Current Affairs search results for tag: economyfinance
By admin: Jan. 10, 2025

1. Union Minister of Commerce & Industry Shri Piyush Goyal launches Bharat Cleantech Manufacturing Platform

Tags: Economy/Finance

Why in the news?

  • Union Minister of Commerce & Industry, Shri Piyush Goyal unveiled the Bharat Cleantech Manufacturing Platform, at the Bharat Climate Forum 2025 in New Delhi.

Important points:

  • Bharat Cleantech Manufacturing Platform to spur innovation, help India become global leader in sustainability: 

  • This is an initiative designed to enhance India's cleantech value chains in the solar, wind, hydrogen, and battery storage sectors.

  • Product-Linked Incentives, subsidies are detrimental to long-term growth of the clean energy sector.

By admin: Jan. 3, 2025

2. ‘BAANKNET’ e-auction portal

Tags: Economy/Finance

Why in the news?

  • Shri M. Nagaraju, Secretary, Department of Financial Services,Ministry of Finance, launched revamped e-auction portal ‘Baanknet’ in New Delhi.

Key points:

  • This platform consolidates information on e-auction properties from all PSBs and offers a one-stop destination for buyers and investors to discover a wide range of assets. 

  • The listings include residential properties such as flats, independent houses, and open plots, as well as commercial properties, industrial land and buildings, shops, vehicles, plant and machinery, agricultural and non-agricultural land. 

  • By gathering all these details in one place, it simplifies the process of finding and participating in property e-auctions, making it easier for buyers and investors to identify valuable opportunities.

The new portal is equipped with improved and enhanced features:

  • Frictionless user journeys - Single Portal with the entire pre-auction, auction, and post-auction journeys in a single application.

  • Automated and integrated payment gateway and KYC tools.

  • Microservices based architecture with open APIs for 3rd party integration.

  • Dashboard feature for ‘Spend Analytics’ and various ‘MIS Reports’ on a click.

  • Dedicated helpdesk and call centre facility with callback request facility for the customers.

By admin: Jan. 2, 2025

3. Constitution of Working Group for the revision of the current series of Wholesale Price Index (Base 2011-12)

Tags: Economy/Finance

Why in the news?

  • The Government of India has decided to constitute a Working Group for base revision of the current series of Wholesale Price Index (WPI) from base 2011-12 to 2022-23.

Important points:

  • Professor Ramesh Chand, a member of NITI Aayog,will  chair the Working Group for the revision of the current series of Wholesale Price Index (WPI).
  • The Terms of Reference of the Working Group will be as follows: -
  • To suggest the commodity basket of WPI and PPI with base year 2022-23 in the light of structural changes in the economy.
  • To review the existing system of price collection and suggest changes for improvement.
  • To decide on the computational methodology to be adopted for WPI / PPI.
  • To examine the methodology for compilation of PPI approved by Technical Advisory Committee on Statistics of Prices & Cost of Living and suggest further improvement in compilation and presentation and recommend a roadmap for switch over from WPI to PPI.
  • The Working Group has been asked to submit its final report to the Office of the Economic Adviser within 18 months of issue of this notification.


By admin: Sept. 26, 2024

4. Axis Bank and Mastercard Launch MyBiz Credit Card for Small Business Owners

Tags: Economy/Finance

Axis Bank and Mastercard teamed up to introduce the MyBiz business credit card. Launched on 25 September 2024, it is tailored for single proprietors and small business owners in India.

An Overview of the News

  • Designed under the World Mastercard category, it aims to meet the growing needs of small and medium enterprises (SMEs).

Business-Focused Features

  • The MyBiz credit card offers key features such as higher rewards, significant purchasing power, and zero liability protection.

  • Provides tools for better expense and financial management, including employee spending controls.

  • Focuses on offering a seamless digital experience for users.

Travel and Premium Benefits

  • Cardholders can enjoy airport lounge access and extensive travel insurance.

  • Other perks include access to productivity tools, marketing support, and security measures via Mastercard Easy Savings Specials.

  • Users benefit from curated experiences across culinary, wellness, and sports sectors through priceless.com.

By admin: Sept. 20, 2024

5. IDFC FIRST Bank Unveils Mayura Credit Card

Tags: Economy/Finance

IDFC FIRST Bank introduces the Mayura Credit Card as part of its premium metal card portfolio, reflecting India's cultural heritage and modern aspirations.

An Overview of the News

  • The card features a design inspired by the majestic peacock (Mayura), symbolizing the blend of Indian heritage and contemporary sophistication.

  • Specifically crafted for explorers, the card offers numerous travel-focused advantages for frequent flyers and adventure seekers.

Key Features

  • Zero Forex Mark-up: No additional charges on foreign currency transactions.

  • Higher Rewards: 10x Reward Points on spends over Rs. 20,000 in a statement cycle and on birthdays.

  • Complimentary Airport Lounge Access: 4 domestic lounge visits (including 1 guest) and 4 international lounge visits per quarter.

  • Trip Cancellation Cover: Reimbursement for non-refundable flight and hotel cancellations up to Rs. 50,000 per year.

  • Movie Offers: Buy one get one free on movie tickets (up to Rs. 500 off) twice a month via BookMyShow.

  • Golf Privileges: Up to 40 rounds/lessons annually.

Collaborative Vision

  • The Mayura Credit Card aims to offer a rewarding and aesthetically pleasing payment experience, combining new-age aspirations with India's timeless heritage. 

By admin: Sept. 19, 2024

6. Finance Minister Nirmala Sitharaman Launches NPS Vatsalya Scheme

Tags: Economy/Finance

Finance Minister Nirmala Sitharaman launched the NPS Vatsalya scheme in New Delhi, which was announced in the Union Budget 2024-25.

An Overview of the News

  • The scheme provides children the benefit of high returns starting from the time savings are made.

  • Since its inception, NPS has generated 9.5% CAGR returns for the government sector.

  • For the non-government sector:

    • The equity asset class has delivered 14% CAGR returns.

    • Corporate debt has delivered a 9.1% CAGR.

    • Government securities have delivered 8.8% CAGR.

Unified Pension Scheme (UPS):

  • The Unified Pension Scheme (UPS), recently approved by the Cabinet, will be effective from April 1, 2025.

  • It combines the best aspects of the old and new pension schemes, ensuring an assured pension after retirement.

Key Features of NPS Vatsalya:

  • Enables parents to invest in their children's future via a pension account.

  • Ensures long-term wealth creation through the power of compounding.

  • Offers flexible contributions and investment options with a minimum contribution of ₹1,000 annually.

  • They were designed to be accessible to families across various economic backgrounds.

By admin: Sept. 7, 2024

7. India's UPI Hits ₹81 Lakh Crore in Transactions, Leads Global Digital Payments

Tags: Reports Economy/Finance

According to Paysecure data, India's Unified Payments Interface (UPI) processed nearly ₹81 lakh crore in transactions from April to July 2024.

An Overview of the News

  • UPI's transaction volume has exceeded that of the world's leading digital payment platforms.

  • This represents a 37% Year-over-Year (YoY) increase in transaction volume.

  • UPI processed 20.6 lakh crore rupees in July 2024, setting a record for the highest transactions in a single month.

Global Leadership in Digital Transactions

  • India leads globally with over 40% of its payments made digitally.

  • UPI is the dominant platform for digital payments in India.

  • UPI processed an average of 3,729.1 transactions per second, a 58% increase from 2,348 transactions per second in 2022.

Comparison with Global Payment Platforms

  • Skrill (UK-based) ranked second with 1,553.8 transactions per second and 49 billion transactions in 2023.

  • Pix (Brazil-based) ranked third with 1,331.8 transactions per second.

About UPI  

  • It is an Indian payment system, developed by the National Payments Corporation of India (NPCI) in 2016.

  • Function: Facilitates instant P2P and P2M transactions via mobile devices.

  • Requirements: Mobile number registered with the bank, recipient’s UPI ID.

  • Tech: Runs on IMPS, open source API.

  • Regulation: Overseen by the Reserve Bank of India (RBI).

  • Launch: UPI-enabled apps available on Google Play from 25 August 2016.

By admin: Sept. 7, 2024

8. Bank of India Launches ‘Star Dhan Vriddhi’ FD Scheme

Tags: Economy/Finance

Bank of India (BOI) has introduced a Fixed Deposit (FD) scheme called 'Star Dhan Vriddhi' starting from 1 September 2024.

An Overview of the News

  • The scheme has a term limit of 333 days. Customers can deposit up to Rs 3 crore in this FD.

  • Loan against FD and premature withdrawal options are available.

  • This FD can be opened via BOI branches, BOI Omni Neo App, or internet banking.

Revised FD Interest Rates

  • BOI’s FD interest rates for general citizens range from 3% to 7.25% for deposits below Rs 3 crore.

  • Senior Citizens (aged 60-79) receive rates from 3% to 7.75%.

  • Super Senior Citizens (aged 80 and above) get rates between 3% to 7.90%.

Additional Benefits for Senior and Super Senior Citizens

  • Senior citizens receive an extra 50 basis points (bps) on Retail Term Deposits (RTDs) for tenures between 6 months and 3 years.

  • Super senior citizens get an additional 65 bps for the same tenures on RTDs (deposits below Rs 3 crore).

About BOI

  • Established: 1906

  • MD & CEO:- Rajneesh Karnatak

  • Headquarters:- Mumbai, Maharashtra

  • Tagline:- Relationship Beyond Banking

By admin: Sept. 5, 2024

9. POP Unveils India's First Multi-Brand Co-Branded Credit Card with RuPay and Yes Bank

Tags: Economy/Finance

POP, a fintech start-up founded by former Flipkart employees, has introduced India’s first multi-brand co-branded credit card, the YEB BANK POP-CLUB RuPay Credit Card. 

An Overview of the News

  • YEB BANK POP-CLUB RuPay Credit Card is developed in collaboration with RuPay and Yes Bank.

  • The launch took place at the Global Fintech Festival (GFF) with notable attendees including Mr. Nalin Bansal from NPCI and Mr. Amit Sinha from Yes Bank.

Features and Benefits

  • Multi-Brand Integration: The card features partnerships with brands like Zomato, Blinkit, Cult, Rapido, Cleartrip, and Pharmeasy, covering categories such as e-commerce, groceries, F&B, travel, and health & fitness.

  • Rewards Structure: 

    • Users can earn rewards known as POPcoins. 

    • The card offers 10% POPcoins on online transactions, 2% on offline transactions, and an additional 5% when used with POP UPI. 

    • There is no joining fee, and cardholders receive exclusive benefits worth ₹5,000.

  • UPI Transactions: POP has surpassed 1 million UPI transactions and aims to leverage the RuPay network to enhance credit access on UPI.

  • User Interest: The pre-launch waitlist saw 32,000 customers sign up without any marketing efforts, demonstrating strong market interest.

About POP

  • Company Background: 

    • Founded in May 2023, POP is an e-commerce enabler with a fintech component. 

    • The platform has onboarded over 200 brands and aims to expand to 500 brands and 10 million customers by the end of the year.

  • Recent Developments: POP secured $2.4 million in seed funding and recently launched its UPI + e-commerce app platform, allowing users to earn POPcoins on each UPI transaction.

By admin: Sept. 5, 2024

10. RBI Central Board Holds 610th Meeting in Mumbai

Tags: Economy/Finance

The 610th meeting of the Reserve Bank of India's (RBI) Central Board of Directors took place on September 4 in Mumbai. The meeting was chaired by RBI Governor Shaktikanta Das.

An Overview of the News

  • Shaktikanta also assessed various areas of RBI operations, including the functioning of Local Boards and activities of select Central Office Departments.

  • Deputy Governors present included Dr. Michael Debabrata Patra, M. Rajeshwar Rao, and T. Rabi Sankar.

  • Other directors in attendance were Satish K. Marathe, Revathy Iyer, Prof. Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel, and Dr. Ravindra H. Dholakia.

  • Ajay Seth, Secretary of the Department of Economic Affairs, and Nagaraju Maddirala, Secretary of the Department of Financial Services, also attended the meeting.

About RBI

  • Established - 1 April 1935, Kolkata

  • Founder - British Raj

  • Governor - Shaktikanta Das