RRBs achieved a record Rs.7,571 crore profit in FY 2023-24; key financial indicators like CRAR, deposits, NPAs CD Ratio also showed steady improvement.
About RRB
- Genesis: Formed in 1975 under the RRB Act, 1976.
- Ownership: Jointly owned by Government of India(GOI), Sponsor Bank and concerned State Government and with share proportion of 50%,35% & 15% respectively.
- Regulation: Regulated by Reserve Bank of India (RBI) and supervised by NABARD.
- Aim: Development of agriculture, trade, commerce, industry and other productive activities in the rural areas.
- Priority Sector Lending: Revised to 75% in 2016 of total lending within the sub-targets set by RBI.
Article Sources
1 sourceRecently, Lok Sabha passed the Finance Bill 2025.
About Finance Bill
- The Constitution divides financial legislation into two categories viz., Money Bills (Article 110) and Financial Bills (Article 117).
- Two Categories:
- Article 117(1): which make provision for any of the matters which come within the definition of a Money Bill but do not consist solely of these matters;
- can be introduced only in Lok Sabha and it requires the recommendation of the President for its introduction.
- Article 117(3): those which, if enacted, and brought into operation, would involve expenditure from the Consolidated Fund of India.
- may be introduced in either House and it does not require the recommendation of the President for its introduction.
- It cannot, however, be passed by either House unless the President has recommended to that House the consideration thereof.
- Article 117(1): which make provision for any of the matters which come within the definition of a Money Bill but do not consist solely of these matters;
- Rajya Sabha can reject or amend these Bills like ordinary Bills.
Article Sources
1 sourceNational Payments Corporation of India (NPCI) has recently launched the BHIM (BHarat Interface for Money) 3.0.
Salient Features of BHIM 3.0
- Expanded language support: Now available in 15+ Indian languages.
- Allows to track, manage, and split expenses with ease.
- Optimised for low internet areas: Ensures uninterrupted transactions even in regions with weak or unstable network connectivity.
- Built-in task assistant: To remind users of pending bills, UPI Lite activation, and low balance alerts.
- BHIM Vega: A seamless in-app payment solution that integrates directly with online merchant platforms, allowing interoperability with third-party applications.
Medium Term and Long Term Government Deposit (MLTGD) components of Gold Monetisation Scheme (GMS) discontinued with effect from March 26, 2025.
About Gold Monetization Scheme
- Launched in: 2015.
- Aim: To reduce gold imports and mobilize household & institutional gold for productive use.
- Implemented by: All Scheduled Commercial Banks excluding Regional Rural Banks (RRBs).
- Categories under the scheme
- Short-Term Bank Deposit (STBD): 1-3 years (Managed by banks).
- Medium-Term Government Deposit (MTGD): 5-7 years.
- Long-Term Government Deposit (LTGD): 12-15 years.
- Existing deposits under Medium Term and Long Term Government Deposit will continue till maturity as per existing RBI guidelines.
Article Sources
1 sourceA decade after Nalanda University came up in the foothills of Rajgir, work is on to revive another ancient centre of learning in Bihar i.e. Vikramshila.
About Vikramshila University
- Founded: By Pala king Dharmapala (8th-9th Century AD), it thrived alongside Nalanda.
- He also founded Somapur Mahavihara in modern Bangladesh.
- Known for Vajrayana/Tantrayana Buddhism, occult studies, and theological disciplines.
- Scholars from Tibet came to study here. Many manuscripts were written in Sanskrit and also translated into Tibetan.
- Atisha Dipankar (980-1054), a Buddhist in the Pala kingdom was an adhyaksha (head of the university)here.
- Destroyed in late 12th century by Bakhtiyar Khalji, a military commander of Qutubuddin Aibak.
Department-related standing committee on science and technology, environment, forests and climate change raised concerns over inadequate expenditure under the Control of Pollution Scheme in the FY 2024-25.
About the Control of Pollution Scheme
- Administered by: Union Ministry of Environment, Forest & Climate Change.
- Type: Central Sector Scheme.
- Operational: Since 2018.
- Objective: To monitor air quality across the country and take appropriate air pollution mitigation measures, besides monitoring water quality and noise levels in the country.
- Components:
- Assistance for Abatement of Pollution to weaker State Pollution Control Boards/ Pollution Control Committees and CPCB.
- National Clean Air Programme (NCAP).
- Environmental Monitoring Network Programm.
- Research and Outreach Programmes.
Recently, Central Board of Direct Taxes (CBDT) notified amendments to Income-tax Rules to increase the threshold for availing safe harbour from Rs 200 crore to Rs 300 crore.
About Safe Harbour Rule
- Critical component of India’s transfer pricing framework, Aims to reduce litigation by allowing eligible taxpayers to adopt predefined prices for specified international transactions.
- Safe harbour rules are defined under Section 92CB of the Income-tax Act, 1961 for the determination of arm’s length price.
- Safe harbour means circumstances in which the income-tax authorities accept the transfer price as declared by the assessee.
- Transfer Price is actual price charged in a transaction between related entities which are part of same multi national enterprise group.
- An arm's length price is price that would be agreed upon in a transaction between two independent, unrelated parties, under open market conditions.
