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UDGAM Portal Expanded to Trace Unclaimed Bank Deposits Why in the News ? The Reserve Bank of India informed the Supreme Court that 30 banks have been integrated with the UDGAM portal, enabling legal heirs to identify unclaimed deposits of deceased account holders and improving transparency in dormant financial assets management. RBI’s UDGAM Portal and …
Read MoreRBI ISSUES DRAFT REVISED GUIDELINES FOR LEAD BANK SCHEME Why in the News? Draft Circular: Reserve Bank of India (RBI) released draft revised guidelines for the Lead Bank Scheme (LBS) seeking public comments. Institutional Reform: The revision aims to strengthen coordination mechanisms under the State Level Bankers’ Committee (SLBC) OBJECTIVES OF REVISED LEAD BANK SCHEME …
Read MoreWhy in the News? The Finance Ministry calls upon private sector banks to increase lending through schemes like PM SVANidhi and PM Vishwakarma, targeting job creation for artisans and street vendors. Secretary Vivek Joshi leads a review meeting with bank executives to assess the progress of these inclusive initiatives. Source: Samhita About Financial Inclusion Schemes: …
Read MoreWhy in the news? The Reserve Bank of India’s Financial Stability Report for June 2024 highlights that the gross non-performing assets (GNPA) ratio of scheduled commercial banks reached a 12-year low of 2.8% in March 2024. The GNPA ratio is projected to further improve to 2.5% by March 2025, based on macro stress tests assessing …
Read MoreWhy in the news? Crisil predicts ARCs will see a recovery rate increase to 16-18% by March 2025 due to improved residential real estate conditions. Recovery driven by demand, price appreciation, and regulatory amendments aiding resolution of stressed real estate projects. source:geeksforgeeks About Asset Reconstruction Companies (ARCs): Specialized financial institutions purchasing bank bad debts to …
Read MoreHistory and Evolution of Banking in India Banking in India has evolved significantly over the years, reflecting the country’s broader economic, social, and political transformations. From its nascent stages in the 18th century to its current status as the backbone of the economy, Indian banking has undergone three distinct phases. Each phase has been marked …
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