Banking Awareness of 9, 10 and 11 March 2025

Topic: Committees/Commissions/Taskforces

1. The 29th meeting of the Standing Advisory Committee (SAC) on MSME credit flow took place in Ahmedabad on March 3, 2025. 

• Shri Swaminathan J, Deputy Governor of the Reserve Bank of India, chaired the meeting. 
• Participants included officials from RBI, Ministry of MSME, Ministry of Finance, SIDBI, NABARD, and various MSME associations. 
• The Deputy Governor emphasized the crucial contribution of MSMEs to India's economic growth. 
• The meeting acknowledged significant challenges such as financial literacy issues, information gaps, and delayed payments. 
• Digital solutions and alternative credit assessment methods were highlighted as key to overcoming these obstacles. 
• The Deputy Governor urged increased involvement in platforms such as TReDS to facilitate better MSME credit access. 
• He also emphasized the need for fair lending practices and a compassionate approach to MSMEs facing financial difficulties. 
• The SAC assessed the credit flow to MSMEs and explored solutions to address existing credit shortages. 
• The meeting aimed to accelerate TReDS adoption, expand credit guarantee schemes, and support MSME revival. 

Topic: Regulatory Bodies/Financial Institutions

2. In 2023-24, Sebi's total income rose by 48% to reach Rs 2,075 crore.

• This increase was mainly driven by higher earnings from fees and subscriptions. 
• Sebi's fee income amounted to Rs 1,851.5 crore, significantly higher than Rs 1,213.22 crore in the previous year. 
• Income from investments grew to Rs 192.41 crore, up from Rs 161.42 crore. 
• Other income also increased to nearly Rs 18 crore, compared to around Rs 15 crore last year. 
• Sebi stated that fees and subscriptions are its primary income sources. 
• This category of income included annual fees, listing fees, and contributions from stock exchanges. 
• Overall, Sebi’s income grew from Rs 1,404.36 crore in the previous year to Rs 2,075 crore in 2023-24. 
• Total expenditure for the year increased to Rs 1,006 crore, up from Rs 851.33 crore in FY23. 
• Sebi’s establishment expenses rose to Rs 696.43 crore, compared to Rs 576 crore the previous year. 
• Administrative expenses grew to Rs 218 crore, up from Rs 172.42 crore. 
• The closing balance of Sebi's general fund was Rs 5,573 crore. This included Rs 1,065 crore in surplus income for FY24. 
• The Investor Protection & Education Fund (IPEF) had a closing balance of Rs 533.17 crore, which included Rs 27.66 crore from investments. 
• The Disgorgement Fund had Rs 7.38 crore at the end of FY24. 
• Sebi's total investments for the year amounted to Rs 2,521.23 crore. 
• Of this, Rs 1,255.31 crore was invested in bonds and government securities. 
• Rs 1,235.92 crore was placed as deposits with scheduled banks. Rs 30 crore was invested in NCFE. 
• Earmarked funds (IPEF and Disgorgement Fund) were invested in bank deposits totaling Rs 482 crore.

Topic: Indian Economy/Financial Market

3. India's steel imports fell sharply in February to 0.6 million tonnes.

• This was a 40% decrease sequentially and a 29% drop month-on-month. 
• The decline was partly due to discussions about a potential DGTR probe recommending safeguard duties.
• There was also a reduction in Chinese steel imports during this period. 
• This marks the second significant drop in imports this year, after November 2024. 
• In November 2024, imports decreased to 0.75 million tonnes, compared to 1 million tonnes in November 2023.
• In February, exports dropped 60% to 0.4 million tonnes, down from 1 million tonnes. 
• In the first 11 months of the fiscal year, steel imports increased by 16% year-on-year, reaching 8.9 million tonnes. 
• Exports dropped by 34% year-on-year to 4.9 million tonnes. 
• This shows that India remained a net importer of steel, according to the Steel Ministry. 
• For most of the fiscal year, India’s steel imports ranged between 0.7 to 1 million tonnes. The exceptions were April and June. 
• Steel consumption in India grew by 12% year-on-year to 138 million tonnes by February. 
• Finished steel production increased by 5% to 132.6 million tonnes.

Topic: Taxation

4. In FY 2023-24, personal income tax (PIT) as a percentage of GDP increased by 140 basis points.

• It rose from 2.1% in FY 2014-15 to 3.5%. 
• PIT includes taxes paid by individuals, Hindu Undivided Families, businesses, associations, local bodies, and artificial entities. 
• The government has replaced the term 'personal income tax' with 'non-corporate tax.' 
• The share of PIT in GDP grew from 2.1% in FY 2015 to 3.5% in FY 2024. 
• In FY 2015, PIT collection was around ₹2.66 lakh crore.
• This increased to over ₹10.4 lakh crore in FY 2024, marking a 293% rise. 
• PIT collections depend on factors like economic growth, tax rates, the number of taxpayers, and tax compliance. 
• It is difficult to estimate the additional revenue from changes in any one of these factors. 
• The new income tax regime introduced by the Finance Act, 2021, is the most significant reform in the PIT system in the past decade. 
• The new regime, which started in FY 2020-21, gives taxpayers the option to choose between the old and new tax systems. 
• This regime was extended to associations of persons, bodies of individuals, and artificial juridical persons in FY 2024-25. 
• The old tax regime allows various deductions and exemptions, while the new regime provides only limited benefits. 

Topic: Appointments

5. Vikas Kaushal appointed CMD of HPCL.

• On 7 March, Vikas Kaushal was appointed as the chairman and managing director of Hindustan Petroleum Corporation (HPCL) for a period of five years by the government.
• He replaced Director (Finance) Rajnish Narang, who was holding the additional charge of CMD from September 1, 2024.
• With over 30 years of experience in the energy, oil and gas, and power sectors, Kaushal is a distinguished global leader.
• He was the only Indian deemed competent for Kearney’s global board selection and served two full terms as a board member.
• Additionally, he held the position of Managing Director and country head for Kearney India for five years.
• Hindustan Petroleum Corporation is a subsidiary of ONGC. It is headquartered in Mumbai, and it was founded on 5 July 1952.

Topic: Reports and Indices

6. Global Terrorism Index (GTI) 2025 has been released by the Institute for Economics and Peace (IEP).

• Burkina Faso ranks first on the Global Terrorism Index (GTI) 2025 based on the impact of terrorism.
• India ranked 14th in the Global Terrorism Index (GTI) 2025.
• Pakistan has been second on the Global Terrorism Index (GTI) 2025.
• Syria and Mali secured third and fourth positions respectively.
• After the first edition of this Index, this is the first time that Pakistan suffered from 1,000 terrorist attacks in a single year.
• Terrorist attacks in Pakistan have increased by 45 percent. Afghan affiliate Tehreek-e-Taliban Pakistan (TTP) has become the fastest-growing terror group in Pakistan.
• GTI evaluates terrorism through various indicators, such as the number of attacks, fatalities, injuries and the overall impact on the country.
• The report provides a comprehensive summary of the key global trends and patterns in terrorism over the last decade.
• According to this report, the Islamic State (IS) and its affiliates remained the deadliest terrorist organization in 2024. They were responsible for 1,805 deaths across 22 countries.
• IS, Jamaat Nusrat Al-Islam wal Muslimeen (JNIM), TTP and al-Shabaab activity have increased.

Topic: Summits/Conferences/Meetings

7. Mobile World Congress 2025 was held in Barcelona, Spain.

• This four-day event was hosted by the GSM Association (GSMA) at the Fira Gran Via exhibition centre.
• It was organized from 3 March – 6 March 2025.
• This is organized under the theme "Converge, Connect, Create". It emphasized the fusion of mobile and AI-driven technologies.
• The 2025 Mobile World Congress (MWC) brought together industry leaders, policymakers, and technology innovators to explore advancements in 5G, artificial intelligence (AI), and advanced connectivity.
• This was attended by most major tech companies, including Samsung, Google, Qualcomm, LG, Sony, AMD, Meta, Nvidia, and Lenovo.
• Union Minister for Communications, Shri Jyotiraditya M. Scindia, represented India at the prestigious Mobile World Congress (MWC) 2025.
• Pixel 9 Pro has been named “Smartphone of the Year” and Gemini won the "Breakthrough Device Innovation" award.
• Mobile World Congress is an annual trade show dedicated to the mobile communications industry.

Topic: Reports and Indices

8. IndiGo Airlines ranked the world's second fastest-growing airline in terms of seat capacity.

• IndiGo Airlines has emerged as the world's second-fastest-growing airline in terms of seat capacity, increasing by 10.1% year-on-year to over 134.9 million seats in 2024.
• According to the latest data from the Official Airline Guide (OAG), India's largest airline has been placed second behind Qatar Airways, registering a 10.4% growth in seat capacity compared to the previous year.
• IndiGo has been ranked the fastest-growing airline in the world in terms of flight frequency growth at an annual rate of 9.7% in 2024.
• According to the data, the airline recorded a frequency of 749,156 flights during the year.
• OAG has recorded that IndiGo holds one of the world's largest aircraft orders, with over 900 aircraft on order, and is the largest recipient of 58 new Airbus aircraft in 2024.
• IndiGo reported a net profit of Rs 2,449 crore in the October-December quarter of the current financial year ended March 31, 2025.

Topic: MoUs/Agreements

9. DPIIT and Mercedes-Benz India signed an MoU.

• To boost manufacturing, road safety and sustainability, DPIIT and Mercedes-Benz India inked a Memorandum of Understanding (MoU).
• The partnership will focus on creating structured programs and initiatives.
• It will help in providing startups with infrastructure, mentorship, funding opportunities, and market linkages.
• It will also facilitate international collaborations and ensure knowledge exchange to drive long-term impact.
• The MoU was officially signed by Dr. Sumeet Kumar Jarangal, Director, DPIIT, and Shri Santosh Iyer, Managing Director, Mercedes-Benz India.
• It will be a significant milestone in India's efforts to promote technological excellence, sustainability, and road safety.

Topic: Indian Economy/Financial Market

10. Anti-dumping duty up to $986/tonne on water treatment chemical from China and Japan has been imposed by India.

• India has introduced an anti-dumping duty of up to 986 US dollars per tonne for five years on Trichloro isocyanuric acid imported from China and Japan.
• The measure is designed to shield the domestic industry from low-cost imports.
• The Ministry of Finance issued this decision based on recommendations from the Directorate General of Trade Remedies.
• The Directorate’s investigation concluded that the domestic market had been harmed by the influx of unfairly priced imports.
• The imposition of this duty aims to promote fair competition and support the domestic sector.

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