Index of Eight Core Industries (ICI) 2024 Report: The combined Index of Eight Core Industries (ICI) recorded a 4.3% growth in November 2024 compared to November 2023.The ICI measures the combined and individual performance of production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The eight […]
Category: Economics Current Affairs
The State Bank of India (SBI) has launched a fully digital, TAB-based onboarding process for NRIs to open NRE and NRO accounts.
The State Bank of India (SBI) has launched a fully digital, TAB-based onboarding process for NRIs to open NRE and NRO accounts.: The State Bank of India (SBI) has introduced a TAB-based end-to-end digital onboarding process for Non-Resident Indians (NRIs) to streamline the opening of Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts. This initiative, […]
RBI’s Guidelines on Government Debt Relief Scheme
RBI’s Guidelines on Government Debt Relief Scheme: The Reserve Bank of India (RBI) has issued detailed guidelines for lenders participating in the Government Debt Relief Scheme, aiming to provide structured relief to borrowers facing financial distress. This initiative aligns with the RBI’s ongoing efforts to enhance financial stability and support economic recovery.
Rajat Verma Appointed CEO of DBS Bank India
Rajat Verma Appointed CEO of DBS Bank India: Rajat Verma, the current head of the Institutional Banking Group at DBS Bank India, has been appointed as the new CEO of DBS Bank India, effective March 1, 2025. This announcement comes after the retirement of Surojit Shome, who has been at the helm since 2015. Verma’s […]
RBI Introduces Name Lookup for NEFT and RTGS
RBI Introduces Name Lookup for NEFT and RTGS: The Reserve Bank of India (RBI) has announced a name lookup facility for Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems, aiming to reduce fraud and errors. This feature, similar to what Unified Payments Interface (UPI) and Immediate Payment Service (IMPS) offer, will allow […]
GST Growth Slows to 7.3% in December
GST Growth Slows to 7.3% in December: India’s GST collection growth slowed to 7.3% YoY in December 2024, with gross revenue standing at ₹1.77 lakh crore, compared to ₹1.65 lakh crore in December 2023. This marks the slowest growth in three months and highlights a slight decline in consumer spending post-holiday season. GST revenues have […]
SAIL Earns Great Place to Work Recognition for Second Year
SAIL Earns Great Place to Work Recognition for Second Year: Steel Authority of India Limited (SAIL) has achieved a significant milestone by being re-certified as a ‘Great Place to Work’ for the period January 2025 to January 2026. This prestigious recognition from the Great Place to Work Institute, India, marks SAIL’s second consecutive certification, as […]
Asian Development Bank : In News
Asian Development Bank : In News The Government of India and the Asian Development Bank (ADB) signed two crucial loans aimed at strengthening India’s infrastructure and supporting sustainable growth.The USD 500 million loan aims to finance green and sustainable infrastructure projects aligned with India’s climate commitments, particularly focusing on connectivity, energy transition, and under-resourced sectors […]
Trends and Progress of Banking in India 2023-24
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 […]
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.
