Banking Awareness of 4, 5 and 6 March 2025

Topic: Reports and Indices

1. Services PMI increased to 59 in February.

• Services PMI stood at 56.5 in January. HSBC India Composite Output Index increased from 57.7 to 58.8
• Composite index shows a balance of manufacturing and services sectors. 
• Since October 2024, cost pressures in private sector were minimum. 
• Strong demand across all sectors was major driver of the increase in PMI activity.
• The pace of growth in global demand was fastest in six months. 
• Higher demand from Africa, Asia, Europe, Americas, and Middle East was reported by service firms. 
• Employment grew sharply. Its growth rate was fastest since December 2005. Business sentiment slightly declined. 
• India's economic growth was 6.2% in December quarter.
• For 2024-25 fiscal year, Indian government’ GDP growth forecast is 6.5%. 
• India remains the fastest-expanding major economy.
• PMI index uses responses from purchasing executives of 400 companies. A score above 50 shows expansion. 

Topic: Banking System

2. Mintoak has acquired Digiledge to expand CBDC payments.

• The acquisition deal is valued at approximately $3.5 million.
• With this acquisition, Mintoak’s partner banks (HDFC Bank, Axis Bank and SBI) will improve their CBDC-related payment solutions. 
• Mintoak is backed by HDFC Bank and PayPal. It provides merchant payment solutions.
• It is aiming to grow its offerings in digital payments. 
• Digiledge’s specialization involve CBDC and bill payment services. Mintoak will now integrate these into its offerings. 
• CBDC (e-rupee) was launched by RBI in December 2022. In April 2023, its scope was expanded to payment firms. 
• The first fintech platforms to offer customer access to CBDC were Cred and MobiKwik in January.

Topic: Reserve Bank of India

3. Liquidity injection steps totaling nearly ₹1.87 lakh crore has been announced by RBI.

• These steps has been announced by RBI to address expected liquidity tightness. 
• RBI had earlier taken steps to infuse ₹2.80 lakh crore between January 30 and February 28, 2025. 
• Latest liquidity management steps of RBI comprise of an OMO purchase of Government Securities (G-Secs) along with a USD/INR Buy/Sell Swap. 
• Two open market operation (OMO) purchase auctions of ₹50,000 crore each will be carried out by RBI on March 12 and March 18, 2025. 
• A USD/INR Buy/Sell Swap auction of $10 billion for a three-year tenor will be carried on March 24, 2025. 
• The liquidity tightness is estimated at ₹2.50 lakh crore.
• This is likely to be due to outflows from advance tax and GST payments from mid of March. 
• Between January 30 and February 28, 2025, liquidity was infused by RBI via OMO, USD/INR swap auctions, along with a 56-day Variable Rate Repo (VRR) auction. 
• Liquidity reached into deficit in December 2024 and January 2025 because of tax payments, capital outflows and an increase in currency in circulation. 

Topic: MoUs/Agreements

4. HDFC Bank has launched Project HAKK (Hawai Anubhavi Kalyan Kendra).

• This project has been launched to support Indian Air Force (IAF) pensioners, veterans, and their families. 
• A Memorandum of Understanding (MoU) has been signed by the bank with IAF and CSC Academy to set up 25 support centres across main Air Force units in India. 
• These centres will be in cities such as New Delhi, Bengaluru, Gurgaon, Pune, Secunderabad, Guwahati, Jodhpur, and Chandigarh. 
• Skill development and training in financial products and services will be provided by HDFC Bank in collaboration with CSC Academy to empower defence veterans and their families. 
• The initiative will provide more than 500 Government to Citizen and Business to Customer services.
• These services include Aadhaar service, NPS, PAN Card, passport, and bill collection.

Topic: Corporates/Companies

5. IRCTC and IRFC have been given Navaratna status by the Centre.

• On March 3, Navratna status has been granted to two public sector companies—Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC) by the central government.

• The elevation of IRCTC and IRFC to Navratna CPSEs has been approved by the government, making them the 25th and 26th 'Navratnas' among Central Public Sector Enterprises (CPSEs).
• With the inclusion of the latest companies, the number of Navaratna companies in the country has reached 26.
• IRCTC and IRFC are a Central Public Sector Enterprise (CPSE) under the Ministry of Railways.
• In the financial year 2023-24, IRCTC recorded an annual turnover of Rs 4,270.18 crore along with a profit after tax of Rs 1,111.26 crore and a net worth of Rs 3,229.97 crore.
• Similarly, in FY 2023-24, IRFC reported an annual turnover of Rs 26,644 crore, a profit after tax of Rs 6,412 crore, and a net worth of Rs 49,178 crore.
• Of the 12 railway CPSEs, Concor, RVNL, IRCON, RITES, and RailTel were classified as Navratna companies earlier.
• Since 2014, all seven listed railway CPSEs have been upgraded to Navratna status, with Concor being the first to join the list in July 2014.
• Navratna status allows organisations to make large investments of up to Rs 1,000 crore without approval from the Centre.
• Navratna status companies have the freedom to invest up to 30% of their total assets within a year, provided it is less than ₹1,000 crore.
• They can also form joint ventures, tie-ups, and set up subsidiaries abroad.
• For a company to be granted Navratna status, it must already have Miniratna Category I status and be listed under Schedule A of CPSEs.

Topic: Infrastructure and Energy

6. India emerged as the 3rd largest biofuel producer in the world.

• As of January, India has achieved 19.6 per cent ethanol blending in petrol.
• It is a significant step toward a shift to cleaner and renewable energy.
• India will very soon have 20 per cent ethanol blending five years ahead of the target of 2030.
• In the last 10 years, the ethanol blending initiatives have enhanced farmer incomes.
• It has also helped in reducing CO2 emissions equivalent to planting 1.75 crore trees.
• To support ethanol blending, the oil marketing companies have signed agreements with 131 dedicated ethanol plants.
• These plants will produce 745 crore litres of ethanol annually.

Topic: Appointments

7. Dr Mayank Sharma assumed office as Controller General of Defence Accounts.

• Mayank Sharma takes charge as Controller General of Defence Accounts.
• He is a 1989-batch officer of the Indian Defence Accounts Service (IDAS).
• He has served in various positions within the Government of India, including the Defence Accounts Department.
• He had also represented India at the International Anti-Corruption Academy and the Diplomatic Academy of Vienna.
• The Controller General of Defence Accounts (CGDA) heads the Defence Accounts Department.

Topic: Appointments

8. Ajay Seth took additional charge as Revenue Secretary.

• On March 1, 2025, the government assigned the additional charge of the Revenue Secretary to Department of Economic Affairs (DEA) Secretary Ajay Seth.
• This decision followed the departure of Tuhin Kanta Pandey, who has been appointed as the new SEBI Chairperson.
• Seth will hold the additional responsibility until regular appointment is made or until further orders, whichever is earlier.
• Ajay Seth, a 1987 batch IAS officer of Karnataka cadre, is serving as the DEA secretary since 2021.
• On March 1, 2025, Tuhin Kanta Pandey took over as the Chairman of the Securities and Exchange Board of India (SEBI) at the market regulator's headquarters in Mumbai.

Topic: Miscellaneous

9. India achieved the target of a maternal mortality rate of 100 deaths per one lakh live births.

• National Health Policy (NHP) target of a maternal mortality rate (MMR) of 100 deaths per one lakh live births has been achieved.
• Between 1990 and 2020, the maternal mortality rate declined by 83%, which is higher than the decline in Global MMR.
• During this period, a 69% decline has been registered in the Infant Mortality Rate (IMR) in India while the decline in Global IMR was 55%.
• Infant mortality rate is the number of deaths of children under one year of age.
• 75% decline was registered in the ‘Under 5 [years] Mortality Rate’ while the global rate of decline was 58%.
• The ninth meeting of the National Health Mission’s (NHM) Mission Steering Group has been chaired by Union Health Minister J. P. Nadda.
• He spoke about the role of ASHA workers in the healthcare system and highlighted the need for their further empowerment and welfare.

Topic: Summits/Conferences/Meetings

10. 12th Regional 3R and Circular Economy Forum in Asia and the Pacific was inaugurated in Jaipur.

• The forum was held during March 3-5, 2025. The forum focused on sustainable waste management and circular economy solutions.
• The forum also focused on Reduce, Reuse, and Recycle (3R) principles.
• Ministry of Housing and Urban Affairs, India, is hosted the forum in collaboration with the United Nations Centre for Regional Development (UNCRD), and Institute for Global Environmental Strategies (IGES).
• The forum was supported by United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), Japan’s Ministry of Environment, and various other international and regional organizations.
• Cambodia hosted the last forum in 2023. India hosted the forum last time in 2018. This was the 8th edition and held in Indore.
• The Cities Coalition for Circularity (C-3) announced by Union Minister of Housing & Urban Affairs.
• It is a multi-nation alliance for city-to-city collaboration, knowledge-sharing, and private sector partnerships.
• A MoU for CITIIS 2.0 was signed for urban sustainability with ₹1,800 crores investment for 18 cities across 14 cities.
• CITIIS 2.0 is a flagship initiative driving integrated waste management and climate action.
• The Regional 3R and Circular Economy Forum was launched in 2009.
• It was launched to promote sustainable waste management and resource efficiency.
• Hanoi 3R Declaration (2013-2023) outlined 33 voluntary goals for more resource-efficient and circular economy.
• The aim of new 3R and Circular Economy Declaration (2025-2034) is to catalyze transformational changes in resource and waste management.
• The theme of the forum is Realizing Circular Societies towards Achieving SDGs and Carbon Neutrality in Asia-Pacific.
• Initiatives like the Swachh Bharat Mission, GOBAR-Dhan Scheme, E-Waste Management Rules, and Extended Producer Responsibility for Plastic highlight India’s leadership in circular economy and 3R policies.
• India banned single use plastic on 1st July 2022.

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