Universal Account Number: The Employee Provident Fund Organisation (EPFO) has extended the deadline for activating Universal Account Numbers (UAN) and linking Aadhaar with bank accounts Universal Account Number (UAN) is a number allotted to all salaried employees, who contribute a part of their income towards the Employee Provident Fund (EPF). It is a 12-digit number […]
Category: Economics Current Affairs
RBI Lifts Lending Restrictions on Asirvad Micro Finance and DMI Finance
RBI Lifts Lending Restrictions on Asirvad Micro Finance and DMI Finance: The Reserve Bank of India (RBI) has lifted the restrictions imposed on Asirvad Micro Finance Limited and DMI Finance Private Limited, allowing them to resume loan sanctioning and disbursal operations immediately.
Indian microfinance sector has grown by over 2,100% in the past 12 years
Indian microfinance sector has grown by over 2,100% in the past 12 years: Over the past 12 years, India’s microfinance sector has experienced an extraordinary expansion, with its business increasing from ₹17,264 crore in March 2012 to ₹3.93 lakh crore by November 2024—a growth of over 2,100%. This significant rise underscores the sector’s pivotal role […]
Growth forecast of 6.3% for FY25
Growth forecast of 6.3% for FY25: The State Bank of India (SBI) has revised its GDP growth forecast for the financial year 2024-25 (FY25) to 6.3%, slightly below the National Statistical Office’s (NSO) projection of 6.4%. This adjustment reflects concerns over a slowdown in lending and manufacturing, coupled with a high base effect from the […]
India’s fiscal deficit target of 4.9%
India’s fiscal deficit target of 4.9%: Despite a downward revision in India’s GDP growth forecast for the fiscal year 2024-25, the government’s fiscal deficit target of 4.9% of GDP remains attainable. The National Statistics Office (NSO) has projected a nominal GDP growth of 9.7% for FY25, slightly below the earlier estimate of 10.5%.
World Gold Council : In News
World Gold Council : In News Central banks around the world collectively, in November 2024, added 53 tonnes of gold to their reserves, of which the Reserve Bank of India’s addition was 8 tonnes, the World Gold Council (WGC) said in a report recently. World Gold Council (WGC) is a non-profit association of the world’s […]
SBI Reports Decline in Poverty in India
SBI Reports Decline in Poverty in India: A recent research report by the State Bank of India (SBI) highlights a remarkable decline in poverty rates across rural and urban India.The report attributes this decline to targeted government interventions, enhanced rural infrastructure, and improved consumption patterns among lower-income groups.Rural Poverty: Reduced to 4.86% in FY24 from […]
State Bank of India’s (SBI’s) Two New Deposit Schemes
State Bank of India’s (SBI’s) Two New Deposit Schemes: The State Bank of India recently launched two new deposit schemes namely, Har Ghar Lakhpati and SBI Patrons, designed to provide customers with greater financial flexibility and enhanced value. Har Ghar Lakhpati Scheme: It is a pre-calculated recurring deposit scheme designed to help customers to accumulate […]
Centralized Pension Payments System
Centralized Pension Payments System: The Employees’ Provident Fund Organisation recently it has fully rolled out the Centralized Pension Payments System (CPPS) under Employees’ Pension Scheme 1995, enhancing the ease of living for millions of pensioners in the country.It is implemented by the Employees’ Provident Fund Organisation (EPFO) which allows pensioners to access their pension from […]
Baanknet Portal
Baanknet Portal: The government recently launched a revamped e-auction portal, ‘Baanknet,’ in Delhi.It is an e-auction portal that consolidates information on all properties that are put up for e-auction by public sector banks (PSBs).The portal is a one-stop destination for buyers and investors offering a wide range of properties.The listings on the new platform include […]
