Category: Economics Current Affairs

Implementation of RTE and Budget Allocation for Education: As of August 7, 2024, Punjab, Telangana, Kerala, and West Bengal have yet to implement the Right to Education (RTE) Act, 2009. Union Minister of State for Education, Jayant Chowdhary, disclosed this in the Rajya Sabha.

UPI Merchant Transactions In Nepal Cross 100000 Milestone: NPCI International Payments Limited (NIPL) has achieved a major milestone by surpassing 100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal, the NIPL said in a statement. NIPL is an international arm of the National Payments Corporation of India (NPCI).    

Book Launch Spotlight: ’75 Great Revolutionaries of India’: Rajya Sabha Deputy Chairman Harivansh Narayan Singh attended the launch of ’75 Great Revolutionaries of India,’ a book by MP Bhim Singh. Singh praised the work for highlighting lesser-known freedom fighters.  

T.V. Somanathan Appointed as New Cabinet Secretary: Senior IAS Officer T.V. Somanathan has been appointed as the new Cabinet Secretary of India, succeeding Rajiv Gauba, whose term ends this month. Somanathan will begin his two-year tenure on August 30, 2024.

Continuous Clearing Of Cheques:   The Reserve Bank of India (RBI) has announced the implementation of Continuous Clearing of Cheques under the Cheque Truncation System (CTS), aimed at speeding up the cheque clearing process. Currently, CTS takes up to two working days to clear cheques. With the new system, cheques will be scanned, presented, and […]

Banking Laws (Amendment) Bill, 2024:     A bill proposing changes to banking laws, including allowing up to four nominees for a bank account, was introduced in the Lok Sabha recently. The Banking Laws (Amendment) Bill, 2024, aims to strengthen banking governance, enhance reporting consistency to the Reserve Bank of India (RBI), and improve protection […]

Overnight Index Swap: The Deputy Governor of the Reserve Bank of India (RBI) said that RBI has been reviewing the investment limit for foreign investors in the Overnight Index Swap (OIS) market. Overnight Index Swap (OIS) is a derivative instrumentwhere returns under a fixed rate asset are swapped against a pre-determined published index of a […]

Investor Education And Protection Fund: Union Finance Minister introduced the Banking Laws (Amendment) Bill, 2024 which proposes to enable the transfer of unclaimed dividends, shares and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF). Investor Education and Protection Fund has been established under Section 205C of the Companies Act, 1956 […]

Yen Carry Trade: Major stock markets across the world experienced their sharpest decline in decades and the yen carry trade was one reason behind this decline. Yen carry trade is a trading strategy that involves borrowing at a low interest rate and investing in an asset that provides a higher rate of return. It is […]