Page 12 - Banking Finance November 2024

ROUNDUP

gold loans, with an estimated expan- call centre that will be dedicated to as- Hinton, won the physics award for ar-
sion rate of 17-19% in the coming sisting members with stress manage- tificial intelligence.
years, according to a report by rating ment. Last year, the chemistry prize was
agency ICRA. Among other measures, ICAI in col- awarded to a trio of scientists for their
Over the years, the share of NBFCs in laboration with health institutions, will research on quantum dots, which are
the gold loan market has decreased, introduce stress management minuscule particles measuring only a
with public sector banks (PSBs) ac- programmes. In addition, it will work few nanometers in diameter.
counting for about 63% of the overall with industry partners to promote flex-
GL in March 2024, up from 54% in ible work models. Centre proposes 2022-23
March 2019.
Google AI Scientists part as new base year for GDP
Interestingly, the top four players in
the NBFC gold loan market held an of US Trio Awarded Chem- The new base year for GDP is likely to
83% share in March 2024, down from istry Nobel be 2022-23, a senior government offi-
90% two years prior, as both existing The Nobel prize in Chemistry 2024 has cial said. And the first data with the
and new players diversified into this been awarded to David Baker for "for new base year will be published in Feb-
segment. computational protein design" with ruary 2026.
"NBFC gold loan growth has been in- the other half jointly awarded to The Ministry of Statistics and
fluenced by trends in other loan prod- Demis Hassabis and John M. Jumper Programme Implementation (MoSPI)
ucts like microfinance and unsecured "for protein structure prediction." has suggested this to the Advisory Com-
business or personal loans, which tar- The Nobel committee at the Royal mittee on National Account Statistics.
get similar borrowers," said A M Swedish Academy of Sciences made Similar change in base year is to be
Karthik, co-group head of financial sec- this announcement, a day after two made for Consumer Price Index, which
tor ratings at ICRA. He added that pioneers John Hopfield and Geoffrey measures retail inflation, and Index of
NBFCs' gold loan growth recovered in
FY2024 and is expected to continue
into FY2025, supported by strong gold India saved Rs. 1.06 crore in Foreign Exchange from
prices. Biofuel blending
India, the world's third largest oil importing and consuming nation, saved
ICAI sets up group on Rs 1.06 lakh crore in foreign exchange during the last decade by mixing

stress management biofuels in petrol, Oil Minister Hardeep Singh Puri said.
The Institute of Chartered Accoun- Speaking at the CII Bioenergy Summit, he said the percentage of ethanol,
tants of India (ICAI) on September 30 extracted from sugarcane and other biomass, blending in petrol has risen
announced the setting up of a dedi- from 1.53 percent in 2014 to 15 percent.
cated group to suggest more stress Encouraged by these results, the government has advanced its target to 20
management measures and will also percent blending for 2025, he said.
introduce a counselling help desk
"From 2014 to August 2024, ethanol blending (in petrol) has generated for-
against the backdrop of the death of a eign exchange savings of Rs 1,06,072 crore, reduced CO2 emissions by 544
chartered accountant due to alleged lakh tonnes, and achieved crude oil substitution of 181 lakh tonnes," he said.
work pressure.
Additionally, the government has set an ambitious targets for Sustainable
The institute will also develop peer Aviation Fuel (SAF), aiming for 1 percent blending in 2027 and 2 percent in
support networks where members can
share experiences, seek advice, and 2028, positioning India as a leader in bio-mobility. Emphasising on India's
robust economic growth, he said the country will drive 25 percent of global
collaborate to address challenges re-
energy demand over the next two decades.
lated to stress management.
Bioenergy will be crucial in meeting this demand while advancing climate
Also, a special counselling help desk will goals and rural development.
be introduced within ICAL's national

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