Union Cabinet approves ordinance to pay salaries by cheques

The Union Cabinet has approved a draft ordinance to empower states and allow industries to pay workers’ wages digitally, through a direct bank transfer to accounts or by cheque in a bid to encourage cashless transactions. The draft ordinance proposes ..

Month: Current Affairs - December, 2016

RBI opposes proposal to set up separate payments regulator

The Reserve Bank of India (RBI) has opposed a move to establish a separate entity to regulate payments and settlements as recommended by Ratan Watal Committee for Digital Payments. The 11-member committee was notified in September 2016 by the Union ..

Month: Current Affairs - December, 2016

Recommendations of Ratan Watal Committee for Digital Payments

The Committee on Digital Payments headed by Ratan P. Watal has submitted its final report to the Union Finance Ministry. It was 11-member committee notified in August 2016 by the Finance Ministry. It was tasked to review existing payment systems ..

Month: Current Affairs - December, 2016

Union Government launches DigiShala TV channel to promote digital payments

The Union Ministry of Electronics and Information Technology (MeitY) has launched a TV channel named ‘DigiShala’ to promote cashless transactions. The channel was launched as part of the ‘Digidhan’ campaign which aims to spread awareness about digital transactions. Key Facts ..

Month: Current Affairs - December, 2016

Transforming Banking Services in India

Banking plays important role in economic development and financial inclusion. It provides essential services to individuals and businesses, facilitating growth and stability. Historical Context Pre-Independence Banking Landscape Before independence, banking services were limited. They primarily catered to the elite. The ..