Fifty Years of Indian Banking Through the Lens of Basic Statistical Returns –‘BSR@50’ Subject: Economy Context: In order to reduce the reporting burden on banks, they will soon be required to submit only two quarterly BSR (Basic Statistical Return) reports on credit and deposits effective March 2023, according to the Reserve Bank of […]
RBI e-rupi Subject: Economy Context: The Reserve Bank of India (RBI) announced that the first pilot in the Digital Rupee, or e-rupee, will commence in government securities from November 1, 2022. Details: It will make the inter-bank market more efficient–Settlement in central bank money would reduce transaction costs by preventing the need for […]
EPFO Norms Subject: Economy Context: EPFO relaxes withdrawal norms for EPS-95 subscribers. Details–various changes approved It allowed withdrawal of accumulations in Employees’ Pension Scheme 1995 for those subscribers who have only less than six months of service left. Earlier, subscribers who have less than six months of service left were allowed to withdraw […]
Government Spending Subject: Economy Context: Rise in incremental spending–Govt stares at a steeper fiscal challenge. Challenges in meeting the fiscal deficit target-fiscal deficit target of 6.4 per cent of the GDP for 2022-23. Additional expenditure sources: Rozgar Mela — a recruitment drive for 10 lakh personnel across 38 ministries and departments. Increase in […]
Budget spending in FY23 to exceed BE by Rs 2 trillion Subject: Economy Details: Extra expenditure will be funded through additional tax revenue receipts, while keeping the fiscal deficit within the targeted level of 6.4% of the Gross Domestic Product (GDP) and below 4.5% by FY26 Budget estimate (BE)- Rs 39.5 trillion of […]
Central Power PSEs cannot exercise delegated powers in respect of projects of their subsidiaries Subject: Economy Context: The Department of Public Enterprises (DPE) has said that Maharanta, Navratna, and Miniratna Central Power PSEs cannot exercise delegated powers in respect of projects of their subsidiaries. Details: Navratna CPSE – Oil India (OIL) queried whether […]
European Central Bank Subject: Economy Context: The European Central Bank (ECB) raised interest rates again and signalled it was keen to start shrinking its balance sheet, taking another big step in tightening policy to fight off a historic surge in inflation. Details: ECB curbed the subsidy it provides to lenders of ultra-cheap three-year […]
World Energy Outlook 2022 Subject: Economy Context: Energy demand in India is expected to be the highest globally, during the current decade aided by rapid urbanisation and industrialisation according to the World Energy Outlook 2022 report of the International Energy Agency (IEA). Details: India’s energy demand would increase by more than 3 per […]