CURRENT AFFAIRS

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%.

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. 

The Priority Sector Lending (PSL) norms are designed to ensure that banks provide credit to sectors that are critical for the economic and social development of the country, especially those that are underserved or face financial exclusion.