Trends and Progress of Banking in India 2023-24: The Reserve Bank of India (RBI) has raised alarms over the increasing reliance on unsecured lending and private credit, calling for enhanced vigilance in its annual Trends and Progress of Banking in India 2023-24 report.GNPAs reached a 13-year low of 2.7% in March 2024, further dropping to […]
Category: Economics Current Affairs
RBI Sets Up Committee for Ethical AI in Finance
RBI Sets Up Committee for Ethical AI in Finance: RBI has established an eight-member committee to develop a Framework for Responsible and Ethical AI (FREE-AI) adoption in the financial sector. The committee is chaired by Professor Pushpak Bhattacharyya from IIT Bombay and consists of specialists from academia, government, and industry.
‘FREE-AI’ Committee
‘FREE-AI’ Committee: The Reserve Bank of India recently said it has set up a committee, which will be called as FREE-AI, to develop the framework for responsible and ethical enablement of artificial intelligence It is an eight-member panel constituted by the Reserve Bank of India (RBI) to develop a framework for responsible and ethical Artificial […]
Dr. Pushpak Bhattacharyya Committee
Dr. Pushpak Bhattacharyya Committee: The Reserve Bank of India (RBI) has constituted an eight-member committee to develop a framework for the ethical and responsible adoption of Artificial Intelligence (AI) in the financial sector.Established by Reserve Bank of India (RBI). Total Members: 8. Chaired by Dr. Pushpak Bhattacharyya, a Professor at IIT Bombay. Aim is to […]
Haryana Hikes DCRG Limit by 25%
Haryana Hikes DCRG Limit by 25%: The Haryana government, under Chief Minister Nayab Singh Saini, has made several significant decisions to enhance employee benefits, improve governance, and address public concerns. The decisions were announced after a state cabinet meeting, including increases in gratuity limits, updates to development charges policies, and reforms in public service exams.
Increasing Real Effective Exchange Rate in India
Increasing Real Effective Exchange Rate in India: the Reserve Bank of India (RBI) reported that the Real Effective Exchange Rate (REER) of the rupee reached 108.14 in November 2024 from 107.20 in October 2024, marking its highest level this year.The rupee’s REER of 108.14 indicates overvaluation since 2015-16, undermining export competitiveness, despite nominal depreciation against […]
Wealth Tax : Proposal To Reintroduce
Wealth Tax : Proposal To Reintroduce The proposal to reintroduce wealth tax in India has sparked debates, with arguments for reducing inequality through redistribution versus concerns over capital flight and administrative inefficiencies.Wealth tax is a direct tax levied on the net wealth of individuals, HUFs, and companies to ensure redistribution of resources. In India, it […]
Monetary and Fiscal Policy
Monetary and Fiscal Policy: A finance ministry report cited monetary policy, macroprudential measures, and structural factors as possible contributors to the demand slowdown, highlighting differing views with the RBI on growth and inflation.Fiscal policy refers to the government’s use of taxation, spending, and borrowing to influence economic activity.
Annual Survey of Unincorporated Sector Enterprises
Annual Survey of Unincorporated Sector Enterprises: The Ministry of Statistics and Programme Implementation (MoSPI) has released the results of Annual Survey of Unincorporated Sector Enterprises (ASUSE) for 2023-24. The ASUSE 2023-24 results highlight significant growth in establishments, employment, and productivity in the unincorporated non-agricultural sector. The total number of establishments in the sector increased substantially […]
Real Effective Exchange Rate (REER)
Real Effective Exchange Rate (REER): The real effective exchange rate (REER) index of the rupee touched a record 108.14 in November, strengthening by 4.5 per cent during this calendar year, according to the latest RBI data.REER is a weighted average of a nation’s currency value against the currencies of its trading partners, adjusted for inflation.
