The Reserve Bank of India (RBI) has allowed default loss guarantee (DLG) in the digital lending space. Key points
Category: Economy
RBI expands scope of e-RUPI digital voucher
The Reserve Bank of India (RBI) on June 8 said it will allow non-banking prepaid payment instruments issuers to issue e-RUPI vouchers. About e-RUPI vouchers
Government removes ceiling for procurement of Tur, Urad and Masur under Price Support Scheme (PSS)
The government has removed the procurement ceilings of 40% for tur, urad and masur under Price Support Scheme (PSS) operations for 2023-24. Pradhan Mantri Annadata Aay SanraksHan Abhiyan’ (PM-AASHA)
RBI launches financial inclusion dashboard ‘Antardrishti’
RBI Governor Shaktikanta Das has launched a financial inclusion dashboard named ‘Antardrishti’ on June 5, 2023. About Antardrishti Financial Inclusion (FI) Index
Duty-free quota free (DFQF) scheme
According to a report by the LDC Group at the WTO, about 85 per cent of about 11,000 products offered at zero tariff by India to least developed countries (LDCs) under the duty-free quota free (DFQF) scheme of the WTO Read More …
Evergreening of loans and Zombie lending
Reserve Bank of India (RBI) Governor Shaktikanta Das raised red flags over banks adopting innovative methods for evergreening of loans.
CBDT launches ‘e-Appeals Scheme, 2023’
The Central Board of Direct Taxes (CBDT) has launched “e appeal” scheme announced in the budget to reduce pendency of appeals related to Tax Deducted at Source (TDS) default issues and tax collection at source (TCS). About e-Appeals Scheme
ADB launches a new country partnership strategy (CPS) for India
The Asian Development Bank (ADB) on May 30 launched a new country partnership strategy (CPS) for India. Key points
India becomes net copper importer for a fifth year in a row
India’s copper imports witnessed a 15 per cent year-on-year jump in financial year 2022-23. As per Commerce Ministry data, India imported 2,75,341 tonnes of copper in the previous financial year. These include both refined and finished copper.
World’s Largest Grain Storage Plan in Cooperative Sector
The Union Cabinet has approved the constitution and empowerment of an Inter Ministerial Committee (IMC) for facilitation of the “World’s Largest Grain Storage Plan in Cooperative Sector” by convergence of various schemes of the Ministry of Agriculture and Farmers Welfare, Read More …
Certificates of deposit (CDs) issued by banks jumped sharply in FY23
Certificates of deposit (CDs) issued by banks jumped sharply in FY23 as lenders rushed for deposits amid strong credit demand. Key points
Light weight and portable Payment and Settlement System (LPSS)
According to the annual report for 2022-2023, RBI is exploring a light weight and portable Payment and Settlement System (LPSS), which will be independent of conventional technologies and can be operated from anywhere by a bare minimum staff. LPSS: Key Read More …
Second Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting
The second Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting was held in Detroit hosted by the US. Union Minister for Commerce and Industry, Shri Piyush Goyal virtually participated in the Ministerial meeting. Indo-Pacific Economic Framework for Prosperity (IPEF)
Araku Coffee and Black Pepper are now Organic Certified
The Girijan Co-operative Corporation (GCC), Visakhapatnam, Andhra Pradesh, has been granted organic certification for its renowned Araku coffee and black pepper crops by the Agriculture and Processed Food Products Export Development Authority (APEDA). Organic certification About Araku Coffee
Snowball effect
According to World Economic Forum (WEF) President Borge Brende, India is expected to clock the highest growth among the world’s big economies this year and the country’s economy is witnessing the “famous snowball effect” that will lead to more investments Read More …