Insurance Regulatory and Development Authority of India(IRDAI) has released a draft notification on third-party motor insurance.Third-party insurance is the portion of an insurance policy that protects you if you’re held legally responsible for a physical injury or damage to someone else’s property. The notification proposes a 15% hike in third party (TP) motor insurance premium… Continue reading Third party motor insurance premium to get pricier as IRDAI revises rate card
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.
RBI against special NBFC window
The Reserve Bank of India (RBI) is not ready to offer a special lending window to stressed non-banking finance companies(NBFCs).The RBI may have to provide liquidity to all the NBFCs approaching it for funds if such a special window is opened. NITI Aayog has made a strong case before RBI for a special lending window… Continue reading RBI against special NBFC window
BUILD to shape future of Indian aerospace
Boeing has announced the launch of Boeing University Innovation Leadership Development (BUILD) programme for university students, faculty and early-stage start-ups in India. The programme will help innovators convert their ideas into viable business offerings that have the potential to shape the future of Indian aerospace and defence. Applicants can submit their ideas in the fields… Continue reading BUILD to shape future of Indian aerospace
After RBI, Sebi & IRDAI launch initiatives to boost startups
Securities and Exchange Board of India(SEBI) and the Insurance Regulatory and Development Authority of India(IRDAI) has announced sandbox initiative to encourage startups in their segments by making data and systems available to them. A sandbox is an enabling infrastructure or interface which is made available to an outside innovator or fintech by a bank so… Continue reading After RBI, Sebi & IRDAI launch initiatives to boost startups
RBI now uses divergence to compel banks to improve their loan-loss ratios
Recently,three state-run banks had reported divergence in bad loan recognition while announcing the results. Divergence takes place when the Reserve Bank of India (RBI) finds that a lender has under-reported (or not reported at all) bad loans in a particular year and hence asks the lender to make disclosures if under-reporting is more than 10%… Continue reading RBI now uses divergence to compel banks to improve their loan-loss ratios
Skimming: how devices at ATMs can steal data, help criminals clone cards
Recently,Delhi police had found that Rs 19 lakh had been fraudulently withdrawn from 87 accounts in three ATMs in a span of seven days. This was done with the help of skimming. Skimming is a procedure in which criminals clone ATM cards with stolen data.A skimmer is a device designed to look like and replace… Continue reading Skimming: how devices at ATMs can steal data, help criminals clone cards
Kerala first Indian state to tap into masala bond market
Kerala Infrastructure Investment Fund Board(KIIFB) has issued Masala Bonds to raise funds from the overseas market. KIIFB has become the first regional entity in India to enter the offshore international masala bond market.The bond has been listed on the London Stock Exchange’s International Securities Market. Masala bonds are bonds issued by an Indian entity in… Continue reading Kerala first Indian state to tap into masala bond market
E-payments panel submits report to RBI
The Reserve Bank of India(RBI) appointed a committee, headed by Nandan Nilekani has submitted its suggestions on promoting digital payments to RBI Governor. RBI had set up the five-member panel on deepening digital payments with a view to encouraging digitisation of payments and enhance financial inclusion through digitisation. The panel was tasked with reviewing the… Continue reading E-payments panel submits report to RBI
India surpasses China in fintech funding in March quarter: Report
According to the Global Fintech Report,India has surpassed China as the leading fintech startup hub in Asia by attracting almost 50% more funding than their Chinese counterparts. FinTech or financial technology is an industry comprising companies that use technology to offer financial services.These companies operate in insurance,asset management and payment and numerous other industries. China… Continue reading India surpasses China in fintech funding in March quarter: Report
Refurbished mobile imports certified by BIS get govt nod
India has decided to allow the import of refurbished or second mobile phones subject to the condition that they are certified by the Bureau of Indian Standards (BIS). Earlier,the government was against the import of refurbished electronics products into the country.It feared that companies may use it to dump hazardous electronic waste.Also,it would negate the… Continue reading Refurbished mobile imports certified by BIS get govt nod
