The Reserve Bank of India’s (RBI) monetary policy committee (MPC) has lowered its repo rate by 35 basis points to 5.4%.Repo stands for ‘Repurchasing Option’.It refers to the rate at which commercial banks borrow money from the RBI. RBI has also kept the door open for lowering rates further by retaining an accommodative policy stance.… Continue reading RBI lowers repo rate by 35 basis points to 5.40%
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.
Explained: Why RBI’s monetary policy matters
The Monetary Policy Committee of the RBI has decided to cut the repo rate by 35 basis points to 5.4%. The monetary policy is important as any economic activity which is measured by GDP happens by (a) private individuals and households spend money on consumption (b)the government spends on its agenda (c)private sector investment and… Continue reading Explained: Why RBI’s monetary policy matters
RBI allows round-the-clock fund transfers under NEFT from December
The Reserve Bank of India(RBI) has announced that the National Electronic Funds Transfer(NEFT) systems would be available on a 24×7 basis from December 2019. At present,the NEFT payment system operated by the Reserve Bank of India is available to customers from 8am to 7pm on all working days with the exception of second and fourth… Continue reading RBI allows round-the-clock fund transfers under NEFT from December
Banks’ exposure limits, lending norms eased for stressed NBFCs
The Reserve Bank of India (RBI) has announced several measures to enhance credit flow to the cash-starved non-banking financial companies (NBFC) sector. The RBI has raised any bank’s exposure limit to a single NBFC from the existing 15% to 20% of tier-1 capital.This will ease liquidity pressure in the NBFCs. RBI has also allowed bank… Continue reading Banks’ exposure limits, lending norms eased for stressed NBFCs
Rajya Sabha passes Consumer Protection Bill
Rajya Sabha has passed the Consumer Protection Bill,2019.The bill has already been passed by the Lok Sabha. The bill replaces the Consumer Protection Act,1986.The bill seeks to strengthen the rights of consumers and provides a mechanism for redressal of complaints regarding defects in goods and deficiency in services. The bill defines a consumer as a… Continue reading Rajya Sabha passes Consumer Protection Bill
Government unveils draft e-com norms
The Ministry of Consumer Affairs has introduced the draft e-commerce guidelines for consumer protection. The proposed rules are aimed at curbing the sale of counterfeit goods, streamlining returns and refunds and delineating the liabilities of sellers and online marketplaces. The rules provides that every e-commerce entity needs to publish the name and contact details of… Continue reading Government unveils draft e-com norms
KABIL set up to ensure supply of critical Minerals to Indian domestic market
A joint venture company Khanij Bidesh India limited(KABIL) has been set up with the participation of three Central Public Sector Enterprises (CPSEs). These CPSEs are National Aluminium Company Ltd.(NALCO), Hindustan Copper Ltd.(HCL) and Mineral Exploration Company Ltd. (MECL). The objective of the company is to ensure a consistent supply of critical and strategic minerals to… Continue reading KABIL set up to ensure supply of critical Minerals to Indian domestic market
Govt set to frame rules for ride-hailing firms
The Motor Vehicles (Amendment) Bill, 2019 has created a new category of cab aggregators by addressing some of these issues. The bill recognizes and defines aggregators as digital intermediaries or marketplaces which can be used by passengers to connect with a driver for transportation. The central government will soon meet all stakeholders in the industry… Continue reading Govt set to frame rules for ride-hailing firms
Rs 25,000 crore tenders cancelled or modified to promote Make in India products
Department for Promotion of Industry and Internal Trade(DPIIT) has cancelled or modified government tenders worth over Rs 25,000 crore. This decision was taken to change the conditions of the tenders in order to promote ‘Make in India’ goods. Further,the tenders were cancelled as they had certain restrictive conditions which were discriminatory against domestic manufacturers and… Continue reading Rs 25,000 crore tenders cancelled or modified to promote Make in India products
SANKALP Scheme
Union Minister of Skill Development & Entrepreneurship has reviewed the Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP). SANKALP is an outcome-oriented programme of Ministry of Skills Development & Entrepreneurship(MSDE) with a special focus on decentralised planning and quality improvement. The project is a Centrally Sponsored Scheme and is implemented in mission mode through… Continue reading SANKALP Scheme
