News: The Reserve Bank of India issued 14 final directions on April 27 introducing new norms for recognising bad loans in banks. About RBI’s New Norms for Recognizing Bad Loans Main change: The new RBI norms shift banks from the incurred loss model, which is based on past losses. Banks will now follow a forward-looking… Continue reading RBI’s New Norms for Recognizing Bad Loans
Category: Factly – Indian Economy
This category contains all Current Affairs Factly Articles for Prelims, related to the Indian economy. You can find all relevant Economy updates on this page. This page is specifically useful for UPSC Prelims exam.
Index of Service Production (ISP)
News: The Ministry of Statistics and Programme Implementation has proposed creating an Index of Services Production (ISP) for the formal sector using GST data, with 2024–25 as the base year. About Index of Services Production (ISP) The Index of Services Production (ISP) aims to monitor the progress of the services sector. Proposed by: It is… Continue reading Index of Service Production (ISP)
Payment Banks
News: The Reserve Bank of India (RBI) recently revoked the banking licence of Paytm Payments Bank Limited, bringing its operations as a bank to an end from April 24. About Payment Banks Formation: Payment Banks in India were established in 2014 based on the recommendations of the Nachiket Mor Committee. It was set up to… Continue reading Payment Banks
SAARC Currency Swap Framework
News: India approved Rs. 30 billion withdrawal for Maldives under SAARC Currency Swap Framework, reaffirming financial support and regional cooperation commitment. About SAARC Currency Swap Framework SAARC currency swap framework provides SAARC countries a line of funding for short-term foreign exchange requirements. Currency Swap Framework: It is a contract between countries to exchange currencies with… Continue reading SAARC Currency Swap Framework
Pradhan Mantri Gram Sadak Yojana-III
News: The Union Cabinet approved continuation of PMGSY-III beyond March 2025 till March 2028 with revised outlay and extended timelines. About Pradhan Mantri Gram Sadak Yojana-III It is the third phase of rural road development focusing on consolidation and upgradation of existing routes under the Pradhan Mantri Gram Sadak Yojana (PMGSY). Launched In: PMGSY was… Continue reading Pradhan Mantri Gram Sadak Yojana-III
Vishwa Sutra Initiative
News: Ministry of Textiles launched “Vishwa Sutra – Weaves of India for the World” to promote Indian handlooms globally through contemporary design framework. About Vishwa Sutra Initiative It is an initiative to present Indian handlooms in a contemporary global design framework. Launched by: It has been launched by the Office of the Development Commissioner (Handlooms)… Continue reading Vishwa Sutra Initiative
Potato Cultivation in India
News: Farmers’ organisations claim that the Centre’s potato procurement price is only about half of the actual input cost. About Potato Cultivation in India It is a root vegetable plant native to America and domesticated in Peru about 6000 years ago. In India, it was introduced by the Portuguese in the 16th century, and since… Continue reading Potato Cultivation in India
National Floor Level Minimum Wage (NFLMW)
News: The Indian government is fast-tracking the introduction of a national floor-level minimum wage (NFLMW) to address differences in worker pay across states. About National Floor Level Minimum Wage (NFLMW) The National Floor Level Minimum Wage (NFLMW) is the minimum pay below which no state government can set the minimum wage for workers. Wage includes… Continue reading National Floor Level Minimum Wage (NFLMW)
IndiaAI Startups Global Acceleration Programme
News: The IndiaAI Mission has announced the selection of 10 cutting-edge Indian AI startups for the second cohort of the IndiaAI Startups Global Acceleration Programme. About IndiaAI Startups Global Acceleration Programme It is an ambitious initiative designed to empower Indian AI startups with unparalleled global market access. Aim: It aims to provide Indian AI startups… Continue reading IndiaAI Startups Global Acceleration Programme
Urban Challenge Fund and Credit Repayment Guarantee Sub-Scheme (CRGSS)
News: Union Minister Shri Manohar Lal launched Operational Guidelines for Urban Challenge Fund and Credit Repayment Guarantee Sub-Scheme in New Delhi. About Operational Guidelines for Urban Challenge Fund (UCF) It is a market-linked, reform-driven, and outcome-oriented catalytic instrument for urban infrastructure financing. Duration: It will be implemented from FY 2025–26 to FY 2030–31. Nodal Ministry:… Continue reading Urban Challenge Fund and Credit Repayment Guarantee Sub-Scheme (CRGSS)
