Subject: Economy Context: The Cabinet has decided to bring urban cooperatives and multi-State cooperative banks under RBI regulation. Concept: Government banks, including 1,482 urban cooperative banks and 58 multi-state cooperative banks, are now being brought under supervisory powers of Reserve Bank of India (RBI) Background: The move to bring these urban and multi-State coop banks […]
Subject: Economy Context: According to RBI data, M3 money supply rose 6.7% in the first five months compared with the same period last year, the highest growth in seven years. Concept: The reason behind surge in money supply is heightened uncertainty caused by the COVID-19 pandemic as people hoard cash or park money in accessible […]
Subject: Economy Context: Analysts suggested that India’s economic recovery from COVID pandemic is more likely to be a ‘U’ or ‘W’ shaped rather than ‘V’. Concept: Economic recession and recovery are often charted in the most common shapes such as U, V and W. A U-Shaped Recovery represents the shape of the chart of certain […]
Subject: Economy Context: According to a report, government is said to be considering a reduction in the Public Provident Fund (PPF) interest rates to below 7%. Concept: When the PPF scheme was launched in 1968, the introductory rate of interest hovered at 4.68% for the first two years before inching upwards to 5% and beyond. However, […]
Subject: Economy Context: The Discussion Paper on “Governance in Commercial Banks” released by the RBI is a high-quality document that contains principles drawn from those released by the Basel Committee on Banking Supervision (BCBS) in 2015. Concept: The Basel Committee – initially named the Committee on Banking Regulations and Supervisory Practices was established by the […]
Subject: Economy Context: Ever since China started pilot project on its Central Bank Digital Currency (CBDC), there has been speculations of possibility of China’s digital currency replacing the US dollar as the reserve currency of the world. Concept: A reserve currency is a currency held in significant quantities by governments and institutions as a means […]
Subject: Economy/Geography Context: Government has announced the auction of 41 coal blocks that have a capacity to produce 225 million tonnes of coal per year after removing the end-use restrictions and relaxed prior mining experience as bidding criteria. Concept: India imports nearly 250 million tonnes of coal from other countries despite having the world’s […]