CURRENT AFFAIRS

Microfinance refers to the provision of financial services such as microcredit, savings, insurance, and remittances to low-income and underserved populations, especially those excluded from traditional banking services.

Ways and Means Advances (WMA) refer to the temporary advances provided by the Reserve Bank of India (RBI) to States/Union Territories (UTs) and the Union Government to address temporary mismatches in their cash inflows and outflows. 

The Financial Inclusion Index (FII) is an important metric designed to assess the extent of financial inclusion across the country. 

The Reserve Bank – Integrated Ombudsman Scheme was launched in 2021 as a part of the Alternate Grievance Redress (AGR) Framework of the Reserve Bank of India (RBI).

The Credit-Deposit (CD) Ratio is a significant financial metric that indicates the percentage of total loans a bank has issued relative to its total deposits. 

The Monetary Policy Committee (MPC) of the Reserve Bank of India has cut the repo rate by 25 basis points for the second consecutive time to 6%.

The Archaeological Survey of India (ASI) is investigating the fire in Devagiri Fort. The Archaeological Survey of India is responsible for the conservation of this fort and regulates its activities under the Ancient Monuments and Archaeological Sites and Remains Act, 1958.

All 33 judges of the Supreme Court have decided to publicly declare their assets following a cash controversy at the residence of a former Delhi High Court judge. This will promote transparency in the judiciary and help strengthen public confidence.

The Reserve Bank of India (RBI) generates a surplus, which refers to the excess of income over expenditure. 

MIBOR stands for Mumbai Interbank Offer Rate. It is an interest rate benchmark that reflects the average rate at which Indian banks borrow unsecured funds from each other in the interbank market.