% growth recorded in July.
• The manufacturing sector expanded by just 3.8% in August. This marked a decline from 6% growth in the previous month.
• The mining sector showed steady growth of 6%.
• Electricity production improved to 4.1% growth in August. It had grown by 3.7% in July.
• Basic metals output rose significantly by 12.2%. Motor vehicles, trailers, and semi-trailers grew by 9.8%.
• Consumer non-durable goods output fell by 6.3%. This was the sharpest decline in eight months.
• Durable goods growth slowed to 3.5% from 7.3% in July. The decline was driven by inventory adjustments ahead of GST changes.
• Primary goods rebounded with 5.2% growth in August. This followed a 0.7% contraction in July.
• Infrastructure and construction goods continued strong growth at 10.6%.
• Capital goods growth moderated to 4.4% from 6.8% in July.

Topic: Banking/Financial/Govt Schemes

2. The Indian government has extended the RoDTEP scheme until March 31, 2026.

• The scheme offers tax reimbursements to exporters.
• RoDTEP stands for Remission of Duties and Taxes on Exported Products.
• It refunds taxes and levies that are not reimbursed through other central, state, or local tax systems.
• The scheme was first introduced in January 2021.
• It was originally set to expire on September 30, 2025.
• The Directorate General of Foreign Trade (DGFT) issued a notification confirming the extension.
• The benefits now apply to Advance Authorisation holders, SEZs, and Export Oriented Units (EOUs).
• Exports from both domestic tariff areas and special trade zones will be eligible.
• The existing refund rates under the scheme will continue to apply.
• These rates range from 0.3% to 3.9% depending on the product category.
• The scheme plays a key role in offsetting non-creditable taxes and duties.
• This helps Indian products stay competitive in international markets.
• India's exports rose by 6.7% in August 2025 to $35.1 billion.
• Imports, on the other hand, fell by 10.12% to $61.59 billion during the same month.

Topic: Appointments

3. The Appointments Committee of the Cabinet (ACC) has approved Asheesh Pandey as the next MD and CEO of Union Bank of India.

• Kalyan Kumar has been appointed as the MD and CEO of Central Bank of India.
• Both appointments are for a term of three years or until further orders, whichever is earlier.
• The term will begin from the date they take charge.
• Asheesh Pandey is currently serving as Executive Director at Bank of Maharashtra.
• Kalyan Kumar is currently the Executive Director at Punjab National Bank.
• Union Bank of India has been without a CEO since June 2, 2025.
• A Manimekhalai completed her tenure on that date.
• Central Bank of India has had a vacant post of MD & CEO since July 31, 2025.
• Matam Venkat Rao retired as MD and CEO on July 31, 2025.

Topic: Banking System

4. TATA AIG General Insurance has entered into a strategic partnership with Equitas Small Finance Bank.

• The collaboration is aimed at expanding insurance access across the country.
• Through this alliance, Equitas customers can buy TATA AIG’s general insurance products.
• These products will be available via the bank’s physical branches and digital platforms.
• The focus is on reaching both urban and rural populations.
• Insurance offerings will include motor, health, travel, personal accident, and other non-life products.
• The partnership seeks to improve financial protection for individuals and small businesses.
• It targets underserved communities, especially in semi-urban and rural regions.
• TATA AIG is a joint venture between TATA Group and American International Group.
• Equitas Small Finance Bank is a leading player in India’s small finance banking sector.

Topic: Banking System

5. Bank of Baroda (BoB) has entered into a co-lending agreement with IIFL Finance.

• The partnership is aimed at offering gold loans to borrowers.
• It focuses on reaching underserved and unbanked communities.
• The target areas are primarily rural and semi-urban regions.
• The loans are intended to support small borrowers.
• They will mainly be used for agriculture and allied sector needs.
• IIFL Finance will handle the origination and servicing of the loans.
• This is in line with the Reserve Bank of India’s co-lending framework.
• Bank of Baroda will co-fund the loans. Both institutions will jointly assess and underwrite the applications.
• The partnership aims to build a smooth and scalable lending process.
• BoB brings its strong capital base and access to low-cost funds.
• IIFL Finance adds value through its wide rural outreach.
• The joint effort is expected to promote financial inclusion. It will help extend credit access to those with limited banking options.

Topic: RBI

6. S.C. Murmu appointed Deputy Governor of RBI.

• Shirish Chandra Murmu has been appointed as Deputy Governor of the Reserve Bank of India for a three-year term.
• On September 29, 2025, the appointment was approved by the Appointments Committee of the Cabinet.
• The appointment of Mr. Murmu will take effect from October 9, 2025.
• He currently serves as Executive Director at the Reserve Bank of India.
• Mr. Murmu will succeed Rajeshwar Rao, whose term ends on October 8.
• The deputy governor in charge of banking regulation and other portfolios will be replaced by him.
• The Reserve Bank of India has four deputy governors covering monetary policy, financial markets regulation, and banking supervision.

Topic: Awards and Prizes

7. Senior journalist Amshi Prasannakumar awarded the Agriculture Media Award 2025.

• Senior journalist Amshi Prasannakumar from Mysuru was selected for the ‘Hombale Samhita Harinikumar Alumni Krishi Media Award – 2025’.
• It recognises journalists in print and electronic media for their contribution to agricultural reporting and for creating awareness among farmers.
• The award will be conferred on October 11, 2025, in Bengaluru.
• The ceremony will be held at the Alumni Association (R), University of Agricultural Sciences, Bangalore, Veterinary College Campus, Hebbal.
• Mr Prasannakumar previously served as president of the Mysore District Journalists’ Association.
• He is also a member of the Karnataka Media Academy.
• The award consists of a certificate and Rs 10,000 in cash.

Topic: Summits/Conferences/Meetings

8. India will host the World Seafood Congress (WSC) 2026 in Chennai.

• This will be the first time the event is held in the country.
• The WSC is a major global platform focused on seafood trade, safety, sustainability, and innovation.
• The 2026 Congress is being co-organised by the Department of Fisheries and the International Association of Fish Inspectors (IAFI).
• IAFI is a United Nations-recognised non-governmental organisation.
• PDA Ventures Pvt. Ltd. will host the event. The National Fisheries Development Board (NFDB) will act as co-organiser.
• Multiple Indian ministries and institutions are supporting the Congress.
• These include MPEDA, NITI Aayog, ICAR-CIBA, ICAR-CMFRI, IMIA, and others.
• The Indian Council of Agricultural Research (ICAR) is the technical partner.
• International agencies like FAO, UNIDO, and WorldFish are also involved.
• Organisers see this Congress as a key opportunity to showcase India’s seafood sector. It will also help foster new international partnerships.
• India is the sixth-largest seafood exporter in the world. It is also the second-largest producer of fish through aquaculture.
• In 2023–24, India exported 1.78 million tonnes of seafood. The exports were valued at ₹60,523.89 crore, or around USD 7.38 billion.
• India’s total fish production reached 18.40 million tonnes in the same year.
• FAO projects that global seafood trade will grow to USD 183.8 billion by 2025.
• Algae product exports are expected to hit USD 15 billion in 2025.