Category: Economics Current Affairs

Banks are moving away from the Insolvency and Bankruptcy Code: Banks are moving away from the Insolvency and Bankruptcy Code (IBC) due to falling recovery rates (down to 28% in FY24 from 40% in FY23) and prolonged resolution timelines (often exceeding 600 days). The number of cases admitted to NCLT has also droppedThe Insolvency and […]

India’s Forex Reserves Declined: India’s forex reserves dropped to $625.87 billion as of January 10, 2025, down from $634.59 billion the previous week. The decline is due to RBI interventions to stabilize the rupee, global economic challenges, and currency depreciation.The Reserve Bank of India (RBI) has been actively intervening in the forex market to stabilize […]

SBI Payments & Pine Labs Boost Partnership for Digital Commerce Growth: State Bank of India (SBI) Payments and Pine Labs have announced the strengthening of their 12-year-old partnership. This new phase of collaboration, which began on January 25, 2025, is focused on driving the adoption of digital payments across India. By enhancing merchant solutions and […]

New CEO of Zoho Corp: Zoho Corporation, a leading cloud software startup, has announced a significant leadership change. On January 27, CEO Sridhar Vembu revealed that he would step down as the company’s CEO and take on the role of Chief Scientist, focusing on research and development. In his place, Shailesh Kumar Davey, a co-founder […]

Enhanced Certificates of Origin 2.0 System: The Directorate General of Foreign Trade (DGFT) has launched the enhanced Certificate of Origin (eCoO) 2.0 System. Enhanced Certificates of Origin 2.0 System is an upgrade designed to simplify the certification process for exporters and enhance trade efficiency. It offers several user-friendly features, such as multi-user access, which enables […]

IDBI Bank Reappoints Rakesh Sharma as MD & CEO for 3 Years: IDBI Bank’s Board of Directors has approved the reappointment of Rakesh Sharma as Managing Director and Chief Executive Officer (MD & CEO) for a three-year term, effective March 19, 2025. This decision follows the necessary approval from the Reserve Bank of India (RBI).

Government Approves ₹500 Crore Capital Infusion into IFCI for FY 2024-25: The Government of India has approved a ₹500 crore capital infusion into the Industrial Finance Corporation of India (IFCI) for FY 2024-25. This infusion, part of the supplementary demand for grants, aims to strengthen IFCI’s financial position.This strategic move aims to bolster IFCI’s financial […]

Unified Pension Scheme : In News The Union Finance Ministry recently notified operationalization of the Unified Pension Scheme (UPS) as an option under the National Pension System (NPS) for central government employees. UPS will apply to Central Government employees who are covered under the National Pension System (NPS) and who choose this option under the […]

Reserve Bank-Integrated Ombudsman Scheme: The Reserve Bank of India (RBI) resolved 95 per cent of complaints received under the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS) between April 1, 2023, and March 31, 2024. Reserve Bank-Integrated Ombudsman Scheme was launched on November 12, 2021. It adopts ‘One Nation – One Ombudsman’ approach by making the RBI’s Ombudsman […]

India has significantly reduced its fiscal deficit: India has significantly reduced its fiscal deficit from a pandemic high of 9.2% of GDP in FY 2020-21 to an estimated 5.6% in FY 2023-24, with a target of 4.9% for FY 2024-25.Through targeted spending and enhanced revenue collection, the country has made substantial progress in fiscal consolidation […]