Posts in Category: banking

Monetary Policy Committee decided to keep the Policy Repo rate under the liquidity adjustment facility (LAF) unchanged to 6.5%

Monetary Policy Committee of India (MPC)- 

The Monetary Policy Committee of India is a committee of the Reserve Bank of India that is responsible for fixing the benchmark interest rate in India.

Meeting of MPC – The meetings of the Monetary Policy Committee are held at least 4 times a year and it publishes its decisions after each such meeting.

The committee comprises six members –

Three officials of the Reserve Bank of India and three external members nominated by the Government of India. They need to observe a “silent period” seven days before and after the rate decision for “utmost confidentiality”. The Read More

PFRDA Invites Expression of Interest (EOI) for Actuarial Valuation of Atal Pension Yojana

Pension Fund Regulatory and Development Authority (PFRDA) invites Expression of Interest (EOI) from reputed Actuary/Actuarial Firm for valuation to estimate the likely shortfall or otherwise on account of the minimum guaranteed pension and suitable provisioning for gap funding under Atal Pension Yojana(APY).

APY offers guaranteed pension benefits which entails suitable gap funding to fulfill the commitment of guaranteed pension benefits to the subscribers and spouse of the subscribers. The Expression of Interest document has been issued on 18.07.2018 and the same is available on PFRDA’s website. Along with the other conditions, the actuarial firm should have carried out the actuarial valuation of at least 10 funds in the immediately preceding 5

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Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Investment limit doubled for senior citizens to Rs.15 Lacs with assured return of 8% per annum (Rs.10,000 Per Month)

It would enable upto Rs. 10000 Pension per month for Senior Citizens – Time limit for subscription under PMVVY extended from 4th May, 2018 to 31st March, 2020 – Reflection of Government commitment to financial inclusion and social security.

Background of Pradhan Mantri Vaya Vandana Yojana (PMVVY) 

Government of India has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age and to protect elderly persons aged 60 and above against a future fall in their interest income due to uncertain market conditions. The scheme enables old age income security for senior citizens through provision of assured pension/return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LIC).

The scheme provides an assured return of 8% per annum

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World bank and India sign loan agreement for “Innovate in India for inclusiveness project” for $125Million

The World Bank is an international financial institution that provides loans to countries of the world for capital projects. It comprises two institutions:

  1. The International Bank for Reconstruction and Development (IBRD), and
  2. The International Development Association (IDA).

The World Bank’s stated goal is the reduction of poverty which its Articles of Agreement define as commitments to the promotion of foreign investment and international trade and to the facilitation of capital investment.

India signs loan agreement with World Bank for US$ 125 million for “Innovate in India for Inclusiveness Project” 

A Loan Agreement for IBRD credit of US$ 125 (equivalent) for the “Innovate in India for Inclusiveness Project”

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