The Reserve Bank of India has directed non-banking finance companies (NBFC) with assets size of over Rs 5000 crore to appoint a chief risk officer(CRO) to improve standards of their risk management. This directive comes at a time when NBFCs are facing a funding crisis as some of the firms are burdened with over-leveraging and… Continue reading RBI tells bigger NBFCs to appoint chief risk officer
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 to bank on data analytics for timely fraud detection
The Reserve Bank of India(RBI) has decided to encourage the use of data analytics to timely detect frauds and take recovery actions such as blocking irregular transactions before payment authorisation. This move is a part of RBI’s vision 2019-21 for payments and settlements in electronic space. The RBI has also proposed to make India a… Continue reading RBI to bank on data analytics for timely fraud detection
GDP numbers suggest high growth in the medium term: panel
Finance Commission has held discussions with the finance ministry on fiscal and economic management of the country, During the meeting,15th Finance Commission has said that the GDP numbers suggests continued high growth over the medium term even though there have been fluctuations within the overall global trend. Gross domestic product(GDP) is the monetary value of… Continue reading GDP numbers suggest high growth in the medium term: panel
RBI envisions fourfold growth in digital transactions by 2021
The Reserve Bank of India (RBI) has released its document on ‘Payment and Settlement Systems in India: Vision 2019–2021’. The document with its core theme of ‘Empowering Exceptional E-payment Experience’ envisages to achieve a highly digital and cash-lite society through the goal posts of competition, cost effectiveness, convenience and confidence(4Cs). This document expects the number… Continue reading RBI envisions fourfold growth in digital transactions by 2021
National Training Workshop of Master Trainers for 7th Economic Census
During the run up to the upcoming 7th Edition of Economic Census,a National Training Workshop of the enumerators was organized by the Ministry of Statistics and Program Implementation (MoSPI) in New Delhi. MoSPI has partnered with Common Service Centres,CSC e-Governance Services India Limited,Special Purpose Vehicle (SPV) under the Ministry of Electronics and Information Technology (MeitY)… Continue reading National Training Workshop of Master Trainers for 7th Economic Census
Exports growth slides to four-month low in April
According to data released by the commerce and Industry ministry, India’s trade deficit has widened to a five month high in April 2019 due to higher crude oil imports. India’s export growth has also slowed down to a four month low in April,2019 at 0.64% due to slowdown in labour-intensive sectors such as leather products,… Continue reading Exports growth slides to four-month low in April
TRA unveils AI tool to improve tea quality
Tea Research Association (TRA) has introduced artificial intelligence (AI)-based technology to improve quality. The technology has been developed through a collaboration between TRA and Agnext, a start-up which was incubated by IIT Kharagpur. A machine, called TRA Agnext QualiteaProfiler (QTP) has been developed through this technology. The machine would help determine the fine leaf count… Continue reading TRA unveils AI tool to improve tea quality
India finds OECD index for services trade faulty
India has approached several developing countries during the World Trade Organization(WTO) talks in New Delhi to try to build consensus around the new method of measuring Services Trade Restrictiveness Index (STRI). India has said that the current method under which the Organisation for Economic Cooperation and Development(OECD) ranks countries based on their services trade policies… Continue reading India finds OECD index for services trade faulty
WPI inflation slips to 3.07% in April, food prices still high
The Wholesale price inflation has decreased to 3.07% in April,2019.The reduction has been attributed to cheaper fuel and manufactured items. However,food prices have increased to 33-month high of 7.37%. Wholesale Price Inflation tracks changes in the price of goods in stages before the retail level i.e. goods that are sold in bulk and traded between… Continue reading WPI inflation slips to 3.07% in April, food prices still high
ED questions Kochhars again in loan case
The Enforcement Directorate(ED) has again questioned former ICICI Bank CEO and her husband in an ongoing probe under Prevention of Money Laundering Act(PMLA). ED had registered the case against former ICICI Bank CEO under financial provisions of the PMLA.They are investigating whether she made any personal gains by alleged irregularities in the release of loans… Continue reading ED questions Kochhars again in loan case
