Banks to remain open on financial year end
Agency Banks are advised to keep all their branches dealing with government business open on March 31, 2025 (Monday).
Bank account for every household: Financial Inclusion scheme
The Government initiated the National Mission for Financial Inclusion (NMFI), namely the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August, 2014 to provide universal banking services for every unbanked household based on the guiding principles of banking the unbanked, securing the unsecured, funding the unfunded and serving unserved and underserved areas, with a strong focus on women. NMFI has also facilitated the coverage of women with various social security and credit linked Schemes.
Market Intervention Scheme: New government guidelines
Market Intervention Scheme (MIS) is implemented on the request of State/UT Government for procurement of various perishable agricultural/horticultural commodities such as tomato, onion and potato etc. for which Minimum Support Price (MSP) is not applicable and there is a reduction of at least 10% in the market prices in the States/UTs as compared to the rates of the previous normal season, so that farmers are not forced to sell their produce under distress.
Government initiatives to support women owned enterprises
The Pradhan Mantri Virasat Ka Samvardhan (PM VIKAS) is a flagship Scheme of the Ministry of Minority Affairs which converges five erstwhile schemes viz. ‘Seekho Aur Kamao’, ‘Nai Manzil’, ‘Nai Roshni’, ‘Hamari Dharohar’ and ‘USTTAD’; and focuses on upliftment of six notified minority communities through skill development; entrepreneurship and leadership of minority women; and education support for school dropouts.
Nodal officer under UAPA: New appointment to regulate Gift IFSC entities
The February 2025 circular issued by IFSCA signals a shift in the leadership for overseeing the implementation of these critical regulations. Ankit Bhansali, General Manager at the Division of Anti-Money Laundering and Combating the Financing of Terrorism (AML & CFT), has been designated as the new Nodal Officer responsible for the execution of Section 51A of the UAPA and Section 12A of the WMD Act. This change is a modification of the earlier circular and communication, which may have previously indicated a different officer for this role.
RBI reviews global and domestic economic situation
The Board reviewed the global and domestic economic situation and outlook, including the challenges posed by geopolitical developments and global financial market volatility.
Campuses at GIFT IFSC: new opportunity for foreign universities
The IFSCA regulations aim to enable foreign universities and educational institutions to establish International Branch Campuses (IBC) and Offshore Education Centres (OEC) in the GIFT International Financial Services Centre (GIFT IFSC), providing high-quality education and research opportunities.
Government measures for welfare of farmers and progress in agriculture
To help farmers in building resilience against extreme weather events and ensure long-term agricultural sustainability in the country, the Government of India implements National Mission for Sustainable Agriculture (NMSA), which is one of the Missions within the National Action Plan on Climate Change (NAPCC). NMSA has three major components i.e. Rainfed Area Development (RAD); On Farm Water Management (OFWM); and Soil Health Management (SHM).
Additional Factor of Authentication (AFA) for cross-border Card Not Present (CNP) transactions
Reserve Bank of India today placed on its website draft directions on Additional Factor of Authentication (AFA) for cross-border Card Not Present (CNP) transactions for public comments. The draft directions require a card issuer to validate AFA for non-recurring cross-border CNP transaction, whenever a request for AFA is raised by the overseas merchant or the […]
New draft framework for appointment of auditors
SEBI has issued a Consultation Paper on aspects relating to Secretarial Compliance Report, Appointment of Auditors and Related Party Transactions of a Listed Entity. The comments or suggestions, along with rationale, may be submitted latest by February 28, 2025.
