Emerging fintech ecosystem have increased the diversity quotient of the financial sector and made it inclusive.
The legacy issues of non-performing assets (NPAs) have been left behind by banks.
Internal accruals have become a source of growth capital.
The loan growth is expected to be healthy as the credit costs are bottoming out.
Transformed finance through universal coverage of banking through Jan Dhan Yojana and products like mobile banking applications, retail electronic fund transfers,UPI, Aadhaar e-KYC, Bharat Bill Paymentsystem, scan and pay and digital pre-paid instruments.
Challenges:
New channels of delivering financial services have led to several concerns such as mushrooming of unregulated digital lending apps, crypto-currencies and cyber-attacks.
Climate change as a major challenge for banks.
With the effort of “equal but differentiated responsibility” and initiatives for decarbonisation efforts has led to opening up of new business opportunities in renewables, city gas distribution, green hydrogen, etc.,
Since banks are expected to become major financiers in the fight against climate change, risk management practices of banks have to account for this new risk.
Quality of human resources.
With a dynamic and rapidly changing environment, the skill gap is widening which requires banks and financial institutions to attract, train and retain talent.
The need for employees to be flexible, agile, open to new technologies and proactively pick up new skills to remain useful has become imperative.
Thus, capacity building upskilling and reskilling of human resources will be a sine qua non to face the emerging challenges.
Need of financial services sector to invest in research.
The financial services sector has to develop out-of-box ideas for seamless service delivery and hyper-personalisation of products.
In-house data science labs or sandbox environments have to be developed to test out innovative ideas.
Why in News?
The release of the Household Consumption Expenditure Survey (HCES) for 2022-23 marks a significant milestone after a decade-long hiatus.
The factsheet offers valuable insights into
Context: Recently, India’s National Security Adviser (NSA), took part in the 6th NSA meeting of the Colombo Security Conclave (CSC) which agreed upon a road map for the year 2024.
About:
O
Context: The Indian Science Congress (ISC) 109th edition, originally to be held in Lucknow University in 2024, has been cast in doubt after the University pulled out citing an &nb
Context: AstroSat, India’s first multi-wavelength space-based observatory, has detected bright sub-second X-ray bursts from a new and unique neutron star with ultrahigh magnetic field (magn
Context: The National Centre for Disease Control (NCDC) recently found that over half of the nearly 10,000 hospital patients surveyed for a study were given antibiotics to prevent, rather than treat,
Context: Supreme Court judge Justice BR Gavai has been nominated as the Chairman of the Supreme Court Legal Services Committee (SCLSC), replacing Justice Sanjiv Khanna – the seniormost judg
Context: Declining multidimensional poverty is good news but income poverty, which has remained defiantly high for the last five years, must be fixed.
Progressing Indian economy:
NSO estimate
Background: 2023 could have been the hottest year in the 174-year observational record and probably the hottest in 125,000 years. It was dotted with lethal heat waves, devastating floods, droughts, an
Context: Last year, Serbia had to change its visa rules because of the illegal migrants, including Indians, flooding it as an entry point to Europe.
Background:
Serbia modified its visa rules l
Context: With temperatures at all-time high in 2023, 2024 will be pivotal in reducing emissions, without compromising developmental needs
News:
COP 21 Agreement: Eight years ago in Paris, cou
Context: The article underscores the enduring consequences of choices made post-Cyclone Michuang in Chennai, particularly concerning electricity disruptions. The core concept emphasizes the importance
Context: The Indian Space Research Organisation (ISRO) successfully placed its inaugural X-ray Polarimeter Satellite (XPoSat) into a meticulous circular orbit at an altitude of 650 km following a 21-m
Context: There are not enough judges at all levels of the judicial hierarchy to deal with the increased workload. The result is that there is little time to reflect on issues which can change the cour
CONTEXT: In 2023, the impact of artificial intelligence (AI) on social and economic relations was significant, attributed to the success of large language models (LLMs), such as ChatGPT, in solving co
Context: The pro-talks faction of the United Liberation Front of Asom (ULFA) on Friday signed a historic tripartite peace deal with the Government of India and the state government of Assam.&nbs
Context: Seeking to repeal the Press and Registration of Books Act, 1867, the Bill contains a unique provision disallowing persons convicted of terrorist acts or unlawful activities, or those who have
Context: In a special session of Parliament in September, after a wait of nearly three decades, the Nari Shakti Vandan Adhiniyam was passed, making possible a more women-friendly House. It envisaged r
BACKGROUND: The Union Cabinet granted approval on November 29 for the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN). This initiative is designed to furnish households and habitations b
Background: India set up its Consul General's office in Hanoi in 1956, while Vietnam established its diplomatic mission in 1972. During the Vietnam War, India supported Vietnam against U.S. interv
Background: The Red Sea attacks have been carried out by Yemen-based Houthi rebels, who have been in a civil war with the Yemeni government for about a decade. They say the attacks ar
Key words: Make in India (MII), Self-sufficiency, Protectionism, Jobs, Exports, PLI, NIP, Informal Economy, MSMEs, China
Background: For decades, the role of government i
BACKGROUND: While the Kashmir region,
Impact of Article 370 Abrogation: Abrogation has reduced support for separatism in Kashmir, pushing terrorists towards Poonch-Rajouri.
Troop Redeplo
CONTEXT: Fight against climate change: From cheap renewables to lucrative green investments, there is lots of progress and innovation, according to experts.
Key highlights:
Carbon emissions a
Use from exam point of view:
description of each village can be used as a separate case study or example
patterns of change taking place in rural India
Case studies:
Palakurichi
Tr
Why in the News?
The recently held G-20 summit at Delhi decided upon tripling renewable energy capacity and voluntary doubling of the rate of energy efficiency improvement by 2030, as a part o
Why in the News?
The World Food Day was celebrated on October 16.
India’s food system:
India feeds the largest population in the world.
The primary goal of a food system
Why in the News?
ISRO is set to carry out the first of a series of tests of systems and procedures of Gaganyaan mission, in less than two months after the Chandrayaan-3 Moon landing.
The safety
Why in the News?
The Government of India, recently released a comprehensive report on the opportunities afforded by this current wave of Artificial Intelligence (AI).
What is Digital Uncer
Why in the News?
Israel has launched intense airstrikes in Gaza after the territory's militant rulers carried out an unprecedented attack on Israel killing thousands and abducting hundreds of p
Why in the News?
Just like on Earth, the surface of Mars sometimes vigorously shakes and unsurprisingly, that is called a marsquake and the largest ever such marsquake was recorded in history happe
Why in the News?
The Delhi Police arrested two persons of news portal NewsClick by invoking the Unlawful Activities (Prevention) Act on the charges of
Accessing funds from pro-China elements
Why in the News?
A recent paper titled “A National Cancer Grid pooled procurement initiative, India”, demonstrates the viability of idea of the centralised procurement of phar
Why in the News?
Israel issued a new warning to Palestinians to leave northern Gaza and offered a three-hour window for evacuation to southern Gaza, ahead of a launch of ground invasi
Why in the News?
Hamas, a Palestine-based terrorist group launched a surprise attack on Israel, killing hundreds of civilians and taking many as hostage which witnessed
THE UN APPROVED KENYA-LED SECURITY MISSION TO HAITI
Why in the News?
Haiti approached the United Nations seeking urgent help to combat deadly gang violence in the cou
ABORTION LAWS IN INDIA
Why in the News?
The Supreme Court has referred a case to a larger Bench involving a 26 weeks pregnant married woman seeking abortion c
THE INDIAN OCEAN RIM ASSOCIATION
Why in the News?
Recently, the Indian Ocean Rim Association’s (IORA) Council of Ministers (COM) was held in Colombo under the b
ISRAEL’S MISSILE DEFENCE SHIELD- IRON DOME
Why in the News?
Around 2,200 rockets were fired towards southern and central Israel through a multi-pronged attack by Gaza-based militant group
Why in News?
Professor Claudia Goldin became the 3rd woman to be awarded the Sveriges Riksbank Prize in Economic Sciences which is commonly referred to as the Nobel Prize for Economics.
H
Why in the News?
The Global Hunger Index (GHI) 2023 ranked India 111 among 125 nations, a fall of four places from last year has received a push-back by the Indian government.
Why in the News?
Australians will vote in a referendum to be held soon, to decide whether the country’s indigenous peoples should be formally consulted in making laws.
Who are the &lsq
Why in the News?
The recent attack of Hamas on Israel which has led to flaring up of a full-fledged war, has been condoned by some while condemned by other countries.
The War’s eff
Why in the News?
Recent satellite measurements by European Space Agency Copernicus Sentinel-5P satellite as part of the EU’s environmental monitoring program over Antarctica have detected
Why in the News?
The recently ongoing General Assembly session of the UNSC saw voices for reform of the institution dominated by the political strategies of only five co
Why in the News?
September 29 was observed as the World Heart Day to raise awareness about prevention, detection and treatment of cardiovascular diseases (CVD) and promo
Why in the News?
India has expressed support to Israel stating that “people of India stand in solidarity with Israel in this difficult hour”, soon after
Why in the News?
The 17th edition of the Global Gender Gap Report 2023 of the World Economic Forum (WEF) has reflected that at the current rate of progress,&nb
The Maldives, the evolution of a democracy
Why in the News?
The Maldives, South Asia’s smallest nation-state, held its latest Presidential election successfully
Hamas attack: Israel-Saudi deal as target
Why in the News?
Hamas, the Palestinian militant group launched a surprise attack on Israel, which triggered the latter to o
THE HAMAS ATTACK CAN SHAKE THE WEST ASIAN GEOSTRATEGIC ARCHITECTURE
Why in the News?
The Hamas operation Toofan Al-Aqsa (Al-Aqsa Flood) on Israel has led to laun
THE YOM KIPPUR WAR
Why in the News?
The Yom Kippur war or the Ramadan war which started 50 years and reset equations in the Middle East forever is compared to the cur
Hamas’ surprise attack on Israel
Why in the News?
Israel witnessed the largest attack from Gaza, the tiny Palestinian enclave, resulting in one of the worst security cris
Significance of quantum dots in nanotechnology
Why in the News?
The Nobel Prize for chemistry 2023 was awarded to Alexei I. Ekimov, Louis E. Brus, and Moungi G. Bawen
Aligning higher education with the United Nations SDGs
NEP 2020 and SDGs:
SDGs are a matter of urgency that requires actions by all countries, both developed and developing, to end poverty an
Press, the fourth pillar of democracy:
India’s rank at the World Press Freedom index (published by Reporters Without Borders) has been continually declining which now stands at 161 out of
Why in the News?
India has one of the lowest female labour force participation rates (LFPR) in the world which is disheartening as the International Day of Rural Women is approaching.
Retribution for the south, accolade for the north
Why in the News?
The South Indian states face the risk of reduced political representation due to its lower populati
An Accounting System for Carbon
Climate ‘polycrisis’:
It was a term made popular by Adam Tooze.
It refers to the interconnected and compounding crises related
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