Category: Economics Current Affairs

Unified Pension Scheme : In News The Union Finance Ministry recently notified operationalization of the Unified Pension Scheme (UPS) as an option under the National Pension System (NPS) for central government employees. UPS will apply to Central Government employees who are covered under the National Pension System (NPS) and who choose this option under the […]

Reserve Bank-Integrated Ombudsman Scheme: The Reserve Bank of India (RBI) resolved 95 per cent of complaints received under the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS) between April 1, 2023, and March 31, 2024. Reserve Bank-Integrated Ombudsman Scheme was launched on November 12, 2021. It adopts ‘One Nation – One Ombudsman’ approach by making the RBI’s Ombudsman […]

India has significantly reduced its fiscal deficit: India has significantly reduced its fiscal deficit from a pandemic high of 9.2% of GDP in FY 2020-21 to an estimated 5.6% in FY 2023-24, with a target of 4.9% for FY 2024-25.Through targeted spending and enhanced revenue collection, the country has made substantial progress in fiscal consolidation […]

External Commercial Borrowing: A recent State Bank of India (SBI) report highlights the rising contributions of private sector investments and the role of External Commercial Borrowing (ECBs) in driving corporate financing, modernization, and capital expansion.External Commercial Borrowing (ECB) refers to loans or funding raised by Indian entities from foreign sources, including commercial banks, export credit […]

P. Suriaraj Appointed Executive Director of Dhanlaxmi Bank: P. Suriaraj has assumed the role of Executive Director at Dhanlaxmi Bank, bringing with him a wealth of experience from his tenure at Tamilnad Mercantile Bank Ltd. His appointment is expected to bolster the bank’s strategic initiatives and operational efficiency.

Punjab National Bank (PNB) has become the first Indian bank to launch Clari5’s National Cybercrime Reporting Portal (NCRP) Integration Solution: Punjab National Bank (PNB) has become the first Indian bank to implement Clari5’s National Cybercrime Reporting Portal (NCRP) Integration Solution, marking a significant advancement in fraud prevention and complaint management. This state-of-the-art system, developed in […]

RBI Fines Canara, BOI, and J&K Bank: RBI penalized Canara Bank (₹1.63 crore), J&K Bank (₹3.31 crore), and Bank of India (₹1 crore) for regulatory non-compliance in areas like loans, data, and KYC.These penalties underscore the RBI’s ongoing efforts to enforce regulatory compliance within the banking sector.

Delays in MGNREGA Wages: A recent study in the Indian Journal of Labour Economics (IJLE), revealed that the union government owes Rs 39 crore in delayed wages to Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) workers.The study analyzed 31.36 million wage transactions in 2021-22 and found that the Aadhaar-Based Payment System (ABPS) and caste-based […]

Principal Purpose Test: The Central Board of Direct Taxes (CBDT) has introduced new guidelines for applying the Principal Purpose Test (PPT) under India’s Double Tax Avoidance Agreements (DTAAs), aiming to prevent tax avoidance.These guidelines apply prospectively, with specific exemptions for treaties with Cyprus, Mauritius, and Singapore due to grandfathering provisions.The PPT provisions will apply prospectively, […]

Sachetisation Plan: The Securities and Exchange Board of India (SEBI) is introducing a sachetisation plan to enable small-ticket systematic investment plans (SIPs) starting at ₹250 per month. Sachetisation is a  strategy inspired by FMCG products offering small, affordable units (e.g., shampoo sachets) to penetrate price-sensitive markets. Applied to financial services, it allows low-income investors to […]