Page 11 - Banking Finance April 2025

ROUNDUP

have progressed to full-scale implemen-
tation, with GenAI tools now actively
deployed in production environments.
This trend signals a major transforma-
tion in conventional healthcare delivery
models and pharmaceutical innovation,
underpinned by the growing reliance on
Ò»©­ AI to streamline operations, enhance
diagnostics, and support research and
development functions.

February GST Collections
Rise 9% to Rs. 1.84 Trillion

on Domestic Demand
ICAI to Upskill 15,000 Chartered Accountants in AI Gross Goods and Services Tax (GST)
Technologies collections grew 9.1% year-on-year in
February 2025 to Rs. 1.84 trillion,
The Institute of Chartered Accountants of India (ICAI) will train an additional driven primarily by robust domestic
15,000 chartered accountants in artificial intelligence (AI), according to its consumption, according to official
President Charanjot Singh Nanda. The apex body currently offers a one-year data. Central GST contributed Rs.
certificate programme in AI, through which over 12,000 CAs have already 35,204 crore, State GST Rs. 43,704
been trained. crore, Integrated GST Rs. 90,870
ICAI, which also operates a dedicated AI committee, is pushing for greater crore, and compensation cess Rs.
technology integration in the accounting profession. Nanda emphasized the 13,868 crore.
need for Chief Financial Officers to embrace technological innovation and Revenue from domestic transactions
ensure its implementation across organizational levels. The initiative reflects rose by 10.2% to Rs. 1.42 trillion, while
ICAI's commitment to equipping professionals with future-ready digital skills. import-related GST collections in-
creased 5.4% to Rs. 41,702 crore. Re-
funds issued during the month stood at
Credit Card Expenditure Y-o-Y to Rs. 16,910. HDFC, SBI, and Axis Rs. 20,889 crore, marking a 17.3% rise
Bank recorded declines of 0.61%,
Climbs 11% in January De- 14.23%, and 7.38% respectively. from the previous year. Net GST rev-
spite Slight Monthly Dip enue for February reached Rs. 1.63
trillion, up 8.1% from Rs. 1.50 trillion
Credit card spending in India surged GenAI Adoption Acceler- in February 2024.
10.8% year-on-year (Y-o-Y) to Rs. 1.84 ates in India's Healthcare
trillion in January 2025, despite a mar- GTRI Recommends Centra-
ginal month-on-month decline, accord- and Pharma Sectors
ing to the latest data from the Reserve India is witnessing a rapid uptake of lised Digital System to
Bank of India. HDFC Bank led the generative artificial intelligence Verify QCOs
growth with a 15.91% Y-o-Y increase to (GenAI), particularly in the healthcare
The Global Trade Research Initiative
Rs. 50,664 crore, while ICICI Bank saw and pharmaceutical industries, accord-
(GTRI) has recommended the creation
a 20.25% rise to Rs. 35,682 crore. ing to a recent EY study. The report of a centralized digital verification sys-
reveals that 66% of healthcare orga-
However, SBI Cards reported a 6% tem to authenticate Quality Control
decline to Rs. 28,976 crore and Axis nizations and 50% of pharmaceutical Orders (QCOs) before their issuance.
Bank's spending dipped by 0.45% to Rs. companies have initiated proof-of-con- GTRI Founder Ajay Srivastava high-
20,212 crore. The average per-card cept projects using GenAI. lighted the growing issue of sub-stan-
spend across the industry rose 1.09% Furthermore, 25% of pharma firms dard imports falsely bearing Bureau of

10 | 2025 | APRIL | BANKING FINANCE