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According to a report from TransUnion Cibil and Small Industries Development Bank of India (SIDBI), there has been a growth in the credit outstanding amount of Micro, Small and Medium Enterprise (MSME) sector to Rs 20.21 lakh crore, with a year-on-year growth rate of 6.6%. Even according to the Reserve Bank of India (RBI), credit growth …

Recently, the Ministry of Labour and Employment launched the e-Shram portal. Important points: To register 38 crore unorganised workers such as construction labourers, migrant workforce, street vendors, and domestic workers, among others. The workers will be issued an e-Shram card containing a 12 digit unique number. If a worker is registered on the eSHRAM portal and …

Recently, Rajya Sabha has passed the Factoring Regulation (Amendment) Bill, 2021 to bring changes in the legislation aimed at helping the Micro, Small and Medium Enterprises (MSME) sector. It has incorporated many suggestions from the UK Sinha Committee. Factoring business is a business where an entity acquires the receivables of another entity for an amount. Note that credit …

Recently, the Lok Sabha passed the Airports Economic Regulatory Authority of India (AERA) Amendment Bill, 2021. It was first introduced in March 2021 and subsequently referred to a parliamentary standing committee on transport, tourism and culture, which approved it without any changes. It seeks to amend the Airports Economic Regulatory Authority of India Act, 2008. Important points: It …

National award winning artisan weaver, B Krishnamoorthy, has created a repository with samples of all the designs, patterns and motifs traditional to Kanjeevaram silk sari weaving, preserving fine pieces for next generation. Important points: Traditionally, the Kanjeevaram is a sari that is usually handwoven in mulberry silk and has pure gold or silver zari that renders it a …

Recently, the Union Cabinet has cleared the Deposit Insurance and Credit Guarantee Corporation (DICGC) Bill, 2021. The failure of banks such as Punjab and Maharashtra Co-operative (PMC) Bank, Yes Bank and Lakshmi Vilas Bank reignited the debate on the low level of insurance against the deposits held by customers in Indian banks. Important points: The bill …

Recently, the Reserve Bank of India (RBI) allowed non-bank Payment System Providers (PSPs) to participate in Centralised Payment Systems (CPS – RTGS and NEFT), as direct members. Important points: In the first phase, PSPs such as Prepaid Payment Instruments (PPIs), card networks and White Label ATM (WLA) operators will be allowed access. ATMs set up, owned and …

Recently, a group of astronomers have detected a very short, powerful burst of high-energy radiation also known as Gamma-Ray Bursts (GRBs) that lasted for about a second. It was named GRB 200826A after the date it occurred, which is 26th August 2020. It was detected by National Aeronautics and Space Administration’s (NASA’s) Fermi Gamma-ray Space Telescope. Important …

The latest edition of the International Monetary Fund’s (IMF) World Economic Outlook has cut its 2021 growth forecast for India to 9.5% from 12.5% estimated earlier in April 2021. While re-calibrating its forecast IMF considered two major factors which are access to vaccines and risk of new Corona-variants. Important points: Indian economy is expected to grow by 9.5% in 2021 and 8.5% in 2022 (larger …

Recently, the Union Minister of State for Finance has stated in the Rajya Sabha that the Government has taken a number of steps to facilitate digital banking, doorstep banking services and digital lending platforms. Important points: It is the digitization (or moving online) of all the traditional banking activities and programs services that were historically only available …