Shankar School of Banking October 14 , 2021 39


RBI grants licence to USFBL

  • The Reserve Bank of India has granted a banking licence to Unity Small Finance Bank Ltd (USFBL)
  • It was jointly established by Central Financial Services Ltd and Resilient Innovations Private Limited (BharatPe), to carry out small finance banks business in India.
  • The proposed business model is one of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital experience.

India’s trade with China exceeds 100bn

  • India’s trade with China is set to cross 100 billion mark in 2021 after the third quarterQ3.
  • The two way trade increased  to 49% in the first nine months to $90.37% billion, According to China’ General Administration of Customs(GAC)
  • India’s import from China decreased from 51.7% to $68.4 billion and India’s export increased 42.5% to $21.9 billion.
  • India’s biggest export to China are Iron ore,cotton and other raw material based commodities ,India major imports mechanical and electrical machinery in large quantities.

Reliance Signed an aggrement with Danish Firm

  • Reliance New Energy Solar ltd signed a pact with Stiesdal A/S , a Danish firm, for development and manufacture of Stiesdal  hydrogen electrolysers in India.
  • The pact can have a significant cost reduction in manufacturing electrolysers, so that  it paves a way for commercialisation of affordabe green hydrogen.
  • Reliance inveseted $29 million in NexWafe Gmbh, which will accelerate the development of NexWafe’s solar photovoltaic products in Freiburg.

IMF report on  Indian Economy

  • In the latest world economic outlook report launched by International Monetary Fund, it has estimated the Indian economy to grow by 9.5% in the current fiscal year 2021-22 (FY22) and 8.5% in FY23 (2022-23).
  • IMF expects the global gross domestic product (GDP) to grow by 5.9% in 2021 and 4.9% in 2022
  • The IMF has maintained India’s gross domestic product (GDP) estimates for next financial year at 8.5 per cent, unchanged from its July projections.
  • The world economic outlook report was titled ‘Recovery During a Pandemic Health Concerns, Supply Disruptions, and Price Pressures’.



Oct 14 is observed as the national day of standards

Datewise Archives - Current Affairs