Current Context: The CBIC has introduced system-based auto-approval for Indian Financial System Code (IFSC) registration to enhance ease of doing business. ABOUT IFSC & CBIC IFSC (Indian Financial System Code): 11-digit alphanumeric code identifying every bank branch in India. Ensures accurate and secure online fund transfers (NEFT, RTGS). Used for domestic transactions; SWIFT code is used for international ones. CBIC: Part of Department of Revenue, Ministry of Finance. Established in 1964 as Central Board of Excise & Customs, renamed CBIC in 2018. Responsible for policies on Customs, GST, Excise, and anti-smuggling measures.Read More

Current Context: The Reserve Bank of India (RBI) has extended the Integrated Ombudsman Scheme (RB-IOS, 2021) to include Central and State Co-operative Banks for faster redress of customer grievances. ABOUT RB-IOS 2021 Objective: Provide a cost-free, quick, and fair grievance redress system for customers of regulated entities. Coverage Includes: All Commercial Banks, Regional Rural Banks, Primary Urban Co-operative Banks, and NBFCs(with ₹100 crore assets). System Participants under the Payment and Settlement Systems Act, 2007. Credit Information Companies. Integration: Unified three previous Ombudsman schemes (Banking, NBFC, and Digital Transactions). Approach: “One Nation, One Ombudsman”. Power: Can award compensation up to ₹20....Read More

Current Context: Prime Minister Narendra Modi launched ‘Mumbai One’, India’s first QR-based digital mobility app, integrating 11 public transport systems across the Mumbai Metropolitan Region (MMR) under the vision of ‘One Nation, One Mobility’. ABOUT MUMBAI ONE APP Purpose: Single platform for booking, payment, and route planning across metros, monorails, buses, and suburban trains. Key Features: Single digital ticket valid across multiple modes of transport. QR-based contactless payment and real-time travel updates. Trilingual interface: Marathi, Hindi, English. Emergency support and city guide Capacity: 50 lakh daily transactions; target user base: 50 lakh in one year. Hosted on MeitY-compliant Google Cloud....Read More

Current Context: : The Ministry of Finance has launched the Foreign Currency Settlement System (FCSS) at GIFT IFSC, placing India among select global centres like Hong Kong and Tokyo that have local foreign currency settlement infrastructure. ABOUT FCSS Authorised By: International Financial Services Centres Authority (IFSCA). Objective: Enables local settlement of foreign currency transactions between IFSC Banking Units (IBUs). Initial Phase: Begins with US Dollar transactions, to be expanded later. Operator: CCIL IFSC Limited, subsidiary of Clearing Corporation of India Limited. Benefits: Real-time settlement reduces delays from 48 hours to near-instant. Reduces dependency on foreign correspondent banks. ABOUT GIFT CITY....Read More

Current Context: : Prime Minister Narendra Modi inaugurated the 9th India Mobile Congress (IMC) 2025 at Yashobhoomi Convention Centre, New Delhi — Asia’s largest telecom, media, and technology event. He highlighted digital connectivity as a basic necessity and a key pillar of the Aatmanirbhar Bharat ABOUT INDIA MOBILE CONGRESS Theme: Showcasing innovation in telecom, media, and digital technology. Key Achievements Highlighted: Broadband users rose from 60 million (2014) to 944 million (2025). 9% of districts are connected to 5G. India is the 2nd largest telecom and 5G market 20 countries are exploring India’s Digital Public Infrastructure India accounts for 20%....Read More