News:The Reserve Bank of India(RBI) has released a draft framework for authorisation of a pan-India New Umbrella Entity(NUE) for Retail Payment Systems. Facts: About New Umbrella Entity(NUE): The new pan-India new umbrella entity(NUE) or entities will focus on retail payment systems with a minimum paid-up capital of Rs 500 crore. They may be a ‘for-profit’… Continue reading New Umbrella entity for retail payment systems
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.
Union Cabinet clears Bill to regulate pesticide business
News: The Union Cabinet has approved the Pesticides Management Bill, 2020. It seeks to replace the existing Insecticides Act of 1968 Facts: About Pesticides Management Bill, 2020 Aim: To protect the interest of farmers and ensure they get safe and effective pesticides. Key Features: Farmers would be empowered to get all information regarding the available… Continue reading Union Cabinet clears Bill to regulate pesticide business
RBI issues notification on CRR leeway for new retail, MSME loans
News:RBI has exempted banks from maintaining cash reserve ratio(CRR) for loans to retail and micro, small and medium enterprises for five years if these loans are extended between January 31 and July 31,2020. Facts: About CRR: The Cash Reserve Ratio refers to a certain percentage of total deposits the commercial banks are required to maintain… Continue reading RBI issues notification on CRR leeway for new retail, MSME loans
RBI to release Digital Payment Index by July 2020
News:The Reserve Bank of India announced that it will create a Digital Payment Index by July 2020. Facts: About the Index: Aim:To capture the extent of digitization of monetary payments in the country. The index will have a classification of urban, semi-urban and rural geographies to analyze the kind of digital payments that are gaining… Continue reading RBI to release Digital Payment Index by July 2020
RBI releases bi-monthly policy
News:The Reserve Bank of India released its bi-monthly monetary policy committee(MPC) report. Facts: Key Highlights from the report: Repo Rate:It is the rate at which the RBI lends money to the banks for a short term.It remains unchanged at 5.15%. Reverse Repo Rate:It is the short term borrowing rate at which RBI borrows money from… Continue reading RBI releases bi-monthly policy
District Export Plan (DEP)
News: The Ministry of Commerce and Industry through the Directorate General of Foreign Trade (DGFT) has initiated a process to prepare and implement a District Export Plan (DEP). Facts: District Export Plan Will include the support required by the local industry in boosting their manufacturing and exports Will include strategy to enhance logistics and infrastructure… Continue reading District Export Plan (DEP)
Finance Minister introduces Direct Tax Vivad Se Vishwas Bill in Lok Sabha
News: Finance Minister introduced Direct Tax Vivad Se Vishwas Bill, 2020, in the Lok Sabha Facts: Direct Tax Vivad Se Vishwas Bill, 2020 Aim: Settle pending cases on direct taxes involving Rs 9.32 lakh crore Features: Two main components: o Dispute resolution: Reducing tax litigations pending at various forums. o Amnesty Component: taxpayers… Continue reading Finance Minister introduces Direct Tax Vivad Se Vishwas Bill in Lok Sabha
International Intellectual Property Index
News:The U.S Chamber of Commerce’s Global Innovation Policy Center (GIPC) has released the International Intellectual Property Index 2020. Facts: About the index: The index maps the Intellectual Property(IP) ecosystem in 53 global economies representing over 90% of global GDP. It uses 50 unique indicators which span across nine categories of protection namely patents, copyrights, trademarks,… Continue reading International Intellectual Property Index
Cabinet Clears Amendments To Ensure Greater RBI Control Over Cooperative Banks
News:The Union Cabinet has approved amendments to the Banking Regulation Act to give the Reserve Bank of India greater control over cooperative banks. Facts: Key provisions of the amendments: Cooperative banks will be brought under the regulation of the RBI. The RBI will have the power to supersede and take control of the cooperative banks… Continue reading Cabinet Clears Amendments To Ensure Greater RBI Control Over Cooperative Banks
Purified Terephthalic Acid (PTA)
News: Finance Minister, in her budget speech has said that the government was abolishing an anti-dumping duty that was levied on imports of Purified Terephthalic Acid (PTA) Facts: About Purified Terephthalic Acid It is a chemical used to make various products, including polyester fabrics. It makes up for around 70-80% of a polyester product like… Continue reading Purified Terephthalic Acid (PTA)
