1. Education loans register 17% growth in FY23
According to Reserve Bank of India’s (RBI) data, the outstanding portfolio under education loans grew 17 per cent at ₹96,847 crore in the year 2022-23 as against ₹82,723 crore in the previous year.
The priority sector education loans show growth of 0.9 per cent in FY 2022-23 which is significant because the growth in education loans was flat during 2021-22 & it was negative for the three years prior to it.
International News
2. New Zealand Slips into Recession as GDP Falls 0.1% in March Quarter
New Zealand's economy has slipped into a recession, as the first-quarter Gross Domestic Product (GDP) fell by 0.1 percent. This decline follows a revised 0.7 percent drop in GDP in the fourth quarter of 2022, meeting the technical definition of a recession.
The country's economic downturn can be attributed to a combination of factors, including measures taken by the central bank to combat inflation and the adverse effects of natural disasters.
Economy News
3. India's Inflation Rate Declines to a 2-Year Low in May 2023
The latest data from the Ministry of Statistics and Programme Implementation reveals that India's retail inflation, as measured by the consumer price index (CPI), dropped to a more than two-year low of 4.25% in May 2023.
This significant decline follows a peak of 7.79% in April 2022 and a low of 4.06% in January 2021. Additionally, the wholesale price inflation, measured by the wholesale price index (WPI), stood at -0.92% in April 2023, down from 1.34% in March 2023. These figures indicate a favorable trend in the country's inflation rate.
Business News
4. Indian Oil Corp Partners with LanzaJet to Establish Aviation Fuel Plant in Haryana
Indian Oil Corp (IOC), one of India's largest oil refiners, has announced its collaboration with LanzaJet, a leading sustainable fuels technology company, to establish an aviation fuel plant in Haryana.
With an investment of approximately 23 billion rupees ($280.1 million), this strategic partnership aims to promote the production of sustainable aviation fuel (SAF) in the country. IOC Chairman, S.M. Vaidya, shared this significant development during an industry event held in New Delhi.
Banking News
5. Fino Payments Bank Partners with Hubble to Introduce India's First Spending Account
Fino Payments Bank has announced its collaboration with Sequoia Capital-backed fintech Hubble to launch India's first spending account.
This innovative offering allows customers to conveniently park their funds, make purchases across various categories such as food ordering, shopping, travel, and entertainment, and save up to 10 percent on all transactions made through the account.
