News: Recently, Reserve Bank of India (RBI) has permitted the Prepaid Payment Instrument holders to make and receive UPI payments through the third-party mobile application. About Prepaid Payment Instruments (PPIs) They are financial tools that help facilitate the purchase of goods and services, including financial services, remittances and fund transfer, among others, against the value stored… Continue reading Prepaid Payment Instruments
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’s Committee for ethical use of AI in financial sector
News: The Reserve Bank of India has set up a committee to develop a Framework for Responsible and Ethical enactment of Artificial Intelligence (FREE-AI) in the financial sector. About the Committee Members: The committee comprises of 8 members and is headed by Dr Pushpak Bhattacharyya. Objectives: To assess the current level of adoption of… Continue reading RBI’s Committee for ethical use of AI in financial sector
Annual Survey of Unincorporated Sector Enterprises 2023-24
News: National Statistics Office, Ministry of Statistics and Programme Implementation (MoSPI) has released the Annual Survey of Unincorporated Sector Enterprises for 2023-24 for the reference period October 2023- September 2024. About ASUSE 2023-24 Primary Objective: To evaluate various economic and operational characteristics of unincorporated non-agricultural establishments. Geographical Coverage: Covers the rural and urban areas of… Continue reading Annual Survey of Unincorporated Sector Enterprises 2023-24
SMILE Programme
News: India and Asian Development Bank (ADB) have signed a $350 million policy-based loan under the second subprogramme of the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) Programme. About SMILE Programme It is a programmatic policy-based loan (PBL) to support the Indian government to undertake wide ranging reforms in the logistics sector. Aim: To strengthen… Continue reading SMILE Programme
Credit Guarantee Scheme for e-NWR based Pledge Financing
News:The Union Minister of Consumer Affairs, Food, and Public Distribution, launched the Credit Guarantee Scheme for e-NWR based Pledge Financing (CGS-NPF). About Credit Guarantee Scheme for e-NWR (Negotiable warehouse receipt) It aims to provide credit facilities to small farmers to prevent them from distress selling. Nodal Ministry– Ministry of Consumer Affairs, Food, and Public Distribution.… Continue reading Credit Guarantee Scheme for e-NWR based Pledge Financing
RBI Governor Appointment
News: The Centre has announced the appointment of Revenue Secretary Sanjay Malhotra as the 26th Governor of the Reserve Bank of India. About RBI Governor Appointment The RBI governor is appointed under the RBI Act of 1934, which stipulates that the chief is appointed by the central government. Process: The Financial Sector Regulatory Appointment Search… Continue reading RBI Governor Appointment
Bima Sakhi Yojana
News: Yesterday, Prime Minister launched the Bima Sakhi Yojana of Life Insurance Corporation (LIC). About Bima Sakhi Yojana It is an initiative of LIC to appoint over two lakh woman insurance agents over the next three years. The aim is to empower women aged 18-70 years who are Class X pass. To promote financial literacy… Continue reading Bima Sakhi Yojana
Foreign Currency Non-Resident (Banks) Deposits
News: The Reserve Bank of India has decided to increase the interest rate ceilings on Foreign Currency Non-Resident (Banks) Account deposits to support foreign inflows into the country. Foreign Currency Non-Resident (Banks) Deposits About Foreign Currency Non-Resident (Banks) Deposits It is a deposit scheme that enables the Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs)… Continue reading Foreign Currency Non-Resident (Banks) Deposits
MuleHunter.AI: RBI’s AI-Powered Tool to Combat Financial Fraud
News: Recently, the Reserve Bank of India (RBI) urged banks to adopt its AI/ML-based tool, MuleHunter.AI, to address the growing problem of mule accounts involved in digital frauds. About MuleHunter.AI It is a cutting-edge AI tool designed to detect and flag mule accounts, with the aim of tackling financial fraud and money laundering. Developed by–… Continue reading MuleHunter.AI: RBI’s AI-Powered Tool to Combat Financial Fraud
Trade Watch Report
News: NITI Aayog’s Trade Watch Quarterly Report highlights the challenges being faced by the Indian economy. Key Highlights of the Report India achieved limited success in harnessing the China Plus One strategy. While countries like Vietnam, Thailand, Cambodia, and Malaysia have emerged as major beneficiaries These countries have simplified tax laws, cheap labour, lower tariffs… Continue reading Trade Watch Report
