Finance: GK, General Studies and Current Affairs

Nirvik: New Export Credit Insurance Scheme

The Ministry of Commerce & Industries through the Export Credit Guarantee Corporation (ECGC) has launched a new Export Credit Insurance Scheme (ECIS) called NIRVIK to enhance loan availability and ease the lending process. What is Export Credit Insurance? Export credit insurance (ECI) protects an exporter of products and services against the risk of non-payment by ..

RBI proposes setting up of web portal for quick Agri Loans

The report of the RBI Internal Working Group to Review Agricultural Credit has recommended the Indian Banks’ Association to introduce a web portal on the lines of PSB Loans in 59 Minutes to allow quicker credit access for the agriculture sector. The RBI had announced the setting up of committee in February to review the ..

RBI increases banks’ loan exposure limit to single NBFC

The Reserve Bank of India (RBI) has increased loan exposure limit of banks to a single NBFC. This is expected to help increase credit supply to the crisis-ridden shadow banking sector. Relaxation of Norms As per the Large Exposures Framework (LEF), Banks’ exposure to a single non-banking financial company (NBFC) was restricted to 15% of their available ..

PM Modi Launches Pradhan Mantri Kisan Maan Dhan Yojana

Prime Minister Narendra Modi launched the Pradhan Mantri Kisan Maan Dhan Yojana, a pension scheme for farmers in Jharkhand. About the Scheme The scheme is voluntary and contribution-based for farmers in the age group of 18 to 40 years. Monthly pension of Rs. 3000/- will be provided to the enrolled farmers on attaining the age ..

Steering Committee on Fintech-related issues suggests new laws for consumer protection

The Steering Committee on fintech-related issues has recommended a new legal framework for consumer protection and has also suggested new cash flow-based financing options for micro, small and medium enterprises. What has happened? A new panel established to explore issues related to the financial technology (fintech) has submitted a report to the Finance Minister of ..