Page-7 of Economy & Banking Current Affairs

CRED Launches Beta E-Rupee Wallet

January 29, 2025

Recently, CRED became the first fintech company to launch a beta version of its e-rupee wallet, enabling transactions using India’s central bank digital currency (CBDC). This initiative follows the Reserve Bank of India’s (RBI) proposal to broaden access to CBDC-Retail, ..

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UPI’s Dominance in India’s Digital Payment Landscape

January 28, 2025

The United Payments Interface (UPI) has fundamentally transformed India’s digital payment landscape. By the end of 2024, UPI accounted for 83% of the total payment volume in India. This is increase from 34% in 2019. Growth Metrics of UPI The ..

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RBI’s Liquidity Measures

January 28, 2025

The Reserve Bank of India (RBI) has recently intensified its efforts to enhance liquidity in the banking system. This initiative comes in response to liquidity deficit, which has been exacerbated by tax outflows and constrained government spending. The central bank’s ..

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Punjab National Bank Integrates NCRP Solution for Cybersecurity

January 28, 2025

Recently, Punjab National Bank (PNB) made headlines by becoming the first Indian bank to implement Clari5’s National Cybercrime Reporting Portal (NCRP) Integration Solution. This integration represents advancement in the management of cybercrime complaints within the banking sector. The system connects ..

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India’s Forex Reserves Decline

January 27, 2025

India’s foreign exchange (forex) reserves have experienced fluctuations in recent weeks. As of January 17, 2025, the reserves stood at $623.983 billion, a decrease of $1.88 billion from the previous week. This decline follows a larger drop of $8.714 billion ..

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Insolvency and Bankruptcy Code Cases Slow Down

January 27, 2025

The Insolvency and Bankruptcy Code (IBC) has been mechanism for resolving distressed debts in India. However, recent trends indicate a decline in its effectiveness. The Reserve Bank of India (RBI) reported a drop in case admissions to the National Company ..

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Surge in Banking Complaints Under Ombudsman Scheme

January 27, 2025

The Reserve Bank of India (RBI) reported rise in customer complaints under its Integrated Ombudsman Scheme for the fiscal year ending March 2024. The total complaints surged by 32.81 per cent, reaching 934,355. This increase indicates a decline in customer ..

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CBIC Introduces Temporary Identification Number

January 27, 2025

The Central Board of Indirect Taxes and Customs (CBIC) has recently implemented changes to the Goods and Services Tax (GST) framework in India. These changes include the introduction of a Temporary Identification Number (TIN) for businesses that do not require ..

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