News: Reserve Bank of India(RBI) has released a ‘Framework for Authorisation of Pan-India Umbrella Entity for Retail Payments’. Facts: In February 2020, RBI had proposed to create an alternative umbrella organisation for retail payments to prevent the monopoly of National Payment Corporation of India(NPCI). About the Framework: New umbrella entity(NUE): It shall be a company… Continue reading RBI unveils framework for retail payments entity
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.
Reserve Bank of India introduces Positive Pay mechanism
News: Reserve Bank of India(RBI) has introduced a Positive Pay mechanism to make cheque payments safer and reduce instances of frauds. Facts: What is Positive Pay Mechanism? It is a fraud detection tool adopted by banks to protect customers against forged, altered or counterfeit cheques. How does it work? It cross verifies all details of… Continue reading Reserve Bank of India introduces Positive Pay mechanism
Prime Minister launches “Transparent Taxation – Honoring the Honest” platform
News: Prime Minister has launched the platform called “Transparent Taxation – Honoring the Honest”. Facts: Aim: To bring transparency in income tax systems and empower taxpayers. Features: The main features of the platform are faceless assessment, faceless appeal and taxpayer charter. Faceless Assessment: It aims to eliminate the interface between the taxpayer and the income… Continue reading Prime Minister launches “Transparent Taxation – Honoring the Honest” platform
Finance Minister launches online dashboard for National Infrastructure Pipeline
News: Finance Minister has inaugurated the National Infrastructure Pipeline (NIP) Online Dashboard. Facts: NIP Online Dashboard: It is a one-stop solution for all stakeholders looking for information on infrastructure projects in India. The dashboard is being hosted on the India Investment Grid(IIG). Additional Facts: India Investment Grid: It is an interactive and dynamic online platform… Continue reading Finance Minister launches online dashboard for National Infrastructure Pipeline
Reserve Bank of India’s(RBI) monetary policy review
News: The Reserve Bank of India has released its monetary policy committee (MPC) report. Facts: Key Highlights: Repo Rate:It is the rate at which the RBI lends money to the banks for a short term.It remains unchanged at 4%. Reverse Repo Rate:It is the short term borrowing rate at which RBI borrows money from banks.It… Continue reading Reserve Bank of India’s(RBI) monetary policy review
Explained: What are pre-packs under the present insolvency regime?
News: The Ministry of Corporate Affairs(MCA) has set up a committee to look into the possibility of including “pre-packs” under the current insolvency regime to offer faster insolvency resolution under the Insolvency and Bankruptcy Code (IBC), Facts: Pre-Pack: It is a pre-planned process in which a financially distressed company and its creditors reach an agreement… Continue reading Explained: What are pre-packs under the present insolvency regime?
Financial Management Index for Rural Development Programmes
News: The Union Minister of Rural Development has released the “Financial Management Index for Rural Development Programmes”. Facts: Aim: To rank states on efficient management of financial resources allocated for implementing rural development programmes. Parameters: The index will rank the States on the basis of following parameters: Preparation of annual plan and projecting the requirement… Continue reading Financial Management Index for Rural Development Programmes
RBI signs $400 mn currency swap with Sri Lanka
News: The Reserve Bank of India(RBI) has signed a $400-million currency swap facility with Sri Lanka under the SAARC Currency Swap Framework 2019-22. Facts: Currency Swap: The term Swap means exchange.Under this, a country provides dollars to a foreign central bank which at the same time provides the equivalent funds in its currency to the… Continue reading RBI signs $400 mn currency swap with Sri Lanka
Consumer Protection (E-Commerce) Rules Comes Into Force
News: Government has notified Consumer Protection (E-Commerce) Rules, 2020. Facts: Aim: To prevent unfair trade practices in e-commerce, direct selling and also to protect the interest and rights of consumers. Rules: The rules will be applicable to all electronic retailers (e-tailers) registered in India or abroad but offering goods and services to Indian consumers. Key… Continue reading Consumer Protection (E-Commerce) Rules Comes Into Force
Gross NPA of banks may rise to 12.5% by March 2021: RBI Financial Stability Report
News: The Reserve Bank of India(RBI) has released its 21st Financial Stability Report. Facts: Financial Stability Report(FSR): It is a bi-annual report published by the Reserve Bank of India(RBI). Aim: To review the nature, magnitude and implications of risks that may have a bearing on the macroeconomic environment, financial institutions, markets and infrastructure. The report… Continue reading Gross NPA of banks may rise to 12.5% by March 2021: RBI Financial Stability Report
