Banking Awareness of 3, 4, 5 and 6 August 2025

Topic: Taxation

1. GST revenues in July rose by 7.5% year-on-year and the total collection reached Rs 1.96 lakh crore.

• This growth was driven by steady domestic demand and increased imports.
• From April to July 2025, total GST collections amounted to Rs 8.18 lakh crore.
• This marks a 10.7% increase over Rs 7.39 lakh crore collected in the same period last year.
• In July, Central GST contributed Rs 35,470 crore to total GST collection. State GST brought in Rs 44,059 crore.
• Integrated GST totaled Rs 1,03,536 crore, which included Rs 51,626 crore from imports.
• Cess revenue stood at Rs 12,670 crore, including Rs 1,086 crore from imports.
• July was the seventh consecutive month where collections surpassed Rs 1.8 lakh crore.
• However, it was still below the Q1 FY26 average of Rs 2.1 lakh crore.
• GST revenue peaked at Rs 2.37 lakh crore in April. It then declined to Rs 2.01 lakh crore in May.
• After adjusting for refunds, net GST revenue in July was Rs 1,68,588 crore.
• This was a modest 1.7% increase from Rs 1,65,800 crore in July 2024.
• Refunds rose sharply in July. They reached Rs 27,147 crore, up 66.8% from Rs 16,275 crore a year earlier.
• Between April and July, net GST revenue reached Rs 7.11 lakh crore.
• This was an 8.4% rise compared to Rs 6.56 lakh crore during the same period last year.
• Smaller northeastern states posted strong growth. Tripura led with a 41% increase. Meghalaya followed with 26%, Sikkim with 23%, and Nagaland with 22%.
• Among larger states, Madhya Pradesh saw 18% growth. Bihar recorded 16%, Andhra Pradesh 14%, and Punjab and Haryana 12% each.
• Maharashtra collected Rs 30,590 crore in July. It remained the highest GST-contributing state.
• Karnataka reported a 7% rise in collections. Tamil Nadu saw an 8% increase. Gujarat recorded only a 3% growth.
• Some regions faced sharp declines. Manipur’s GST revenue fell by 36%. Mizoram saw a 21% drop.
• Jammu and Kashmir and Chandigarh each recorded a 5% decline.
• Delhi’s GST collections grew by just 2%. Uttar Pradesh saw a 7% increase.

Topic: Reports and Indices

2. India’s services PMI rose slightly to 60.5 in July from 60.4 in June.

• This shows continued strong expansion. However, rising cost pressures weighed on the service sector’s overall performance.
• Job growth slowed to its weakest pace in 15 months. Fewer than 2% of firms added to their workforce.
• The services sector makes up more than half of India’s GDP.
• Inflation picked up due to higher costs for food, transportation, and labor.
• Output prices increased faster than input costs. Exports of services improved notably.
• New business inflows increased, driven by stronger advertising, robust demand, and new client acquisitions.
• Demand for Indian services from markets like Asia, Canada, Europe, the UAE, and the US grew significantly.
• The Finance & Insurance sector showed the strongest growth in orders and activity.
• Meanwhile, Real Estate & Business Services lagged behind.

Topic: RBI

3. The RBI’s financial inclusion initiative reached 1.05 lakh Gram Panchayats within its first month in July 2025.

• This outreach accounts for nearly one-third of all Gram Panchayats across India.
• As part of the effort, over 1.05 lakh outreach camps were organized nationwide.
• More than 6 lakh new bank accounts were opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme.
• Registrations under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) crossed 7 lakh during this period.
• The Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme saw nearly 12 lakh new policyholders enrolled.
• Around 3 lakh individuals joined the Atal Pension Yojana (APY).
• Through these camps, re-KYC procedures were completed for 14.22 lakh bank accounts.
• The campaign is being carried out between July 1 and September 30, 2025.
• Camps are also focused on educating people about dormant deposits and resolving customer complaints.
• Banks have been allowed to involve Business Correspondents (BCs) to assist with re-KYC procedures.

Topic: Appointments

4. Rajiv Anand has been appointed as the new Managing Director and CEO of IndusInd Bank.

• His tenure will last for three years. The Reserve Bank of India has approved his appointment.
• It will take effect from August 25, 2025, and continue until August 24, 2028.
• The Board of IndusInd Bank approved his appointment on August 4, 2025.
• He has also been named as an Additional Director and Key Managerial Personnel.
• The appointment is subject to shareholder approval.
• Rajiv Anand previously served as the Deputy Managing Director at Axis Bank.

Topic: Banking System

5. In July 2025, UPI recorded its highest ever monthly transactions.

• India's Unified Payments Interface (UPI) system achieved an all-time high in July 2025, recording 1,947 crore transactions worth ₹25.1 lakh crore.
• The volume reflects a 35% year-on-year increase, while the value has seen a 22% rise compared to the same month last year.
• Daily UPI transactions averaged 62.8 crore, an increase from 61.3 crore in June, indicating consistent usage.
• The daily transaction value also grew to ₹80,919 crore in July, up from ₹80,131 crore the previous month.
• These numbers represent the highest monthly transaction count and value ever achieved on the UPI platform.
• The growing adoption of UPI in Tier 2 and Tier 3 cities has been attributed to its user-friendly interface and reliability.

Topic: Agriculture

6. India is now the world’s second-largest fish producer.

• This was announced by Union Fisheries and Animal Husbandry Minister Rajiv Ranjan Singh.
• He made the statement during an event held in Kolkata. The minister led a meeting with officials from West Bengal, Bihar, Jharkhand, and Chhattisgarh.
• The discussion focused on strengthening the fisheries sector. It also addressed challenges faced by the industry.
• Several government schemes were reviewed. These included the PM Matsya Sampada Yojana and the Kisan Credit Card.
• He shared that India’s fish output has grown by 103% in 2024–25.
• This is in comparison to production levels in 2013–14.
• As of February 2025, India's share in global fish production was 8%.
• In Union Budget 2025-26, highest ever total annual budgetary support of Rs. 2,703.67 crores was proposed for the fisheries sector.
• Fisheries contribute about 1.1% to India’s GDP and over 6% to agricultural GDP.
• The sector provides employment to over 14 million people, mainly in coastal and rural areas.

Topic: Reports and Indices

7. The report on ‘Unlocking a $200 Billion Opportunity: Electric Vehicles in India’ launched by NITI Aayog.

• On 4 July, a major report titled ‘Unlocking a $200 Billion Opportunity: Electric Vehicles in India’ has been launched by NITI Aayog to assess challenges and solutions in India’s electric mobility journey.

• The report was formally unveiled by Shri Rajiv Gauba, Member, NITI Aayog, in the presence of top government officials and stakeholders from the electric vehicle ecosystem.
• India's target to achieve 30% electric vehicle share by 2030 has been reaffirmed as EV sales surged from 50,000 in 2016 to over 2 million in 2024.
• While global EV sales increased from 918,000 in 2016 to 18.78 million in 2024.
• Despite India’s slow start, EV penetration has significantly improved, now reaching over two-fifths of global levels in 2024.
• Extensive consultations involving seven dedicated sessions were conducted by NITI Aayog to finalize the report’s strategic recommendations.
• Immediate action steps for accelerating EV adoption have been laid out clearly in the newly released report.
• The report has been described as a blueprint to drive data-driven decision-making and cross-sector collaboration across India.

Topic: Indian Economy/Financial Market

8. India’s smartphone exports rose to a record $7.72 billion in the first quarter of FY 2025-26.

• This marked a 58% increase from $4.9 billion in the same period last year.

• Apple led the growth, exporting $6 billion worth of iPhones through its contract manufacturers.
• This represented an 82% jump compared to the previous year.
• Apple alone contributed nearly 78% of the total smartphone exports in the quarter.
• In FY 2021, India’s smartphone exports stood at $3.1 billion. By 2025, this figure had grown to $24.1 billion.
• Apple was responsible for $17.5 billion of the exports in 2025.
• Padget Electronics, a subsidiary of Dixon Technologies, exported smartphones worth $175 million.
• Samsung accounted for 12% of India’s overall smartphone exports.
• The sharp increase in exports is mainly due to the Production-Linked Incentive (PLI) scheme.
• The scheme, launched in 2020, has significantly boosted local manufacturing.