News:The Reserve Bank of India (RBI) has made it mandatory for banks to link all new floating rate personal or retail loans and floating rate loans to MSMEs to an external benchmark rate from October 1st,2019. Facts: The RBI has given the options to banks for external benchmark rates which are (a) RBI repo rate… Continue reading External benchmark-based lending must: RBI
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.
India among top 10 nations in gold reserves
News: According to the latest release by the World Gold Council, India has ranked 10th in the country list with total gold reserves of 618.2 tonnes. Facts: USA has been ranked 1st with total gold reserves of 8,133.5 tonnes followed by Germany, International Monetary Fund (IMF), Italy, France, Russia and China. Pakistan holds the 45th… Continue reading India among top 10 nations in gold reserves
Task force recommends online loan sale platform
The Reserve Bank of India(RBI) has set up a task force to submit a report on the development of a secondary market for corporate loans.It was headed by T.N. Manoharan. The task force has recommended setting up of a self-regulatory body of participants who would work on creating a platform for secondary sale of corporate… Continue reading Task force recommends online loan sale platform
Panel on fintech submits a final report to FM Nirmala Sitharaman
Government of India has constituted a steering committee on fintech-related issues.The committee has submitted its report to the Ministry of Finance and Corporate Affairs. FinTech stands for financial technology and describes technologically enabled financial innovations.It is applied in financial services to help companies manage the financial aspects of their business including new software and applications,… Continue reading Panel on fintech submits a final report to FM Nirmala Sitharaman
Explained: India will get Swiss bank details of Indians from today. What does this mean?
Recently,Automatic Exchange of Information (AEOI) Regime between India and Switzerland has started from September 1,2019. In 2016,India and Switzerland had signed an information-sharing deal on bank accounts which was to come into effect from September 2019. Automatic exchange of information involves the systematic and periodic transmission of taxpayer information by the source country to the… Continue reading Explained: India will get Swiss bank details of Indians from today. What does this mean?
Explained: What bank mergers can mean, the potential downsides
Recently,the Government has announced a merger of ten public sector banks(PSBs) into four larger entities.This would take the number of banks in the country from 27 in 2017 to 12. The idea of bank mergers had floated since 1998 when the second Narasimham Committee had recommended the government to merge banks. In 2014, PJ Nayak… Continue reading Explained: What bank mergers can mean, the potential downsides
India to become largest importer of coking coal by 2025, says Fitch Solutions
According to a Fitch report,India will overtake China as the largest importer of coking coal by 2025. The report has forecasted that India’s coking coal consumption will grow at an annual average rate of 5.4% between 2019 and 2028 due to robust expansion in steel production in the country. However,China will continue to account for… Continue reading India to become largest importer of coking coal by 2025, says Fitch Solutions
Government unveils mega bank mergers
Government has announced a merger of ten public sector banks(PSBs) into four larger entities.Now,the total number of PSBs after consolidation will come down to 12 from 27 in 2017. The banks which are merged are (a)Punjab National Bank, Oriental Bank of Commerce and United Bank of India to merge to form the country’s second-largest lender… Continue reading Government unveils mega bank mergers
CBDT constitutes Start-up Cell for redressal of grievances related to Start-ups
The Central Board of Direct Taxes (CBDT) has constituted a dedicated start up cell for addressing the specific problems related to Start-ups. The start up cell will be a five-member board which will be headed by the member (Income Tax and Computerisation) of the board. The cell will work towards redressal of grievances and mitigate… Continue reading CBDT constitutes Start-up Cell for redressal of grievances related to Start-ups
GDP growth down to 6-year low in Q1 of 2019-20 financial year
According to data released by the Central Statistics Office (CSO),India’s Gross Domestic Product(GDP) growth for April-June 2019 has declined to a six year low of 5%. The slowdown in growth has been attributed to (a)sharp deceleration in the manufacturing sector (b)low agriculture output (c)low consumption demand and (d)decreased private investment. Recently,the annual report of the… Continue reading GDP growth down to 6-year low in Q1 of 2019-20 financial year
