UPI123Pay : It is a UPI based payments solution for feature phones which can be used without internet. It is designed to improve the options for feature phone mobile users to access the UPI platform. Under the new UPI123Pay system, feature phone users will be required to go through an onboarding process where they have to link …
Facts: Aim: To create an ecosystem that would focus on promoting access to financial services and products and will also promote financial inclusion. Features: The Hub will collaborate with financial sector institutions, technology industry and academic institutions and coordinate efforts for exchange of ideas and development of prototypes related to financial innovations It would also develop …
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News: Reserve Bank of India has announced the Co-Lending Model (CLM) scheme which is an improvement over the co-origination of loan scheme announced by the RBI in 2018 which seeks to provide greater flexibility to the lending institutions. Facts: CLM Scheme: It aims to improve the flow of credit to the unserved and underserved sector of the …
An acronym for Google, Apple, Facebook and Amazon. The French parliament recently imposed it. The legislation will impose a 3% levy on sales generated in the country by non-tax paying online giants. France will be 1st major economy to impose a tax on internet heavyweights. At present, digital companies pay nearly no tax in countries …
The FSAP includes two major components: a financial stability assessment, which is the responsibility of the IMF, and a financial development assessment, the responsibility of the World Bank. Financial Sector Assessment Programme aims to: To gauge the stability and soundness of the financial sector. To assess its potential contribution to growth and development. The Financial …
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Open Credit Enablement Network (OCEN) OCEN is a credit protocol infrastructure, which will mediate the interactions between loan service providers, usually fintech and mainstream lenders, including all large banks and NBFCs. It is developed by a think tank, Indian Software Products Industry Round Table (iSPIRT). With this, a credit will become more accessible for a …
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Global electronics giants are set to expand their presence in India under the Production Linked Incentive (PLI) Scheme for making mobile phones and certain other specified electronic components. What is the PLI scheme? As a part of the National Policy on Electronics, the IT ministry had notified the PLI scheme on April 1 this year. …
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Special Drawing Right(SDR): It is an international reserve asset created by the IMF in 1969 to supplement its member countries official reserves. It is neither a currency nor a claim on the IMF. The value of the SDR is based on a basket of five currencies: the U.S. dollar, the euro, the Chinese renminbi, the …
Early Harvest agreements: Early harvest scheme is a precursor to a free trade agreement (FTA) between two trading partners. This is to help the two trading countries to identify certain products for tariff liberalisation pending the conclusion of FTA negotiation. It is primarily a confidence building measure between two trading partners Challenges associated with the Early Harvest …
Least Developed Countries: Least developed countries (LDCs) are low-income countries confronting severe structural impediments to sustainable development. They are highly vulnerable to economic and environmental shocks and have low levels of human assets. There are currently 46 countries on the list of LDCs which is reviewed every three years by the Committee for Development (CDP) of UN. LDCs have exclusive …