SpiceJet has joined global airlines grouping International Air Transport Association(IATA) as a member.It became the first Indian low-cost carrier to join the IATA. The membership will allow SpiceJet to explore and grow its collaborations with international member airlines of the IATA grouping through interlining and code shares.It will also enable the carrier in seamlessly expanding… Continue reading SpiceJet joins global Airlines grouping IATA
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.
India’s first Real Estate Investment Trust subscribed 2.58 times
The initial public offering (IPO) of India’s first Real Estate Investment Trust (Embassy REIT) was subscribed 2.58 times,with the share sale generating a demand of over Rs 5,300 crore. REITs are similar to mutual funds.While mutual funds provide for an opportunity to invest in equity stocks,REITs allow one to invest in income-generating real estate assets.… Continue reading India’s first Real Estate Investment Trust subscribed 2.58 times
About 44% of PM-KISAN beneficiaries await payment from Centre
Under Pradhan Mantri Kisan Samman Nidhi (PM-KiSAN) scheme,only 2.74 crore families or about 56% out of the total list of 4.92 crore names submitted by States have been paid so far.The deadline for first instalment of ₹2,000 is by March 31,2019.The remaining beneficiaries are still under process or are caught somewhere within the validation process.… Continue reading About 44% of PM-KISAN beneficiaries await payment from Centre
RBI seeks modification of NCLAT order in IL&FS case
The Reserve Bank of India has decided to appeal in the National Company Law Appellate Tribunal(NCLAT) to seek a modification of its earlier order. Earlier,NCLAT had restrained banks from declaring accounts of Infrastructure Leasing and Financial Services (IL&FS) and its group companies as non-performing assets (NPA).NPA is a loan or advance for which the principal… Continue reading RBI seeks modification of NCLAT order in IL&FS case
Forex swap for liquidity has been received well, says RBI Governor
The Reserve Bank of India’s Governor has said that the market response to the foreign exchange swap arrangement announced by RBI has been received well. Recently,RBI has decided to inject long-term liquidity into the system through foreign exchange swap arrangement.The word swap means exchange. Under this arrangement,banks would be required to keep dollar funds with… Continue reading Forex swap for liquidity has been received well, says RBI Governor
Anti profiteering body can act sans complaints
National Anti-Profiteering Authority (NAA) chairman has said that Consumer complaints are not the only reason for the authority to act.NAA offices can take with the help of mock purchases to check a trader’s invoice for profiteering. The NAA has been constituted under Section 171 of the Central GST Act, 2017 to ensure that the reduction… Continue reading Anti profiteering body can act sans complaints
RBI says there is no change of stance on February 12 circular
The Reserve Bank of India has clarified that there is no change in its stand with regard to February 12 circular on stressed assets recognition and resolution. In February 2018,RBI had put out a circular on classification of non-performing assets that required banks to (a)stipulates a one-day default rule on term loans.A borrower missing repayment… Continue reading RBI says there is no change of stance on February 12 circular
SBI launches cardless ATM withdrawals
State Bank of India (SBI) has launched YONO Cash app using which customers can withdraw money from ATMs without using a card.It is a part of SBI’s digital banking platform,You Only Need One (YONO).The ATMs enabled for this service will be termed as Yono Cash Point. Customers can initiate the cash withdrawal process on the… Continue reading SBI launches cardless ATM withdrawals
Post fund infusion, ICRA revises rating for 6 PSBs
Credit Rating agency,ICRA has revised the outlook of six public sector banks,of which five are positive revisions.The ratings were revised after the capital infusion in these banks by the government. Earlier,RBI had also removed them from Prompt Corrective Action (PCA) after the infusion of capital in these banks.PCA is a process or mechanism to ensure… Continue reading Post fund infusion, ICRA revises rating for 6 PSBs
Exports rise 2.44%; trade deficit narrows
According to data released by the Ministry of Commerce,India’s trade deficit has reduced by $9.6 billion in February,2019.The country’s exports grew by 2.44% while imports declined by 5.4%. The exports grew because of higher shipments in sectors such as pharmaceuticals,engineering and electronics.On the other hand,decline in imports was mainly due to reduction in inward shipments… Continue reading Exports rise 2.44%; trade deficit narrows
