Priority sector lending categories expanded
The Reserve Bank has expanded the scope of priority sector lending to include start-ups funding up to Rs 50 crore, and loans to farmers for installation of solar plants and compressed biogas plants.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/25526-priority-sector-lending-categories-expanded.html
#PSL #solarplants #ReserveBank #sector #Prioritysectorlending #UPSCOnlineClasses #OnlineClassses #IASOnlineclasse
The Reserve Bank has expanded the scope of priority sector lending to include start-ups funding up to Rs 50 crore, and loans to farmers for installation of solar plants and compressed biogas plants.
Read More: https://www.ksgindia.com/study-material/news-for-aspirants/25526-priority-sector-lending-categories-expanded.html
#PSL #solarplants #ReserveBank #sector #Prioritysectorlending #UPSCOnlineClasses #OnlineClassses #IASOnlineclasse
Ksgindia
Priority sector lending categories expanded | KSG India | Khan Study Group | Best IAS Coaching Preparation Institute Online
The Reserve Bank has expanded the scope of priority sector lending to include start-ups funding up to Rs 50 crore, and loans to farmers for installation of solar plants and compressed biogas plants.
Today's Headlines - 01 August 2023
Lok Sabha passes MMDR Amendment bill
GS Paper - 2 (Polity)
The Mines and Minerals (Development and Regulation) Amendment Bill, 2023 was taken up for consideration and passed by the Lok Sabha. This bill proposes to empower the Central government to exclusively auction mining lease and composite licence for 26 critical minerals in the country.
More about the Amendment
This amendment to the Mines and Minerals (Development and Regulation) Act, 1957, “would facilitate, encourage and incentivise private sector participation in all spheres of mineral exploration for critical and deep-seated minerals”. Under the existing framework, state governments auction mining blocks.
Even in case of conduct of auction by the central government, the mineral concession shall be granted to the selected bidders by the state government only and the auction premium and other statutory payments shall accrue to the state government.
According to the statement of objects and reasons for the bill, it would help hasten the pace of auction and early production of critical minerals such as lithium, cobalt, and graphite that are crucial for electric vehicles and batteries.
Nickel, platinum, and tin-bearing minerals are also among the 26 that are proposed to be brought under the ambit of the central government.
This would be the Fifth Amendment to the MMDR Act since 2014. Earlier changes included mandating e-auction for mineral resources, and allowing extension of mining leases which were expiring.
#upsc #news #loksabha #MMDR #amendnent #bill #polity #mines #minerals #development #central #goverment #critical #goverments #statutory #exploration #lithium #cobalt #grapite #nickel #platinum #resources #leases #private #sector
Lok Sabha passes MMDR Amendment bill
GS Paper - 2 (Polity)
The Mines and Minerals (Development and Regulation) Amendment Bill, 2023 was taken up for consideration and passed by the Lok Sabha. This bill proposes to empower the Central government to exclusively auction mining lease and composite licence for 26 critical minerals in the country.
More about the Amendment
This amendment to the Mines and Minerals (Development and Regulation) Act, 1957, “would facilitate, encourage and incentivise private sector participation in all spheres of mineral exploration for critical and deep-seated minerals”. Under the existing framework, state governments auction mining blocks.
Even in case of conduct of auction by the central government, the mineral concession shall be granted to the selected bidders by the state government only and the auction premium and other statutory payments shall accrue to the state government.
According to the statement of objects and reasons for the bill, it would help hasten the pace of auction and early production of critical minerals such as lithium, cobalt, and graphite that are crucial for electric vehicles and batteries.
Nickel, platinum, and tin-bearing minerals are also among the 26 that are proposed to be brought under the ambit of the central government.
This would be the Fifth Amendment to the MMDR Act since 2014. Earlier changes included mandating e-auction for mineral resources, and allowing extension of mining leases which were expiring.
#upsc #news #loksabha #MMDR #amendnent #bill #polity #mines #minerals #development #central #goverment #critical #goverments #statutory #exploration #lithium #cobalt #grapite #nickel #platinum #resources #leases #private #sector
Today's Headlines - 13 August 2023
India's first Agricultural Data Exchange (ADeX)
GS Paper - 3 (Economy)
The government of Telangana, in collaboration with the World Economic Forum and the Indian Institute of Science (IISc) launched India's first Agricultural Data Exchange (ADeX) in Hyderabad. The Telangana government also launched the Agriculture Data Management Framework (ADMF) - a framework for facilitating consent-based responsible data sharing.
More about Exchange
Developed as a digital public infrastructure (DPI) for the agriculture sector, ADeX is an open-source, open-standard, and interoperable public good.
The software platform facilitates a secure, standards-based exchange of data between agricultural data users (agri application developers) and agricultural data providers (government agencies, private companies, NGOs, universities, etc.).
ADMF is applicable to all government departments dealing with agricultural activities, as well as, all agriculture information users and providers. The framework provides a grievance redressal mechanism.
Both ADeX and ADMF provide the right platform to ensure fair and efficient usage of agricultural data by the industry and startups and provide a big boost to the data economy specifically in the agriculture sector.
These initiatives help Telangana lead the country in using innovation and technology to drive food systems transformation and improve the livelihoods of farmers."
Data and digital ecosystems are critical for responsible innovation in the agriculture sector.
The agriculture data exchange and the agriculture data management framework highlight the power of multi-stakeholder communities and collective action in addressing complex challenges in the agriculture sector.
#upsc #news #headline #india #agricultural #data #exchange #ADEX #economy #world #economic #forum #institute #science #IISC #ADMF #DPI #digital #grievance #mechanism #NGO #privatecompanies #universities #agencies #mechanism #software #technology #telangana #ecosystems #sector #data
India's first Agricultural Data Exchange (ADeX)
GS Paper - 3 (Economy)
The government of Telangana, in collaboration with the World Economic Forum and the Indian Institute of Science (IISc) launched India's first Agricultural Data Exchange (ADeX) in Hyderabad. The Telangana government also launched the Agriculture Data Management Framework (ADMF) - a framework for facilitating consent-based responsible data sharing.
More about Exchange
Developed as a digital public infrastructure (DPI) for the agriculture sector, ADeX is an open-source, open-standard, and interoperable public good.
The software platform facilitates a secure, standards-based exchange of data between agricultural data users (agri application developers) and agricultural data providers (government agencies, private companies, NGOs, universities, etc.).
ADMF is applicable to all government departments dealing with agricultural activities, as well as, all agriculture information users and providers. The framework provides a grievance redressal mechanism.
Both ADeX and ADMF provide the right platform to ensure fair and efficient usage of agricultural data by the industry and startups and provide a big boost to the data economy specifically in the agriculture sector.
These initiatives help Telangana lead the country in using innovation and technology to drive food systems transformation and improve the livelihoods of farmers."
Data and digital ecosystems are critical for responsible innovation in the agriculture sector.
The agriculture data exchange and the agriculture data management framework highlight the power of multi-stakeholder communities and collective action in addressing complex challenges in the agriculture sector.
#upsc #news #headline #india #agricultural #data #exchange #ADEX #economy #world #economic #forum #institute #science #IISC #ADMF #DPI #digital #grievance #mechanism #NGO #privatecompanies #universities #agencies #mechanism #software #technology #telangana #ecosystems #sector #data
Today's Headlines - 10 September 2023
Self Regulatory Organisation for fintechs
GS Paper - 3 (Economy)
Reserve Bank of India (RBI) Governor Shaktikanta Das has asked fintech entities to form a Self-Regulatory Organisation (SRO). An SRO can help in establishing codes of conduct for its members that foster transparency, fair competition, and consumer protection. It can act as a watchdog and encourage members to adopt responsible and ethical practices. It can provide a link between the regulator and market participants through a less formal set-up.
What is an SRO?
An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of entities in the industry (members) with the aim of protecting the customer and promoting ethics, equality, and professionalism. SROs typically collaborate with all stakeholders in framing rules and regulations.
Their self-regulatory processes are administered through impartial mechanisms such that members operate in a disciplined environment and accept penal actions by the SRO.
An SRO is expected to address concerns beyond the narrow self-interests of the industry, such as to protect workers, customers or other participants in the ecosystem.
Regulations, standards, and dispute resolution and enforcement by an SRO get legitimacy not just by mutual agreement of its members, but also by the efficiency with which self-regulation is perceived to be administered.
Such regulations supplement, but do not replace, applicable laws or regulations, according to the Reserve Bank of India.
What is the need for an SRO?
As regulators continue to contemplate, implement, and refine regulations for the orderly development of the fintech sector, SROs could play a pivotal role in the fintech industry by promoting responsible practices and maintaining ethical standards.
There have been many instances where a few fintech players were involved in unethical practices such as charging exorbitant higher interest rates and harassment of borrowers for recovering loans.
What are the benefits of an SRO?
SROs are widely considered experts in their fields and so have in-depth knowledge of the markets they operate in. This is helpful to their members as they can be called in to participate in deliberations and learn more about the nuances of the industry.
Formation of SROs ensures member organisations follow a certain standard of conduct that helps promote ethical ways of doing business, which can lead to enhanced confidence in the ecosystem.
They can serve as a watchdog to guard against unprofessional practices within an industry or profession.
What are the functions of an SRO?
The recognised SRO will serve as a two-way communication channel between its members and the RBI.
It will work towards establishing minimum benchmarks and standards and help instil professional and healthy market behaviour among its members.
SROs will impart training to the staff of its members and others and will conduct awareness programmes. It will establish a uniform grievance redressal and dispute management framework across its members.
#upsc #news #headline #self #regulatory #fintechs #Economy #RBI #shaktkantaidas #organisation #consumer #protection #watchdog #ethical #regulator #link #SRO #enforces #rules #stakeholders #mechanisms #industry #workers #resolution #dispute #laws #supplement #india #sector #grievance
Self Regulatory Organisation for fintechs
GS Paper - 3 (Economy)
Reserve Bank of India (RBI) Governor Shaktikanta Das has asked fintech entities to form a Self-Regulatory Organisation (SRO). An SRO can help in establishing codes of conduct for its members that foster transparency, fair competition, and consumer protection. It can act as a watchdog and encourage members to adopt responsible and ethical practices. It can provide a link between the regulator and market participants through a less formal set-up.
What is an SRO?
An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of entities in the industry (members) with the aim of protecting the customer and promoting ethics, equality, and professionalism. SROs typically collaborate with all stakeholders in framing rules and regulations.
Their self-regulatory processes are administered through impartial mechanisms such that members operate in a disciplined environment and accept penal actions by the SRO.
An SRO is expected to address concerns beyond the narrow self-interests of the industry, such as to protect workers, customers or other participants in the ecosystem.
Regulations, standards, and dispute resolution and enforcement by an SRO get legitimacy not just by mutual agreement of its members, but also by the efficiency with which self-regulation is perceived to be administered.
Such regulations supplement, but do not replace, applicable laws or regulations, according to the Reserve Bank of India.
What is the need for an SRO?
As regulators continue to contemplate, implement, and refine regulations for the orderly development of the fintech sector, SROs could play a pivotal role in the fintech industry by promoting responsible practices and maintaining ethical standards.
There have been many instances where a few fintech players were involved in unethical practices such as charging exorbitant higher interest rates and harassment of borrowers for recovering loans.
What are the benefits of an SRO?
SROs are widely considered experts in their fields and so have in-depth knowledge of the markets they operate in. This is helpful to their members as they can be called in to participate in deliberations and learn more about the nuances of the industry.
Formation of SROs ensures member organisations follow a certain standard of conduct that helps promote ethical ways of doing business, which can lead to enhanced confidence in the ecosystem.
They can serve as a watchdog to guard against unprofessional practices within an industry or profession.
What are the functions of an SRO?
The recognised SRO will serve as a two-way communication channel between its members and the RBI.
It will work towards establishing minimum benchmarks and standards and help instil professional and healthy market behaviour among its members.
SROs will impart training to the staff of its members and others and will conduct awareness programmes. It will establish a uniform grievance redressal and dispute management framework across its members.
#upsc #news #headline #self #regulatory #fintechs #Economy #RBI #shaktkantaidas #organisation #consumer #protection #watchdog #ethical #regulator #link #SRO #enforces #rules #stakeholders #mechanisms #industry #workers #resolution #dispute #laws #supplement #india #sector #grievance