Regulatory Framework For Microfinance Loans: Highlights The Reserve Bank of India (RBI) allowed Microfinance Institutions(MFI) the freedom to set interest rates they charge borrowers, with a caveat that the rates should not be usurious. The guidelines will take effect 1st April 02022. Earlier in 2021, the RBI proposed to lift the interest rate cap on […]
Category: Economics Current Affairs
37th Foundation Of National Crime Records Bureau
37th Foundation Of National Crime Records Bureau: The 37th Foundation Day of National Crime Records Bureau (NCRB) was celebrated (11th March 1986) . NCRB, headquartered in New Delhi, was set-up in 1986 under the Ministry of Home Affairs to function as a repository of information on crime and criminals so as to assist the investigators […]
Employees’ Provident Fund Organisation (EPFO) Interest Rate 2021-2022
Employees Provident Fund Organisation (EPFO) : Key Points Union Minister for Labour & Employment announced the Employees’ Provident Fund Organisation (EPFO) interest rate for the year 2021-2022 after chairing the two-day long meeting of the 230th Central Board of Trustees (CBT) at Guwahati. The return on workers’ retirement savings parked with the Employees’ Provident Fund […]
Current Account Deficit : Key Points
Current Account Deficit : Key Points An American financial services company Morgan Stanley has predicted that the Current Account Deficit will widen to a 10-year high of 3% of GDP in FY23. In the wake of continued geopolitical tensions, the surge in oil prices is likely to be sustained, which would lead to deterioration […]
MSME Innovative Scheme: Key Points
MSME Innovative Scheme: Key Points The Ministry of MSME (Medium, Small and Micro Enterprises) has launched the MSME Innovative Scheme (Incubation, Design and IPR) along with the MSME IDEA HACKATHON 2022. It is the combination of existing sub-schemes around incubation, design, and Intellectual Property Rights (IPR) for MSMEs. The government also announced equity support of […]
RBI Conducted A $5 Billion Dollar-Rupee Swap
RBI Conducted A $ 5 Billion Dollar-Rupee Swap: The Reserve Bank of India (RBI) conducted a $ 5 billion dollar-rupee swap auction as part of its liquidity management initiative, leading to infusion of dollars and sucking out of the rupee from the financial system. The RBI sold $5.135 billion to banks on March 8 and […]
UPI123Pay and Digisaathi: New UPI Services By RBI
New UPI Services By RBI: UPI123Pay And Digisaathi The Reserve Bank of India (RBI) has launched new UPI services for feature phones called UPI123Pay for non internet users to make digital payments, also launched a 24×7 helpline for digital payments called ‘Digisaathi’. ‘Digisaathi’ has also been set up by the National Payments Corporation of India […]
What Is National Land Monetization Corporation (NLMC)?
What Is National Land Monetization Corporation (NLMC)? The Union Cabinet has approved the setting up National Land Monetization Corporation (NLMC) as a wholly owned Government of India company. The Finance Minister had announced plans to set up a special purpose vehicle for this purpose in the Union Budget 2021-22. In August, 2021, the government of […]
Equalisation Levy
Equalisation Levy: Justifying the 2 per cent equalisation levy (EL) imposed by India on the supply of services by multinational enterprises, finance minister Nirmala Sitharaman has said it is a sovereign right to tax revenues earned from operations in the country. About the Equalisation Levy: India was the one of the first countries to introduce […]
FATF Retains Pakistan In Grey List
FATF Retains Pakistan In Grey List: The Financial Action Task Force (FATF) has retained Pakistan on its ‘greylist’ or ‘increased monitoring list’. The FATF included the United Arab Emirates (UAE), with which India signed a free trade agreement in February 2021. There are 17 countries on the grey list of the FATF. Zimbabwe has been […]
