Money in Swiss banks: India at 77th place accounts for 0.06% of all foreign funds

News: Swiss National Bank has released the analysis of the latest annual banking statistics. Facts: Key Takeaways: Top Countries: UK was ranked first as it accounted for close to 27% of the total foreign funds parked with Swiss banks at the end of 2019. The UK was followed by the US, West Indies, France and… Continue reading Money in Swiss banks: India at 77th place accounts for 0.06% of all foreign funds

Cabinet approves 2% interest subvention for Shishu-Mudra loans

News: Government has approved a 2% interest subsidy for Shishu loan account holders under the Pradhan Mantri Mudra Yojana(PMMY) for a period of 12 months to eligible borrowers. Facts: Pradhan Mantri MUDRA Yojana(PMMY): It was launched by the Prime Minister in 2015. Aim: To provide loans up to 10 lakh to the non-corporate, non-farm small/micro… Continue reading Cabinet approves 2% interest subvention for Shishu-Mudra loans

Urban, multi-State cooperative banks to come under RBI supervision

News: The Central government has approved an Ordinance to bring all urban and multi-state co-operative banks under the direct supervision of the Reserve Bank of India(RBI). Facts: Aim: To empower more security to depositors and to prevent instances of fraud and serious financial irregularities such as the major scam at Punjab and Maharashtra Co-operative(PMC) Bank… Continue reading Urban, multi-State cooperative banks to come under RBI supervision

MSDE-IBM Partnership Unveils “Skills Build Reignite” Platform

News: Directorate General of Training(DGT) under the Ministry of Skill Development & Entrepreneurship(MSDE) in partnership with IBM has launched Skills Build Reignite Platform. Facts: Skills Build Reignite Platform: It is an online platform that aims to provide job seekers and entrepreneurs with access to free online coursework and mentoring support designed to help them reinvent… Continue reading MSDE-IBM Partnership Unveils “Skills Build Reignite” Platform

India retains position as third largest economy in PPP

News: The World Bank has released the new Purchasing Power Parities (PPPs) for reference year 2017 under its International Comparison Program (ICP). Facts: International Comparison Program(ICP): It is the largest worldwide data-collection initiative managed by the World Bank under the guidance of the UN Statistical Commission(UNSC). Objective:  To produce purchasing power parities(PPPs) and comparable price… Continue reading India retains position as third largest economy in PPP

Government launches another funding scheme to help the distressed MSME sector

News: Union Minister of Micro, Small and Medium Enterprises(MSMEs) has launched Credit Guarantee Scheme for Subordinated Debt(CGSSD) which is also called “Distressed Assets Fund–Sub-ordinate Debt for MSMEs”. Facts: Aim: To extend support to the promoters of the operational MSMEs which are stressed and have become NPA as on 30th April, 2020. Guarantee: It provides a… Continue reading Government launches another funding scheme to help the distressed MSME sector

RBI proposes new rules for housing finance companies

News: Reserve Bank of India(RBI) has proposed new guidelines for Housing Finance Companies(HFCs). Facts: What are Housing Finance Companies(HFC)? It means financing for purchase, construction or repair of residential dwelling units and some other activities including giving loans to corporates and government agencies for employee housing projects. All other loans including those given for furnishing… Continue reading RBI proposes new rules for housing finance companies

World Investment Report

News: The World Investment Report 2020 has been released by the UN Conference on Trade and Development(UNCTAD). Facts: The World Investment Report has been published annually since 1991.It covers the latest trends in foreign direct investment around the world. Key Takeaways: India was the world’s 9th largest recipient of foreign direct investments (FDI) in 2019… Continue reading World Investment Report

India’s first gas trading platform launched

News: Union Petroleum Minister has inaugurated the Indian Gas Exchange (IGX). Facts: Indian Gas Exchange(IGX): It is India’s first online natural gas trading platform that will enable market participants to trade in standardised gas contracts. It is owned and operated by the Indian Energy Exchange(IEX). Significance: It is expected to facilitate overall transparent price discovery… Continue reading India’s first gas trading platform launched

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