Microfinance Institutions: MFI is an organisation that offers financial services to low income populations. These services include microloans, micro savings and microinsurance. Microfinance sector has grown rapidly over the past few decades and currently it is serving around 102 million accounts (including banks and small finance banks) of the poor population of India. Different types of financial services providers …
Prevention of Money Laundering Act: The Prevention of Money Laundering Act (PMLA) was enacted by the Indian Parliament in 2002 to prevent money laundering in India. The act was amended in 2019 to further empower the Enforcement Directorate in dealing with money laundering cases. The chief objective of this legislation is to fight money laundering, …
Prevention of Money Laundering Act – UPSC Prelims Read More »
GST Council: It is a constitutional body (Article 279A) for making recommendations to the Union and State Government on issues related to Goods and Services Tax. The GST Council is chaired by the Union Finance Minister and other members are the Union State Minister of Revenue or Finance and Ministers in-charge of Finance or Taxation of all the States. It …
What is PFMS? PFMS is an electronic fund tracking mechanism It compiles, collates and makes available in real-time, information regarding all government schemes. Besides, it will significantly provide government real-time information on resource availability and utilisation across schemes. In addition it allow government expenditure to adopt a Just-in- Time (JIT) approach, with payments made only …
PCR is digital registry of authenticated granular credit information. It will work as financial information infrastructure providing access to various stakeholders and enrich the existing credit information ecosystem. It seeks to serve as single point of mandatory reporting for all material events for each loan, notwithstanding any threshold in the loan amount or type of …
RRBs were set up as government-sponsored, regional based rural lending institutions under Regional Rural Banks Act, 1976. These are financial institutions which ensure adequate credit for agriculture and other rural sectors. They were set up on the basis of recommendations of Narasimhan Working Group. Objective: They have been created with a view to serve primarily …
BBB is super authority (autonomous body) of eminent professionals and officials for public sector banks (PSBs). It was announced by Union Government in August 2015 as part of seven point Indradhanush Mission to revamp PSBs and started functioning in April 2016. It had replaced Appointments Board of Government. It is housed in Reserve Bank of …
Payment banks are non-full service banks, whose main objective is to accelerate financial inclusion. Payment Banks concept allows mobile firms, supermarket chains and others to cater to banking requirements of individuals and small businesses to further enhance financial inclusion. Payments banks will mainly deal in transfer and remittance services and accept deposits of up to …
It is a not for profit, non-Government, private limited company incorporated in 2013. The Government of India holds 24.5%equity in GSTN All States including NCT of Delhi and Puducherry, and the Empowered Committee of State Finance Ministers (EC), together hold another 24.5%. Balance 51% equity is with non Government financial institutions. The Company has been …
National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments system in India. It was set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA). It was incorporated as a Section 25 company under Companies Act 1956 (now Section 8 of Companies …