Announcement On Setting Up 75 Digital Banking: Finance Minister Nirmala Sitharaman has reiterated her Budget announcement on setting up 75 digital banking units in 75 districts of the country this year. This is to take forward the government’s agenda of digital financial inclusion. Digital banking involves taking all traditional banking activity online — doing away […]
Category: Economics Current Affairs
International Financial Services Centres Authority
International Financial Services Centres Authority: International Financial Services Centres Authority (IFSCA), has notified a comprehensive regulatory framework for Investment Funds in the official gazette on April 19, 2022. Registering the Fund Management Entity: A Fund Management Entity will be registered with IFSCA and will be able to manage different types of funds and schemes subject […]
Fincluvation
Fincluvation: India Post Payments Bank (IPPB), a 100% government owned entity under Department of Posts (DoP) announced the launch of Fincluvation– a joint initiative to collaborate with Fintech Startup community to co-create and innovate solutions for financial inclusion. Fincluvation is an Industry first initiative to create a powerful platform to mobilize the start-up community towards […]
Marginal Cost Of Funds-Based Lending Rates Raised
Marginal Cost Of Funds-Based Lending Rates Raised: State Bank of India (SBI) raised the marginal cost of funds-based lending rates (MCLR) for the first time in three years, signalling that the soft rates regime that has prevailed since 2019 may be over. SBI raised the MCLR by 10 basis points (bps) across tenures to 7.1% […]
World’s First Crypto-Backed Payment Card
World’s First “Crypto-Backed” Payment Card: Crypto lender Nexo has collaborated with Mastercard to launch the world’s first “crypto-backed” payment card. This launch has signaled the move by financial and crypto networks to collaborate as digital assets are becoming more mainstream. Initially, the card will be available in selected European countries. It will allow users to […]
State of the Economy Report : RBI
State of the Economy Report : RBI The Reserve Bank of India (RBI) in its ‘State of the economy’ report cautioned that the surging commodity prices are causing inflation risks, especially through the surging of imports. The ever-growing widening of current and trade account deficits along with the portfolio capital outflows is putting pressure on […]
Oil Bonds
Oil Bonds: The government issues oil bonds to compensate the oil marketing companies (OMCs) to offset the losses that are suffered by them with the aim of shielding consumers from rising crude oil prices. These bonds were issued by the government mainly from 2005 to 2010. Nirmala Sitharaman, Finance Minister had said that the central […]
South Asia Economic Focus: World Bank
South Asia Economic Focus: World Bank The World Bank in its report South Asia Economic Focus (Bi- Annual) cut its economic growth forecast for India and the whole South Asian region. South Asia Economic Focus describes recent economic developments, analyses the economic impact on South Asia of the war in Ukraine, presents growth forecasts, provides […]
Rural Inflation
Rural Inflation: Official data pegs rural inflation in March at 7.66%, with several States reporting even higher inflation, including West Bengal (8.85%), Uttar Pradesh and Assam (8.19%) as well as Madhya Pradesh (7.89%). Urban inflation has usually tended to be higher than rural inflation by an average of about 0.8 percentage points through most of […]
National Conference On Cooperation Policy : Highlights
National Conference On Cooperation Policy: The National Conference on Cooperation Policy concluded in New Delhi. Highlights of the Conference: The conference was structured into six important themes covering not only the whole life cycle of cooperatives but also touching upon all the facets of their business and governance. The panel discussions have been held on […]
