NABARD is responsible for regulating India’s rural banking system and hence, it is considered as a ‘development finance institution’. It works on three main areas- Finance, Development and Supervision. So, to enhance the rural development of the country, this bank provides and regulates credit to rural areas.

Moreover, to ensure that the rural development of the country happens smoothly, NABARD conducts a recruitment drive every year to recruit eligible candidates in Grade A and Grade B. Therefore, NABARD Grade A and Grade B exam is one of the most sought after exams in India. Thousands of candidates appear every year to realize their dream of becoming a NABARD Grade A or Grade B officer. Before applying for any such exam, it is really important for you to get familiarised with the organization first. Knowing the organization, its functions, and many other things motivates you to apply for this exam and also lets you analyze whether you will be a great fit for this organizational role or not.

In this blog, we will go over all the details regarding what NABARD is, its role, functions, and schemes. This article will be quite helpful from the exam point of view, so we encourage you to read it till the end.

What is NABARD?

• NABARD stands for National Bank For Agriculture and Rural Development.
• It is a government organization with its headquarters in Mumbai, Maharashtra, and was formed on July 12, 1982.
• The main motive behind the establishment of this organization was working towards ‘development assistance’ and ‘poverty reduction’.
• The term ‘development assistance’ refers to the cooperation or financial aid provided by the government and other agencies to contribute to the overall development of the ‘developing countries’. This makes NABARD a ‘development finance institution’.
• It works closely in the field of credit for agriculture and other activities in rural areas in India. In other words, NABARD can be referred to as the main bank/regulatory body for rural development and agriculture in the country.
• NABARD has a number of offices spread across the country, having several departments, with each of them assigned specific objectives and responsibilities.

Establishment of NABARD

• Before NABARD came into existence, there existed an organisation called Agricultural Refinance and Development Corporation which was formulated with the view of providing refinancing facilities.
• Earlier RBI was actively linked and involved with agricultural finance which gradually started becoming difficult. Moreover, the Agricultural Refinance and Development  Corporation (ARDC) was unable to fulfill the requirements of refinance.
• Therefore, RBI decided to distance itself from the agricultural finance and that’s when a committee was set up under Mr.Sivaraman who was its chairman. The recommendations given by Sivaraman committee were accepted and were followed for the formation of NABARD on 12th July 1982.
• The present Chairman of NABARD is: Dr. G.R. Chintala.

NABARD: Role & Functions

NABARD is the topmost development finance institution which deals with the development of rural areas of India. It is majorly responsible for sorting out the financial requirements of the rural India, especially the farmers. Some of the main responsibilities that NABARD is entrusted with are :

• NABARD provides refinance facility to the agricultural sector.
• It deals with the matters concerned with ‘policy, planning and operations’ in the agricultural sector and other developmental activities in rural India.
• It also takes care of the development of cottage industries, village industries, small scale industries and other rural industries.
• It also refinances the institutions that provide financial aid to the rural areas.
• It is also involved in training the institutions that are working towards the upliftment of the rural areas.
• It is also responsible for the implementation of the programmes aimed at rural development.
• Since NABARD is responsible for coordinating all the finance activities in the rural areas, it also has to stay in constant touch with all the important institutions like the RBI, Central Government, State Government or any other institution that may be involved in the ongoing agriculture and rural development activities.
• Regulation and supervision of the RRBs is another important role of NABARD. It supervises State Cooperative Banks (SCBs), District Cooperative Central Banks (DCCBs), and Regional Rural Banks (RRBs).

NABARD: Refinance Facility

Refinance as the name suggests is a finance facility provided ‘again’ by an institution to a borrower. It is the substitution of an existing loan with another loan on lower interest rates and different terms. To support the rural areas, NABARD provides refinance facility to promote capital infusion in the agriculture sector, with a repayment period of five years. These terms and conditions may vary according to the state or country. NABARD also receives its refinance funds from the World Bank and Asian Development Bank.

• NABARD has set up the Rural Innovation Fund with the help of Swiss Agency for Development and Cooperation.
• It has also initiated another scheme for banks which aims at rural development called Rural Infrastructure Development Fund (RIDF).
• Till now Rs 51,283 Crore has already been sanctioned for 2,44,651 projects.

NABARD Schemes

Apart from providing credit for agriculture and promoting rural development, NABARD is also responsible for circulating its various schemes through banks and other credit-lending institutions across India.

Given below are the interest rates (as of April 2022) offered by NABARD for refinancing to banks and other credit-lending institutions under the NABARD Scheme.

Please Note-

• The interest rates are subject to change at the sole discretion of NABARD and RBI. 
• Also, these interest rates do not include GST and Service tax.

Features of NABARD Scheme

• To build infrastructure in rural areas.
• Providing support through funding or refinancing.
• Prepare credit plans at the district level.
• To provide directions and support to the banking sector to achieve their credit targets.
• Supervising the functioning of Cooperative banks and RRBs.
• To implement government’s rural development schemes.
• Conceive new projects that encourage rural development of the country.
• Training and promoting handicraft artisans.

Loans & Funds under the NABARD Scheme

Direct Finance Schemes

• Loans for Food Parks and Food Processing Units in Designated Food Parks
• Loans to Warehouses, Cold Storage, and Cold Chain Infrastructure
• Credit Facilities to Marketing Federations
• Rural Infrastructure Development Fund
• Direct Refinance to Cooperative Banks
• Supporting Producer Organisations
• Alternative Investment Funds
• Long Term Irrigation Fund
• Pradhan Mantri Aawas Yojana – Grameen (PMAY-G)
• Swachh Bharat Mission-Gramin (SBM-G)
• Micro Irrigation Fund

Refinance Schemes

• Short Term Refinance
• Long Term Refinance
• Eligible schemes for Refinance under Off Farm Sector

Schemes for Farmers

• Producers Organisation Development Fund (PODF)
• Watershed Development Programme
• Tribal Development Programme
• Dairy Entrepreneurship Development Scheme
• Capital Investment Subsidy Scheme for Commercial Production Units for organic/ biological Inputs
• Agriclinic and Agribusiness Centres Scheme
• National Livestock Mission
• GSS – Ensuring End Use of Subsidy Released
• Interest Subvention Scheme
• New Agricultural Marketing Infrastructure
• Formulation of Special Long Term Refinance Schemes

Off-Farm Sector Schemes

• Credit Linked Capital Subsidy Scheme
• NRLM / NULM (Deendayal Antyodaya Yojana)
• Weavers Package

Study with ixamBee for NABARD

NABARD Online Courses

The NABARD Grade A 2024 Recruitment is coming to an end as its interview process is going to start soon. Similarly, the NABARD Grade B Recruitment is yet to begin as well, so aspirants can look forward to the release of the recruitment notifications for both Grade A and B. You should be aware that in 2025, NABARD will release its NABARD Grade A and Grade B Notification at the desired time. It is better if you start preparing for it in advance. Therefore, to help you realize your goal of becoming a part of this prestigious organization, ixamBee is providing the NABARD Grade A Online Course and NABARD Grade B Online Course. Both these courses have been curated for you by our experts, who have first-hand experience in this field.

NABARD Mock Tests

Furthermore, we also encourage you to take the NABARD Grade A and Grade B Mock Tests. This will enable you stay updated with the latest question trend. Moreover, you will give you a clear picture of your exam preparation and performance.

We wish you the best always!!

ixamBee specializes in providing expert guidance and resources for banking exams 2024, ensuring that you are well-prepared for the Upcoming Bank Exams like RBI Grade B, NABARD Grade B, IBPS SO, and more. Our courses align with the bank exam calendar 2024, covering all the essential topics. With a focus on the upcoming bank jobs, our  Previous Year Papers, BeePedia, SSC CGL, SSC CHSL, SSC MTS and other Mock Tests are designed to help you excel in upcoming banking exams.  

Also Read:

Qualifying for NABARD 2025: 5 Expert Tips to Excel in the Exam

Preparation Strategy for NABARD GRADE A  Prelims Exam

How to Study ARD and ESI for NABARD IT and Finance Exam

срочный займ под залог недвижимостизайм в евросетизайм с 18 лет онлайн

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For banking exam aspirants, comprehensive knowledge of various bank accounts is imperative. This article provides detailed insights into the types of bank accounts in India, covering categories such as accounts for NRIs, differentiating current accounts, and the legal aspects of banking. The specifics and features of these accounts constitute a significant portion of the General Awareness curriculum for national bank examinations.

Candidates preparing for banking exams are encouraged to explore this comprehensive resource, offering insights into topics like types of bank accounts in Hindi, PDF downloads, and specifics related to leading banks like SBI, ICICI, and HDFC. Utilizing this article thoroughly, aspirants can bolster their understanding of the multitude of bank account options available in India.

Moreover, ixamBee offers courses that play a pivotal role in helping candidates prepare for bank exams. These courses equip students with the requisite knowledge for tackling questions related to bank account types and provide a holistic approach to exam preparation. ixamBee’s resources aid aspirants in navigating the competitive landscape of bank exams, ensuring they are well-prepared and confident.

In essence, this blog underscores the importance of banks in offering diverse account options and emphasizes the value of comprehensive exam preparation through platforms like ixamBee, particularly for those facing queries related to different types of bank accounts in banking exams.

Advantages of having a Bank Account

A bank account offers numerous advantages beyond the simple act of depositing and withdrawing money. In today’s financial landscape, a bank account serves as a fundamental tool for managing personal finances, providing individuals with a secure and accessible means to store, grow, and utilize their funds. This article explores the multifaceted benefits of having a bank account, ranging from financial security and convenience to opportunities for investment and broader access to financial services. Here are some of the advantages of having a bank account: 

• Financial Security and Safety: A bank account provides a secure place to safeguard your money. Banks employ advanced security measures to protect your funds, reducing the risk of theft or loss associated with keeping cash at home.

• Convenient Transactions: Bank accounts enable seamless financial transactions, allowing you to pay bills, transfer money, and make purchases conveniently. This accessibility simplifies day-to-day financial management and reduces the need for handling physical currency.

• Interest and Investment Opportunities: Savings accounts often accrue interest, allowing your money to grow over time. Additionally, having a bank account opens doors to various investment opportunities, allowing you to explore options beyond basic savings.

• Building Credit History: Maintaining a bank account contributes to building a positive credit history, a crucial factor for obtaining loans or credit cards. This history reflects your financial responsibility and enhances your overall creditworthiness.

• Access to Banking Services: A bank account grants you access to many financial services, including loans, mortgages, and retirement accounts. This broader access allows you to leverage additional resources for significant life events or long-term financial goals.

• Electronic Banking Advancements: With technological advancements, electronic banking has become prevalent. Bank accounts facilitate online transactions, mobile banking, and digital payments, offering a convenient and efficient way to manage your finances in today’s digital age.

Methods of Opening a Bank Account

Opening a bank account is straightforward and can be summarized in a few easy steps. From researching top banks to receiving essential documents like passbooks and ATM cards, follow these nine straightforward steps to initiate your banking journey seamlessly.

• Researching Top Banks: Conduct extensive research on leading banks, considering factors like reputation, customer service, and interest rates. Compare facilities offered by different banks, reading customer reviews for insights into their services. Choose a bank that not only aligns with your financial goals but also stands out for its reliability and positive customer experiences.

• Choosing the Right Bank: Visit the nearest branch of the chosen bank to gather information about the types of accounts available. Speak with bank representatives to understand account features and select one that suits your financial needs and lifestyle.

• Completing Account Opening Form: Thoroughly fill in the account opening form with accurate personal details, ensuring all sections are completed as required. Double-check the information to avoid delays or issues during the verification process.

• Providing ID Proof: Ensure you attach a clear and valid copy of your identification proof with the account opening form. This step is crucial for verifying your identity and meeting the bank’s regulatory requirements.

• Introducer Requirement: Identify a reliable introducer who is an existing bank customer. Seek their cooperation to sign as an introducer on your account opening form, facilitating the establishment of trust with the bank.

• Submission and Verification: Submit the completed form and attached documents to the bank officer for verification. Be prepared to answer any additional questions they may have during the verification process.

• Initial Deposit: Deposit the specified initial amount to activate your chosen account. Confirm with the bank about the acceptable modes of payment and any additional requirements for this initial deposit.

• Issuance of Documents: Once your account is approved, the bank will issue a passbook, checkbook, and an ATM card. Specify your preferences in the form regarding these documents to ensure they align with your banking preferences.
  
• Account Activation: After completing all necessary formalities, your chosen bank account will be activated. Take advantage of the various services offered by the bank, and familiarize yourself with the features of the newly opened account.

Types of Bank Accounts

Banking offers various account options tailored to meet various financial needs. Understanding the types of bank accounts is crucial for making informed decisions about managing money and accessing essential financial services. Let’s now look at the intricacies of different account types, from savings and current accounts to fixed deposits and specialized accounts, providing valuable insights for individuals seeking optimal solutions for their financial goals.

Savings Account 

One of the foundational types of bank accounts accessible across various banking institutions is the savings account. Designed to deposit money and earn interest on those funds, a savings account provides a nominal interest rate, making it a valuable avenue for accruing modest returns. This account facilitates secure money storage, eliminating the need for individuals to carry substantial cash. Notably, as of October 24, 2011, the Reserve Bank of India (RBI) relinquished control over savings account interest rates, empowering banks to determine interest rates within defined parameters autonomously. This flexibility allows users to withdraw funds at their convenience through a straightforward process.

Features of Savings Account

• Limit: The flexibility of savings accounts is evident in their absence of an upper limit on the deposited amount. While there is no constraint on the quantity of money that can be held in a savings account, certain banks may impose transaction limits under specific circumstances to ensure efficient account management and regulatory compliance.

• Balance: Savings accounts commonly require accountholders to maintain a minimum balance to keep the account active. This stipulation ensures that the account remains operational and serves as a commitment from the customer to sustain a baseline amount in the account.

• Interest: Customers are rewarded with interest earnings upon depositing funds into a savings account. Interest rates, however, vary across different banks, allowing customers the flexibility to choose an account that aligns with their financial goals and preferences.

• Benefit: Savings accounts offer a straightforward and advantageous means of earning interest on idle funds. By simply depositing money into the account, accountholders can capitalize on the benefit of accumulating interest over time, providing a passive yet valuable source of income.

Current Account

A current account is one of India’s diverse bank account options, designed for unrestricted daily transactions. Unlike savings accounts, current accounts do not accrue interest and often necessitate a higher minimum balance. This account variant is favored by business owners, dealers, and entrepreneurs engaged in frequent financial dealings and payments. Typically associated with businesses or enterprises, current accounts prioritize the facilitation of daily transactions rather than serving as a platform for savings or investments, requiring a consistent minimum balance to remain operational. Explore various types of bank accounts in India, including savings and current accounts, for a comprehensive understanding of available banking options.

Features of Current Account

• Limit: Current accounts offer a unique advantage with an unlimited deposit capacity, allowing accountholders to manage substantial sums without any upper cap. Moreover, these accounts boast unrestricted transaction capabilities, providing a seamless platform for handling numerous financial activities without encountering any limitations on the number of transactions.

• Balance: Distinguishing itself from savings accounts, a current account demands a higher minimum balance for initiation. This requirement ensures that the account maintains a robust financial standing, catering to the needs of users engaged in more extensive and frequent financial transactions.

• Interest: Unlike savings accounts, current accounts do not provide interest to account holders. Current accounts’ primary focus is facilitating transactions and managing liquidity rather than accruing interest on deposited funds.

• Benefit: A notable feature of current accounts is the provision of an overdraft facility. This unique benefit allows users to withdraw more funds than are available in the account, providing a financial cushion during temporary cash flow challenges or urgent financial needs.

Salary Account

A salary account stands among the various types of bank accounts in India, as outlined in informational resources like the types of bank accounts in India. Primarily established at the request of large enterprises and companies, salary accounts serve as a streamlined method for paying employees through banking channels. Each employee is entitled to hold a salary account, into which their employer deposits their monthly salary. This arrangement ensures a systematic and efficient payroll process, providing a convenient and secure means for employees to access their earnings. Explore comprehensive resources, including PDFs on types of bank accounts in India, for an in-depth understanding of the diverse banking options available.

Features of Salary Account

• Limit: Salary accounts offer a limitless deposit capacity, allowing employees to receive their entire salary without any upper cap. The account’s balance is directly linked to the employee’s earnings, facilitating individualized and unrestricted transactions between different types of bank accounts, and providing flexibility for diverse financial needs.

• Balance: Employees enjoy the flexibility to withdraw the entire balance from their salary accounts, even if the account balance hits zero. This feature provides financial autonomy, allowing employees to access their full salary amount as needed without restrictions.

• Interest: Unlike savings accounts, salary accounts do not yield employee interest. The primary focus of these accounts is to facilitate salary transactions efficiently rather than serve as a means of accruing interest on deposited funds.

• Benefit: A notable benefit of salary accounts is their adaptability. They can be seamlessly converted into savings accounts at any time. In the event of inactivity exceeding three months, banks reserve the right to convert these accounts, subject to a distinct set of savings account rules. This feature ensures that the account remains dynamic and aligns with the individual’s evolving financial needs.

Fixed Deposit Account

Designed to enable depositors to earn interest over a specified period, fixed deposits are one of the most secure financial instruments for saving and accumulating interest on idle funds. Commonly referred to as FD accounts, these financial tools banks offer yield significantly higher interest rates than regular savings accounts. Operating on a fixed tenure, FDs are alternatively known as ‘Term Deposits’ or Bonds, presenting a predetermined period until maturity. Recognized for their stability and competitive interest rates, fixed deposits are preferred for individuals looking to secure and grow their financial resources.

Features of Fixed Deposit Account

• Limit: Fixed deposit accounts offer depositors the flexibility of unlimited deposit amounts. Upon the account’s term’s maturity, interest is proportionally disbursed, rewarding investors based on the allocated funds. This structure provides the advantage of potentially higher returns for larger investments, aligning with the financial goals of depositors.

• Balance: Investors commit a lump sum of money to a fixed deposit (FD) account, providing a straightforward and streamlined approach to capitalizing on the benefits of this financial instrument. The simplicity of this process contributes to the appeal of FDs for those seeking stable and structured investment options.

• Interest: Fixed deposits accrue interest throughout their term, providing a reliable source of income for depositors. However, it’s crucial to note that prematurely terminating an FD may result in forfeiting the accrued interest, with customers typically receiving only the principal amount upon premature withdrawal.

• Benefit: Fixed deposits present an investment avenue with low risk and promising returns. Banks benefiting from the fixed tenure structure of FDs, often offer higher interest rates compared to savings accounts and recurring deposits. This mutually beneficial arrangement allows banks to secure substantial amounts for a predefined duration while empowering customers to enjoy enhanced, risk-free returns on their investments.

Recurring Deposit

True to its name, a ‘recurring deposit account’ embodies the concept of periodicity, where individuals can systematically save modest amounts of money at regular intervals, coupled with the advantage of earning a competitive interest rate. Commonly known as RD accounts, these financial instruments enable individuals to cultivate a disciplined savings habit by contributing small sums over a predetermined period. The accrued interest adds to the appeal, making RDs a favored choice for those seeking a reliable and structured approach to savings with the potential for enhanced returns.

Features of Recurring Deposit

Limit: Recurring deposit accounts often have limits on the minimum and maximum monthly contributions. While there’s typically a prescribed minimum amount that account holders must deposit regularly, there might be an upper cap to ensure practicality and adherence to banking regulations.

Balance: Account holders contribute fixed sums at regular intervals, accumulating over the tenure. The cumulative balance represents the total savings within the recurring deposit account. This balance grows steadily as individuals continue to make periodic contributions.

Interest: Recurring deposit accounts earn interest on the accumulated balance over time. The interest is calculated based on the specific terms of the RD, providing an additional incentive for individuals to foster a consistent savings routine.

Benefit: The primary benefit of recurring deposit accounts is their systematic savings approach. They encourage financial discipline by allowing individuals to save small amounts periodically, and the accrued interest enhances the overall returns, making RDs an attractive option for those seeking structured yet rewarding savings strategies.

Bank Exam Preparation with ixambee

Preparing for bank exams with ixamBee is a strategic move for aspirants eyeing positions in renowned banks like SBI, Central Bank, and IBPS, which conduct rigorous recruitment exams. ixamBee serves as a guiding light for students aspiring to excel in these exams, offering comprehensive online courses tailored for each bank exam. The meticulously designed courses cover the intricacies of the exam patterns, ensuring candidates are well-versed in the topics crucial for success. ixamBee goes beyond traditional study materials, providing aspirants with invaluable resources such as free mock tests and previous year papers, enabling them to gauge their readiness and refine their strategies for optimal performance in these highly competitive bank exams.

Summing Up

This comprehensive guide delves into the intricacies of different bank accounts, providing valuable insights for banking exam aspirants and individuals seeking to optimize their financial choices. Understanding the features and benefits of savings, current, salary, fixed deposit, and recurring deposit accounts empowers users to make informed decisions aligned with their financial goals. For aspirants, ixamBee emerges as a key ally, offering tailored courses and resources for successful bank exam preparation. Mastering diverse bank accounts is a financial necessity and a strategic advantage in navigating the dynamic world of banking.

To help you prepare 50% faster for competitive exams, ixamBee provides a free Mock Test Series and all the Current Affairs in English and Current Affairs in Hindi in the BeePedia capsules for GA Preparation. You can also get the latest updates for Bank PO, Bank Clerk, SSC, RBI Grade B, NABARD, and Other Government Jobs.

Also Read

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Promotion Structure in Banks: Everything You Need to Know!

Banking and Insurance Jobs 2024

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The role of IRDA in the Indian insurance sector is of immense importance, and in this blog post, we will delve into the various aspects of its functioning.

History of IRDA

Before the establishment of IRDA, the insurance sector in India was governed by the Insurance Regulatory Development Authority (IRDA) Act of 1999. The act was passed in the Indian Parliament in 1999, and the IRDA was set up as an independent statutory body in 2000 to oversee and regulate the insurance sector.

IRDA Composition and Entities It Regulates

The Insurance Regulatory and Development Authority of India has ten members all appointed by the Government Of India which includes: 

1. A chairman
2. Five whole time members
3. Four part time members

IRDA also regulates some entities such as:

1.LIC both private and public sector 

2.General Insurance Companies both public and private

3.Re-insurance companies

4.Intermediaries which consist of corporate  agents, brokers, third party administrators, surveyors etc

5. Agency channel

Functions of IRDA

The IRDA is responsible for various functions and responsibilities, which are crucial to the functioning of the insurance sector in India. Here are some of the most significant ones:

Licensing and Regulation of Insurance Companies

The IRDA is responsible for licensing and regulating insurance companies in India. Any company that wants to operate in the insurance sector in India needs to obtain a license from the IRDA. The IRDA sets the rules and regulations for obtaining a license, and it also monitors the functioning of insurance companies to ensure that they comply with the regulations.

Protection of Policyholders’ Interests

One of the primary responsibilities of the IRDA is to protect the interests of policyholders. The IRDA ensures that insurance companies comply with the regulations that are in place to safeguard policyholders’ interests. It also sets the guidelines for the products that insurance companies can offer to policyholders, ensuring that they are fair and transparent.

Promotion of the Insurance Sector

The IRDA plays a crucial role in promoting the insurance sector in India. It works to create awareness about insurance and its benefits among the general public. The IRDA also works to increase the penetration of insurance in India by encouraging insurance companies to offer products that are relevant to the needs of the people.

Monitoring of Insurance Companies

The IRDA monitors the functioning of insurance companies in India to ensure that they are complying with the regulations that are in place. It keeps a close eye on the financial health of insurance companies and takes action when it deems necessary to protect the interests of policyholders.

Apart from these main services IRDA also performs the following functions: 

1. It promotes and regulates organisations connected with the insurance and re-insurance sector.

2. It keeps a check on the maintenance of the margin of solvency which means  the inherent risk that the respective line of business poses to the insurer.

3. Regulation of investment of funds by insurance companies.

4. Supervising the working of the Tariff Advisory Committee.

5. Settlement of disputes between insurers and intermediaries through its effective grievance redressal machinery i.e. insurance ombudsman. Presently there are 17 insurance ombudsman across the country.

6. Deciding the percentage of premium income of the insurer to finance schemes.

7. Determining the percentage of life insurance business and general insurance business undertaken in the rural/social sector.

8. Conducting inspection, calling for information and keeping an eye on the working of the insurance companies.

IRDA also has some mission statements which it follows with full devotion and dedication for the growth and prosperity of the insurance sector. Some of them are–

1. It makes sure that speedy and orderly growth of the insurance industry takes place for the benefit of the common man. 
2. It provides long term funds for accelerating the country’s economic growth.
3. Prevents insurance frauds and speedy settlement of genuine claims.
4. Enforce and promote high standards of integrity, financial soundness, fair dealing.
5. Building a reliable management information system to have a high standard of financial soundness among market players.
6. Promoting fair, transparent and orderly conduct in financial markets.

Types of Insurance Regulated by IRDA

The IRDA regulates various types of insurance in India, including:

Life Insurance

It establishes the guidelines and standards for life insurance policies and makes sure insurance providers abide by them. Also, it keeps an eye on how Indian life insurance businesses are operating.

General Insurance

It sets the rules and regulations for general insurance products and ensures that insurance companies comply with them. It also monitors the functioning of general insurance companies in India.

Health Insurance

It establishes the guidelines and standards for health insurance plans and makes sure insurance providers abide by them. Additionally, it keeps an eye on how Indian health insurance firms are operating..

Importance of IRDA in the Indian Insurance Sector

The IRDA plays a crucial role in the Indian insurance sector. Here are some of the reasons why it is so important:

Protection of Policyholders’ Interests

The IRDA ensures that policyholders’ interests are protected by setting guidelines for insurance companies to follow. This protects policyholders from any fraudulent or unfair practices that insurance companies might indulge in.

Regulation of Insurance Companies

The IRDA regulates insurance companies in India, ensuring that they comply with the rules and regulations set in place. This ensures that insurance companies operate in a fair and transparent manner, which is beneficial for the entire insurance sector.

Promotion of Insurance

The IRDA plays a crucial role in promoting the insurance sector in India. It works to create awareness about insurance and its benefits among the general public. The IRDA also works to increase the penetration of insurance in India by encouraging insurance companies to offer products that are relevant to the needs of the people. This has led to an increase in the number of people buying insurance products in India, which has further fuelled the growth of the insurance sector.

Job Opportunities in the Insurance Sector

The growth of the insurance sector in India has led to the creation of many job opportunities. The sector requires people with various skills, including sales, marketing, underwriting, and actuarial skills. The sector also requires people with expertise in IT and data analysis. There are various job opportunities available in the insurance sector, including:

Sales and Marketing

The insurance sector requires people with strong sales and marketing skills to sell insurance products. People with good communication skills and the ability to convince customers to buy insurance products can find job opportunities in this field.

Underwriting

Underwriting is a crucial function in the insurance sector. Underwriters evaluate the risk associated with an insurance policy and determine the premium to be charged. People with strong analytical skills and an understanding of risk assessment can find job opportunities in this field.

Actuarial Science

Actuaries are responsible for calculating the premiums and reserves of insurance policies. People with strong mathematical and analytical skills can pursue a career in actuarial science in the insurance sector.

IT and Data Analysis

The insurance sector is increasingly relying on technology to improve its efficiency and effectiveness. People with expertise in IT and data analysis can find job opportunities in the insurance sector, working on various projects related to automation and analytics.

Examination Conducted by IRDA

The IRDA conducts various examinations to regulate the insurance sector in India. Here are some of the most significant ones:

1. Insurance Regulatory and Development Authority of India (IRDAI) Agent Exam: The IRDAI Agent Exam is conducted to certify individuals as insurance agents. It is a mandatory exam that individuals need to pass to become an insurance agent in India.

2. Insurance Regulatory and Development Authority of India (IRDAI) Assistant Manager Exam: The IRDAI Assistant Manager Exam is conducted to select candidates for the position of Assistant Manager in the IRDA. The exam tests candidates’ knowledge of insurance and the regulations governing the insurance sector. 

3. Insurance Regulatory and Development Authority of India (IRDAI) Direct Recruitment Exam: The IRDAI Direct Recruitment Exam is conducted to select candidates for various positions in the IRDA. The exam tests candidates’ knowledge of insurance and the regulations governing the insurance sector.

The IRDA notification 2023 for the post of Assistant Manager was released recently. Don’t miss this opportunity to position yourself for success. To ensure your preparedness, explore ixamBee’s website to learn more about the IRDA Assistant Manager Exam 2023. 

Conclusion

IRDAI plays a crucial role in the Indian insurance sector as it is a very competent authority that continuously works for the growth and development of the insurance sector thus, strengthening the risk-taking ability of the country. It regulates insurance companies, ensures the protection of policyholders’ interests, and promotes the growth of the insurance sector. It also extends support to the less developed /developing countries by providing technical inputs based on their needs thus marking a strong presence of India  abroad. Furthermore, the growth of the insurance sector has led to the creation of many job opportunities in India, across various functions such as sales, marketing, underwriting, actuarial science, and IT. For this purpose, the IRDA conducts various exams to regulate the insurance sector and ensure that only qualified individuals work in the industry.

Also Read:

Full Form of WTO With All Details

Full Form of NPA With All Details

NABARD Full Form With All Details

To help you prepare 50% faster for competitive exams, ixamBee provides free Mock Test Series and all the Current Affairs in English and Current Affairs in Hindi in the BeePedia capsules for GA Preparation. You can also get the latest updates for Bank PO, Bank Clerk, SSC, RBI  NABARD and Other Government Jobs.

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-Nelson Mandela

Nelson Mandela Day is observed on July 18 every year. The United Nations-mandated holiday is observed to remind the world of his contribution in his fight toward freedom, anti-racism, peace and human rights.  On November 10, 2009, the UN General Assembly adopted a resolution declaring Nelson Mandela’s birthday, i.e., July 18 as Nelson Mandela International Day.

Who is Nelson Mandela?

Nelson Rolihlahla Mandela (1918-2013) was a South African anti-apartheid activist and revolutionary. He dedicated his life to fighting against the injustice meted out by the White colonists and neo-colonists after that. Through his royal lineage, Mandela managed to receive an education at the only university for Black people- the University of Fort Hare. 

After years of struggle and participation in the South African freedom movement against the British, followed by the fight against Apartheid with the White Supremacists and successive imprisonment, Mandela became the first democratically-elected President of South Africa in 1994. This day marked a historic feat in the timeline of Modern History. 

In 1990, Mandela was awarded the Bharat Ratna. In 1993, he was awarded the Nobel Peace Prize. He died on December 5, 2013. 

Nelson Mandela Day Importance

On this day, we honour Mandela’s values and his unflinching commitment to the service of his people in particular and humanity at large. The day aims to create a dialogue on conflict resolution, inter-race and inter-communal relations, and the protection of minority and vulnerable groups across societies. The day also honours the international struggle for democracy in all parts of the world, particularly in the 20^th century.  

In December 2015, the UN General Assembly extended the scope of the Nelson Mandela International Day by adopting the United Nations Standard Minimum Rules for the Treatment of Prisoners. This is now known as the Nelson Mandela Rules. These rules extend guidelines on the treatment of prison inmates who should not be viewed as being outside of society, particularly, political prisoners. 

Nelson Mandela Day Theme 2021

 “One Hand Can Feed Another”. 

In light of the COVID-19 pandemic, this year’s theme has been designed to highlight and resolve the acute hunger and poverty faced by the people across the world in general and in South Africa in particular. To fight poverty and related problems, the South African Government has laid out a set of goals for 2020-2029.

The Nelson Mandela Day theme 2020 was “Take action, inspire change”.

Nelson Mandela and Mahatma Gandhi 

A contemporary of Mandela’s, it is quite easy to draw parallels between the lives and works of Nelson Mandela and Mahatma Gandhi. For starters, both Gandhi and Mandela were lawyers. In fact, Gandhiji was practicing law in South Africa before he moved back to India to participate in the Freedom Movement. Both leaders fought for the rights of their people against a common perpetrator, i.e., British colonialists. 

Both Mandela and Gandhi are pioneering stalwarts when freedom and peace are concerned. No discussion on peace, non-violence and equality can be complete without acknowledging their contribution to the same. 

Like Gandhi, Mandela too was imprisoned for his revolutionary activities. They were both charged with sedition. He was imprisoned for 27 years between 1964 and 1990. Of these 27 years, the first 18 years of imprisonment were spent in the infamous Robben Island Prison. The horrors of his time in prison and the inhuman conditions Mandela and his compatriots were kept under need no repetition in this article. From his own experience in prison, Mandela fought long and hard to humanize the conditions under which prisoners are kept. 

Like Gandhi, Mandela too was a popular leader of the masses. In South Africa, the minority white population controlled the socio-economic-politico forces of the country. Like Gandhi, Mandela led his people to understand their rights and to raise their voice against subjugation, injustice and most importantly Apartheid. 

Both Gandhi and Mandela were leaders of the National Congress Parties of their respective countries. 

One major difference between them was that while Gandhiji believed in absolute non-violence or ahimsa, Mandela felt the use of violence as a means of political struggle was acceptable when needed. 

How to celebrate Nelson Mandela Day?

Mandela’s life and story are and will be an inspiration to people all over the world for all of time. On this day, the first and foremost duty of every individual is to raise their voice and to create awareness of inequality and oppression that may be prevalent in whatever shape or form in any part of the world. 

Whenever we are torn by war, hatred, injustice and Fascism, we must recall Mandela’s fight and his unceasing struggle. Hopefully, it will inspire us to rise above prejudice, violation and transgression. 

We hope this article was useful for you. You can find several interesting articles on  Current Affairs and General Knowledge over ixamBee. These updates are concise and totally free. BeePedia is also available in Hindi. 

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World Youth Skills Day

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In this article, we will look at the significance, importance and related information about World Youth Skills Day. The day is celebrated by the Permanent Missions of Sri Lanka and Portugal to the UN in collaboration with the United Nations Educational, Scientific and Cultural Organization (UNESCO), International Labour Organization (ILO) and the Office of the Secretary-General’s Envoy on Youth. 

This topic may be assessed as part of your General Awareness preparation for exams such as SBI Clerk, FCI AGM, IBPS Clerk, IBPS RRB, SSC CGL and NABARD Grade A among others. 

#wysd #worldyouthskillsday #WYSD2021

World Youth Skills Day Overview

Let us look at some facts that will help us understand the importance and exigencies of observing World Youth Skills Day. 

• Populations aged between 13 and 35 are counted among the youth. 
• India has the largest youth population in the world. Around 66% of the population is under the age of 35. 
• Niger is the youngest country in the world by population. Around 50% of the people are below the age of 15. 
• According to the ILO, young people are thrice as likely to be unemployed as compared to adults.
• The fundamental goal behind observing this day is to improve overall socio-economic circumstances for the younger generation by tackling the challenges posed by unemployment and under-employment.
• The COVID-19 Pandemic has exposed the urgency of providing vocational training to young men and women to increase opportunities for entrepreneurship.
• In India, people begin to enter the labour force at a comparatively early age due to poverty and illiteracy.

World Youth Skills Day Importance 

The day provides an opportunity for conversation and exchange of ideas between the youth and technical and vocational education and training (TVET) institutions, organizations, workers’ unions and legislative bodies and such. 

On this day, young men and women are educated about the importance of skills for employment, decent livelihood and entrepreneurship. Those young people who are unable to sponsor their higher education or those who do not wish to continue with further education due to other reasons (family responsibilities and such) need to be trained in the necessary occupational skills that will allow them to build a decent life for themselves. 

World Youth Skills Day Significance 

The central idea behind this day is to acknowledge the fact that vocational/occupational skills can make people employable even if they do not have adequate formal educational training. Conversely, formal schooling should be coupled with technical training so that youths can be industrious and enterprising. This will have an immensely positive impact on both local and global economies. 

Training and education are focal points to achieving the UN’s 2030 Agenda for Sustainable Development. 

World Youth Skills Day Theme 2021

The World Youth Skills Day Theme for 2021 is “Reimagining Youth Skills Post Pandemic”. As we can see, the theme is particularly relevant. As we grapple with the pandemic, teenagers and young professionals all over the world have become exposed to the economic ills of the global pandemic due to the lockdowns and successive recessions in various parts of the world. 

There is an urgent need to empower the youths who have been directly or indirectly been financially affected. To ensure that the effects of the pandemic can be minimized promptly, as a society, we need to proactively ensure that young men and women are helped back up on their feet again. 

The theme for World Youth Skills Day 2020 was “Skills for a Resilient Youth.”

World Youth Skills Day 2021 Actions Required

• To study and analyze the situation of the youth concerning the skills and work during and after the global pandemic in different parts of the world particularly with respect to the lockdown periods.
• To acknowledge their hard work and resilience during the time of the crisis. 
• To revitalize them by providing adequate training and instruction.
• To provide new opportunities to the young generation to channelize their energy effectively. 

World Youth Skills Day in India

The importance of World Youth Skills Day is particularly dynamic in a country like India. In a country marred with overpopulation, poverty, unemployment, child labour and related problems, the young generation needs to be motivated and kept hopeful so they may channelize their energy in the proper way. Talented Indians get left behind in the rat race at a very early stage in their lives that leads to lawlessness, substance abuse and crime. 

This is why the young generation, especially those who have dropped or opted out of school, must be given occupational/technical training in a field of their choice so they may build a decent life for themselves. 

Skill India Mission 

The Skill India Mission was launched in India on July 15, 2015, as a proactive initiative by the government to train and empower young people and to make them employable. The idea is to create an empowered workforce through government schemes and state-sponsored training. The aim is to train 40 crore, young men and women, by 2022 across sectors and States in India. The mission is under the authority of the Ministry of Skill Development and Entrepreneurship

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Election Commissioners of India 

The ECI is a three-member body consisting of the Chief Election Commissioner of India and two Election Commissioners. At present, Shri Sushil Chandra is serving as the Chief Election Commissioner of India. Two additional Election Commissioners assisting him are Shri Anup Pandey and Shri Rajiv Kumar. 

List of Chief Election Commissioners of India

The complete list of Chief Election Commissioners of India has been provided below. 

Election Commissioners of India Duties

The Election Commissioners are appointed by the President of India for a tenure of 6 years or up to the age of 65, whichever happens first. As already mentioned earlier, the chief responsibility of these officers is to ensure the conduct of free and fair elections. Other than that, they are responsible for all the duties of the ECI as prescribed by the Indian Constitution. The duties of the Election Commission of India have been outlined in detail for you. 

Election Commissioners of India Trivia

• The ECI was a one-member body up until 1989.
• Through the Constitution Amendment Act of 1989, the ECI became a multi-member body. The Chief Election Commissioner was appointed by two other Election Commissioners as well.
• V.S.Ramadevi is the first and only lady to hold the Chief Election Commissioner chair in India. 
• She served the shortest tenure as Chief ECI for less than a month.
• Sukumar Sen and Kalyan Sundaram served the longest terms for approximately 8 years and 9 months each.
• The Election Commissioners are offered the security of tenure. They can only be removed by the Parliament through impeachment via a complicated process. 
• The Election Commission officers are generally retired IAS officers. 

We have put together several articles that will help you brush up on your General Awareness that have been listed at the end of this article. Other than that, you can find crisp and timely updates on BeePedia on all aspects of Current Affairs and General Affairs that you can download in PDF format and read at your convenience. Moreover, BeePedia is completely free and available in Hindi as well. 

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The World Against Child Labour Day is observed on June 12 every year. This day is dedicated to raising awareness for the prevention of child labour that is prevalent in many countries across the world. The objective of this day is to raise awareness and increase activism to end child labour around the world in whatever form it is practiced.  Child labour is vastly rampant in under-developed and developing countries. 

World Against Child Labour Day- History

The International Labour Organization (ILO) is a body of the United Nations that directs economic and social justice by establishing international standards, with particular emphasis on labour rights. The ILO founded the Day against Child Labour in 2002 in order to create awareness and fight against child labour. On this day, governments, local authorities, activists, international workers and organizations get together to shed light upon the problems of child labour and devise methods to emancipate child labourers.

World Against Child Labour Day 2021 Theme

This year’s World Day Against Child Labour focuses on action taken for the 2021 ‘International Year for the Elimination of Child Labour’. The COVID-19 Pandemic and its subsequent problems, particularly economic problems, threaten to derail the hard work put in through the years to eliminate this social problem.

According to the (ILO), there are about 152 million children globally who are engaged in child labour. Of these 152 million children, 72 million are employed in hazardous work with poor to no safety equipment and abysmal health conditions. While the pandemic is expected to send the world economy into recession, these children now, more than ever, are at a greater risk of facing even more difficult circumstances. Their work hours may increase while wages may further decrease. 

World Against Child Labour Day 2021

In June 2021, for World Against Child Labour Day, the ILO and United Nations Children’s Fund (UNICEF) will release new worldwide objectives against child labour along the lines of the Alliance 8.7 or the ‘2030 Sustainable Development Goals’. The report is expected to include an evaluation of how the race toward eliminating child labour is likely to be affected by the pandemic that comes coupled with unplanned economic problems.

This year, World Day Against Child Labour will be observed with a “Week of Action” from June 10 to 17, 2021. During this week, events and activities centred around creating a dialogue to eliminate child labour will provide an opportunity to discuss the new ILO-UNICEF global estimates and trends on child labour. This will also provide an opportunity to exhibit the progress made on the implementation of the “2021 Action Pledges”. These pledges for eliminating child labour are expected to be realised by the end of 2021.

World Against Child Labour Day in India

In India, it the responsibility of each and every citizen to ensure the elimination of child labour. So where should we begin? 

• Do not employ underage children in your home or work establishments. 
• Boycott products from enterprises such as restaurants, shops, convenience stores that do employ children. 
• Alongside, the government should ensure that each child at least receives Higher Secondary education so that they can build a better life for themselves. 

As we have read above, the COVID 19 Pandemic is expected to further worsen the problem of child labour all over the world. This problem is particularly potent in India. In India, the National Anti-Child Labour Day is observed on April 30 every year that is dedicated to generating awareness and educating the citizens about the problems and ethical inappropriateness of child labour. It is also an effort to bring forth the responsibility we hold toward our children as social citizens.

This is an important General Awareness topic for several exams such as IBPS RRB Office Assistant, NABARD Grade A, NABARD Grade B and RBI Grade B among others. If you want to stay at the top of your General Awareness preparation you can find weekly updates on all general awareness topics on our BeePedia page. Moreover, these BeePedia updates are comprehensive and free and you can download them from the ixamBee website. BeePedia is also available in Hindi. 

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International Tea Day is celebrated on 21^st May every year. International Tea Day was first celebrated in 2019 by the UN’s Food and Agriculture Organisation (FAO). The idea behind the celebration of International Tea Day is to identify and acknowledge the vulnerable situations that tea producers in India face under the present living conditions and worker-related policies. Also, ITD is dedicated to raising awareness about the demand for this hot beverage, which is the 2^nd– most consumed drink, after water, across the globe. Read on to learn more about International Tea Day, its history and its importance.

What is tea? Is it a drink? Is it a hot beverage? A well-prepared cup of tea is like lying down in your mother’s lap as you slowly fall asleep while she plays with your hair. Any Indian worth their salt will tell you that tea is an emotion. It is the fuel that drives a nation of 1.3 billion people. A cup of tea is as useful a prop for heavy conversations as it is for an Instagram post. Drinking tea is a one-stop solution for all sorts of situations for people in India. Allow me to explain. 

Stressed? Have tea!

Tired? Have tea!

Feeling groggy? Have tea! 

Want to celebrate? Have tea!

Didn’t get enough sleep last night? Have tea!

Need a break from work? Take a tea break!

Meeting with a potential rishta guy/girl? Make tea for them! 

I think you get the drift…. 

Let us now learn more about International Tea Day, its history, significance and importance.

International Tea Day- History

The first International Tea Day was held in 2005 in New Delhi. ITD is observed in major tea-producing countries like Bangladesh, Sri Lanka, Nepal, Vietnam, Indonesia, Kenya, Malawi, Malaysia, Uganda, India and Tanzania and also in tea-consuming countries like The Netherlands, United Kingdom, France and Germany. The International Tea Day campaign was launched by the trade unions, small-scale cultivators and civil society organizations to address the issues of living wages for workers and fair prices for small tea producers (cultivation of up to 25 acres). The International Tea Day observations and deliberations have significantly contributed towards the International Alliance and brought forth the attention of respective national governments to address issues in the tea sector.

The Government of India then proposed to the United Nations Food and Agriculture Organization to expand the celebration of this day across all countries where tea is produced. The then- Chairman Shri Santosh Kumar Sarangi drafted a proposal for the same in 2015. This proposal was supported by Canada, Sri Lanka, China, Japan, the United States, countries of the European Union, Kenya, and Malawi. This proposal was accepted by the United Nations in 2019. Initially, the day was celebrated on December 15, however, UNFAO declared May 21 as the International Tea Day because the season of tea production begins in May in most of the tea-producing countries. As such, International Tea Day 2021 will mark the 2^nd year of its celebration. You can read the UN General Assembly’s Declaration on the Resolution adopted on 19 December 2019 here.

The UN General Assembly took into consideration the expanding demand in tea-producing countries, where per capita consumption is relatively low. Also, UNFAO wanted to extend supporting efforts to address the declining per capita consumption in traditional importing countries due to increased consumption of coffee, smoothies and alcoholic beverages. 

(A tweet released by the UN on International Tea Day, 2021)

International Tea Day: Importance and Purpose

Tea is not only an aromatic beverage that we consume to unwind. It is an important component of our economy (and other tea-producing nations as well). Millions of lives and livelihoods are associated with the entire process of growing tea up until its final consumption. Right from the farmers and labourers working in the tea estates to the small tea-stall owner, many families derive their livelihood from tea. 

International Tea Day is celebrated with the motto, “Harnessing Benefits for all From Field to Cup”. Mind you, this is not the theme of the day. It is the motto or fundamental idea under which the day will be observed every year.

GOALS

The primary goal behind observing International Tea Day is to draw global attention from governments and citizens alike to the impact of the global tea trade on workers and cultivators. The day is also observed to understand requests for price supports and fair trade. It is celebrated with the hope that International Tea Day will encourage and lead to collective actions to implement activities in favour of sustainable production practices and the consumption of tea. It will help raise awareness of its importance in fighting hunger and poverty, especially among producers, farmers and tea plantation labourers.

How do the ideas behind the celebration of International Tea Day align with the United Nations’ program for sustainable development? Tea production and processing contribute in the following ways: 

• Goal 1- reduction of extreme poverty (No poverty) 
• Goal 2- the fight against hunger. (Zero hunger)
• Goal 5- the empowerment of women. (Gender equality)
• Goal 15- and the sustainable use of terrestrial ecosystems. (Life on land)

Read about the United Nations’ 17 Goals for Sustainable Development here.

Tea Day in India

Grown as Camellia sinensis, tea has a great demand in the world market. Its medicinal properties and overall benefits on health are vastly known. It is the second most consumed beverage/drink in the world, after water. For some people, tea is an essential part of life, a part of their routine, if you will. In 2007, the Tea Board of India (see below) conducted a study which showed that around 80% of the total tea produced in the country is consumed by the domestic population. 

Historian Jayeeta Sharma from the University of Toronto has worked extensively on India’s history of the tea plantations. In her book, Empire’s Garden: Assam and the Making of India (2011), she tells us how the British were overjoyed to learn that the conditions in Assam were favourable for tea cultivation in India. The British were eagerly looking for alternative markets when they could not compete with China’s tea production and export all over the world. Since then, India has become the 2^nd largest producer of tea in the world. What started as a forced colonial cultivational practice has become the livelihood of millions of people much after the British left the sub-continent. In fact, tea is the ‘State Drink’ of Assam. 

The Tea Board of India is a government agency established in 1953 with its headquarters in Kolkata. The purpose of the Tea Board is to encourage the cultivation, processing, consumption of tea in and from India. The Tea Board is in charge of developing and fostering both intranational and international tea trade within and from India, respectively. It was the Tea Board of India that put forward the idea of International Tea Day to UNFAO in hopes of it becoming an official holiday. According to the Associated Chamber of Commerce and Industry of India’s report released in December 2011, India is the world’s largest consumer of tea, consuming nearly 30% of global output. TBI also publishes monthly statistics about tea production in India. You can find them here. 

India as Tea Exporter

India is the 2^nd largest producer of tea in the world, after China. A variety of high-quality specialty teas are produced, such as Darjeeling, Oolong, Assam tea, Dooars-Terai and the like, which have their own distinctive aromas, medicinal properties, colours, flavours and of course, health benefits. The major tea-producing states in India are Assam, West Bengal, Tamil Nadu, Kerala, Sikkim, Nagaland, Uttarakhand, Manipur, Mizoram, Tripura, Arunachal Pradesh. Tea is also grown in parts of Himachal Pradesh, Karnataka, Meghalaya, Bihar and Orissa. Assam has a total of 49,102 tea gardens of which 3,375 are small tea growers. These gardens sprawl over an area of 2,99,502 hectares and produce about 630- 700 million kilogram of tea annually which is close to 50% of the total tea grown in India. This production contributes nearly 5% to the State Domestic Product of Assam. 

Tea cultivation and processing is the main source of livelihood for millions of families around the world, especially in developing countries like India, Sri Lanka and Kenya. Much like all other spheres, tea export from India took a hit in 2020 due to the COVID-19 pandemic. Tea exports witnessed a drop by 18% in 2020. India exported 208 M.kg of tea as compared to 252 M.kg export in 2019. Let us look at some statistics to understand the tea production in India. Indian exports amounted to US$ 826.47 million in 2020. The market is expected to grow by 5.78% annually. 

Annual tea industry statistics between 2012-2018.

(Data retrieved from the India Tea Association website)

Given below are the latest production statistics (March 2021) for State-wise production.

(Statistics retrieved from a Tea Board of India publication)

How to celebrate Tea Day?

For us in India, every day is Tea Day, any time is Tea Time. So, what can we do differently on International Tea Day? In our obsession with tea and its associated benefits, somewhere along the line, we have pushed the pro-players into the sidelines- the farmers and workers. Plantation workers generally live on or close to the tea estates, they work with low wages and in poor living conditions. We must remember that International Tea Day is not only a day to celebrate the drink, but also every single individual who plays a role from growing it to bringing it to our dining tables. So how can we extend our support to decrease poverty and increase fair trade and sustainable development?

• Explore tea brands that support fair trade. 
• Try and switch to such brands (point 1) to make a difference in your little way. 
• Educate others about the tea industry, its practices and policies.
• Try a new variety of tea. 
• Support local tea brands by consuming local varieties (if tea is grown in your area).  
• Generate conversation about climate change and how it is affecting tea plantations and associated livelihoods. 
• Use the hashtag #internationalteaday to generate conversation about the same over social media. 

Tea is one of life’s simple pleasures. Simple, yet indispensable. Tea drinkers are always trying to rope coffee-drinkers over to their side of the line. Other than that, the one true way to celebrate Tea Day is by fulfilling Camellia Sinensis’ life’s purpose- by drinking it.

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APY helps to assist these employees in saving money for their retirement while they are still employed. It promises returns after they retire. The scheme also guarantees that the Central Government will contribute 50% of a worker’s total prescribed contribution, up to Rs. 1000 per year, but only to those who joined APY before December 31, 2015. Furthermore, in eligible cases, this co-contribution would be made for only 5 years. From FY 2015-16 to FY 2019-20, subject to the conditions listed below.

Eligibilty of APY Scheme

If you meet the following criteria, you are eligible for the Atal Pension Yojana:

• Anyone who is not a member of a statutory social security scheme is eligible for the Atal Pension Yojana (APY)
• Anyone between the ages of 18 and 40 who has a bank account is eligible for the scheme
• He or she may be required to show proof of possession in addition to their Aadhaar number, or undergo Aadhaar authentication
• The subscriber’s Aadhaar number should be registered in both the APY pension account and the savings account
• The Aadhar number is required for the debit of contribution installments as well as the credit of government co-contribution

Latest Information on the Atal Pension Yojana Scheme

On May 9, 2020, the government of India’s flagship social security scheme, the ‘Atal Pension Yojana’ (APY), has now completed five years of implementation, with over 2.2 crore subscribers.

Benefits of Atal Pension Yojana

The Atal Pension Yojana (APY) is a government scheme that came into effect on June 1, 2015, with the aim of providing old-age coverage to unorganized employees who are not covered by any social security schemes. The benefits provided by the Atal Pension Yojana are mentioned below:

• The scheme offers subscribers a fixed pension ranging from Rs.1000 to Rs.5000 per month. When he or she enters and contributes between the ages of 18 and 40, he or she may be eligible for a pension. The amount of contribution varies depending on the circumstances; it is low if the subscriber enters the scheme early and can rise if he or she joins late.
• The spouse of the subscriber is entitled to the same benefits as the subscriber after the latter’s death
• After the death of a partner, the estimated pension wealth will be returned to the nominees
• Contributions to the Atal Pension Yojana (APY) are tax-deductible in the same way as contributions to the National Pension System are (NPS)

The success of the APY Scheme

The five-year journey of APY has been incredible, and as of May 9, 2020 –

1. The total number of people enrolled in the scheme was 2,23,54,028
2. Almost 50 lac subscribers were enrolled in the first two years, which doubled to 100 lac in the third year, and 1.50 crore in the fourth year
3. Nearly 70 lacs subscribers were enrolled in the system in the previous financial year, 2020
4. Besides the remarkable enrollment numbers, the scheme has been introduced throughout the country, with a male to female subscription ratio of 57:43 in all states and union territories
5. The total number of NPS and Atal Pension Yojana subscribers has surpassed 3.46 crore as of 30 April 2020

APY Returns

The government’s Atal Pension Yojana (APY), a minimum guaranteed pension scheme designed specifically for workers in the unorganised sector, has outperformed most pension plans. In the last year (2020), the scheme has returned over 11 percent.

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What is IFSC?

IFSC code is used by the electronic payment system applications such as real-time gross settlement (RTGS), NEFT, and Centralised Funds Management System (CFMS). This code is mandatory for fund transfers from one bank account to another. Every bank branch will have a unique code and no two branches (even of the same bank) will ever be the same.

An IFSC code recognizes and differentiates every branch of the bank involved in India’s two significant methods of settlement and payment.

• RTGS (Real-Time Gross Settlement) – The beneficiary bank provides direct instructions for the transfer. The payment is gross, so each transaction is performed individually. These payments are final, and can not be withdrawn.
• NEFT (National Electronic Fund Transfer System) – NEFT is a centralized nationwide payment method owned and controlled by the Reserve Bank of India ( RBI). It easily transfers money between banks across India. A bank branch should be NEFT enabled to permit a customer to transfer the funds to another party.

The main difference between NEFT and RTGS is that, unlike RTGS, the movement of funds in NEFT occurs in batches. Hourly intervals are fixed for this reason, and the settlement is assigned to one such time slot.

IFSC code of a specific branch

To obtain any bank’s IFSC code, the person must provide the following details;

1. The name of the bank
2. Name of the state where the bank is located
3. Name of district
4. Name or address of the branch

IFSC code format

• The IFSC code has 11 characters
• The first four letters inform about the bank‘s name and the last seven letters indicate the number of the branch
• The IFSC code is SBIN0000738 in this SBIN describes the bank name, and the branch number is denoted by 0000738. For State Bank of India, the first four letters will be ‘SBIN’, and the last 6 digits will represent a specific branch code. For instance, the IFSC code of the SBI branch at Azadpur, Delhi is SBIN0001707′, where 001707′ is the branch code
• The IFSC Code is used to transfer money from one branch of the bank to another branch via RTGS or NEFT, in other phrases, to make a cash transfer via an online and digital method

What is IFSC NEFT transfer?

National Electronic Funds Transfer (NEFT) is a nation-wide system that facilitates individuals, firms, and corporates to electronically transfer funds from any bank branch to any individual, firm, or corporate having an account with any other bank branch in the country. NEFT transfers are also referred to as e-cheques as the funds are not transferred in real-time and the funds are settled in batches.

What is IFSC RTGS transfer?

‘RTGS’ stands for Real-Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). You need the IFSC Code to identify the Branch for which you will want to transfer funds using RTGS. Note all branches don’t have IFSC Codes.

What is IFSC IMPS transfer?

‘IMPS’ is an Immediate Payment Service and it is commonly known as Interbank Mobile Payment Service. IMPS uses IFSC codes to offer many fund transfer services instantly in a round-the-clock environment. National Payments Corporation of India (NPCI), the regulator of retail payments in India, provides this facility.

Importance of IFSC code

1. RBI provides the IFSC Code for the identification and classification of banks and their branches that provide RTGS, IMPS, and NEFT facilities.
2. IFSC code allows RBI to verify and evaluate financial transactions without disruption and error.
3. RBI can administer and handle all online banking transactions via IFSC code, explicitly RTGS, NEFT, and IMPS.

Also Read:

IMEI Full Form with All Details

Full Form of PAN

Full Form of PFRDA

Full Form of IDA

Full Form of IRDA

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