Category: Factly – Indian Economy

What is the News? Union Cabinet has approved the closure of loss-making Handicrafts and Handlooms Export Corporation of India Ltd(HHEC). About Handicrafts and Handlooms Export Corporation of India Ltd(HHEC): It is a central public sector undertaking (CPSE) established in 1958 under the administrative control of the Ministry of Textiles. Mandate/Objectives of the Handicrafts and Handlooms… Continue reading “Handicrafts and Handlooms Export Corporation” closed permanently

What is the news? The Union Cabinet approved a bill to set up a Development Finance Institution(DFI). It will be called National Bank for Financing Infrastructure and Development (NaBFID). About National Bank for Financing Infrastructure and Development (NaBFID): Owned by: Initially, the Government of India will own it with a 100% stake. It will gradually… Continue reading Cabinet Clears Proposal for Setting up of “Development Finance Institution (DFI)”

What is the News? Reserve Bank of India(RBI) has taken out IDBI Bank from the prompt corrective action(PCA) framework. But it is still subject to certain conditions and continuous monitoring. What is Prompt corrective action(PCA) Framework? PCA is an RBI framework. Banks with weak financial metrics are put under the PCA framework by the Reserve… Continue reading IDBI Bank out of “PCA framework”

What is the news? The Union Cabinet has approved a proposal to amend the Insurance Act, 1938. It will increase the foreign direct investment (FDI) limit in the insurance sector to 74% from 49%. Conditions: The increase in the foreign direct investment(FDI) limit in the insurance sector comes with safeguards such as: The majority of… Continue reading Cabinet clears “74% FDI in Insurance Sector”