GK Financial and Banking For Comepetative Exam

Increasing Investment of Government in Bharat Net Project: Bharat Net, one of the biggest rural telecom project in the world, implemented in a phased manner to all Gram Panchayats in the country for providing non-discriminatory access to broadband connectivity to all the telecom service providers. The objective is to enable access providers to launch various services such as applications like e-health, e-education and e-governance in rural
and remote India. The cabinet has approved a financial outlay of Rs 1.39 lakh crore for this project to increase penetration of the project in the remaining villages.

• DFGT Implement the Advance Authorisation Scheme : The ministry of commerce and industry,
through the directorate general of foreign trade (DGFT), implements the advance authorisation
scheme, which allow duty-free import of inputs for export purposes. The eligibility of inputs is
determined by sector-specific norms committees, evaluating input-output norms. To enhance
efficiency and streamline the norms fixation process, the DGFT has made user-friendly and
searchable database of Ad-hoc norms fixed in the previous years.

• SBI Loan Growth : State Bank of India (SBI) reported first quarter net profit almost tripled and
surged by 178.25% to ₹16,884 crore as compared with ₹6,068 crore a year earlier on account of
improvement in asset quality and loan growth. This is the bank’s highest-ever net profit.
“The high profit is due to lower Non Performing Assets (NPA), lower provisioning and increase in
the loan book,” Dinesh Khara, Chairman, SBI said at a press conference. During the quarter ended June 30, 2023, the bank’s Net Interest Income (NII) increased by 24.71% year- over-year (YoY) to ₹38,905 crore. The Net Interest
The margin was 3.47% as compared with 3.23% a year earlier, up 24 basis points (bps). Loan loss provision
during the quarter was down 38% at ₹2,652 crore. Gross NPA was down at ₹91,328 crore as compared
with ₹1,13,272 crore a year earlier. And Net NPA was down at ₹22,995 crore as compared with
₹28,258 crore a year earlier. The bank’s Capital Adequacy Ratio (CAR) at the
end of the quarter improved by 113 bps YoY and stood at 14.56% Mr. Khara said the bank would continue to lend
to all segments to meet the requirement of the economy. “In the corporate sector we are open to
any opportunity,” he said. Country’s first eco-friendly card : Airtel Payments Bank (APB) has announced the launch of
an eco-friendly debit card for its new and existing customers with a savings bank account, becoming
the first Indian Bank to launch such a card. The bank has announced that their debit cards will be
made from certified eco-friendly r-PVC material, which will positively impact the environment.
Every batch of 50,000 cards that are made, there will be a significant decrease of 350 kgs of carbon
emissions compared to the usual PVC cards used. Additionally, producing the r-PVC cards will lead
PHYSICS FOR YOU | SEPTEMBER ‘23 89 to a 43 percent reduction in hydrocarbon usage, effectively decreasing the petroleum consumption during the manufacturing process. ADB and India’s agreements and investments :
Bihar- The Asian Development Bank (ADB) and the Government of India signed agreement for a $295
million loan to upgrade around 265 kilometres state highways with climate and disaster resilient design,
and road safety elements in the state of Bihar. The improved roads will enhance connectivity in some of Bihar poorest rural districts and promote access to health and education facilities, and markets to
improve people’s lives. Rajasthan- The Government of India and Asian Development Bank (ADB) signed a $200 million loan as additional financing for the ongoing
Rajasthan Secondary Towns Development Sector
Project to expand water supply and sanitation
systems and enhance urban resilience and heritage
living in selected towns.
Incremental cash reserve Ratio by Monetary
policy committee
The Reserve Bank of India has asked banks to park
an additional 10 percent of Net Demand and Time
Liabilities (NDTL), garnered between May 19 and
July 28, as incremental cash reserve ratio from
August 12. The move may suck out more than Rs
1 lakh crore from the banking system. This move is
to address excess liquidity in market due to return
of 2000 rupee note. Cash reserve ratio is proportion
of money banks needs to keep aside with central
bank. The banks don’t interest for these reserves.