Page-47 of Economy & Banking Current Affairs - 2022

RBI State of the Economy Report

The Reserve Bank of India (RBI) in its ‘State of the economy’ report cautioned that the surging commodity prices are causing inflation risks, especially through the surging of imports. The ever-growing widening of current and trade account deficits along with the portfolio capital outflows is putting pressure on external sustainability despite the fact that the ..

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World’s First “Crypto-Backed” Payment Card

Crypto lender Nexo has collaborated with Mastercard to launch the world’s first “crypto-backed” payment card. This launch has signaled the move by financial and crypto networks to collaborate as digital assets are becoming more mainstream. Overview: Initially, the card will be available in selected European countries. It will allow users to spend without selling their ..

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Amendment in FEMA Rules for LIC

The rules of the Foreign Exchange Management Act (FEMA) have been amended by the government to pave way for up to 20 per cent of foreign direct investment (FDI) in the Life Insurance Corporation of India (LIC). The central government also intends to reduce its stake in LIC through an Initial Public Offering (IPO). Overview: ..

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WPI based inflation in March

The wholesale price index (WPI) based inflation in India in the month of March rose to 14.55 per cent due to an increase in power prices and rising edible oil prices. Overview: In March 2021, the WPI-based inflation had stood at 7.89 per cent. In March 2022, the high rate of inflation was recorded due ..

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World Bank Report on Extreme Poverty in India

According to a working paper of the World Bank, extreme poverty in India has dropped from 22.5 percent in 2011 to 10.2 percent in the pre-Covid year of 2019. Also, the pace of poverty reduction in rural India has been more than in urban areas of the country. Overview: In the urban and rural areas ..

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Key Facts on Oil Bonds

The government issues oil bonds to compensate the oil marketing companies (OMCs) to offset the losses that are suffered by them with the aim of shielding consumers from rising crude oil prices. These bonds were issued by the government mainly from 2005 to 2010. Reasons for the issuance of oil bonds In lieu of cash, ..

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