Which bank inaugurated (12th July 2023) IFSC banking unit at GIFT City, Gandhinagar?

Daily Current Affairs

Canara Bank

Bank of India

Union Bank of India

Punjab National Bank

Correct Answer : Bank of India

Bank of India, on Wednesday (12th July 2023), inaugurated its IFSC Banking Unit (IBU) in the International Financial Services Centre at GIFT SEZ area in Gandhinagar, Gujarat.

“The BOI IBU has the twin advantage of being situated in India, providing the benefit of the time zone window for its counterparts located globally with competitive pricing & quick processing from an experienced team. We are confident of achieving $1 billion in business by March 2024 and $4 billion in the subsequent three years,” said Rajneesh Karnatak, MD& CEO of the bank at the inauguration ceremony.

The IBU will provide services, such as External Commercial Borrowing (ECBs), Trade Finance Facilities, Foreign Currency Loans, Syndication Loans (Origination, Underwriting and Distribution), Foreign Currency deposit account -Current and Term Deposits, besides offering digital banking facilities through transaction-based Internet Banking facility, to various clients allowed as per IFSCA guidelines.

Karnatak further added that the IBU has the advantage of tax heaven for 10 years, lower cost of operation, compared to overseas operations, besides easier regulations for lending to corporates in foreign currencies as there is a unified regulator.

The bank’s overseas branches contribute around 15% mix business to its Global Deposits and 16% to its Global Advances.

Bank of India has a presence in 15 foreign countries through 21 foreign branches, 4 foreign subsidiaries, one joint venture, and one Representative office.

After inaugurating the IBU, Karnatak also inaugurated the NRI Help Centre (NRI HC) housed in the premises of the Centralised Foreign Exchange Back Office (FEBO), in the domestic area of GIFT City..

Source : The Hindu Businessline

Published On : July 14, 2023

Solar’s Ascendance in India :

In 2015, India ranked ninth in solar energy deployment, but by 2023, it produced 5.8% of its electricity from solar, up from 0.5% in 2015. This significant increase underscores India’s commitment to clean energy and its pivotal role in mitigating climate change.

Global Solar Growth Trends :

Ember’s report highlights that solar energy witnessed a remarkable increase globally, with 2023’s solar generation exceeding six times that of 2015. The top four solar growth countries, including India, accounted for 75% of this growth, emphasizing the widespread adoption of solar power worldwide.

Published On : May 9, 2024

Q .

India's Toy Exports Slip to _____ Million in 2023-24

$102.92

$121.19

$139.53

$152.34

Correct Answer : Option (D) - $152.34

India’s toy exports experienced a slight decline to USD 152.34 million in the fiscal year 2023-24, with limited benefits from quality control measures. Despite efforts to bolster the domestic industry and ensure product safety, exports did not see significant improvement.

Declining Export Trends :

Export figures dropped marginally from USD 153.89 million in the previous fiscal year to USD 152.34 million in 2023-24, as outlined by the Global Trade Research Initiative (GTRI). Despite a modest increase in exports from FY’2020 to FY’2022, the subsequent year witnessed a downturn.

Import Trends :

Conversely, imports rose to USD 64.92 million in 2023-24 from USD 62.37 million in the preceding year, indicating a persistent challenge in balancing trade dynamics.

GTRI’s Recommendations :

Comprehensive Industry Development Strategy : GTRI Founder Ajay Srivastava emphasized the necessity for a holistic approach to foster the growth of India’s toy industry and bolster exports.

Domestic Ecosystem Strengthening : Developing a robust domestic ecosystem is paramount, alongside measures to encourage renowned global toy brands to establish manufacturing facilities within India’s borders.

Published On : May 9, 2024

Q .

India Leads Global Remittances, Surpassing _____ Billion Mark.

$50

$100

$200

$250

Correct Answer : Option (B) - $100

India emerged as the global leader in remittances in 2022, receiving over $111 billion, surpassing the $100 billion mark for the first time. The International Organisation for Migration (IOM) highlighted India, alongside Mexico, China, the Philippines, and France, as the top five remittance recipient countries.

Consistent Growth: From $53.48 Billion to $111.22 Billion

The UN’s World Migration Report 2024 underscored India’s consistent growth in remittances, noting a rise from $53.48 billion in 2010 to $111.22 billion in 2022. This significant increase showcases India’s pivotal role in the global remittance landscape.

Southern Asia’s Significance in Global Remittances :

The IOM emphasized Southern Asia’s importance as a major recipient of global remittances, attributed to its high proportion of migrant workers and emigrants. India, Pakistan, and Bangladesh all ranked among the top ten recipients worldwide, highlighting the sub-region’s reliance on labor migration.

Prominent Migration Corridors and Destination Countries :

While India ranks 13th as a destination country for immigrants, it features prominently in various international migration corridors, including India-United Arab Emirates, India-Saudi Arabia, and Bangladesh-India, all of which are among the top 10. This indicates India’s significant role in global labor migration patterns.

Published On : May 9, 2024