UNION CABINET APPROVES RECAPITALISATION OF RRBs
Focus: GS-III Indian Economy Why in news? The Centre has approved a ₹1,340-crore recapitalisation plan for regional rural banks (RRBs) to improve their Capital-to-Risk weighted Assets Ratio (CRAR), strengthening these institutions that are critical to the provision of credit in rural areas. On 25th march 2020, the Cabinet Committee on Economic Affairs gave its nod […]
FINANCE MINISTRY WRITES TO RBI FOR RELAXING FARM LOAN NPA NORMS
Focus: GS-III Indian Economy, Economic Development Why in news? The Finance Ministry has asked the Reserve Bank of India (RBI) to relax asset classification norms for farm loans extended by banks following the stress faced by the agriculture sector. What did the Ministries and Departments say? Finance Ministry requested to consider making appropriate relaxation in […]
RBI ADVANCES VARIABLE RATE TERM REPO AUCTION
Focus: GS-III Indian Economy Why in news? The Reserve Bank of India (RBI) has decided to advance the first of the two variable rate term repo auctions to March 26 from March 30. Details On a review of the rapidly evolving financial conditions and taking into account the impact of disruptions caused by COVID-19, it […]
ECONOMIC PACKAGE SOON, SAYS FM
Focus: GS-III Indian Economy Why in news? An economic package to deal with COVID-19 situation will be announced soon, Finance Minister Nirmala Sitharaman promised on 24th March 2020, afternoon, adding that the government and regulators are constantly monitoring the state of the economy, markets and rupee depreciation. She still offered little clarity on the composition […]
ENCOURAGE DOORSTEP DELIVERY: CENTRE
Focus: GS-III Indian Economy Why in news? The Home Ministry on 24th March 2020, issued a set of guidelines to be followed by the States to contain COVID-19. It asked all “enforcement authorities to note that these strict restrictions fundamentally relate to the movement of people, but not to that of essential goods”. What the […]
GOVERNMENT EXTENDS TAX DEADLINES TO JUNE 30
Focus: GS-III Indian Economy Why in news? Deadlines for filing income tax and GST returns have been extended to June 30, as part of a slew of relaxations of financial year-end compliance announced by Finance Minister Nirmala Sitharaman on 24th March 2020. The changes had been prompted by the shutdown of large parts of the […]
RBI ADVANCES SECOND TRANCHE OF OMO
Focus: GS-III Indian Economy Why in news? The Reserve Bank of India (RBI) has advanced its liquidity infusion plan by purchasing government bonds following a review of ‘current liquidity and financial conditions’. The RBI had announced open market operations (OMOs) of ₹30,000 crore in March 2020 — the first tranche was scheduled for March 24 […]
CENTRE AMENDS LAW TO ENABLE EXCISE DUTY INCREASE ON FUEL
Focus: GS-III Indian Economy, Why in news? Finance Minister Nirmala Sitharaman, on 23rd March 2020 moved an amendment to the Finance Bill, 2020, to raise the limit up to which the government can raise special excise duty on petrol and diesel to ₹18 per litre and ₹12, respectively. No hike planned for now This is […]
CABINET GIVES CLEARANCE FOR TECHNICAL TEXTILES MISSION
Focus: GS-III Indian Economy and Economic Development, Industry and Infrastructure Why in news? The Cabinet Committee on Economic Affairs (CCEA) has approved the setting up of a National Technical Textiles Mission at an total outlay of ₹1,480 Crore. The aim is to position the country as a global leader in technical textiles and increase the […]
FOREX RESERVES RISE TO RECORD $476 BILLION
Why in News? The country’s foreign ex Mumbai change reserves swelled by $3.091 billion to a lifetime high of $476.092 billion in the week to February 14, mainly due to a rise in foreign currency assets, according to RBI data The Foreign exchange reserves of India consists of below four categories: Foreign Currency Assets Gold […]