Introduced: The Bill was introduced in Lok Sabha on 22/03/2021 as a Government Bill (Ministry of Finance, Corporate Affairs and Information & Broadcasting). Present Status: The Bill was passed in both the Houses and received President’s assent on 28.03.2021. About National Bank for Financing Infrastructure and Development (NBFID) Act,2021 Aim: The Act seeks to establish… Continue reading National Bank for Financing Infrastructure and Development Act, 2021
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.
POWERGRID Launches E-Tendering Portal “PRANIT”
What is the News? Power Grid Corporation of India Limited(POWERGRID) launched a portal named “PRANIT”. About PRANIT Portal: PRANIT is an e-Tendering Portal. It aims to make the tendering process more transparent through less paperwork and ease of operation. Significance: The portal is certified by Standardisation, Testing and Quality Certification Directorate(STQC), Ministry of Electronics and… Continue reading POWERGRID Launches E-Tendering Portal “PRANIT”
What is FDI or Foreign Direct Investment?
What is the News? The Rajya Sabha has passed the Insurance (Amendment) Bill, 2021. The Bill seeks to raise the FDI in the insurance sector to 74% from the current 49%. Click Here to Read about Insurance in Amendment Bill,2021 About Foreign Direct Investment(FDI): Foreign Direct Investment(FDI) is the medium for acquiring ownership of assets… Continue reading What is FDI or Foreign Direct Investment?
What are “DFIs or Development Finance Institutions”?
Contents1 What is the News?2 About DFIs:3 Key Features of DFIs Development Finance Institution :4 DFIs Development Finance Institution in India: What is the News? The Union Cabinet has approved a bill to set up a DFI (Development Finance Institution). It will be called National Bank for Financing Infrastructure and Development (NaBFID). Click Here to… Continue reading What are “DFIs or Development Finance Institutions”?
“Handicrafts and Handlooms Export Corporation” closed permanently
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
Cabinet Clears Proposal for Setting up of “Development Finance Institution (DFI)”
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)”
“Shramik Kalyan Portal” of Indian Railways
What is the News? Indian Railways ensured 100% compliance with the minimum wage pay to contract workers. E-application Shramik Kalyan Portal used for this purpose. About Shramik Kalyan Portal: Launched by: the Indian Railways in the year 2018. Purpose: to ensure compliance with the provisions of the Minimum Wages Act. Also, to ensure that contractual… Continue reading “Shramik Kalyan Portal” of Indian Railways
Present Status of “Stand Up India Scheme”
What is the News? The government has informed the Lok Sabha about the implementation of the Stand Up India Scheme. More than 81% of the accounts under the Stand Up India Scheme belong to women entrepreneurs. About Stand Up India Scheme: Ministry: Launched in 2016 by the Department of Financial Services, Ministry of Finance. Objective:… Continue reading Present Status of “Stand Up India Scheme”
IDBI Bank out of “PCA framework”
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”
Cabinet clears “74% FDI in Insurance Sector”
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”
