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RBI LAUNCHES GLOBAL HACKATHON ‘HARBINGER 2025’ Why in the News? Recent Launch: The Reserve Bank of India (RBI) has introduced its fourth global hackathon, HaRBInger 2025 – Innovation for Transformation, to promote fintech innovation. Main Objective: The event aims to develop secure, inclusive, and technology-driven financial solutions, strengthening trust and integrity in the banking sector. …
Read MoreThis image highlights the major milestones in the growth and regulation of Non-Banking Financial Companies (NBFCs) in India, from their inception to their current role in financial inclusion. It covers reforms, digital transformation, and major sectoral shifts relevant for exams and policy understanding.
Read MoreNAMIBIA TO ROLL OUT SYSTEM BASED ON INDIA’S UPI Why in the News? Historic step: Namibia became the first country to sign a licensing agreement to adopt India’s UPI system in April 2024, showcasing how government services can be improved through international cooperation. High-level talks: PM Narendra Modi and President Netumbo Nandi-Ndaitwah announced UPI rollout …
Read MoreWhy in the News? A report by ICRIER and CIDE reveals that despite being the world’s third-largest economy, India’s digital user economy ranks 28th. The study highlights low user spending, digital adoption gaps, and the need for increased investments to boost digital penetration. Current Status of India’s Digital Economy: India ranks as the third-largest economy …
Read MoreWhy in the news? UPI’s dominance in India’s digital payment ecosystem has grown substantially, contributing to a ten-fold increase in payment volumes and values since 2018. It now accounts for 83% of digital payment transactions, transforming India’s financial landscape. Growth in Digital Payments (2013–2024): Digital payments in India increased over 3.5 times in value from …
Read MoreWhy in the news? The Department of Consumer Affairs is launching apps and a dashboard on National Consumer Day 2024 to empower consumers and curb manipulative practices in online marketplaces. About the New Initiatives for Consumer Protection: The Department of Consumer Affairs will launch the ‘Jago Grahak Jago App,’ ‘Jagriti App,’ and ‘Jagriti Dashboard’ on …
Read MoreWhy in the news? IRDAI issued a master circular consolidating client entitlements and repealing 55 previous circulars. Insurers must decide on cashless authorisation requests within one hour and grant final authorisation within three hours at discharge. source:medium About the Current Status of Insurance Sector In India: The Indian insurance market is projected to hit USD …
Read MoreWhy in the news? RBI Governor suggests permanent transaction deletion to enhance e-rupee anonymity, aiming to match paper currency’s level of privacy. source:enterslice About the RBI Governor’s Remarks on E-Rupee Anonymity: RBI Governor Shaktikanta Das proposed permanent deletion of transactions to enhance anonymity in e-rupee or CBDC. This measure aims to align digital currency with …
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