In News According to the first advance estimates of national income released by the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) is expected to grow 7 percent in the financial year 2022-23. Key Points About: This marks the first official government estimate for economic growth ahead of the upcoming Union Budget for 2023-24. […]
In News The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for April 01, 2021 – March 31, 2022. About Integrated Ombudsman Scheme The Scheme was framed by the Reserve Bank in exercising the powers conferred on it under Section 35A of the Banking Regulation Act, 1949. The Scheme integrates […]
In News The Reserve Bank of India’s Medium-term Strategy Framework for the period 2023- 2025 ‘Utkarsh 2.0’ was launched by the Governor of RBI. About Utkarsh 2.0 The first strategy framework (Utkarsh 2022) covering the period 2019-2022 was launched in July 2019. It became a medium-term strategy document guiding the Bank’s progress toward realisation of […]
Context The S&P Global India Manufacturing PMI surged to 57.8 in December 2022 from 55.7 in the prior month of November, pointing to the highest reading since October 2020. About Purchasing Managers’ Index (PMI) The PMI data is released at the beginning of every month. PMI or a Purchasing Managers’ Index (PMI) is an indicator […]
Context The Reserve Bank of India said that the State Bank of India, ICICI Bank, and HDFC Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs). The RBI announced SBI and ICICI Bank as D-SIBs in 2015 and 2016 while HDFC Bank was added to the list as on March 31, 2017. What […]
In News The Centre’s fiscal deficit touched 59% of the budget target for 2022-23 in the first eight months, led by sharp growth in capital expenditure, moderate expansion in tax revenues, and higher transfers to states. What is Fiscal Deficit? Fiscal Deficit is the difference between the total income of the government (total taxes and […]
In News Recently, a majority of four judges on a Constitution Bench of the Supreme Court (SC) found no flaw in the government’s process to demonetise ?500 and ?1000 banknotes through a gazette notification issued on November 8, 2016. Views of the Constitutional Bench A Constitutional Bench of the Supreme Court in a 4:1 majority […]
In News Recently, the Parliament has been informed by the Finance Minister that banks had written off bad loans worth ?10,09,511 crore during the last five financial years. More about the news Out of the total ?10.1 lakh crore, only ?1.32 lakh crore has been recovered. This comes to only about 13% as a percentage […]
In News The Central government recently raised interest rates on eight of the 12 small savings schemes by 20 to 110 basis points. What are Small Savings Schemes Small savings schemes are designed to provide safe and attractive investment options to the public and at the same time to mobilise resources for development. These schemes […]
In News Recently, the RBI’s latest Financial Stability Report (FSR) indicated that India’s banks and non-bank lenders can withstand even the worst of macro-economic stress. RBI’s stress testing models have been criticised in the past for a significant upward bias. Major Highlights of the report Financial stability has been maintained. Domestic financial markets have remained […]
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