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Why 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 joined Project Nexus to enable instant cross-border retail payments by interlinking domestic Fast Payments Systems. The initiative aims to connect the FPSs of India, Malaysia, the Philippines, Singapore, and Thailand, enhancing cross-border payments.p source:scribd About Project Nexus: Purpose: Nexus connects multiple national payment systems into a …
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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