Reserve Bank of India(RBI) have imposed a monetary fine on 7 Banks for non-compliance with the directions on Implementing the SWIFT software, Society for Worldwide Interbank Financial Telecommunication(SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.In other words,It transports messages… Continue reading 7 banks fined for delayed SWIFT implementation
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.
Pharma sector growth hits 4-year low in FY18
According to the 54th Parliamentary Standing Committee on Chemical and Fertilizers (2018-19), the growth of pharmaceutical sector has recorded a four-year low in 2017-18. The percentage increase in annual turnover has been only 3.03% as compared to 29.01% in 2014-15. However, the Department of Pharmaceuticals has advocated that though % increase has declined, the annual… Continue reading Pharma sector growth hits 4-year low in FY18
Centre to incentivise work-from-home jobs
The Indian government is planning to launch a scheme to boost work from home jobs in the IT sector. The scheme is likely to be launched as phase II of the India BPO Promotion Scheme. India BPO Promotion Scheme (IBPS) was launched in 2016 under the Digital India Programme. Itaims to create employment opportunities and promotion of… Continue reading Centre to incentivise work-from-home jobs
Cumulative spending on CSR crosses ₹50,000 cr
According to Crisil Foundation,Cumulative spending on corporate social responsibility (CSR) has crossed the ₹50,000-crore-mark four years after the legislative mandate was implemented. The highest CSR funding went to (a)education (b)skill development (c)healthcare and (d)sanitation.While the spending on national heritage protection has tripled and that on sports promotion has more than doubled since 2015. Corporate social… Continue reading Cumulative spending on CSR crosses ₹50,000 cr
IL&FS ignored risk assessment reports while extending loans: audit
A forensic audit report of IL&FS by Grant Thornton has found serious lapses in the manner in which huge loans were extended to certain entities even after internal risk assessment clearly showed that the borrowers were under financial stress. Further,Serious Fraud Investigation Office(SFIO) in its interim report has alleged that the non-banking finance company IL&FS… Continue reading IL&FS ignored risk assessment reports while extending loans: audit
MUDRA: Rs. 1 lac crore more has to be lent
Banks have been struggling to meet the target for lending Mudra loans. The government, in Budget 2018-19, had said it intends to disburse loans of up to Rs 3 lakh crore in the current fiscal. However, as on February 22, the total loan disbursed under the Micro Units Development and Refinance Agency Ltd (Mudra) scheme… Continue reading MUDRA: Rs. 1 lac crore more has to be lent
EverSource, NIIF, CDC to invest $330 mn in Ayana Renewable
The National Investment and Infrastructure Fund of India (NIIF) and Eversource Capital have decided to invest in Ayana, the renewable energy platform founded by UK’s development finance institution CDC. EverSource Capital also manages Green Growth Equity Fund (GGEF).NIIF and CDC are limited partners in GGEF. A limited partnership exists when two or more partners unite… Continue reading EverSource, NIIF, CDC to invest $330 mn in Ayana Renewable
Manufacturing PMI at a 14-month high of 54.3 in Feb
According to Nikkei India Services Purchasing Managers’ Index (PMI) data, new work orders,especially international ones,helped propel manufacturing sector activity to a 14-month high of 54.3 after two straight months of contraction. PMI or a Purchasing Managers’ Index (PMI) is an indicator of business activity — both in the manufacturing and services sectors. It is a… Continue reading Manufacturing PMI at a 14-month high of 54.3 in Feb
Development scheme for knitwear sector launched
The Ministry of Textile has launched a comprehensive Scheme for Development of Knitting and Knitwear Sector under PowerTex India. Knitting and knitwear sector is predominantly MSME in size and mainly located in decentralized sector. Knitted fabrics contribute to 27% of the total fabric production in India and 15% of knitted fabric is being exported. The… Continue reading Development scheme for knitwear sector launched
Cabinet Okays National Mineral Policy 2019
The Union Cabinet has approved National Mineral Policy 2019. The policy is aimed at bringing about more effective regulation to the mining sector as well as a more sustainable approach while addressing the issues of those affected by mining. It focuses on Make in India initiative and Gender sensitivity in terms of the vision. National Mineral… Continue reading Cabinet Okays National Mineral Policy 2019
