Expected Credit Loss (ECL) Regime: Credit rating agency India Ratings and Research recently said that banks would have adequate time and financial strength to absorb the impact of transition to expected credit loss regime. The Reserve Bank of India (RBI) recently proposed to move the banking system to an expected credit loss-based provisioning approach from […]
Category: Economics Current Affairs
QR-Code Based Coin Vending Machine : RBI
QR-Code Based Coin Vending Machine : RBI RBI recently announced its plan to launch a pilot project to assess the functioning of QR-code based coin vending machines (QCVM). QCVM is a cashless coin dispensation machine that would dispense coins with the requisite amount being debited from the customer’s account using United Payments Interface (UPI). It […]
India’s First Municipal Bond Index
India’s First Municipal Bond Index: National Stock Exchange (NSE) launched India’s first municipal bond index- IBMX It will track the performance of bonds issued by municipal corporations. It has investment-grade credit ratings (AA category) The index includes municipal bonds issued as per the Securities Exchange Board of India Issue and Listing of Municipal Debt Securities […]
Angel tax : Impact On Startups In India
Angel tax : Impact On Startups In India A senior government official recently said that the ‘angel tax’ provision in the Finance Bill will not impact startups in India. The Finance Bill 2023 has proposed some changes that will remove the exemption for foreign funds and non-resident investors, who will now have to pay Angel […]
Special Rupee Vostro Accounts
Special Rupee Vostro Accounts: 20 Russian banks have opened Special Rupee Vostro Accounts (SRVA) with partner banks in India for the settlement of payments in rupee for trade between India and Russia. Also, all major domestic banks have listed their nodal officers to sort out issues faced by exporters under the arrangement. In July 2022, […]
Jaadui Pitara : Learning Material
Jaadui Pitara : Learning Material Union Education Minister recently launched an innovative learning material for foundational years of children called “Jaadui Pitara”. ‘Jaadui Pitara’ is a play-based learning material for children in the age group of three to eight years. It is launched by the Union Ministry of Education. It has been designed on the […]
Employee Provident Fund Organization : New Instructions
Employee Provident Fund Organization : New Instructions The Employee Provident Fund Organization recently issued new instructions for pensions. Earlier the amount contributed towards the scheme was capped at Rs 15,000. Now EPFO says the employees can contribute more than this. Both employer and employees contribute a certain amount (from their salary) to the EPFO scheme […]
Draft Reserve Bank Of India (Government Securities Lending) Directions, 2023
Draft Reserve Bank Of India (Government Securities Lending) Directions, 2023: The Reserve Bank of India released Draft Reserve Bank of India (Government Securities Lending) Directions, 2023. The RBI proposed introduction of securities lending and borrowing in Government Securities (G-sec) with an aim to facilitate wider participation in the securities lending market by providing investors an […]
Changes In NEFT And RTGS Systems For FCRA Related Transactions
Changes In NEFT And RTGS Systems For FCRA Related Transactions: The Reserve Bank of India (RBI) recently made changes in NEFT and RTGS systems for Foreign Contribution (Regulation) Act (FCRA) related transactions. This comes after the Home Ministry mandated State Bank of India (SBI) to report all overseas donors’ details, including the purpose of remittances, […]
49th Meeting Of GST Council
49th Meeting Of GST Council: The 49th meeting of the council was recently chaired by Finance Minister Smt Nirmala Sitaraman. Outstanding GST cess dues to the states were cleared. Highlights: GST on liquid jaggery, pencil sharpeners, and tracking devices was reduced A report of the GST Appellate Tribunal was adopted; certain modifications were introduced Capacity-based […]
