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Banking and Financial Awareness Digest: April 2023

Published on Wednesday, May 03, 2023
Banking and Financial Awareness Digest: April 2023

GST Revenue Collection Increases 13% to Rs 1.60 lakh crore in March 2023

Current Context: India’s GST revenue collection for March 2023 stood at 6 lakh crore rupees, which is 13% higher than the GST revenues in March 2022.

About  

  • It is for the fourth time, in the current financial year that the gross GST collection has crossed 1.5 lakh crore rupees, since the implementation of GST.
  • Out of the total collection, CGST is 29,546 crore rupees, SGST is 37,314 crore rupees and IGST is 82,907 crore rupees, including ₹42,503 crores collected on import of goods.
  • While cess contributed 10,355 crore rupees, including 960 crore rupees collected on the import of goods.
  • The total gross collection for the year 2022-23 stands at 18.10 lakh crore rupees, while the average gross monthly collection for the full year is 1.51 lakh crore rupees.

Government Hikes Interest Rates of Small Savings Schemes

Current Context: The government has raised interest rates on most post office saving schemes by up to 0.7 percent for the April-June 2023 quarter.

Details

  • The interest rates for popular PPF and savings deposits have been retained at 7.1 percent and 4 percent, respectively, there has been an increase between 0.1 percent and 0.7 percent in other saving schemes.
  • The highest increase was in the interest rate of the National Savings Certificate (NSC), which will now attract 7.5 percent, up from 7 percent, for the April 1 to June 30, 2023 period.
  • The new rate for the girl child savings scheme Sukanya Samriddhi has been increased to 8 percent from 7.6 percent.
  • The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2 percent (up from 8 percent) and 7.5 percent (up from 7.2 percent),
  • · KVP will now mature in 115 months as against 120 months earlier.

Airtel-IPPB launches 'WhatsApp Banking Services'

Current Context: Airtel-India Post Payments Bank (IPPB) has launched WhatsApp banking services in New Delhi. This allows customers to conveniently access banking services on their mobile phones.

Key Points

  • This new banking channel will allow customers to connect with the bank on WhatsApp and access a range of services such as ordering home services, finding the nearest post office, etc.
  • The addition of WhatsApp messaging is part of India Post Payments Bank's multifaceted efforts to promote financial inclusion and reach out to rural areas of the country.

India's GDP growth rate is likely to moderate to 6.3% in FY2024

Current Context: According to a recent World Bank report 'India Development Update', India's GDP growth is predicted to slow down to 6.3% from 6.6% in FY2024.

Key Facts

  • The reason for decline in the GDP is due to the decrease in income levels and the challenges people face from different external conditions.
  • Asia's third-largest economy registered a growth of 4.4 per cent in October-December, up from 11.2 per cent a year ago and 6.3 per cent in the previous quarter.
  • Though there could be short-term risks after the collapse of three mid-sized banks in the US, and the acquisition of Credit Suisse by UBS, it said the Indian banks are well capitalised.
  • Spillovers from recent developments in financial markets in the US and Europe pose a risk to short-term investment flows to emerging markets, including India. But Indian banks remain well capitalised.

Fino Payments Bank and Rajasthan Royals Tie Up as Digital Banking Partner

Current Context: Fino Payments Bank and Rajasthan Royals have tied up as digital banking partners. Fino Payments Bank has renewed its association with Rajasthan Royals (RR) for Season 16 of IPL.

Key Highlights

  • With the launch of its new FinoPay digital savings account, the bank hopes to gain more momentum from its partnership with Rajasthan Royals.
  • This partnership provides an opportunity to the Bank to provide a wide visibility of its innovative digital banking solutions and promote financial inclusion in the country.
  • Fino Payments Bank is a new age bank which was launched in India in 2017.
  • It is a presence of Fino Pay tech Limited, a leading payment and banking solutions provider in India.
  • Fino Payments Bank is headquartered in Mumbai with a network of over 500 branches and 25,000 banking points spread across the country.
  • The focus of the bank is to provide digital banking solutions and financial services especially to the customers in rural and semi-urban areas.
  • The bank also offers easy and convenient banking services through its mobile banking app Finopay.
This digest is not complete. Read the complete digest on the General Awareness Course.
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