Economic News

Govt declares ICICI, HDFC, NPCI's IT resources as Critical Information Infrastructure

Critical Information Infrastructure: The Union Ministry of Electronics and IT (MeitY) has declared IT resources of ICICI Bank, HDFC Bank and UPI managing entity National Payment Corporation of India (NPCI) as ‘critical information infrastructure’ (CII). Key Points: They have bee ...

Shri Narayan Rane Inaugurates Center of Excellence for Khadi at NIFT

Centre of Excellence for Khadi (CoEK): The Centre of Excellence for Khadi (CoEK)was recently inaugurated by the Union Minister for Micro, Small, and Medium Enterprises (MSMEs) Shri Narayan Rane. Key Points: Khadi and Village Industries Commission has collaborated with the National Institute ...

DoT abolishes NOCC charges for all telecom licence holders

Abolishment of NOCC Charges by DoT: The Department of Telecommunications (DoT) has recently abolished the network operation and control center (NOCC) charges. Key Points: The order shall be effective from April 1, 2022. DoT has removed The NOCC charges for the use of space segments for al ...

L&T Infotech, Mindtree Merger Announced; Combined Unit To Be Called "LTIMindtree

L&T Infotech and Mindtree Merger: Larsen & Toubro (L&T) recently announced the merger of its two independently listed IT services companies - Larsen & Toubro Infotech (LTI) and Mindtree. Key Points: This merger is in line with L&T's strategy of becoming more service- ...

RBI’s First Rate Hike In 4 years, What Becomes Costly?

RBI’s First Rate Hike In 4 years, What Becomes Costly? The RBI has increased the repo rate upto 4.40 per cent from 4 per cent earlier while the cash reserve ratio (CRR) has been hiked by 50 basis points to 4.5 per cent The Reserve Bank of India on Wednesday announced a hike in the repo r ...

Direct tax Collections Surged To ₹ 14.09 Lakh Crore In 2021 - 22

Direct tax Collections Surged To ₹ 14.09 Lakh Crore In 2021-22 Direct tax collections surged to ₹ 14.09 lakh crore in 2021-22 registering a year-on-year growth of 49.02 per cent Bhubaneswar (Odisha):  Direct tax collections surged to ₹ 14.09 lakh cro ...

AAI Airports providing platform to Self-Help Groups for promotion of local artisans and products through ‘AVSAR’ Scheme

AVSAR Scheme:  Airport Authority of India (AAI) recently launched the AVSAR scheme to encourage the talent of women, artisans, and craftsmen and provide them with the right opportunities. Note: AVSAR stands for 'Airport as Venue for Skilled Artisans of the Region' Key Points: ...

Sri Lanka is facing an economic and political crisis.

Sri Lanka is facing an economic and political crisis. (CNN)Sri Lanka, an island nation of 22 million, is facing an economic and political crisis, with protesters taking to the streets in defiance of curfews and government ministers stepping down en masse. Driving the discontent is the wor ...

Petrol, diesel costlier by Rs 10 per litre in last 16 days; CNG prices burning hole in pocket too Check latest rates

New Delhi: Petrol and diesel prices have yet again risen by another 80 paise a litre on Wednesday. The rise in prices of the fuel in the past 16 days has made petrol and diesel dearer by Rs 10 a litre. This is the 14th increase in prices since the ending of a four-and-half-month long ...

World Bank says war shocks to drag on Asian economies

Disruptions to supplies of commodities, financial strains and higher prices are among the impacts of the war in Ukraine that will slow economies in Asia in coming months, the World Bank says in a report released Tuesday.   The report forecasts slower growth and rising poverty in the Asia-Pa ...

Muttiah Muralitharan opens up on Sri Lanka economic crisis

"People must put their party, race, religion aside. We need to come together as a nation and tackle the situation. That's the way I think it should happen," Muralitharan told Zee Media in an exclusive interview. Sri Lanka cricket great Muttiah Muralitharan has opened up on the econo ...

RBI Governor inaugurates the Reserve Bank Innovation Hub (RBIH)

Reserve Bank Innovation Hub (RBIH): The Governor, Reserve Bank of India (RBI), Shri Shaktikanta Das inaugurated the Reserve Bank Innovation Hub (RBIH) onMarch 24, 2022 in Bengaluru. Key Points: The RBI has set up the RBIH as a Section 8 company under the Companies Act, 2013. The hub has b ...

Gulf Investment Summit:UAE, Saudi Arabia, Hong Kong converge in Kashmir for investment summit

Gulf Business & Investment Summit: Delegates from 33 companies from the United Arab Emirates (UAE), Saudi Arabia and Hongkong recently arrived in Srinagar to instill confidence and familiarize with the “growing conducive situation in J&K for investments. It will also see that the ...

Global Entrepreneurship Monitor (GEM) India Report (21-22)

GEM India Report-21-22: Global Entrepreneurship Monitor (GEM) recently released the Global Entrepreneurship Monitor (GEM) India Report (21-22). Key Points: As per the report, India’s entrepreneurial activity expanded in 2021. According to the report, its Total Entrepreneurial Activi ...

Govt extends Credit Guarantee Scheme for Subordinate Debt upto March 31, 2023

Credit Guarantee Scheme for Subordinate Debt (CGSSD): The Union Government has extended the Credit Guarantee Scheme for Subordinate Debt (CGSSD) for Stressed Micro, Small and Medium Enterprises, (MSMEs) up by one more year till March 31, 2023. The decision of extension was made on the basis of ...

Shaktikanta Das reappointed as RBI governor for three years

Governor of Reserve Bank of India (RBI) Shaktikanta Das Shaktikanta Das: The Appointments Committee of the Cabinet (ACC) recently approved the reappointment of Shri Shaktikanta Das as Governor of Reserve Bank of India (RBI) for a period of three years. The re-appointment is effective from De ...

MeitY organises “AI Pe Charcha” (AI Dialogue)

AI Pe Charcha (AI Dialogue) AI Pe Charcha-AI Dialogue: The National e-Governance Division (NeGD) of the Ministry of Electronics and IT recently organized “AI Pe Charcha (AI Dialogue)”. The theme of the dialogue: AI Pe Charcha was organized on October 28, 2021, under the theme - “AI ...

RBI unveils revised PCA framework for banks

Key Points• Reserve Bank of India has revised the existing prompt corrective action framework for commercial banks, which will be applicable from January 1, 2022 Reserve Bank of India has revised the existing prompt corrective action framework for commercial banks, which will be applic ...

Haryana Govt launches ‘Uttam Beej portal’

As part of its commitment to double the income of the farmers, Manohar Lal Khattar, the Chief Minister of Haryana, has launched the ‘Uttam Beej portal’ which will benefit the farmers of the state. The move will help the farmers of Haryana by providing quality seeds with transparency. The ...

India Signs Up to COP26 Action Agenda on Sustainable Farming

27 countries including India signed a sustainable agriculture action agenda at the end of the first week of the COP 26 meetings in Glasgow, United Kingdom. The countries laid out new commitments to make farming more sustainable and less polluting. The ‘Sustainable Agriculture Policy Action ...

India’s transition to a Green Economy to create 50 million jobs

According to a report by the World Economic Forum (WEF), India’s transition to a net-zero economy could create over 50 million jobs and contribute more than $1 trillion in economic impact by 2030. The World Economic Forum has released a new report outlining how India’s path to decarboniz ...

Paytm Money launches AI powered Voice Trading

Key Points Paytm Money’s Voice Trading lets a user to place a trade or get information about stocks via a single voice command Voice Trading service is powered by artificial intelligence. Paytm Money has launched ‘Voice Trading’ that allows users to set a trade or get informatio ...

NSDL e-Governance gets RBI’s approval as Account Aggregator

Reserve Bank of India (RBI) has approved the “NSDL e-Governance Infrastructure” as an account aggregator. Key Points• NSDL e-Governance Infrastructure has received an in-principle approval from RBI to set up an account aggregator business under its wholly owned subsidiary, NSDL e-Gover ...

NPCI, Network International collaborate for UPI payments in UAE

NPCI International Payments Ltd (NIPL) has signed a Memorandum of Understanding (MOU) with Network International, a leading enabler of digital commerce across the Middle East and Africa, for mobile-based real time payment system in the UAE. NIPL is the international arm of National Payments ...

RBI releases draft scheme for USFB’s takeover of PMC Bank

The Reserve Bank of India has placed in public domain a draft scheme for the acquisition of Punjab and Maharashtra Cooperative (PMC) Bank by Delhi-based Unity Small Finance Bank (USFB). USFB has commenced operations with effect from November 1, 2021. Mumbai-based PMC Bank, a Multi-State U ...

NBFID to start lending operations

The National Bank for Financing Infrastructure and Development (NBFID) is likely to start its lending operations with about 190-200 big infrastructure projects in the railways, roads and energy sector Key Points• This announcement was made by K V Kamath who was recently appointed Chairman ...

PM Modi to inaugurate ‘InFinity Forum’ on FinTech on December 3

Prime Minister Narendra Modi will inaugurate InFinity Forum, a thought leadership Forum on FinTech, on 3rd December via video conferencing. The event is being hosted by International Financial Services Centres Authority (IFSCA), under the aegis of Government of India (GoI) in collaboration w ...

OECD slashes India growth forecast from 9.7 percent to 9.4% for FY22

The Organisation for Economic Co-operation and Development (OECD) has on Wednesday brought down its growth forecast for India from 9.7% estimated earlier to 9.4% for FY22. The OECD has also maintained that the ongoing economic recovery is gaining traction, supported by progress in vaccinatio ...

World Inequality Report 2022

Paris-based World Inequality Lab has published its report titled “World Inequality Report 2022”. Key Points• Lucas Chancel is the lead author of the report. He also happens to be the co-director of World Inequality Lab. • The report is also coordinated by renowned French economist ...

India signs Air Bubble Agreement with Australia

Indian government has signed an Air Bubble Agreement with Australia, under which all eligible passengers will be allowed to travel between the two countries. What is Air Bubble mechanism?• A bilateral air bubble is a temporary arrangement under which two countries resume flights with preco ...

          
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