Composition Scheme Subject: Economy Context: The Goods and Services Tax (GST) Council is likely to consider a ministerial group’s report on introducing a differentiated regime for sectors where tax evasion is very high, such as brick kilns, sand mining, and gutkha and pan masala production, even as experts have urged caution about such […]

    Account Aggregator Subject: Economy Context: The eight of India’s major banks — State Bank of India, ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank and Federal Bank  joined the Account Aggregator (AA) network that will enable customers to easily access and share their financial data Concept: According […]

    Appointment for post of MD/ WTD in UCB Subject: Economy Context: After a ruling by the Gujarat High Court in 2013, which was upheld by the Supreme Court in 2021, the Madhya Pradesh High Court has stayed the implementation of RBI’s notification. Concept: As per RBI data on May 31, there are 1,531 […]

    Payments banks end of the day balance Subject: Economy Context: Payments banks (PBs) want the Reserve Bank of India to raise the maximum end of the day balance a customer can maintain with them from ₹2 lakh to ₹5 lakh in sync with the increase in the deposit insurance cover. Concept: PBs executives […]

    IFAD on India cropping pattern Subject: Economy Context: International Fund for Agricultural Development (IFAD) has pointed out that crops like Jowar (Sorghum) and millets (Bajra and Ragi), have often been sidelined in India in favour of monocrop cultures like wheat and rice Concept: Millets The government has renamed jowar, bajra, ragi and other […]

    Financial Stability and Development Council (FSDC) Subject – Economy Context – The Financial Stability and Development Council (FSDC) on Friday discussed measures to manage stressed assets and noted the need to keep a continuous vigil by the government and all regulators on the financial conditions. Concept – The Financial Stability and Development Council […]

    Forex Reserves Subject – Economy Context – IMF’s asset allocation a booster shot, forex reserves jump by record $16.6 bn Concept – Foreign exchange reserves are assets held on reserve by a central bank in foreign currencies, which can include bonds, treasury bills and other government securities. It needs to be noted that most foreign […]