RBI to launch Unified Lending Interface Unified Lending Interface (ULI) – Announcement: Date: 26 August 2024. Announcer: RBI Governor Shaktikanta Das. Objective: Launch of ULI on the lines of UPI. Significance: Revolution: Will improve the lending process, just like UPI did in the payment system. Features: Simplicity: The process of taking a loan will be  […]

16th Finance Commission Advisory Council 16th Finance Commission Advisory Council Formation Date: July 9, 2024 Members: 5-member council Convener: Dr. Poonam Gupta Members: D.K. Srivastava, Neelkanth Mishra, Pranjul Bhandari, Rahul Bajoria Key Points on 16th Finance Commission: Constitutional Body: Recommends financial relations between the Centre and states. Chairman: Arvind Panagariya (appointed on December 31, 2023) […]

Food & Consumer Affairs Minister launches version 4.0 of Price Monitoring System (PMS) Mobile App Price Monitoring System (PMS) App Overview: Launched by the Price Monitoring Division (PMD), Department of Consumer Affairs in 2021. Reports daily prices of selected essential commodities. Source of Price Data: Retail and wholesale prices from 550 centers. Data received from […]

RBI recently issued the draft guidelines for banks on the Liquidity Coverage Ratio (LCR). About Liquidity Coverage Ratio (LCR):  Definition: Ratio of highly liquid assets to short-term obligations (30 days). Purpose: Ensure financial institutions can meet short-term liquidity needs. 30-Day Period: Based on typical government and central bank response time during crises. Origin: Part of […]

Release of SDG India Index 2023-24 SDG India Index 2023-24: India’s overall SDG score: 71 (up from 66 in 2020-21 and 57 in 2018). 32 States/UTs in the “Front Runner” category, with 10 new entrants including Arunachal Pradesh, Assam, Rajasthan, and Uttar Pradesh. Significant progress in Goals: Goal 1 (No Poverty): score increased from 60 […]

Economy’s growth rate hit a 15-month low of 6.7 % in Q1 of 2024-25. India’s GDP Growth Q1 (April-June) 2024-25: Key Points GDP Growth: Grew by 6.7% in Q1 2024-25, down from 8.2% in Q1 2023-24. Forecast vs. Actual: Below RBI forecast of 7.1% for Q1 2024-25. Lowest Growth: Lowest in the last 15 months; […]

NHRC takes suo motu cognisance of Atchutapuram pharma unit blast. NHRC’s Suo Motu Cognizance of Industrial Accident in Andhra Pradesh Incident: Reactor blast at Atchutapuram SEZ, Andhra Pradesh on 21st August 2024. NHRC Action: Took suo motu cognizance of media reports. Issued notices to Andhra Pradesh officials for investigation on safety compliance and negligence. National […]

The central government reorganized the NITI Aayog. Restructuring of NITI Aayog: Restructured by the Central Government on July 16. Includes senior ministers from the NDA coalition. PM Narendra Modi remains as Chair, with Suman Berry as Vice-Chair. New Members: Full-time members: Dr. V.K. Saraswat, Prof. Ramesh Chand, Dr. V.K. Paul, and Arvind Virmani. Special invitees: […]

Maharashtra Government Approves Logistics Policy 2024 National Logistics Policy (NLP) Launched in September 2022. Aims to reduce logistics costs from 13-14% of GDP to 8% by 2030. Focuses on digitalization, infrastructure, multi-modal transport, skill development, and public-private partnerships. Expected to boost economic growth, create jobs, and enhance India’s global competitiveness. Importance of Logistics Policies: Reduce […]

NABARD announces ₹750 crore ‘Agri SURE’ fund to promote innovation in agriculture. Agri SURE’ fund (Agri fund for Start-Ups & Rural Enterprises) Objective: Support start-ups and entrepreneurs in agriculture and allied sectors. Financial Structure: Rs 750 crore Category-II Alternative Investment Fund (AIF). Contribution: Rs 250 crore each from NABARD and Ministry of Agriculture; remaining Rs […]