STRESSED URBAN COOPERATIVE BANKS TO FACE PCA LIKE CURBS
Why in News? The Reserve Bank of India (RBI) has decided to impose restrictions on urban cooperative banks (UCBs) for deterioration of financial position, in line with the prompt corrective action (PCA) framework that is imposed on commercial banks RBI’s action includes cancellation of banking license Under this revised Supervisory Action Framework (SAF), UCBs will […]
RBI GIVES IN-PRINCIPLE NOD TO SHIVALIK MERCANTILE TO CONVERT TO SFB
Uttar Pradesh based Shivalik Mercantile Co-operative Bank Ltd to convert to a small finance bank (SFB), becoming the first urban cooperative bank (UCB) to make the transition The UCB will get 18 months to comply with the requirements under the scheme, which state that banks with a minimum net worth of ₹50 crore and capital […]
MANI
Why in News? India’s central bank, Reserve Bank of India(RBI) has launched a mobile app named ‘MANI’ on Wednesday, 1st January 2019. MANI will help in identifying the denomination of currency notes for the visually challenged persons. MANI stands for Mobile Aided Note Identifier is available for download from Google Play Store and Apple app […]
DOUBLE BURDEN OF MALNUTRITION: NEED FOR URGENT POLICY ACTION
2019 was remarkable for nutrition in India as – After years of slow and somewhat tentative action to acknowledge, understand and act on the challenge of undernutrition, India’s National Nutrition Mission brought focus and ambition and a range of actions followed. Changes seen: National and State Governments mobilised District Administrators engaged Private sector mobilised in […]
MOODY’S CUTS INDIA GDP GROWTH FORECAST
Focus: GS-III Indian Economy, Prelims Why in news? Moody’s Investors Service sharply cut India’s growth forecast for calendar 2020 to 2.5% from 5.3% estimated barely 10 days ago after the government ordered a nationwide lockdown to curb the spread of the coronavirus. The ratings company estimates a 5% growth for calendar 2019. Global Economy may […]
WORLD IS NOW IN RECESSION: IMF
Focus: GS-III Indian Economy, Prelims Why in news? The COVID-19 pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief said on 27th March 2020. Highlights Over 80 countries, mostly with low incomes, have already requested emergency aid from the International Monetary Fund. $2.2 trillion […]
RBI CUTS RATES, ALLOWS LOAN MORATORIUM
Focus: GS-III Indian Economy Why in news? The Reserve Bank of India (RBI) has opened up the liquidity floodgates for banks even as it reduced the key interest rate sharply by 75 bps and allowed equated monthly instalments (EMIs) to be deferred by three months in a move to fight the economic impact of the […]
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 […]