According to the government data,the total balance in the bank accounts under Pradhan Mantri Jan Dhan Yojana(PMJDY) scheme has almost reached a total of ₹1-lakh crore. The Jan Dhan accounts opened are mostly in public sector banks which makes up 72.5% of the total number of Jan Dhan accounts and 89.5% of total deposits.The bulk… Continue reading Public sector banks’ long-term strategy on Jan Dhan begins to pay off
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.
Bad debt norms:RBI to seek EC nod
The Reserve Bank of India (RBI) has decided to reach out to the Election Commission (EC) before releasing its new circular for banks. The new circular would replace its February 12 circular that Supreme Court had disallowed earlier.The Model Code of conduct specifically exempted the conduct of monetary policy which is crucial part of the… Continue reading Bad debt norms:RBI to seek EC nod
RBI extends ombudsman scheme to non-deposit taking NBFCs
The Reserve Bank of India(RBI) has decided to extend the Ombudsman Scheme for Non-Banking Financial Companies(NBFCs),2018 to non-deposit taking non-banking financial companies(NBFC-NDs) having asset size of Rs 100 crore or above with customer interface. This decision has been taken to ensure expeditious redressal of complaints against deficiency in services concerning loans and other matters relating… Continue reading RBI extends ombudsman scheme to non-deposit taking NBFCs
Pharma exports grow 11%, cross $19 bn
According to the commerce ministry data,India’s pharmaceutical exports have grown by 11% to USD 19.2 billion in 2018-19.The growth was mainly driven by higher demand in regions such as North America and Europe. Further,the Chinese market is also gradually opening up and the Indian government is working to push India’s exports there as it holds… Continue reading Pharma exports grow 11%, cross $19 bn
Crypto currency is Ponzi scheme
Investor Education and Protection Fund(IEPF) Authority has said that Crypto currency is a ponzi scheme and should be banned in India to protect the interests of investors. IEPF has also said that crypto currencies are based on blockchain technology and there are concerns about its viability in the long-term due to risk to investors,especially considering… Continue reading Crypto currency is Ponzi scheme
Share of tech patents on the rise in IP filings
According to a report by industry body Nasscom,India origin companies has filed over 4,600 patents in the US between 2015-2018.The majority of the patents were from the technology domain. A patent is a form of intellectual property.A patent gives its owner the right to exclude others from making,selling and importing an invention for a limited… Continue reading Share of tech patents on the rise in IP filings
IRDAI forms panel to review microinsurance framework
The Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee under IRDAI Executive Director Suresh Mathur to review the regulatory framework on microinsurance. Microinsurance refers to products offering coverage to low-income households or to individuals who have little savings and is tailored specifically for lower valued assets and compensation for illness,… Continue reading IRDAI forms panel to review microinsurance framework
Supreme Court gives RBI ‘last chance’ to alter disclosure policy
The Supreme Court has directed the Reserve Bank of India (RBI) to disclose information pertaining to its annual inspection report of banks and other material under the Right to Information (RTI) Act unless they are exempted under the law. The Supreme Court was hearing contempt petitions filed against the RBI for not complying with the… Continue reading Supreme Court gives RBI ‘last chance’ to alter disclosure policy
India ranks 80 in Global Talent Competitiveness Index 2019
India has been ranked 80th on Global Talent Competitive Index 2019. Switzerland maintains its top position followed by Singapore and the United States. India has scored well on growing talent which is the only pillar where the country is positioned above the median.However,India’s biggest challenge is to improve its ability to Attract and Retain talent.… Continue reading India ranks 80 in Global Talent Competitiveness Index 2019
Finance Ministry brings in changes in e-way bill system to check GST evasion
The Finance Ministry has introduced changes in the e-way bill system. The changes were brought in to crack down on Good and Services Tax (GST) evaders. The E-way bill is an electronic document to be generated online under the GST system when goods of the value of more than Rs.50,000 are shipped. However,failure to produce… Continue reading Finance Ministry brings in changes in e-way bill system to check GST evasion
