Eight Major Banks Have Joined The Account Aggregator (AA) Network: Eight major banks have joined the Account Aggregator (AA) network that will enable customers to easily access and share their financial data An AA is a framework that simply facilitates sharing of financial information in a real-time and data-blind manner (Data flow through AA are […]
Category: Economics Current Affairs
Eastern Economic Forum (EEF): 6th Edition
6th Eastern Economic Forum (EEF): The Prime Minister of India (PM) addressed the plenary session of the 6th Eastern Economic Forum (EEF) via video-conferencing. The PM highlighted the importance of India-Russia relations and potential areas of cooperation in line with the ‘Special and Privileged Strategic Partnership’. Highlights of PM’s Address: Applauded Russia’s vision for the […]
24th Meeting Of Financial Stability And Development Council (FSDC)
24th Meeting Of Financial Stability And Development Council (FSDC).: The 24th meeting deliberated on various mandates of the FSDC such as financial stability, financial sector development, inter-regulatory coordination, financial literacy, financial inclusion, and macro prudential supervision of the economy including the functioning of large financial conglomerates. The council also discussed issues relating to Management of […]
Prices Of Edible Oil: Trends
Prices Of Edible Oil: Edible oil prices are likely to reduce by December as international commodity futures show a declining trend and the production of domestic oilseed crops. Last year, the retail prices of six edible oils — groundnut, mustard, vanaspati, soya, sunflower, and palm oil had risen up to 48%. This was due to […]
Anti-trust Case Filed Against Apple Inc
An anti-trust Case Filed Against Apple Inc: An anti-trust case filed against Apple Inc for allegedly abusing its market position in the Indian economy. Apple is instituting policies that forces developers to use its proprietary in-app purchase system This allegation is similar to what Apple faced in the EU where regulators last year started an […]
Rural Local Bodies : Finance Commission (FC) Grants
Rural Local Bodies. The Ministry of Finance has released an amount of Rs. 13,385.70 crore to 25 States for providing grants to the Rural Local Bodies. This Grant-in-aid is the 1st installment of Tied grants of the year 2021-22. The grants have been released as per the recommendations of the 15th Finance Commission. Finance Commission […]
Provident Fund (PF) Accounts
Provident Fund (PF) Accounts The government has decided to split existing Provident Fund (PF) accounts into two separate accounts in order to operationalise the new tax on PF income arising out of employee contributions exceeding ₹2.5 lakh a year. The Finance Ministry notified new Income Tax rules to this effect, but experts said this could […]
Types of Economic Recovery
Economic Recovery: The National Statistical Office data has revealed that the Indian economy grew at a record pace of 20.1% in April-June 2021, as compared to the corresponding period last year. Last year, Gross domestic product (GDP) contracted 24.4% in the same period, when the national lockdown due to the Covid-19 pandemic had nearly halted […]
Special Drawing Rights (SDR)
Special Drawing Rights (SDR): The International Monetary Fund (IMF) has made an allocation of Special Drawing Rights (SDR) 12.57 billion (equivalent to around $17.86 billion at the latest exchange rate) to India. Now, the total SDR holdings of India stand at SDR 13.66 billion. Special Drawing Rights (SDR): The SDR is neither a currency nor […]
Loan Guarantee Scheme For Covid-affected Sectors (LGSCAS)
Loan Guarantee Scheme For Covid-affected Sectors (LGSCAS): The Finance Minister has asked all stakeholders to conclude Rs 50,000 crore Loan Guarantee Scheme for Covid-Affected Sectors (LGSCAS) in non-metros in time to deal with any future third wave. The LGSCAS scheme is aimed at boosting medical infrastructure in the country, specifically targeting underserved areas. The scheme […]
