New Economic Policy and Government Sector Das to meet CEOs of banks to discuss slow deposit growth Reserve Bank Governor Shaktikanta Das will hold a meeting with CEOs of public sector banks on Wednesday to discuss issues concerning slow deposit growth and the sustainability of high credit demand. According to Reserve Bank of India (RBI) data, deposits rose by 9.6% compared with 10.2% on a year-on-year basis, while credit offtake witnessed a jump of 17.9% as against 6.5% a year earlier. The meeting would also review the functioning of Digital Banking Units unveiled by Prime Minister Narendra Modi recently. About Digital Banking Units It is a specialised fixed point business unit or hub, set up by scheduled commercial banks, housing certain minimum digital infrastructure for delivering digital banking products and services as well as servicing existing financial products and services digitally in self-service mode at any time. The DBUs are being set up to ensure the benefits of digital banking reach across the country. Recent Trends in Economy Widening Trade Deficit India’s merchandise exports shrank 16.7% in October to $29.8 billion as the global slow down dented overseas demand for the country’s goods. The first contraction since February 2021 dragged outbound shipments below the $30 billion level for the first time in 20 months. The Imports grew 5.7% year on year to $56.7 billion, widening the trade deficit in October to $26.91 billion, as per data released by the Commerce Ministry. Note October was the fourth successive month when the gap between India’s imports and exports exceeded $25 billion. It is stated by the Ministry of Commerce that the October trade data was impacted by the Deepavali, Dussehra festive period as factory workers tend to go on leave and production drops. Reports and Indices The Global Population achieved 8 billion…
