Indian Economy (Mrunal) Pillar # 1 - Summarizer: Pillar#1A-1: Money: Barter To Bitcoin

INDIAN ECONOMY (MRUNAL) PILLAR # 1 – SUMMARIZER
Pillar#1A-1: Money : Barter to Bitcoin Legal Tender - Limited and Unlimited
Barter system & its disadvantages
Money: Functions RBI’s App to help the blind identify currency notes
Currency related General Knowledge
Money: Evolution & Types
Commodity Money (Intrinsic value? Yes) “I promise to pay the bearer…”: Meaning of this
promise?
Metallic Money (Intrinsic value? Yes)
Demonetization of Fiat Money (Previously 1946, 1978)

Full Bodied vs Token Coins
Intrinsic value of a coin? ₹2000 WITHDRAWN but continued as legal tender

₹2000 NOT DEMONETIZED but WITHDRAWN from
circulation
₹ 2000 withdrawn- WHY?
Paper Money (Intrinsic Value? No)
Legal Tender
Redenomination?
Click on the link to Join us on Telegram: https://t.me/justupscpyq for more such pdfs
Bank Money / Deposit Money LPSS- lightweight payment and settlement system
Paper orders: Cheque, Demand Draft (DD)
National Payment Corporation of India(NPCi)
DD and Overdraft
NPCI → UPI (Unified Payment Interface)
Cheque → NPCi’s Cheque Truncation System (CTS) & UPI: Push vs Pull Transactions
Positive Pay Mechanism
NPCI → UPI → 123PAY for FeaturePhones
Electronic Orders / Digital payment
CBS ( full form: Core Banking Solution /system) UPI observations by Economic Survey-ES-2023
UPI-Lite (on-device wallet)
UPI-Lite + NFC = Offline Retail Payment / Tap-and-pay
Conversational payments in UPI
UPI facility to foreign tourists coming to India (2023)
NPCI → UPI BHIM Full form: Bharat Interface for Money UPI: Benefits of UPI-overdraft facility?
(2016)
UPI: Interoperable Card-less Cash Withdrawal (ICCW)
NPCI → Rupay Card Payment Gateway (2012)
UPI: QR Code based Coin Vending Machine using UPI

(2023-Feb)
DBT → E-Rupi by NPCi (2021)

NPCI other notable initiatives
e-RUPI vouchers: scope expanded (2023-June)
NACH-ABPS : Hybrid / Mixed mode in MGNREGA
Interoperability Problem
QR Codes: compulsory to implement UPI/Bharat QR from

Pre-sanctioned credit line 2022
UPI: Pre-sanctioned credit line/Overdraft in UPI (2023- rMQR (Rectangular Micro QR Code)
Apr)
Card Types based on Security Features Payments Infrastructure Development Fund (PIDF) 2020
Credit & Debit Cards (also called ‘Plastic Money’)
Global Money Transfer
India-UAE: LCSS: UPI-IPP linkage (2023-Aug)
Card Tokenization (from 1/Oct/2022)
Nostro-Vostro / Rupee-Ruble / Rupee-Rial Agreement?
CVC Less transactions
RUPAY Cards- International acceptance
FASTag for paying toll fees at highways (2017)
Financial Messaging Systems: SWIFT- Russia gets banned
MDR: Full form: Merchant Discount Rate
MDR Subsidy by MEITY
Payment System Operators?
Interchange fee by NPCi (2023-March)
ATM and its Types New Umbrella Entity (NUE) for Retail Payments System
(2019)
Measures to promote Cashless Economy Third Party Application Providers (TPAPs): Google Pay,
Whatsapp Pay
Digital Payment Regulatory bodies Cryptocurrency Banned in other nations?
Digital Transactions Ombudsman (DTO-2019)
Crypto currencies as legal tender is in some countries
RBI: BPSS (Statutory body)
Cryptocurrency Permitted in Other Nations/Groups
Digital Payment related Index / Competitions/Reports by

RBI
Crypto-Currency & Blockchain Technology

Cryptocurrency → Global Regulations
→ MICA regulation by EU (2023)
→ CARF Framework by OECD (2022)
Hot Wallet vs Cold Wallet Cryptocurrency → Stable-coins
Crypto-Winter in Bitcoin Prices World Coin Project (2021–22)
Crypto-scams - Recent Global Scams Central Bank Digital Currency (CBDC)
Crypto currency observations by EcoSurvey’23 Benefits of CBDC Challenges of CBDC
E-Rupee vs E-Rupi
Cryptocurrency Profit - 30% Tax + 1% TDS in Budget-22
Non-fungible token (NFT) Pillar#1A-2: Money Supply & RBI’s Monetary Policy
Fungibility: Money’s Demand, Supply & Creation
Demand of Money: Liquidity Preference Theory
Non-fungible token (NFT)
TOTAL demand of money: factors affecting
NFT-Charms? NFT-Challenges Supply of Money
OTHER POINTERS
Liquidity of assets
Liquidity Trap –
Measures of Money Supply
Money Supply [M3] Money Supply & FRBM Act
Call Money | Notice Money | Term Money
Monetisation of deficit
Full Reserve Banking vs. Fractional Reserve Banking
Money Supply: observation by EcoSurvey
Money Multiplier
Currency in Circulation (CIC)
Velocity of Money Circulation

Money Multiplier From 2019 to 2021: why fallen?
Money Multiplier From 1981 to 2020

OTHER POINTERS
M0: Creation of Money
Monetary Policy Incremental CRR after ₹2000 withdrawal (Objective)
MonPolicy → Quant Tools → Rates → LAF Repo
MonPolicy: Quantitative Tools
Statutory Reserve Requirements: CRR, SLR (Fight Current repo vs [neutral or terminal] repo rate
inflation: ↑, deflation: ↓)
REPO → Special Windows under Atma Nirbhar
REPO → TLTRO, SLTRO, On-Tap Windows
CRR SLR on Foreigners/NRI’s deposits in Indian Banks?

[Yes/No] -> Why?
CRR, SLR: Development in Recent Years
Net Interest Margin, Liquidity overhang & ₹2000

Withdrawal
Reverse Repo Rate cut
MonPolicy → Quant Tools → Rates → MSF (2011) Tri-Party Repo
BPLR, MCLR, External Benchmarks, etc.

MonPolicy → Quant Tools → Rates → Bank rate
Open market operations- 2 types
Market Operations (OMO): (Inflation → Sell G-Sec,

Deflation → Buy)
Quanti. Tools → SDF (=Reverse Repo walla game Without

Collaterals)
Security → Debt → G-Sec & Bonds
Deepening of G-Sec market- Retail investors’ RDAG

MSF Repo vs Reverse Repo vs SDF @RBI
Corporate Bonds: factors that determine its interest

rate
Bond Yield
Policy Corridor / LAF Corridor
Bond Yield ∝ 1/Price
Bond yield: other factors affecting it
MonPolicy: Quanti Tools: OMO → Operation Twist Monetary Policy: Qualitative Tools
Why?
Moral Suasion & Publicity

RBI’s Operation Twist: methodology (2019-Dec)
Direct Action
Margin Requirements / Loan to Value (LTV)
Bond Yield & Inverted Yield Curve:
Selective Credit Control
MonPolicy: Quanti Tools: OMO → G-SAP
Priority Sector Lending (PSL)

OMO → G-SAP : Benefit?
PSL Reforms-2020: on RRB/SFB/UCB? Monetary Policy in Present-Day India
PSL Reforms-2020: Weightage to poor districts

Monetary Policy Making under RBI Act since 2016
PSL Shortfalls: RIDF and UIDF
Priority Sector Lending Certificates (PSLC) from 2016

onwards
Monetary Policy Tools: A Ready Reckoner Table

<2% CPI = Deflation >6%CPI = Inflation
Review of Bi-Monthly Monetary Policies(Use Latest Data)

Reserves [General Trends]
Key Rates
RevRepo, SDF
OMO
Stance: Calibrated Tightening / Neutral / Accommodative
Moral Suasion/
Direct action
Margin Req./ LTV
Selective Credit Ctrl/

PSL
RBI’s Monetary Policies: Before 2020-Corona : Corona Bank’s loan interest rate: External Benchmark
2020 : April-2022 Onwards : 2022 so far upto 2023-Sept
External Benchmark: Formula Components:
Borrowers eligible?
Interest Rate Reset of EMI based Floating Interest Loans
Monetary Policy: Governors other regulatory

announcements
Banks’ Lending Rates % → Fixed vs Floating interest

loans, teaser loans, NPA etc.
Banks’ Lending Rates %
Limitations of Monetary Policy in India
Monitory policy: liquidity deficit in banking system
Monetary policy limitations: Cheap loans causing

inflation?
USA Quantitative Easing (QE) & Fed Tapering : Impact on Pillar#1B-1: Classification of Financial Intermediaries:
India Bank & NBFC
Financial Intermediaries → Banks
Monetary policy limitations: Black Swan Events

Banks → Reserve Bank of India (RBI)
Monetary policy observations by ES23
Rate hikes: RBI vs Other Central banks

RBI Governor & Dy Governor
Monetary Policy: Soft landing vs Hard Landing

RBI Offices & Departments
RBI: Functions
Monetary policy limitations: Cantillon Effect
Liquidity Trap
Agency Banks of RBI
RBI’s notable portals Consolidation of PSBs

UDGAM Portal: Unclaimed Bank Deposits (2023) → A) Merger
PRAVAAH Portal for license from RBI (2023)
Daksh Web Portal for supervision (2022) → B) Privatization
E-Kuber Portal
Commercial Banks ⇒ Pvt. Sector Banks (PvB)
Scheduled Banks
‘On-Tap’ License to open Private Sector Banks
FI⇒ Commercial Banks⇒ Pre-Independence
Allowing NBFC/Large Corporate to setup Banks
Nationalization of Banks After Independence Commercial Banks ⇒ Foreign Banks
Commercial Banks ⇒ Differential Banks Commercial Banks → India Post Payment Bank (IPPB)
Commercial Banks ⇒ Differential Banks⇒ RRB and LAB
(Yearbook) Dept of Post: POSB vs IPPB
RRB’s Shareholding pattern / IPO
Digital Payments- (Proposed) Digital Banks by NITI Aayog

Commercial Banks ⇒ Differential Banks ⇒ SFB & PB (2021)
Digital Banking Units in Budget 2022
Digital Payments- NeoBanks / full-stack digital banks
Digital banking unit vs Neobank

On-Tap Licenses for starting SFB
FI ⇒ Banks ⇒ Cooperative Banks Non Bank ⇒ All India Financial Institutions (AIFI)
NABFID, the 5th AIFI (2022-Mar)
Banking Regulation (Amendment) Ordinance/Act, 2020
FI ⇒ Non-Bank ⇒ Primary Dealers (PD)
Formal FI ⇒ Non-Banking Financial Institutions

Development Finance Institutions (DFI)
FI ⇒ NBFCs
What is Bad Bank- NARCL-IDRCL?
NBFCs Regulated by RBI Credit Information Companies (CIC) versus Credit Rating
Agencies (CRA)
NBFCs Regulated by SEBI (More in Pillar#1C)
FinTech Companies
Fintech regulated by RBI
NBFCs Regulated by Others
Fintech regulated by NON-RBI org (e.g SEBI, IRDAI)
Digital Lenders
NBFC: Shadow Banking Pillar#1B-2: Bad loans & other Burning issues in Banking
sector
Bad Loans & Other Burning Issues in Banking
Loan types
: Depending on Guarantee / Collateral
NBFC-not allowed in India: Islamic Banking
: Based on Interest Rate

Informal Financial Intermediaries
: Based on Borrowers
OTHER POINTERS
NPA / TBS Problem: 3 Stages
Non-Performing Assets
NPA related definitions in Banking Sector SARFAESI Act 2002: Origin, Objective & Limitations
Which lenders have SARFAESI powers?

ATMANIRABHAR → Loan/EMI/NPA relief / Moratorium
RBI “3R” Framework for Revitalizing Stressed Assets Legal Rights of Loan Defaulter in SARFAESI Act
(2015-19)
Resolution Framework 1.0 and 2.0 (2020-21) Limitations of SARFAESI Act
Insolvency and Bankruptcy (I&B) Code 2016 IBC Pre-Packs
IBC Code: Appeal Structure
IBC: Process for resolution
ATMANIRBHAR → IBC Ordinance/Act 2020 to suspend

new cases
Statutory bodies related to IBC
Insolvency and Bankruptcy Board of India (IBBI)
Insolvent vs Wilful Defaulter
Declare wilful defaulters within 6 months of NPA- says

RBI Proposal IBBI → Information Utility
Wilful Defaulters can do compromise settlement – RBI

(2023)
Insolvency → Misc. Org: Indian Institute of Corporate

Affairs
Guarantor
Project Sashakt by Finance Ministry (2018)
ATMA-NIRBHAR → Insolvency → Micro,Small,Medium Legal Entity Identifier (LEI) Number

Enterprises
Cross-border Insolvency
Fugitive Economic Offenders Act, 2018
DICGC Act: Objective & Limitations
Voluntary Liquidation of Companies
Credit Rating / Monitoring- various org/initiatives
Proposal: DICGC should cover PPIs/Mobile Wallets?

National Financial Information Registry (NFIR) in Budget-
2023
Limitation of DICGC
RBI’s Public-Tech Platform for Frictionless Credit (2023)
Bad Bank (NARCL, IDRCL-2021): Intro Prompt Corrective Action (PCA) Framework
RBI’s Prompt Corrective Action (PCA) for NBFCs
Bad Bank Structure
RBI’4-tiered regulatory framework for urban cooperative

banks (2022-Dec)
Regulations Review Authority (RRA 2.0)- for Ease of

implementing RBI rules
Bad Bank: functioning
RBI supervision: Utkarsh-2022” roadmap
Bad Bank: Benefits & Challenges?
Digital lending norms by RBI (2022-Nov)
Bad Bank: Conclusion
Digital lending → FIRST LOSS DEFAULT GUARANTEE D-SIB: Domestic Systematic Important Banks
(FLDG) norm by RBI
FinTech- Self-regulatory organisation (SRO)

BASEL Norms deferred / Suspended in Corona
Banks’ Balance sheet / Audit Norms -

Benefits?
IndAS Accounting Norms
BASEL-III Norms
Recapitalization of PSBs
BASEL-III norms: Capital Tiers Banking Sector: Governance / Administrative Reforms

Gyan-Sangam-I, 2015, Pune
Personnel Selection
→ Bank Board Bureau (BBB), 2016
Additional Tier 1 (AT1) Bonds
Zero Coupon Bonds → FSIB replaces BBB (2022)
Customer Service: Enhanced Access and Service Negative News: PNB, LoU, SWIFT, & Nirav Modi
Excellence (EASE) Agenda 2018
Negative News: International Level Banking Sector

Intl. Banking Crisis: Silicon Valley bank crisis (SVB), USA
2023
Staff Accountability Framework for PSB-NPA
Credit Suisse Bank, Switzerland (2023)
Customer Service: RBI’s B.P.Kanungo committee (2022)
RBI Dividend, Reserves, Economic Capital Framework
NEGATIVE News: ILFS & Shadow Banking

NBFC: Shadow Banking
RBI’s Bimal Jalan panel (2018)
Shadow Banks → IL&FS & NBFC Liquidity Crisis
RBI’s Financial / Accounting Year

ATMANIRBHAR → RBI Helping NBFCs/ Shadow Banks
Section-7 Directive & Urjit Patel’s Resignation

Shadow Banking → Remedies by RBI
Pillar#1C: SEBI-Share Market Financial / Securities market: meaning and types
Capital - types Fixed vs Working
Capital / Funding Arrangement: Types
Capital Arrange → Trade Credit (Short Term)
Debt Instruments
Account Receivable / Payable

Short term debt instruments
Capital Arrange → Lease Financing (Medium Term)
→ by Government
Securities
→ by Govt → WMA
Consolidates Sinking Fund (CSF) for State Govts’

Capital Arrange → Retained Earnings (Long Term) repayment
Short term debt: Certificate of Deposit (CD-instrument by Long Term Debt Instruments
Bankers)
Colonial era Govt. to borrow money
Modern day Government to borrow money

Short term debt instruments → more types
Emerging Debt Market Bond Index- Indian G-Sec added
Bonds by Modern day Govt. to curb Gold Consumption

Debt → Short Term → Factoring & TREDS
Factoring Regulation (Amendment) Act, 2021
TReDS platform to connect factoring-players.
Long term debt instruments by Companies
Debt → Interest Rate Benchmarks: LIBOR, MIBOR,
Hybrid financing / Mezzanine Financing Long Term Debt Instruments: Special purpose: Surety
Bonds
Hybrid: OFCD: Sahara Refund portal (2023)

Long Term Debt Instruments: Special purpose Bonds-
Sovereign green bonds
Hybrid: Foreign Currency Convertible Bonds (FCCBs)
Long Term Debt Instruments: Special purpose Bonds-

Misc.
Hybrid: Contingent convertible bond (CoCo)/ enhanced
capital note (ECN)
Long Term Debt Instruments: Other issuers
Long Term Debt Instruments: Masala, Maharaja, Panda

Bond
Electoral bonds (2017 ) Shares for Employees / VIPs / Special investors : ESOP,
Equity Warrents
Share types depending on risk / quality
Share types: Floating vs Restricted Stocks
Ratios / Numbers to compare the companies
Equity Instruments
Depending on Market Capitalization (Small Cap/Mid

Cap/Large Cap)
Share Types: Preference Shares vs ordinary shares
Valuation & Unicorn Startups
Goodwill –while buying another company/brand Share-selling: Offer for sale (OFS) and share pledging
Share-selling: Open Offer
Price-to-Earnings (P/E) Ratio and EPS (Earnings per Share)
Share Selling: Equity dilution
Leverage Ratio, Debt to Equity Ratio, ROCE, etc
Share Swaping and De-listing
Net Worth = Total Assets −(minus) Total Liabilities Bonus Shares
EBITDA, Depreciation, Amortization

Share Splitting
Methods of Issuing Shares

Share buyback by the Company
ADR/GDR: DESHI Shares in Videshi soil Secondary Market: Significance?
DEMAT Account and Depositories
Direct listing of Indian Companies in foreign stock

exchanges (2023)
DEMAT → ASBA Reforms
Initial Coin Offering (ICO)
Central Counterparties (CCPs), Novation & ESMA

controversy
Stock Exchanges / Secondary Market: meaning &

examples
Social Stock Exchange
CCP Examples in India
CCP Regulation in India: Who regulates CCP in India?

Social Stock Exchange: zero-coupon, zero-principal
instrument
Investors Types Sharemarket: 2020- Impact of Corona
Types of Investors: Depending on Buying Capacity
Types of Investors: Depending on Buying Behaviour

2022: IPO Bubble Burst: Case of Paytm
2021-22 observation by ES23
Style of Trading / Investing based on duration and risk
Proportion of money invested by retailers is falling- ES23
Retail investors have decreased participation in the share

market due to
SENSEX & other Notable Indices

Efficient Market Hypothesis /theory (EMH)
Beta Value to monitor price volatility or risk of an asset
Force Majeure
Alpha value to compare performance of Mutual Funds Securities Market Code
SEBI Investor charter
Alpha vs Beta similarity / correlation / difference
Types of Analysis – fundamental vs Technical

SEBI: why protect investors & investors participation?
DEMAT Portfolio: Meaning, Types, Portfolio

Diversification
measures to 􇺝􇺝 retail investors participation- 25% public

holding in Govt Companies
Securities and Exchange Board of India (SEBI) Tulip Mania
Volatility / ViX
SEBI Reforms to boost investors’ confidence?

Circuit breaker
T+1 Settlement instead of T+2 Finfluencers: Bollywood star Arshad Warsi banned from
Sharemarket
T+1 hour settlement Sharemarket- company related documents
Bond Market Reforms

Illegal Trading: Dabba-trading, Insider Trading, Front
Running
G-Sec Trading- Retail investors’ RDG @RBI
Algo Trading & Co-Location
G-Sec Trading: RBI's NDS-OM, OTC
Investor Protection Fund (IPF)
Adani Hindenburg controversy (2023) & Flash Crash

Bid-Ask Spread
Short selling (make profit from falling share price)

Arbitrage: Making profit due to difference in to
markets/location.
Commodity Market, FMC, SEBI merger Investment Funds → Mutual fund (MF) for aam-aadmi
Commodity Market: Gold exchanges & Budget-2021
Mutual fund → ESG, Shariya Mutual Funds
Commodity Market: Electronic Gold Receipts (EGRs)

Mutual fund → SIP, ELSS, ULIP
Commodity Market: India’s first bullion exchange (2022)

Mutual fund → Mutual fund risk-o-meter
Investment Funds → Hedge Fund for rich

Related Bodies with similar sounding names
Investment Funds → REITs / InvITs: for rich
NISM- capacity building for financial market professionals

- Budget-2023
Investment Funds → Sovereign Wealth Fund
Investment Funds → CPSE-Exchange Traded Funds (ETF) Forward / Future Contracts & Call / Put Option
Derivatives & Swaps
Participatory notes (P-Notes)
Bharat Bond (Debt) ETF (2019)
CPSE-ETF vs Mutual Fund
Credit Default Swap (CDS)
Investment Funds → Alternative Investment Funds (AIF)
Tax on Investment / financial assets Pillar#1C-2: Corporate Governance
Company types
Tax relief given on
Company types based on incorporation
Tax relief NOT given on
Company types based on number of members
OTHER POINTERS
Company types based on Ownership
Company Types: Misc.
Corporate Governance → Small Companies given Ministry of Corporate Affairs also associated with:
compliance relief
Commercial Organizations: Other Types
Statutory bodies in Ministry of Corporate Affairs (MCA)

Competition Commission of India
Companies Act: EoD- Central Data Processing Centre in
Budget-2023
Corporate Governance
Google pe Penalty by CCI
Insolvency and Bankruptcy Board of India (IBBI)
Corporate Social Responsibility
NSE Prime regulation for corporate governance (2022)
Unclaimed shares and dividends of IEPF & Budget-2023
Takeover related terms
Leverage Buy-Out (LBO) Pillar # 1D: Insurance, Pension & Financial Inclusion
Insurance: Meaning and Significance
Poison Pill against Takeover by Twitter
Insurance Principles
De-Merger When a company subdivided into multiple

companies.
OTHER POINTERS
Bancassurance is very great says ES23
History of insurance in India
Life Insurance LIC’s Aam Aadmi Bima Yojana (AABY) for BPL (2007)
LIC’s Disinvestment (2020)

Life Insurance → public sector
PM schemes for Life Insurance & Accidental (Gen)

insurance (2015)
Post Office Life Insurance
General Insurance
Post Offices Services: G2C and B2C

Public Sector General Insurance Entities: Timeline
Life Insurance Corporation of India (1956)
General Insurance Business (Nationalisation)

Amendment Bill, 2021
LIC is regulated under following acts
Seasonal establishment, Casual Worker and some other Gen → Health Insurance Schemes
words
Types of Health insurance policies:
Individual Floater Health Insurance
Fixed Benefit Indemnity based
Employees' State Insurance Corporation

Gen→ Health Insurance → Corona Kavach vs Rakshak
Arogya Sanjeevani Policy – standardized health insurance

policies
SARAL JEEVAN BIMA-Standardized term Life Insurance

policy
Niramya Health Insurance for PH. OLD SCHEME
FAQ: Seasonal vs Temporary (Casual)
IRDAI ordered companies to launch policies for HIV

patients/PWD
An ESIC subscriber - benefits:
Ayushman Bharat / PM Jan Aroyga Yojana (PMJAY)
ESIC: 15% share investment
PM Jan Arogya Yojana (PMJAY, 2018)? General Insurance → other than Health Insurance
Pradhan Mantri Fasal Bima Yojana (2016)
PM-FBY (2.0) reforms in 2020
PM-JAY Sub-schemes
Other Agriculture Insurance Schemes?
Insurance to Banks on Exporters’NPA → NIRVIC Scheme

National health Authority (2019)
Third Party Motor Insurance
Ayushman Bharat Digital Mission
Own Damage Insurance (OD)
Tech-driven add-ons in Motor-OD (own damage) cover
De-tariffication in Chinese insurance sector (ES23)

PM-JAY Challenges:
Title Insurance PANDEMIC RISK POOL proposal by IRDAI
IRDAI: the insurance sector regulator
Clinical Trial Liability Insurance
Bharat Griha Raksha & other: Standardized home/factory Domestic Systemically Important Insurers (D-SIIs)
insurance
IRDAI- Bima Sugam Portal (2023)

(Proposed) Catastrophe Insurance
Insurance progress indicators
Catastrophe Bonds, Surety Bonds:
General Insurance → Cyber Insurance

FDI limits in Insurance sector?
eIA: e-Insurance account
OTHER POINTERS
Re-insurance
PENSION Pension for Govt Employees & Middle Class? = NPS
Employee Provident Fund Org.
NPS-Lite (Swavlamban) (2010)
Old Pension Scheme (OPS) in Non-BJP States
EPFO : Higher pension rule = NOT IMP for Exam
NPS: Andhra Guaranteed Pension Scheme (GPS)
Pension: NPS: Minimum Assured Return Scheme (MARS)
(2016) Pradhan Mantri Rojgar Protsahan Yojana (Labour

Min)
Pension: NPS: T V Somanathan committee (2023)
Atmanirbhar Bharat Rozgar Yojana= Subsidy from Central

Govt in EPFO contribution
Pension for Senior Citizens WITH CAPACITY to Invest? PFRDA, the Pension Funds’ Regulator
Pradhan Mantri Vaya Vandana Yojana (2017-DFS, LIC)
Social Security for Overseas Indians (Pension / Insurance)

Pravasi Bharatiya Bima Yojana, 2017
Pension for Poor People WITH capacity to INVEST?
Financial Inclusion
Pension: Three Maan Dhan Yojanas
Fin. inclusion: Bank accounts for Everyone

Pension for Poor People WITHOUT capacity to INVEST?
Pradhan Mantri Jan Dhan Yojana (PMJDY)
Pension types: Defined Contribution vs Defined Benefit
Jan Dhan Darshak App (2018) Banning of Unregulated Deposit Schemes Act, 2019
Fin inclusion: Investments other than Bank
Financial inclusion: Credit (Loans) [REVISE]
Refinance
Small Savings: Mahila Samman Bachat Patra (2023)
Small Savings: Senior Citizen Savings Scheme limits hiked

Credit Guarantee
Sukanya Samriddhi Yojana (2015)
Financial inclusion: Credit Guarantee Fund for Education

Loans (CGFEL)
Five Star Village scheme by Dept of Post (2020)
MSME: Definition changed in ATMANIRBHAR (2020)
Sampoorna Bima Gram Yojana (2017)
Model Insurance Villages (MIV) proposal by IRDAI (2021)
Chit Funds
MSME Non-NPA borrower → ECLGS 1.0 psbloansin59minutes.com (2018)
Stand Up India Scheme, 2016
MSME Non-NPA borrower → ECLGS 2.0 (Atma-Nirbhar

3.0)
Self-help group (SHG) → Credit
MSME NPA borrower → Subordinate Debt
MSME → Equity infusion via Fund of Funds

PM Street Vendors’s AtmaNirbhar Nidhi Scheme (PM-
SVANidhi)
NBFC → Mudra (2015, 100% SIDBI subsidiary)
Street vendors’s PM-SVANidhi → Main Bhi Digital (2021)
Jan Samarth Portal (2022)
Mudra Loans → Shishu Loans - 2% Interest subvention
Kisan Credit Card (1998) UNORGANISED WORKERS’ SOCIAL SECURITY ACT, 2008
Interest Subvention
Farm Loan Waiver
Agri-Finance → Loan waivers for the farmers Financial Inclusion: Customer Protection
Financial inclusion: Insurance & Pension
RBI’s 3 Ombudsman
Micro Insurance Financial Inclusion: various reports
Gig Workers’ social security code

Indian Economy (Mrunal) Pillar # 1 - Summarizer: Pillar#1A-1: Money: Barter To Bitcoin

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INDIAN ECONOMY (MRUNAL) PILLAR # 1 – SUMMARIZER

Pillar#1A-1: Money : Barter to Bitcoin Legal Tender - Limited and Unlimited

Barter system & its disadvantages

Currency related General Knowledge

Money: Evolution & Types

Metallic Money (Intrinsic value? Yes)

Demonetization of Fiat Money (Previously 1946, 1978)

Intrinsic value of a coin? ₹2000 WITHDRAWN but continued as legal tender

Paper Money (Intrinsic Value? No)

Paper orders: Cheque, Demand Draft (DD)

National Payment Corporation of India(NPCi)

NPCI → UPI (Unified Payment Interface)

NPCI → UPI → 123PAY for FeaturePhones

Electronic Orders / Digital payment

UPI-Lite (on-device wallet)

UPI-Lite + NFC = Offline Retail Payment / Tap-and-pay

Conversational payments in UPI

UPI facility to foreign tourists coming to India (2023)

UPI: Interoperable Card-less Cash Withdrawal (ICCW)

NPCI → Rupay Card Payment Gateway (2012)

UPI: QR Code based Coin Vending Machine using UPI

DBT → E-Rupi by NPCi (2021)

e-RUPI vouchers: scope expanded (2023-June)

NACH-ABPS : Hybrid / Mixed mode in MGNREGA

QR Codes: compulsory to implement UPI/Bharat QR from

Credit & Debit Cards (also called ‘Plastic Money’)

Global Money Transfer

India-UAE: LCSS: UPI-IPP linkage (2023-Aug)

Card Tokenization (from 1/Oct/2022)

Nostro-Vostro / Rupee-Ruble / Rupee-Rial Agreement?

CVC Less transactions

RUPAY Cards- International acceptance

FASTag for paying toll fees at highways (2017)

Financial Messaging Systems: SWIFT- Russia gets banned

MDR: Full form: Merchant Discount Rate

MDR Subsidy by MEITY

Payment System Operators?

Interchange fee by NPCi (2023-March)

Digital Payment Regulatory bodies Cryptocurrency Banned in other nations?

Digital Transactions Ombudsman (DTO-2019)

Crypto currencies as legal tender is in some countries

RBI: BPSS (Statutory body)

Cryptocurrency Permitted in Other Nations/Groups

Digital Payment related Index / Competitions/Reports by

Crypto-Currency & Blockchain Technology

→ CARF Framework by OECD (2022)

Hot Wallet vs Cold Wallet Cryptocurrency → Stable-coins

Crypto-Winter in Bitcoin Prices World Coin Project (2021–22)

Crypto-scams - Recent Global Scams Central Bank Digital Currency (CBDC)

Crypto currency observations by EcoSurvey’23 Benefits of CBDC Challenges of CBDC

Cryptocurrency Profit - 30% Tax + 1% TDS in Budget-22

Fungibility: Money’s Demand, Supply & Creation

Demand of Money: Liquidity Preference Theory

Non-fungible token (NFT)

TOTAL demand of money: factors affecting

NFT-Charms? NFT-Challenges Supply of Money

Measures of Money Supply

Money Supply [M3] Money Supply & FRBM Act

Call Money | Notice Money | Term Money

Full Reserve Banking vs. Fractional Reserve Banking

Money Supply: observation by EcoSurvey

Velocity of Money Circulation

Money Multiplier From 1981 to 2020