Unified Payments Interface (UPI)
The National Payments Corporation of India (NPCI) launched “Unified Payments Interface (UPI)”.
The UPI is for mobile based payment method that powers multiple bank accounts into a single mobile application.
It facilitates ‘virtual address’ as a single payment identifier for sending and
The single identifier will eliminate the need to exchange sensitive information such as bank account numbers during a financial transaction.
UIP is an advanced version of NPCI’s Immediate Payment Service (IMPS) which is a 24X7 funds transfer service.
The Sagarmala project seeks to develop a string of ports around India’s coast.
Promote “Port-led development” along India’s 7500 km long coastline.
The Union Ministry of Shipping is the nodal ministry for this initiative.
Sustainable development of the population living in the Coastal Economic Zone (CEZ).
Improve port connectivity through rail corridors, freight-friendly expressways and inland waterways.
Develop skills of fishermen and other coastal and island communities.
Three pillars of development:
o Enabling Port-led Development through appropriate policy and institutional interventions.
o Modernization and setting up of new ports.
o Evacuation to and from hinterland.
o To implement this, State governments would set up State Sagarmala
committees, headed by the chief minister or the minister in charge of ports.
o At the central level, a Sagarmala Development Company (SDC) will be set
upto provide equity support to assist various special purpose vehicles (SPVs)
set up for various projects.
Interest Subvention Scheme for farmers for the year 2016-17
Interest subvention is a form of waiver of some percentage of interest that
promotes some particular industry and general public interest.
This could be to help the marginalized and the weaker sections of society.
This will help farmers getting short term crop loan payable within one year up to Rs. 3 lakhs at only 4% per annum.
The Central Government will provide interest subvention of 5 per cent per annum.
In case farmers do not repay the short term crop loan in time they would be eligible for interest subvention of 2% as against 5% available above.