Financial services: GK, General Studies and Current Affairs

Watal Committee recommendations for a cashless India

A 11-member committee set up under former finance secretary Ratan Watal on August 23 to suggest ways of promoting digital transactions in the country has submitted its report to Finance Minister Arun Jaitley. The following are the list of suggested recommendations: The Payments Regulatory Board (PRB) to be formed as an independent payments regulator within the ..

Asian Development Bank: India’s growth projection at 7.0%

Asian Development Bank has lowered its growth forecast for Indian economy to 7.0% as an aftermath of demonetization. This is much slower than projected earlier. 45 countries which fall under the “Developing Asia” are now expected to expand 5.6 percent this year as against 5.7 percent expected earlier. The primary reasons for ADB to trim ..

‘DigiShala’ – 24-hour TV channel for cashless lessons

The ministry of electronics and information technology (MeitY) has launched a new TV channel named ‘DigiShala’ to promote digital transactions. DigiShala is a free-to-air channel to educate people about digital payment and encourage people to adopt digital payments in their everyday life. It is made available on DTH service. The channel will be airing shows in ..

Akodara: India’s first Digital Village

Akodara, a small village in Sabarkantha district of Gujarat has earned the distinction of becoming the country’s first digital village. The village with a small community of 1200 people has gone completely cashless. The village was adopted and developed by the ICICI foundation as a digitised village. All transactions in the village be it a ..

RBI has introduced Incremental CRR

To absorb the surplus liquidity available in the banking system post demonetisation, the Reserve Bank of India (RBI) has mandated the banks to maintain incremental cash reserve ratio of 100% effective the fortnight ended November 26. It will be applicable to deposits made between September 16 and November 11 fortnights. According to RBI data, total ..