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A Financial Intelligence Unit (FIU)- India is a national body that collects and analyzes information about suspicious financial activity. The FIU-IND is an independent body in New Delhi that reports directly to the Economic Intelligence Council (EIC), which is headed by the Finance Minister. The FIU-IND cooperates with other law enforcement agencies both domestically and internationally.
30 December, 2023
Financial inclusion
Economic Survey 2023-24 acknowledged the concept of reverse flipping and this trend has been gaining attention in the recent years. What is reverse flipping? Flipping- The process of transferring the entire ownership of an Indian company to an overseas entity, accompanied by a transfer of intellectual property rights and data owned by the Indian company. It transforms an Indian company into a 100% subsidiary of a foreign entity, with the founders and investors retaining the same ownership via the foreign entity, having swapped all shares. The Foreign Exchange Management (Overseas Investment) Rules and Regulations, 2022 clarify that the flipping culture has been acknowledged by the Reserve…
04 November, 2023
Financial inclusion
First Floating Financial Literacy Camp in India In order to promote financial literacy "By the women, for the women," India Post Payments Bank (IPPB) recently held India's First Floating Financial Literacy Camp in Srinagar, J&K. What is The Niveshak Didi Initiative? It is founded on the principle of "women for women," as women in rural areas find it more comfortable to ask females for advice. Executing Organization: Under the direction of the Ministry of Corporate Affairs, the IPPB in conjunction with the Investor Education and Protection Fund Authority (IEPFA) launched it. Financial Literacy Camp on the Water: The discussion addressed…
03 November, 2022
Financial inclusion
Digital Lending Image Source - Inc42 The Reserve Bank of India recently stated that regulated businesses providing credit through digital lending will have until November 30 to adhere to the lending standards for already-existing digital loans. About digital lending It entails financing through websites or mobile applications while utilizing technology for authentication and credit scoring. By utilizing current capabilities in traditional lending, banks have started their own independent digital lending platforms to enter the digital lending sector. Significance: Specifically in India's microenterprise and low-income consumer segments, financial inclusion aids in addressing the country's enormous unmet credit need. Reduce Informal Borrowing:…
05 September, 2022
Financial inclusion
FINANCIAL INCLUSION INDEX The Composite Financial Inclusion Index (FI-Index) for the year ended March 31, 2022, has been made public by the Reserve Bank of India. It has improved to 56.4 in March 2022 vis-à-vis 53.9 in March 2021, with growth witnessed across all the sub-indices. The improvement has been seen across all its sub-indices Access, Usage, and Equality. The index is published annually in July. About financial index The RBI created the composite financial inclusion index, which includes information on the banking, investments, insurance, postal, and pension sectors, to measure the level of financial inclusion across the nation. The…
05 August, 2022
Financial inclusion
Rationale for PMJDY Ministry of Finance is committed to provide financial inclusiveness and support to the marginalized and hitherto socio-economically neglected classes. Financial Inclusion is a national priority of the Government as it is an enabler for inclusive growth. It is important as it provides an avenue to the poor for bringing their savings into the formal financial system, an avenue to remit money to their families in villages besides taking them out of the clutches of the usurious money lenders. A key initiative towards this commitment is the Pradhan Mantri Jan Dhan Yojna (PMJDY), which is one of the…
02 September, 2021
Financial inclusion
Atal Bimit Vyakti Kalyan Yojana The scheme Atal Beemit Vyakti Kalyan Yojana was introduced by the Employees’ State Insurance Corporation (ESIC) on pilot basis for a period of 2 years w.e.f. 01.07.2018 for providing relief to the Insured Persons (IPs) who have become unemployed. Under this scheme relief in the form of cash compensation to the extent of 25 per cent of the average per day earning was paid upto a maximum of 90 days of unemployment subject to conditions that the employee should have completed two years of Insurable employment and has contributed not less than Seventy-Eight (78) days…
25 March, 2021
Financial inclusion
National Strategy for Financial Education Context The Reserve Bank of India (RBI) has released the National Strategy for Financial Education (NSFE): 2020-2025 document for creating a financially aware and empowered India. It is the second NSFE , the first one being released in 2013. NSFE: This NSFE for the period 2020-2025 has been prepared by the National Centre for Financial Education (NCFE) in consultation with all the Financial Sector Regulators viz. RBI, Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), etc. under the aegis of the…
22 August, 2020
Financial inclusion
Getting cash transfers out of a JAM By, Jean Drèze is Visiting Professor at the Department of Economics, Ranchi University; Reetika Khera is Associate Professor of Economics at IIM Ahmedabad Introdcution For some years now, the so-called JAM trinity (Jan Dhan-Aadhaar-Mobile) has been propounded as a dream cash-transfer infrastructure for India. It was born in chapter 3 of the Economic Survey 2015, titled “Wiping every tear from every eye: The JAM number trinity solution”. This early JAM promo humbly concluded that “nirvana today seems within reach”. The same lyrical tone can be found in the following year’s Economic Survey, where…
13 May, 2020
Financial inclusion
UIDAI permits Aadhaar updation facility through CSC- Banking Correspondent Part of: GS-II- GOVERNANCE (PT-MAINS-PERSONALITY TEST) To make Aadhaar updating easier for citizens, Unique Identification Authority of India, UIDAI has permitted Common Service Centre, CSCs, which are designated banking correspondents of banks, to offer Aadhaar services. Around 20,000 such CSCs will now be able to offer this service to citizens. CSC Village Level Entrepreneurs are asked to start the Aadhaar work with responsibility and as per instructions issued by UIDAI in this regard. The decision would further strengthen the efforts of achieving the goals of Digital India as envisaged by Prime…
29 April, 2020
Financial inclusion
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