About The Open Market Sale Scheme (OMSS)
Context: As a component of the Indian government’s effort to regulate the retail prices of rice, wheat, and flour (atta), weekly electronic auctions are conducted. The 11th e-auction for the fiscal year 2023-24 took place on September 6, 2023. In this auction, a total of 2.0 Lakh Metric Tons (LMT) of wheat sourced from 500 […]
National Payments Corporation of India
Context: Recently, the National Payments Corporation of India (NPCI) unveiled several new products with an aim to create an inclusive, resilient, and sustainable digital payments ecosystem. Relevance: GS III: Indian Economy Dimensions of the Article: New Product Offerings in Digital Payments: National Payments Corporation of India (NPCI): -Source: Indian Express
Nation First Transit Card
Context: State Bank of India has launched its ‘Nation First Transit Card’, a RuPay prepaid instrument under the National Common Mobility Card (NCMC) that can be used nationwide. Relevance: GS III: Indian Economy Dimensions of the Article: Nation First Transit Card Nation First Transit Card Features: About National Common Mobility Card (NCMC): What is a […]
About One-Hour Settlement of Trades
Context: SEBI plans to introduce One-Hour Settlement of trades by March 2024 to improve trade settlement efficiency. Additionally, they will introduce an Application Supported by Blocked Amount (ASBA)-like facility for Secondary Market trading by January 2024. Relevance: GS III: Indian Economy Dimensions of the Article: Application Supported by Blocked Amount (ASBA): ASBA is a system […]
Battery Energy Storage Systems (BESS) Scheme
Context: Recently, the Union Cabinet, chaired by the Hon’ble Prime Minister of India, approved the Scheme for Viability Gap Funding (VGF) for the development of Battery Energy Storage Systems (BESS). Relevance: GS III: Indian Economy Dimensions of the Article: Battery storage About Battery Energy Storage Systems (BESS):
About The Impossible Trinity
Context: The Reserve Bank of India(RBI) and Indian investors are facing a challenge in overcoming the “impossible trinity”. Relevance: GS III: Indian Economy Dimensions of the Article: Impossible Trinity: The Impossible Trinity, also known as the trilemma, is a concept in international economics and monetary policy. It posits that an economy cannot simultaneously pursue three […]
About The Measuring Unemployment in India
Context: According to the Periodic Labour Force Survey (PLFS), India’s unemployment rate was 6.1% in 2017 (the highest ever recorded) and the PLFS of 2021-22 showed unemployment reducing to 4.1%. The article highlights the difficulties of measuring unemployment in India, which reduced between 2017-2022, but still higher than some developed economies (US – ~3.5%). Relevance: GS […]
UPI’s Impact on Shaping India’s Foreign Policy
Context: India’s United Payments Interface (UPI) has achieved a milestone by surpassing 10 billion transactions, showcasing its robust growth with a year-on-year increase of over 50%. This not only reflects domestic success but also underscores its significance in foreign policy, highlighting India’s digital strength. UPI had initially crossed the 1 billion monthly transaction mark in […]
UPI QR Code-Central Bank Digital Currency Interoperability
Context: Banks are enabling the interoperability of Unified Payments Interface’s (UPI) Quick Response (QR) code with their central bank digital currency (CBDC) or e₹ application. Relevance: GS III: Indian Economy Dimensions of the Article: UPI QR Code-CBDC Interoperability: Simplifying Digital Transactions Interoperability How e₹ Works: Benefits for Customers and Merchants: Understanding QR Codes: The Role […]
What are Urban Cooperative Banks?
Context: Recently, the Governor of the Reserve Bank of India (RBI) addressed concerns regarding Urban Cooperative Banks (UCBs) and emphasized the need to bolster their governance. Relevance: GS-III: Indian Economy (Banking) Dimensions of the Article: What are Cooperative Banks? Important Details with respect to Cooperative Banks Structure of co-operative banks in India Overview of Urban […]