Payment Council of India(PCI) has said that the budget proposal to remove the merchant discount rate(MDR) will lead to the collapse of the payment acquiring industry. MDR is a fee charged from a merchant by a bank for accepting payments from customers through credit and debit cards in their establishments. Currently,there is a provision to… Continue reading Payment service providers fear shutdown,ask govt to pay MDR
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.
Kerala to set up investment firm for NRIs
Kerala has announced its plan to set up a diaspora investment company known as NRK Investment and Holding Company. The company will have a 74% stake of non-resident Keralites and a 26% government stake. This objective of the company will be fund infrastructure projects and NRI townships in the state.The projects planned under ‘Rebuild Kerala’… Continue reading Kerala to set up investment firm for NRIs
Cabinet approves bill to put brakes on chit funds
The Union Cabinet has approved the Banning of Unregulated Deposit Schemes Bill.The bill aims to tackle the menace of illicit deposit- taking activities in the country. The bill defines regulated deposits as all deposit-taking schemes which are overseen and regulated by regulators like (a)Reserve Bank of India (RBI) (b)Securities and Exchange Board of India (SEBI)… Continue reading Cabinet approves bill to put brakes on chit funds
Worker safety code Bill gets Cabinet approval
The Union Cabinet has approved a proposed Code on Occupational Safety,Health and Working Conditions Bill,2019.The bill seeks to merge 13 central labour laws into a single code. The code will be applicable to all trades including IT establishments and service sector where more than 10 workers are employed.It will also be applicable to mines and… Continue reading Worker safety code Bill gets Cabinet approval
Lok Sabha gives nod to arbitration Bill
The lok Sabha has passed the New Delhi International Arbitration Centre (NDIAC) Bill,2019. The Bill provides for setting up of an independent autonomous body for institutional arbitration and to acquire and transfer the undertakings of International Centre For Alternative Dispute Resolution (ICADR) to NDIAC. The NDIAC will be headed by a chairperson who has been… Continue reading Lok Sabha gives nod to arbitration Bill
CSO must rethink informal sector estimates:Pronab Sen
Former Chief Statistician of India has said that Central Statistics Office (CSO) needs to rethink how it estimates the growth of the informal sector as the current method is no longer accurate. The current method uses the corporate sector data to estimate the activity in the non-corporate sector. However,this works only as long as the… Continue reading CSO must rethink informal sector estimates:Pronab Sen
India has stricter regulatory norms: Basel
According to the findings of the Basel Committee on Banking Supervision (BCBS),Reserve Bank of India’s(RBI) norms on large exposures(LEX) for banks are compliant with the Basel requirements. The assessment was conducted by the Regulatory Consistency Assessment Programme(RCAP). The assessment focused on the completeness and consistency of the domestic regulations enforced by RBI on commercial banks… Continue reading India has stricter regulatory norms: Basel
NHAI Signs MoU with NIIF for funding highway projects
The National Highways Authority of India(NHAI) has signed an MoU with National Investment and Infrastructure Fund(NIIF) for funding highway projects. This agreement is expected to provide innovative financial models including for the Bharatmala Pariyojana. Bharatmala Pariyojana is an umbrella program for the highways sector that focuses on optimizing efficiency of freight and passenger movement across… Continue reading NHAI Signs MoU with NIIF for funding highway projects
Skill development ministry launches Kaushal Yuva Samwaad
The Ministry of Skill Development & Entrepreneurship has launched “Kaushal Yuva Samwad”. Kaushal Yuva Samwaad aims to create a dialogue between the youth and the Ministry. The program is intended to identify and rectify the gaps so that all skill development programs are aligned to the current demands and help in creating a skilled workforce… Continue reading Skill development ministry launches Kaushal Yuva Samwaad
Banks reported 44,016 frauds in last 11 years
According to the data provided by the Finance Ministry,banks have reported 44,016 frauds in the last 11 years since 2008-09.The frauds being considered in the list are those involving ₹1 lakh or more. The ministry said that the government had issued a ‘framework for the timely detection,reporting,investigation relating to large value banks frauds’. The framework… Continue reading Banks reported 44,016 frauds in last 11 years
