CURRENT AFFAIRS

An asset (loan or advance) is classified as a Non-Performing Asset if the borrower has failed to make the repayment (interest or principal) for 90 days or more. 

Urban Cooperative Banks (UCBs) are financial institutions operating in urban and semi-urban areas of India. 

Objective: To establish a uniform framework for the recognition and functioning of Self-Regulatory Organisations (SROs) across all financial sectors regulated by the RBI.

Non-Banking Financial Companies (NBFCs) are financial institutions that perform many banking-like functions, but they are not banks. 

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%.