Banking Awareness of 6, 7 and 8 December 2023

By Priyanka Chaudhary | Last Modified: 08 Dec 2023 17:29 PM IST
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Topic: Indian Economy/Financial Market

1. RBI revised FY24 real GDP growth projection from 6.5% to 7%.

  • Real GDP growth for Q3 has been revised to 6.5% (6.0%) and Q4 to 6.0% (5.7%).
  • Real GDP growth projection for Q1 of 2024- 25 has been revised to 6.7% (6.6%).
  • The real GDP growth projection for Q2 and Q3 are at 6.5% and 6.4%, respectively.
  • RBI has retained CPI inflation projection at 5.4% for 2023-24. It has kept CPI inflation for Q3 at 5.6% and for Q4 at 5.2%.
  • CPI headline inflation moderated from 7.4% in July to 4.9% in October.
  • CPI inflation for Q1 of 2024-25 is projected at 5.2% and for Q2 at 4.0% and for Q3 at 4.7%.
  • RBI Governor Shaktikanta Das said the real GDP growth for Q2 of the current financial year has exceeded all forecasts.

Topic: RBI

2. RBI has kept policy repo rate unchanged at 6.5% in monetary policy review meeting.   

  • RBI Bi-Monthly Monetary Policy Committee (MPC) meeting was held on December 6-8, 2023.
  • This is for the fifth time in a row that the MPC has maintained the status quo.
  • The Standing Deposit Facility (SDF) rate remains at 6.25% and the Marginal Standing Facility (MSF) rate and the Bank Rate at 6.75%.
  • RBI governor Shakitkanta Das attributed the declining inflation as reason behind maintain status quo policy stance.
  • RBI has also proposed to increase the limit of UPI transactions in hospitals and educational institutions from 1 lakh rupees to 5 lakhs.
  • MPC has decided by a majority of 5 out of 6 members to stay focused on withdrawal of accommodation.
  • RBI has proposed to increase e-mandate for recurring payments to Rs 1 lakh from current Rs 15,000.
  • Next monetary policy committee meeting is scheduled on February 6-8, 2024.

Topic: RBI

3. RBI cancelled license of Urban Co-op Bank, Sitapur, Uttar Pradesh.

  • The bank has ceased to carry on banking business, with effect from the close of business on December 07, 2023.
  • The Commissioner and Registrar of Cooperative, Uttar Pradesh will issue an order for winding up the bank and appoint a liquidator for the bank.
  • RBI said the bank does not have adequate capital and earning prospects. Its continuance is prejudicial to the interests of depositors.  
  • RBI has also cancelled licence of Shankarrao Pujari Bank in Maharashtra.
  • It does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
  • It failed to comply with different other sections of Banking Regulation Act, 1949.

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Topic: Reports and Indices

4. Forbes Asia’s 2023 Heroes of Philanthropy list honors 15 top philanthropists from the Asia-Pacific region.

  • The 17th edition of Forbes Asia’s annual Heroes of Philanthropy list excludes corporate philanthropy.
  • The unranked list includes privately held companies where the individual is a majority owner.
  • The list honors individuals who donate from personal funds.
  • The list includes DLF's KP Singh, Infosys' Nandan Nilekani, and Zerodha's Nikhil Kamath.
  • KP Singh is chairman emeritus of DLF. In August, he sold his remaining stake in the Delhi-based property developer to fund philanthropic causes.
  • Nandan Nilekani is the cofounder and chairman of Infosys. In June, he donated 3.2 billion rupees ($38 million) to his alma mater IIT Bombay to mark his 50-year association with the institute.
  • Nilekani and his wife, Rohini, signed the Giving Pledge in 2017.
  • Newcomers to the list include India’s youngest billionaire Nikhil Kamath.
  • Nikhil Kamath is the cofounder and chief financial officer of Zerodha. He joined the Giving Pledge in June, becoming the country’s fourth signatory.
  • The focus of several philanthropists was on higher education and research, especially in AI. Another focus was on mental health. 
  • The philanthropists included in the list are given below.

Forbes Asia’s 2023 Heroes of Philanthropy list



Andrew Forrest, Nicola Forrest


Takemitsu Takizaki


He Xiangjian


Vikrom Kromadit


KP Singh


Low Tuck Kwong


Kwek Leng Beng


Ramon Ang


Li Ka-Shing

Hong Kong

Nandan Nilekani


James Packer


Graeme Hart

New Zealand

Eddy Kusnadi Sariaatmadja


Nikhil Kamath


Adrian Cheng

Hong Kong

Topic: Banking/Financial/Govt Schemes

5. Indian National Space Promotion and Authorisation Centre (IN-SPACe) has launched a seed fund scheme.

  • This seed fund scheme is focused on urban development and disaster management.
  • It has been launched to offer start-ups focused on these sectors financial assistance of up to Rs 1 crore each.
  • IN-SPACe has launched the scheme in collaboration with ISRO’s National Remote Sensing Centre (NRSC).
  • The chosen startups will receive seed money to help them develop an innovative concept into a working prototype with ISRO facility support and space technology.
  • Apart from providing financial aid and supervision, the programme also provides networking and training opportunities.
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Topic: Indian Economy/Financial Market

6. India will become the world's third-largest economy by 2030.

  • On 5 December, S&P Global Ratings said India will be the world's third-largest economy by 2030.
  • But it will be a big challenge for the country to take advantage of the huge opportunity and become the next big global manufacturing hub.
  • The rating agency expects India will be the fastest-growing major economy in the next three years.
  • In this, the growth rate of Gross Domestic Product (GDP) will increase from the estimated 6.4% in the current financial year to 7% by the fiscal year 2027.
  • The Indian economy grew by 7.2% in the financial year 2022-23 ending March 2023.
  • India's GDP grew by 7.8% in the June quarter and 7.6% in the September quarter.
  • Currently, the Indian economy ranks fifth after the US, China, Germany and Japan.
  • India has one of the youngest working populations in the world, with approximately 53% of its citizens under the age of 30.
  • The rating agency projected that China's GDP growth will slow to 4.6% in 2024 (in 2023: 5.4%), then accelerate to 4.8% in 2025, and return to 4.6% in 2026.

Topic: MoUs/Agreements

7. A USD 175 million loan agreement signed between the Government of India and the Asian Development Bank (ADB).

  • On 5 December, the loan agreement was signed to improve the connectivity of roads in the state of Madhya Pradesh.
  • The loan agreement was signed by Ms. Juhi Mukherjee, Joint Secretary, Ministry of Finance, on behalf of the GoI, and Takeo Konishi, Country Director, ADB India Resident Mission, on behalf of ADB.
  • This project will enhance connectivity in the state road network in 14 districts to enable balanced economic development in Madhya Pradesh.
  • In Madhya Pradesh, the ADB has supported the road development program since 2002 by upgrading more than 9,000 kilometers of state highways and major district roads.
  • The project will convert about 500 km of state highways and major district roads into standard two-lane roads.
  • These roads will include climate and disaster-resilient designs, innovative road safety elements, and features that cater to the needs of the elderly, women, children, and people with disabilities.

Topic: Reports and Indices

8. The India Infrastructure Report (IIR) 2023 on Urban Planning and Development was released on 04 December 2023.

  • Shri Venkaiah Naidu, former Vice-President of India, released the report.
  • The India Infrastructure Report 2023 is a collaborative effort of the IDFC Foundation, Infrastructure Development Corporation (Karnataka) Ltd. (iDeCK) and the National Institute of Urban Affairs (NIUA).
  • Key aspects of IIR 2023 are Planning and Governance, Smart Initiatives, PPPs and Financing, Housing and Migration, Public Service Delivery, Integrating Infrastructure, and Urban Redevelopment.
  • The India Infrastructure Report (IIR) 2023 contains 25 chapters. It is an annual publication.
  • IIR 2023 noted that India has led in PPPs, particularly in roads, ports, airports and energy.
  • IIR 2023 noted that few PPPs have happened in the urban sector.
  • Key Highlights of the IIR 2023:
    • Transformative potential of digital technology in shaping the urban landscape of India. Focus on the concept of ‘smart cities’ and the significance of performance ranking criteria.
    • Examination of financial dimensions of urban development, with a special emphasis on public-private partnerships (PPPs), the financial sustainability of urban local bodies, and the efficacy of municipal bonds as potent financing instruments.
    • Effective urban transportation planning. Focus on floor space and land price regulation in India as pivotal component of effective urban governance.
  • IDFC Foundation is a not-for-profit institution. It works on philanthropic initiatives in social infrastructure.
  • IDeCK was established in 2000 as a joint venture of the Government of Karnataka, IDFC Foundation and HDFC. It focusses on catalysing well-planned, sustainable infrastructure projects, especially through public-private participation.
  • National Institute of Urban Affairs (NIUA) was established in 1976. It is a Central Autonomous Body under the Ministry of Housing and Urban Affairs.


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