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Banking & Financial Awareness GK Digest : November 2023

Published on Saturday, December 02, 2023
Banking & Financial Awareness GK Digest : November 2023

CCI Approved Investment by IBEF-IV of MO Alternates in SK Finance

Current Context: The Competition Commission of India (CCI) has approved the proposed combination relating to minority investment by India Business Excellence Fund – IV in SK Finance Limited.


  • India Business Excellence Fund – IV (Acquirer) is a Category II Alternative Investment Fund registered with the Securities and Exchange Board of India.
  • It primarily invests in equity and equity-linked instruments and/or debt and/or mezzanine or other instruments of Indian or India-related companies.
  • SK Finance Limited (Target) is a non-banking finance company registered with the Reserve Bank of India as a Non-Banking Non-Deposit Taking Systemically Important Asset Finance Company engaged in the business of providing financing for vehicles (new and used) and loans to Micro Small and Medium Enterprises.

Manoranjan Mishra has been appointed as Executive Director by RBI

Current Context: LIC Mutual Fund (LIC MF) is an asset management company (AMC) with Life Insurance Corporation of India (LIC) as its sponsor and other stakeholders being LIC Housing Finance Ltd, GIC Housing Finance Ltd and Union Bank of India.


  • His appointment is effective from November 1, 2023.
  • He has served as a member in several working groups at the national and international levels, contributing to the formulation of regulatory/supervisory policies.
  • Mishra has experience of over three decades in the RBI, having worked in the areas of regulation of banks and NBFCs, supervision of banks, and currency management.

GST collections increased to ₹1.72 lakh cr in October

Current Context: The Goods and Services Tax (GST) collection for the month of October 2023 has reached an impressive Rs. 1.72 lakh crore. This is the second highest ever recorded, with the highest GST collections recorded in April 2023.

Key Points

  • This shows a remarkable year-on-year growth of 13%3.
  • The gross GST revenue for October 2023 was composed of Rs.30,062 crore in CGST, Rs.38,171 crore in SGST, Rs. 91,315 crore in IGST (including Rs.42,127 crore from imported goods), and Rs. 12,456 crore in cess (including Rs.1,294 crore from imported goods).
  • After the customary settlement, the total revenue for the Centre and the States in October 2023 stood at Rs.72,934 crore for CGST and Rs. 74,785 crore for SGST.
  • The average monthly gross GST collection for the fiscal year 2023-24 now stands at Rs.1.66 lakh crore, marking an 11% rise from the same period in the previous fiscal year.
  • This robust GST collection highlights the underlying resilience of the Indian economy.

RBI has prescribed norms for the closure of DCCB branches

Current Context: The Reserve Bank of India (RBI) has recently permitted the District Central Co-operative Banks (DCCBs) to close their un-remunerative branches without seeking prior permission from the central bank.

Key Facts

  • The decision to close a branch should be taken by the Board of the bank.
  • When a DCCB decides to close a branch, they are required to return the original license or licenses issued for that particular branch to the Regional Office of the RBI that is concerned with their operations.
  • To ensure transparency and minimize inconvenience to depositors and clients, DCCBs must provide a two-month notice in advance of the branch closure.
  • This decision should be based on a thorough evaluation of various relevant factors and the entire process should be properly recorded and minuted during the Board meeting.

State Bank of India (SBI) and M&M Financial Services have signed co-lending agreement

Current Context:M&M Financial Services has entered into a co-lending partnership with the State Bank of India (SBI) to offer affordable solutions to the NBFC’s customers.

Key Highlights

  • This is Mahindra Finance’s first co-lending tie-up with a bank.
  • The pact will harness the distribution strength of Mahindra Finance and the cost-efficient capital of SBI, ensuring wider outreach and better interest rates for customers, which will be determined based on the customer’s credit profile.
  • This will help unlock the potential of priority sector lending and ensure a “personalised and competitive financing experience”.
  • The objective is to extend joint financial support to customers thereby enabling credit to the unserved segments of the economy at an affordable cost.
  • Under this agreement, the NBFC will facilitate leads and manage loan servicing while serving as a single point of contact for prospective customers.

This digest is not complete. Read the complete digest on the Financial Awareness Course.

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