Category: Economics Current Affairs

What Is Crypto lending? Major U.S. cryptocurrency lending company Celsius Network froze withdrawals and transfers on June 13, 2022, citing “extreme” market conditions, sparking a sell-off across crypto markets. Celsius is a crypto lender, which essentially means it is a bank of the crypto world. Crypto lenders allow customers to deposit their coins with them […]

Neobanks: The RBI (Reserve Bank of India) is taking a hard look at the neobank business model where fintechs plug into a conventional bank’s network and become customer-facing banking service providers. The concern is that the digital model business can scale up very fast and could grow to be bigger than the underlying bank in […]

TDS On Virtual Digital Assets: The Government of India clarified that the TDS on virtual digital assets (VDA) continues to be 1%. The clarification from the Income Tax comes at a time when some media reports mentioned that the TDS rate for virtual digital assets has been dropped to 0.1% from 1% as announced earlier […]

Regulations Review Authority: The Regulations Review Authority of the Reserve Bank of India (RBI) has recommended withdrawal of 714 regulatory instructions which have either become obsolete or redundant. This is part of the RRA 2.0 recommendations on issues such as, Ease of compliance, Reduction of regulatory burden Rationalization of reporting mechanism, Streamlining instructions and communication. […]

Repo Rate: The Reserve Bank of India (RBI) Governor announced that the Monetary Policy Committee voted unanimously to hike the benchmark interest rate by 50 bps with immediate effect. The Reserve Bank of India (RBI) increased the repo rate by 50 basis points to 4.90%. The earlier repo rate was 4.40% after the rates were […]

The Monetary Policy Committee Decisions: The Monetary Policy Committee of Reserve Bank of India, which met from 6-8 June 2022, took the following decisions. Taking into account the increase in housing prices since the limits were last revised and considering the customer needs, it has been decided to increase the existing limits on individual housing […]

What Is a Bad Bank? The Ministry of Finance has announced that the National Asset Reconstruction Company (NARCL) along with the India Debt Resolution Company (IDRCL) will take over the first set of bad loans from banks and try to resolve them. The health of the balance sheets of Indian banks has improved significantly over […]

Single Nodal Agency (SNA) Dashboard: Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman launched the Single Nodal Agency (SNA) Dashboard during the Iconic Week Celebrations of Azadi Ka Amrit Mahotsav celebrations of Ministry of Finance, in New Delhi. The Ministry of Finance & Ministry of Corporate Affairs’ Iconic Week celebrations from 6th June […]

Stagflation: Authorities worldwide, particularly central bankers, foresaw a period in the near future “where growth is low, unemployment is at least up a little bit and inflation is still high”, adding, “So you could call that stagflation”. The most difficult problem for policymakers is when inflation runs high even as economic output either stagnates or, […]