Category: Factly – Indian Economy

News: The second survey of Household Consumption Expenditure Survey, conducted during August 2023 to July 2024, has been released by the Ministry of Statistics and Programme Implementation.  Key Findings of the Survey  Average Monthly Per Capita Consumption Expenditure: The MPCE is estimated to be Rs. 4,122 in rural areas and Rs. 6,996 in urban areas.  … Continue reading Household Consumption Expenditure Survey 2023-24

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

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

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

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

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