Major Committees – Indian Banking system Committee Purpose Banking and Financial Sector Reforms Basel Committee Banking Supervision Bimal Jalan For New Bank Licenses Raghuram Rajan Committee For Financial Sector Reforms For Banki
India’s Banking Sector a brief Timeline – UPSC PRELIMS GS Paper-3 Banking system – Prelims and Personality test Banking is considered to be the “Backbone of a Nation’s Economy”. It is the most leading part of the financial sector of the country as it is responsible for more than 70 % of the funds that flow through the financial sector in the country. The advancement of Indian Banking System can be classified into 3distinct Phases: 1. The Pre-I
Indian Banking system & Related Terms - UPSC GS-PAPER-3 Economics-Banking and associated terms Rates Base Rate – This is the minimum rate at which a bank can lend to its customers. It cannot lend below the base rate. All interest rates determined for various loans will use the base rate as the benchmark. Fixed Rate – A fixed rate is when the rate of interest for a loan remains constant throughout the entire tenure. Floating Rate – Opposite of fixed rate, a
Chilika Lake was a part of the Bay of Bengal: Study According to a study by the National Institute of Oceanography(NIO), Chilika lake was once a part of the Bay of Bengal. Evidences- Archeological Studies: The marine archaeological studies clearly show that the Chilika once was a safe harbour for cargo ships going to Southeast Asia and other parts of the world. Palur Port: Greek geographer Claudius Ptolemy(150 CE) described Palur as an important port of Kalinga and
Global Minimum Corporate Income Tax The US Treasury Secretary has urged the world’s 20 advanced nations to move in the direction of adopting a global minimum corporate income tax. What is the Global Minimum Corporate Tax Rate? It is a type of corporate tax. Under this, If a company moves some of its operations to another country having low-tax jurisdiction, then the company have to pay the difference between that minimum rate and whatever the firm paid on its overseas earnin
Meeting of Education Ministers of E9 Countries Recently, a consultation meeting of Education Ministers of E9 countries was held on the theme ‘E9 initiative: Scaling up digital learning to accelerate progress towards SDG4’. Major Highlights The United Nations (UN) is spearheading a global initiative on digital learning and skills for all, targeting marginalized children and youth and aiming to close the digital divide and drive rapid chan
Navigating the Rupee depreciation The rupee has been falling and recently, the rupee fell sharply by 105 paise. It is considered as one of the biggest single-session falls in 20 months. Currently, the rupee stands at 74.47 against the US dollar. Reasons for Rupee Depreciation A combination of factors are responsible for rupee depreciation, such as Concerns over Covid-19 has created uncertainty in the market. This affected the FDI(Foreign Direct Investment) and FII(
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