Topic: Reports and Indices
1. CII Business Confidence Index (CII-BCI) increased to a two-quarter high level of 68.2 in Q2 of the current fiscal.
- In the previous quarter (Q1 FY25), it stood at 67.3. It stood at 67.1 in the corresponding quarter last year (Q2FY24).
- The increase in index is due to improving domestic demand, weak external environment and increasing shipping costs.
- This was the 128th round of CII Business Outlook Survey. It was carried out in September 2024.
- It covered over 2000 firms of varying sizes and across all industry sectors and regions.
- In the second quarter, nearly half of the respondents expect their firms' hiring situations to improve.
- Compared to the second half of 2023–24, up to 59 percent of respondents expect an improvement in private capital expenditure in the first half of 2024–25.
- The majority of respondents (46%) believe that for the quarter ending in September 2024, their company's capacity utilisation levels would fall between 75 and 100 percent.
- Approximately 17% of the participants believe that increased consumption, particularly in rural areas, will considerably support economic growth in the current fiscal year.
Topic: MoUs/Agreements
2. RBI has entered into a currency swap agreement with the Maldives Monetary Authority (MMA).
- RBI has entered into this agreement under the SAARC (South Asian Association for Regional Cooperation) Currency Swap Framework 2024-27.
- As part of the agreement, the MMA is eligible for RBI’s financing support amounting to $400 million under the US Dollar/ Euro Swap Window and ₹3000 crore under the INR (Indian Rupee) Swap Window.
- The agreement would be valid till June 18, 2027.
- The SAARC Currency Swap Framework became operational on November 15, 2012.
- This became operational to provide funding for short term foreign exchange liquidity requirements or short-term balance of payments stress till long term arrangements.
Topic: Regulatory Bodies/Financial Institutions
3. SEBI imposed Rs 12 lakh fine on NSE Data And Analytics.
- SEBI directed NSE Data And Analytics to pay the fine within 45 days.
- The fine has been imposed for failure of NSE Data And Analytics to segregate IT infrastructures and manpower between itself and its parent firm.
- National Stock Exchange (NSE) is the parent firm of NSE Data And Analytics.
- On September 6-7, 2023, SEBI carried out an investigation of NSE Data And Analytics Ltd, a KYC Registration Agency (KRA), to look for potential regulatory norm violations.
- The inspection took place between April 1, 2022, and July 31, 2023.
Topic: Banking System
4. The 25% gender diversity goal was met ahead of schedule by HDFC Bank.
- In FY24, HDFC Bank hired about 17,000 women.
- 'All Women Branches' have also been introduced by HDFC Bank.
- A year ahead of schedule, HDFC Bank has surpassed its gender diversity aim of having 25% of women in its whole workforce.
- By FY25, the Bank intended to have achieved a 25% gender diversity.
- Of its 2 lakh workers, 26% are female employees.
- By FY 27, it now seeks to have 27% of women employed overall.
- HDFC Bank hired 17,410 new female workers in FY24 alone.
Topic: Banking System
5. ‘Masterstroke Savings Account’ has been launched by Bank of Baroda for high-end customers.
- In this account, customers are required to maintain a quarterly average balance of ₹10 lakh.
- Bank of Baroda has announced Sachin Tendulkar as its global brand ambassador.
- bob Masterstroke Savings Account is designed particularly for clients desiring premium services.
- It has features such as higher interest rate on account balances through the Flexi Fixed Deposit facility, and concessional rate of interest on retail loans.
- Its other features are the bob World Opulence Visa Infinite Debit Card (Metal Edition) and a lifetime-free Eterna Credit Card (subject to eligibility).
- The account holders will get priority banking/wealth management consultations, and higher cash withdrawal limits.
Topic: Miscellaneous
6. A $162 million loan has been approved by Asian Development Bank to support tourism development in Himachal Pradesh.
- With the development of new infrastructure and the improvement of cultural and historical landmarks, the loan will contribute to the state's tourism potential being realized.
- The Mandi and Hamirpur districts' historical and cultural assets are to be promoted under the Sustainable and Inclusive Tourism Development Project.
- Along with these developments, there will be a new conference center built in Kangra, public areas renovated, and the historic Naggar Castle in Kullu restored.
- The Himachal Pradesh Tourism Development Board's institutional capability is being strengthened with the assistance of the Asian Development Bank.
- In addition to assisting district-level officials build and administer tourist attractions more efficiently, the project will support the board in developing a complete tourism strategy and marketing plan.
Topic: Banking System
7. Federal Bank has partnered with Bhashini to enhance Chatbot Feddy.
- Federal Bank has signed a MoU with Bhashini to enable vernacular language support in Feddy.
- Feddy is AI Virtual Assistant of Federal Bank. Bhashini is AI-Powered Language Translation Platform.
- This partnership has emerged because of local language initiative of Reserve Bank Innovation Hub (RBIH) to promote banking in vernacular languages.
- Feddy is now able to respond to user queries in 14 different Indian languages.
- These languages include Hindi, Bengali, Tamil, Telugu, Marathi, Gujarati, Kannada, Malayalam, Odia, Assamese, Punjabi, Urdu, Manipuri, and Bodo.
Topic: Banking System
8. LIC increases its stake in Bank of Maharashtra to 7.10% through QIP.
- On October 5, the Life Insurance Corporation of India (LIC) announced in an exchange filing that it had increased its stake in the Bank of Maharashtra from 4.05% to 7.10%.
- This increase follows the allotment of 25.96 crore equity shares through qualified institutional placement (QIP).
- The QIP allotted shares at ₹57.36 each, contributing 3.376% to LIC's new stake.
- In October 4 trading, Bank of Maharashtra shares fell 1.4% to close at ₹ 57.66, while LIC shares rose 0.36% to ₹ 971.
- Earlier, LIC had reduced its stake in Mahanagar Gas by 2% through open market sale.
- Apart from this, LIC reduced its stake in Aurobindo Pharma from 5.01% to 2.265% between November 2021 and September 2024.
- LIC also increased its holding from 7.278% to 9.298% in the railway PSU stock IRCTC in September.
- Qualified Institutional Placement (QIP):
- It is a capital raising instrument available to listed companies in India.
- It allows companies to issue equity shares or securities convertible into equity shares to qualified institutional buyers (QIBs) at a discounted price compared to the prevailing market price.
- This method is preferred due to the speed and flexibility of accessing capital without going through the lengthy public offering process.
Topic: MoUs/Agreements
9. A collaboration has been announced by Adani and Google to promote clean energy in India.
- A partnership announced by Adani Group and Google with the aim of enhancing their sustainability efforts and contributing to the development of clean energy in India.
- The Adani Group said it will supply renewable energy generated from a new solar-wind hybrid project located in Khavda, Gujarat, which is home to the world's largest renewable energy facility.
- The project is expected to start commercial operations in the third quarter of 2025.
- This collaboration also aligns with Google’s ambitious goal of achieving 24/7 carbon-free energy for its operations worldwide.
- The Google aims to reduce all its combined Scope 1, 2, and 3 emissions by 50% by 2030.
- In 2019, this initiative was launched by the company.
Topic: MoUs/Agreements
10. India and the US inked a pact to expand and diversify the critical minerals supply chain.
- Union Minister of Commerce and Industry Piyush Goyal and U.S. Commerce Secretary Gina Raimondo participated in the 6th Commercial Dialogue.
- India and the US signed a memorandum of understanding (MOU) to expand and diversify the critical minerals supply chain at a bilateral commercial dialogue.
- Both sides also discussed semiconductor supply chains and collaboration in and with third countries.
- The main aim of the MoU is to use the complementary strengths of both countries to ensure greater resilience in the critical minerals sector.
- The focus will be identifying equipment, services, policies, and best practices to facilitate the mutually beneficial commercial development of U.S. and Indian critical minerals exploration.
- In June 2023, India identified a set of 30 critical minerals for its national priorities.
- India has also joined the Minerals Security Partnership.
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