AI and Technology Revolutionize Indian Agriculture
The Indian government has been actively leveraging artificial intelligence (AI) to address various challenges faced by the agricultural sector. These technological advancements are aimed at boosting agricultural productivity, reducing costs, and improving farmers’ livelihoods. A press release on these advancements was issued on December 10, 2024.
India Promotes Integrated Healthcare with Ayush Integration
The Government of India has been actively promoting the integration of Ayush systems of medicine (Ayurveda, Yoga, Unani, Siddha, and Homoeopathy) into the mainstream healthcare system. The Ministry of Health & Family Welfare and the Ministry of Ayush are working collaboratively to implement the co-location strategy.
India Outperforms Global Average in Energy Intensity Improvement
India has demonstrated commendable progress in energy conservation, outperforming the global average in recent years. According to the International Energy Agency (IEA), India’s energy intensity improved by 2.5% between 2010 and 2019, surpassing the global average of 2%. A press release on this progress was issued on December 10, 2024.
Statement on Developmental and Regulatory Policies
The Reserve Bank of India (RBI) has rolled out a series of developmental and regulatory policy measures aimed at strengthening liquidity, boosting financial markets, ensuring better regulation, enhancing financial inclusion, and embracing technological advancements in the financial sector. These measures are spread across six key areas: Liquidity and Financial Markets, Regulation, Communication, Financial Inclusion, Payment Systems, and Fintech. Let’s break down some of the significant changes announced by the RBI.
RBI increases the ceiling interest rates on Foreign Currency Non-Resident (FCNR(B)) deposits
The new ceiling rates apply to fresh FCNR(B) deposits raised by banks, with a revised structure that allows higher interest rate margins over the Overnight Alternative Reference Rate (ARR) for respective currencies.
RBI clarification on Maintenance of Cash Reserve Ratio
Reserve Bank of India hereby notifies that the average Cash Reserve Ratio (CRR) required to be maintained by every bank shall be 4.25 per cent of its net demand and time liabilities effective from the reporting fortnight beginning December 14, 2024 and 4.00 per cent of net demand and time liabilities effective from fortnight beginning December 28, 2024.
RBI raise the limit for collateral free agricultural loans
Banks are advised to waive collateral security and margin requirements for agricultural loans including loans for allied activities up to ₹2 lakh per borrower.
Sanchar Saathi portal
DoT and TSPs have developed Prevention of Spoofed Incoming International System to identify and block incoming international spoofed calls which display Indian mobile numbers and appear to be originating from within India. Such international spoofed calls have been made by cyber-criminals in recent cases of fake digital arrests, FedEx scams, and impersonation as government and police officials, etc.
SEBI draft circular on Harnessing DigiLocker as a Digital Public Infrastructure for reducing Unclaimed Assets in the Indian Securities Market
DigiLocker users can provide nominee for their DigiLocker account. Upon demise of the DigiLocker user, their status shall update, using information either from data of registration of deaths of the Registrar General of India (RGI) or the KRA system.
SEBI Consultation paper on draft circular on Operational Efficiency in Monitoring of Non-Resident Indians(NRIs)Position Limits in Exchange Traded Derivatives Contracts-Ease of Doing Investment
The objective of this paper is to seek public comments on the draft circular on operational efficiency in Monitoring of NRI Position Limits in Exchange Traded Derivatives Contracts as a measure of Ease of Doing Investment for NRI clients.