Banking Awareness of 29 and 30 January 2025

Topic: Banking/Financial/Govt Schemes

1. TEAM program has been launched by the Ministry of Micro, Small, and Medium-Sized Enterprises (MSMEs) in collaboration with ONDC. 

• Supporting MSMEs in embracing digital commerce and broadening their market reach is the goal of the MSME Trade Enablement and Marketing (TEAM) Initiative. 
• The initiative would onboard 5 lakh MSMEs, 50% of which will be led by women, with a budget of ₹277.35 crore spread over three years. 
• To assist MSMEs in joining ONDC, more than 150 workshops will be conducted in Tier 2 and Tier 3 cities. 
• During these workshops, women and SC/ST-led businesses will receive special attention. 
• Initiative gives small businesses the tools they need to grow, compete, and thrive in the digital era. 
• SMEs will receive financial support for account management, operations, and catalog production. 
• Over 200 apps are included in the ONDC network. These include buyer and seller apps.
• ONDC facilitates a broader marketplace for buyer and seller apps. 

Topic: Banking/Financial/Govt Schemes

2. The Mutual Credit Guarantee Scheme for MSMEs has received approval from central government.

• The program offers credit facilities up to ₹100 crore with 60% NCGTC guarantee coverage. 
• The program's goal is to make it easier for MSMEs to obtain loans for the purchase of machinery, equipment, and plant. 
• Scheduled Commercial Banks, NBFCs, and AIFIs that register with NCGTC are included as Member Lending Institutions (MLIs). 
• MSMEs are required to have a current Udyam Registration Number to be borrowers.
• The maximum guaranteed loan amount is ₹100 crore. 
• 75% of the project's total expenditure must be spent on machinery and equipment. 
• A two-year freeze on principle payments would accompany a maximum payback period of eight years for loans up to ₹50 crore. 
• Loans over ₹50 crore could have a different moratorium term and a longer repayment plan. 
• For guarantee coverage, a 5% down payment of the loan amount must be made at the time of application. 
• During the sanction year, there is no annual guarantee cost. 
• For the following three years, the yearly guarantee cost is 1.5% of the loan balance due on March 31. 
• The annual guarantee charge will be 1% of the loan balance as of March 31 after three years.

Topic: Corporates/Companies

3. A preferential issuance of 8.07 crore equity shares, valued at ₹500 crore, to the Central Government has been approved by the IFCI board. 

• At a February 28 Extraordinary General Meeting, shareholders must approve the approval. 
• In December, the government authorized the ₹500 crore capital infusion in the first supplemental grant demand for 2024–2025. 
• The 'Consolidation of IFCI Group' received in-principle permission from the Finance Ministry in November 2024. 
• IIDL Realtors Ltd., IFCI Infrastructure Development Ltd., IFCI Factors Ltd., and StockHolding Corporation of India Ltd. (SHCIL) are all proposed to merge with IFCI Ltd. 

Topic: Banking System

4. SBI had started a unique training program for women.

• SBI had started this program across its 153 Rural Self Employment Training Institutes (RSETIs).
• The initiative, which was launched on Republic Day, intends to assist 5,200 female candidates. 
• SBI provides 27 training courses covering topics including food processing, cosmetic services, and tailoring, among others. 
• Additionally, participants will receive instructions on how to connect with markets and obtain financial aid. 
• The initiative will support rural women's self-sufficiency and "Viksit Bharat."

Topic: Banking/Financial/Govt Schemes

5. The National Critical Mineral Mission approved by the government with an outlay of Rs. 34,300 crores over seven years.

• The launch of the National Critical Mineral Mission (NCMM) has been approved by the Union Cabinet, chaired by PM Modi, with an expenditure of Rs. 16,300 crore and an expected investment of Rs. 18,000 crores by PSUs, etc. 
• The setting up of the Critical Mineral Mission was announced by the finance minister in the Union Budget for 2024-25 on 23rd July 2024. 
• The National Critical Mineral Mission aims to create a fast-track regulatory approval process for mining projects involving critical minerals. 

Topic: Awards and Prizes

6. Padma Awards for 2025 have been announced by the government.

• This year a total of 139 people names have been announced for the Padma Awards.
• The list comprises 7 Padma Vibhushan, 19 Padma Bhushan and 113 Padma Shri Awards.
• 23 of the awardees are women and the list also includes 10 persons from the category of Foreigners/NRI/PIO/OCI and 13 Posthumous awardees.
• Padma Awards are one of the highest civilian Awards in India. It is conferred in three categories, namely, Padma Vibhushan, Padma Bhushan and Padma Shri.
• The awards are given in various disciplines/ fields of activity, viz.- art, social work, public affairs, science and engineering, trade and industry, medicine, literature and education, sports, civil service, etc.
• These Awards are conferred by the President of India at ceremonial functions held at Rashtrapati Bhawan.

Topic: Awards and Prizes

7. Christine Carla Kangaloo has been given the Pravasi Bharatiya Samman Award by India.

• She is the president of the Republic of Trinidad and Tobago.
• This is a recognition of her exceptional accomplishments in public life and her efforts to raise India's reputation internationally.
• During the 18th Pravasi Bharatiya Divas Convention, Kangaloo was the chief guest. She is an Indo-Trinidadian president.
• 18th Pravasi Bharatiya Divas Convention took place in Bhubaneswar, Odisha, from January 8–10, 2025.
• She highlighted in her speech that the history of India-Tobago relations began in 1845, when Indian indentured labourers first reached on Trinidadian shores.
• She emphasized that upon Trinidad and Tobago's independence in 1962, India was one of the first nations to establish diplomatic ties with it.
• Pravasi Bharatiya Samman Award is the highest honour given to Indians living abroad for their outstanding accomplishments in a variety of fields.

Topic: MoUs/Agreements

8. An agreement was reached between India and Oman to expedite discussions on signing a bilateral economic pact.

• According to a statement issued by the Ministry of Commerce and Industry on January 28, India and Oman have agreed to accelerate discussions for the early signing of the bilateral Comprehensive Economic Partnership Agreement (CEPA).
• The agreement is currently in the advanced stages of negotiations.
• CEPA will prove to be a new milestone in bilateral trade relations and has the potential to significantly enhance two-way trade and investment.
• Commerce and Industry Minister Piyush Goyal completed a successful visit to Oman on January 27-28.
• During the visit, the 11th Session of the India-Oman Joint Commission Meeting (JCM) was co-chaired by Goyal along with Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion.
• During the visit, both sides signed the Protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA).
• This will bring it in line with international standards on cross-border taxation, simplify tax procedures and promote greater cooperation in tax matters.
• In addition, the Minister attended the India-Oman Joint Business Council (JBC) meeting, organized by the Oman Chamber of Commerce and Industry (OCCI), with support and participation from a delegation from FICCI.

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