Sequoia Capital: Sequoia Capital has raised $2.85 billion to invest in startups in India and Southeast Asia. Of this, the venture capital firm will deploy about $2 billion in Indian startups while the remaining $850 million will be used to fund startups in the Southeast Asia region. This is the biggest dedicated India fund raised […]
Category: Economics Current Affairs
What Is Surety Bond?
What Is Surety Bond? The Ministry for Road Transport & Highways (MORTH) has asked insurance regulator Insurance Regulatory and Development authority (IRDAI) to develop a model product on Surety Bonds in consultation with general insurers. Several challenging issues which made Surety Bond a complete non-starter with the insurers have also been discussed and it was […]
Regulation Of Bigtech And Fintech Companies : RBI
Regulation Of Bigtech And Fintech Companies : RBI RBI governor has asked for regulation of Bigtech and Fintech companies. For this, With an aim to provide secure and affordable e-payments, the Reserve Bank of India (RBI) has come up with a document ‘Payments Vision 2025’ Document ‘Payments Vision 2025’: As part of its Vision 2025, […]
Recruiting 10 Lakh Personnel
Recruiting 10 Lakh Personnel: Prime Minister Narendra Modi announced that his government would be recruiting 10 lakh personnel within the next 18 months (1.5 years), “on a mission mode” , a major drive after recruitment to government jobs was derailed following the COVID-19 pandemic. Unemployment has emerged as one of the major challenges before the […]
What Is Crypto lending?
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
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
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
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. […]
Hike in Repo Rate
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 […]
Monetary Policy Committee Decisions: June 2022
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 […]
