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 […]
Category: Economics Current Affairs
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.
‘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 […]
