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The Reserve Bank's FI, or <keyword id="20377974" type="General" weightage="100" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> index, which captures the extent of financial inclusion across the country, rose to 64.2 in March 2024, marking growth across all parameters. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. "The value of the index for March 2024 stands at 64.2 vis-a-vis 60.1 in March 2023, with growth witnessed across all sub-indices," the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) said in a statement today. During FY23, the FI Index stood at 60.1. Improvement in <keyword id="18794777" type="General" weightage="20" keywordseo="FI-Index" source="Orion">FI-Index</keyword> is mainly contributed by usage dimension, which further reflects deepening of financial inclusion, it added. The FI-Index comprises three broad parameters -access, which has a 35% weightage, usage, which has a 45% weight and quality, which has a 20% weight. Each of these parameters further consist of various dimensions, which are computed based on a total of 97 indicators. Breaking these parameters ahead, access is made up of 26 indicators, which capture the number of banking outlets NBFCs, and post offices, total number of <keyword id="25450" type="General" weightage="20" keywordseo="savings" source="Orion">savings</keyword> accounts (including small savings), <keyword id="22348444" type="General" weightage="20" keywordseo="electronic-payment-infrastructure" source="Orion">electronic payment infrastructure</keyword> and more. Usage comprises 52 indicators, which aims to capture the demand side, and is essentially a barometer for understanding how actively financial infrastructure is being utilized in our country by way of savings, <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword>, <keyword id="35450" type="General" weightage="20" keywordseo="insurance" source="Orion">insurance</keyword>, availing of credit and remittance facilities, etc. And lastly, quality, which consists of 19 indicators, takes into account the efficacy of existing grievance redressal mechanisms and awareness efforts undertaken by stakeholders and more. In August 2021, the central bank said FI-Index has been conceptualized as a comprehensive index, incorporating details of banking, investments, insurance, postal, as well as the pension sector, in consultation with government and respective sectoral regulators. The index is responsive to ease of access, availability and usage of services, and quality of services. According to RBI, a unique feature of the index is the quality parameter which captures the quality aspect of financial inclusion as reflected by financial literacy, consumer protection and inequalities and deficiencies in services. <h2> India added 4.7 crore jobs in 2023-24, says RBI</h2>In another significant data release during the day, the apex bank of the country noted that India added nearly 4.7 crore jobs during 2023-24, taking the total number of employed people to 64.33 crore, which are spread over 27 sectors covering the entire economy. The number of employed people was 59.67 crore at the end of March 2023, as per the RBI's update on 'Measuring Productivity at the Industry Level-The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] Database'. The bank said the annual growth in employment during 2023-24 was 6% compared to 3.2% in the year-ago period. In the last five years, <keyword id="22348445" type="General" weightage="20" keywordseo="The-India-KLEMS" source="Orion">the India KLEMS</keyword> database revealed that total employment increased from 53.44 crore in 2019-20 to 64.33 crore during the previous fiscal. The data for financial 2022-23 is a provisional estimate of productivity for the total economy. The 'agriculture, hunting, forestry and fishing' employed 25.3 crore individuals, up from 24.82 crore in 2021-22, the fiscal 2022-23 data suggested. Construction, trade, and transport and storage were among the leading employment provider segments in 2022-23. Notably, for the purpose of this database, 27 industries are clubbed together to form 6 major sectors, namely <ul><li>Agriculture, Hunting, Forestry and Fishing</li><li>Mining and Quarrying</li><li>Manufacturing</li><li>Electricity, Gas and Water supply</li><li>Construction</li><li>Services</li></ul>

Rise seen in financial inclusion index, jobs in the country, notes RBI

The Reserve Bank of India (RBI) may begin lowering <keyword id="19950650" type="General" weightage="20" keywordseo="interest-rates" source="keywords">interest rates</keyword> around October, provided that external factors like weather conditions and international commodity prices do not cause any disruptions, the credit rating agency, Crisil said in its report. The credit rating agency further anticipated that it expects "two rate cuts this fiscal." It said that the decision of the <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC) decision to hold rates in its recent announcement was due to the elevated <keyword id="19999654" type="General" weightage="20" keywordseo="food-inflation" source="keywords">food inflation</keyword>. The climate conditions such as weather events are frequently changing and they need to be monitored. Going ahead, it anticipated that the macroeconomic environment would be better, creating a background for a rate cut. "The food challenge to a rate cut is expected to ease as agriculture prospects look better than last year. The monsoon has been above normal (7 per cent above the long period average as of August 7), and sowing has picked up across major foodgrains. As agriculture prospects become clearer by September, we expect it to pave the way for a rate cut," the S&amp;P's arm added in its report. In a move reflecting its cautious approach amid ongoing economic uncertainties, the RBI has decided to keep the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> unchanged at 6.5 per cent. The decision to keep the repo rate steady comes amidst persistent concerns about <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword>, which remains above the RBI's target range. The central bank's commitment to bringing inflation down to its 4 per cent target continues to face challenges due to ongoing food inflation and other economic factors. Noting a likely uptick in core inflation, the report added that factors such as international freight costs, geopolitical risks to crude oil prices, and hikes in domestic telecom tariffs could affect this indicator. Anticipating the growth, it added, "The pace of growth of the economy is expected to ease this year, with lower fiscal support as the government pursues <keyword id="20101140" type="General" weightage="20" keywordseo="fiscal-consolidation" source="keywords">fiscal consolidation</keyword>." Announcing the MPC's decision on August 8, RBI Governor Shaktikanta Das expected the real Gross Domestic Product (GDP) growth of 7.2 per cent for the fiscal year 2024-25. Governor Das emphasized that the RBI remains vigilant regarding inflationary pressures and will take necessary actions to maintain price stability while supporting the country's economic recovery. The MPC's decision reflects a balanced approach, aiming to control inflation without stifling growth. The adjustments in repo rate have a direct effect on <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and job creation. The lower interest rates tend to stimulate economic growth by making borrowing cheaper for businesses.

RBI expected to begin rate cuts in October, with two reductions this fiscal: Crisil

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> settled for the day lower by 10 paise at 83.50 (provisional) against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Monday, following a rising American currency in overseas markets and a sluggish trend in domestic equities. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said the downside in the rupee was restricted by easing political uncertainties as <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> was sworn in as Prime Minister on Sunday for a record-equalling third term. At the interbank foreign exchange, the local unit opened at 83.48 and settled for the day lower by 10 paise at 83.50 (provisional) against the American currency. On Friday, the rupee appreciated 13 paise to 83.40 against the US dollar. "We expect the rupee to trade with a slight negative bias on strong US Dollar amid rising expectations of a delay in interest rate cut by the US Federal Reserve due to tight job market," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. However, softening crude oil prices and optimism over a stable government may support the rupee at lower levels. Traders may take cues from inflation data from India and the US. Investors may also watch out for the Federal Open Market Committee (FOMC) meeting this week. USD/INR spot price is expected to trade in a range of Rs 83.20 to Rs 83.80. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.27, higher by 0.37 per cent. Brent crude futures, the global oil benchmark, advanced 0.21 per cent to USD 79.79 per barrel. Modi will be heading a 72-member Union Council of Ministers putting emphasis on continuity, youth and experience, while also rewarding partners in the BJP-led National Democratic Alliance (NDA) government. Along with Modi, senior BJP leaders including Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman and S Jaishankar, all ministers in the Modi 2.0 cabinet, took oath as cabinet ministers at the Rashtrapati Bhavan. On the domestic equity market, the 30-share BSE Sensex declined 203.28 points, or 0.27 per cent, to close at 76,490.08 points. The broader NSE Nifty settled 30.95 points or 0.13 per cent lower at 23,259.20 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 4,391.02 crore, according to exchange data. Meanwhile, India's forex reserves jumped USD 4.837 billion to a new all-time high of USD 651.51 billion for the week ended May 31, the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> said on Friday. In the previous reporting week, the overall reserves had dropped USD 2.027 billion to USD 646.673 billion.

Rupee falls 10 paise to close at 83.50 against US dollar; Downside restricted by easing political uncertainties, per traders

<ul><li>India needs a lot of <keyword id="19553397" type="General" weightage="20" keywordseo="governance-specialists" source="Orion">governance specialists</keyword>, renewable energy, <keyword id="19553398" type="General" weightage="20" keywordseo="ev-tech-experts" source="Orion">EV tech experts</keyword> and more.</li><li>Most of these jobs require strong foundational STEM skills; engineers are most in demand.</li><li>Certifications and industry upskilling programmes are helping fill the gap in talent shortage. </li></ul>India’s <keyword id="472014" type="General" weightage="20" keywordseo="green-jobs" source="Orion">green jobs</keyword> market has exploded, thanks to its net zero commitments, thrust for electric vehicles (EVs) and accelerated push for renewable energy. By the end of 2023, there are expected to be as many as 18.5 million of such jobs across industries and this will almost double by 2047, says Teamlease. Here is the catch – while universities and colleges are catching up, it’s not as fast as the demand growth. The growth in green job postings is around 15% in the last one year, says LinkedIn. Naukri pegs it as high as 27% with the EV sector being the star. “According to the Global Green Skills Report 2023 by LinkedIn, India has seen a 140% jump in auto industry workers with Electric Vehicle(EV) skills from 2018-23. This is the highest growth rate globally,” said Hari Krishnan Nair, Co-founder, Great Learning. Jobs, jobs, jobs, jobs Green jobs are expected to almost double by 2047, i.e. touch 35 million. Apart from electrification of vehicles, greening the entire supply chain through green procurement, electrification of fleets, reduction of waste, packaging and optimization of inventory — is also expected to produce more jobs. “The jobs are at all levels — from entry, mid and senior level. While entry level jobs are on creating and implementing <keyword id="95422" type="General" weightage="20" keywordseo="Green-Technology" source="Orion">green technology</keyword> and supporting consulting practices and R&amp;D. The mid and senior levels are mostly around R&amp;D, supervisory and project ownership roles and more strategic in nature,” said Sumit Kumar, chief business officer, TeamLease Degree Apprenticeship. Green job roles are being created around sustainability, environmental, social and governance (ESG). “Governance specialists, renewable energy experts, being hired across sectors where there is an immense focus on sustainability and ESG,” said Parag Ghatpande, director - assessment solutions at Aon India. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Job role </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Starting salary </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mid-level salary </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Renewable Energy Engineer / Sustainability Analyst </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4-6 lakhs per annum </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8-12 lakhs per annum </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Environmental Consultant / Green Building Consultant </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3-5 lakhs per annum </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6-10 lakhs per annum </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sustainable Agriculture / Sustainable Transportation </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2-4 lakhs per annum </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5-7 lakhs per annum </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Water Management / Recycling </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3-5 lakhs per annum </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6-9 lakhs per annum </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Green Technology / EV Technology </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5-9 lakhs per annum </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10-15 lakhs per annum </td></tr></tbody></table>Source: TeamLease EdTech Show me the skills As expected, the scaling up of skills while it has started, is yet to match up to the speed in job postings. Krishnan says that the rapid industrial expansion outpaces curriculum updates in colleges, resulting in a shortage of skilled talent. Most of the expertise that’s needed to drive India’s green transformation requires strong foundational STEM (Science, technology, engineering, and mathematics) skills. “Currently, the key qualifications needed for such (green) roles would be an engineering degree with 5-10 years’ experience within the sustainability sector and experience of sustainability certification schemes,” says Ghatpande. In fact, most of the jobs require engineering degrees — both standalone or specialised to environment science. “The common degrees are Environmental Science or Engineering for roles in environmental conservation and management. Renewable Energy Engineering or Sustainable Energy Studies for careers in the renewable energy sector. Agricultural Science or Sustainable Agriculture for those interested in sustainable farming practices,” says Jaideep P Kewalramani, head of employability business and COO, TeamLease EdTech. Green certifications in vogue On top of the basic degrees, there are certifications as well. Green Building Certifications such as LEED (Leadership in Energy and Environmental Design) for sustainable construction and architecture. Certifications in Environmental Management like ISO 14001, for professionals focusing on sustainability within organisations. For now, organisations which quickly need a lot of employees with green skills are developing talent by upskilling and reskilling the existing workforce on green technologies. “Also there is an active collaboration with academia in curating programs to create talent pipelines,” says Kumar. Added to that several online learning platforms offer tailored certificate courses and modules to help professionals kickstart their careers in the EV industry. “These courses often feature industry-relevant curricula, real-world projects, live mentorship by experts, and expert-led masterclasses,” says Krishnan. India is steadfast in its commitment to go green. As such jobs explode, it’s up to the professionals and young aspirants to build their green skills to move towards a sustainable career ahead. SEE ALSO <a href="https://www.businessinsider.in/personal-finance/news/the-dark-truth-behind-rbis-crackdown-on-easy-personal-loans/articleshow/105287366.cms">The dark truth behind RBI’s crackdown on easy personal loans</a> <a href="https://www.businessinsider.in/business/news/bitten-by-inflation-indians-buying-fewer-clothes-this-season/articleshow/105179140.cms">Bitten by inflation, Indians buying fewer clothes this season</a>

India’s green jobs are growing but are colleges ready to supply the talent?

<ul><li>The Monetary Policy Committee (<keyword id="19918491" type="General" weightage="20" keywordseo="mpc" source="keywords">MPC</keyword>) has decided to keep the repo rate unchanged at 6.5%. </li><li>Economists had expected the MPC to keep key rates unchanged due elevated inflation in December 2023.</li><li>A few experts hoped that it would change its stance to ‘neutral’ given the tight liquidity situation. </li></ul> The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>)’s rate setting panel – the Monetary Policy Committee – decided to keep its key lending rate (repo rate) unchanged at 6.5% on Thursday. It also decided to remain focussed on the ‘withdrawal of accommodation’ stance. RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> said that both the decisions have been taken with five out of six members voting in favour. Governor Das said there was further room for transmission. “Taking into account this growth-inflation dynamics and the fact that transmission of the cumulative 250 bps policy rate hike is still underway, the MPC decided to keep the policy repo rate unchanged at 6.50%. The MPC will carefully monitor any signs of generalisation of food price pressures which can fritter away the gains in easing of core inflation,” he said. The MPC also raised the FY24 real GDP growth projection to 7.3% from 7%. It also set FY25’s real GDP growth projections at 7%. “The momentum in economic activity seen in FY24 is expected to continue in FY25 as well,” Das said. It also projected FY25’s Q1 GDP growth at 7.2%, Q2 to see 6.8% growth, Q3 at 7% and Q4 at 6.9%. The MPC also retained FY24’s retail inflation projections at 5.4%, but set FY25’s inflation projections at 4.5%. It sees inflation for Q1 of FY25 at 5%, Q2 at 4%, Q3 at 4.6% and Q4 at 4.7%. “Monetary policy was supported by pro-active supply-side measures by the government. That said, the job is not yet finished, and we need to be vigilant about new supply shocks that may undo the progress made so far,” Das said. Das said that elevated levels of public debt was raising serious concerns in many economies including advanced economies. “On one hand, the odds of soft landing in the global economy increased. But the other hand, wars and conflicts add uncertainties to the outlook,” the governor said. Experts have been expecting the monetary policy committee (MPC) to keep its key rates unchanged. India’s retail inflation for December 2023 came in at 5.7%, which is much higher than RBI’s comfort level of 4%. “We expect the RBI to continue the pause stance in the upcoming policy. Strong US non-farm payroll data and wages seem to have pushed back on market expectations for a quick pivot to rate cuts. First rate cut on table from June or August 2024 looks the best bet now,” said a report by SBI Ecowrap. Ajit Kabi, research analyst at LKP Securities said that the RBI is likely to support economic growth with a cautious stance on inflation. “Consequently, we expect the unchanged policy rate and possibility of a shift in stance to NEUTRAL. Additionally, RBI may take steps to improve liquidity conditions. We expect a policy rate cut by June 24,” he added. There has been a pressure of liquidity which made a few experts hope that it could change its stance from ‘withdrawal of accommodation’. “There is a strong case for the RBI to change its stance from ‘withdrawal of accommodation’ to ‘neutral’. Financial conditions have tightened a lot in the last few quarters. Real rates are reasonably high and likely to increase further as inflation is trending down,” said Pankaj Pathak, Fund Manager- Fixed Income, Quantum AMC. While growth in deposits is much higher than last year on YTD basis as of January 12, the increase in credit and investments at ₹22.25 lakh crore is higher than that of deposits at ₹18.2 lakh crore. In terms of growth rates on a year-to-date basis, says Bank of Baroda data. Liquidity condition has also tightened with banking system liquidity running in deficit of over ₹2 lakh crore on daily basis. “Under these conditions there is some part of the market segment that believes that a change in stance is possible, though we believe that this will not be the case. The fact that the corridor of call rates is being maintained at between repo and Marginal Standing Facility (MSF0 rate, is indicative of the fact that the withdrawal of liquidity position would continue,” said <keyword id="20102121" type="General" weightage="20" keywordseo="madan-sabnavis" source="keywords">Madan Sabnavis</keyword>, chief economist at Bank of Baroda.

RBI hikes GDP growth projection for FY24 to 7.3%, keeps rates, stance unchanged

Union Finance Minister Nirmala Sitharaman on Thursday said that while government institutions, <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">banks</keyword> and <keyword id="114713" type="General" weightage="20" keywordseo="insurance-companies" source="Orion">insurance companies</keyword> were building greater awareness over cyber fraud, there was a need for people also to be more alert against cheats who were out to game the system. Speaking at the 'DATE with Tech' event in the national capital, Sitharaman said the government regularly examines public sector banks and the RBI checks its own systems in order to prevent <keyword id="70382" type="General" weightage="20" keywordseo="cyber-frauds" source="Orion">cyber frauds</keyword>, in which victims are tricked via <keyword id="10861" type="General" weightage="20" keywordseo="phone" source="Orion">phone</keyword> or <keyword id="6369206" type="General" weightage="20" keywordseo="sms" source="Orion">SMS</keyword>, while insurance firms assess their own systems as well. "India is in a transitional stage, we are at a stage where we are transforming from what was before to what is now, which is completely digital," Sitharaman added. She said there is worry on a small scale about people receiving arbitrary calls that trap them and cause them to lose money. "Those people who game the system probably are one notch ahead of us in terms of using and misusing technology. On that, there is a lot of work required. It is a never-ending game because technology is such an animal that keeps moving and racing much ahead of you. You have to be sure that you got the reins in your hand," Sitharaman said. The Union Minister said big organisations with systemically sensitive information should have sufficient technology and staff that are properly educated to firewall their systems on a daily basis. They also need to continuously assess whether the firewall is still capable of doing its job. She also highlighted India's achievement in developing a comprehensive digital infrastructure known as the "India Stack". This initiative, funded by public resources, integrates various digital elements, marking a significant leap in the nation's digitiaation journey which has been appreciated by other countries as well. Sitharaman said in the recent G20 Digital Public Infrastructure conference people were really surprised that a country like India could not only utilise the talent which is available with public funds and be able to scale it up at the ground level.

Banks, RBI keeping close watch to tackle cyber fraud: Sitharaman

Here are some government job openings at RBI, STPI, FRI, and other institutions

Here’s a list of government and PSU jobs that you can apply for at RBI, SEBI, HAL, and AAI

<ul><li><keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> is hiring 20 research interns for a period of six months in Mumbai.</li><li>Selected candidates will also be entitled for a monthly stipend of ₹45,000 per month.</li><li>RBI offers internships twice a year for six months each ⁠— January to June and July to December.</li></ul><keyword id="6354335" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="Orion">Reserve Bank of India</keyword> (RBI) is looking for 20 research interns for a six months internship in Mumbai. The opportunity is for those who have been in college relatively recently and wish to move on to pursue Ph.D in economics, banking, finance or related fields. The internships are open to those who would like to seek positions in government research institutions, or financial institutions that require a quantitative and analytics orientation. Candidates selected for the internship will be given a choice to select the area of research under these four departments ⁠— Department of Economic and Policy Research (DEPR), Department of Statistics and Information Management (DSIM), Strategic Research Unit (SRU), International Department (ID). Selected candidates will also be entitled to a monthly stipend of ₹45,000 per month. Educational qualifications required for the role department wise — <ol><li>For DEPR: Postgraduate in economics/banking /finance or MBA in finance. </li><li>For DSIM: Postgraduate in statistics/econometrics/economics or Bachelor of engineering (B.E)/Bachelor of Technology (B.Tech) in computer or MBA in finance. </li><li>For SRU: B.Tech/B.E. or Postgraduate in economics/finance/statistical science or those with expertise in computer or data analytics. </li><li>For ID: Postgraduate degree in economics/statistics/finance/international finance/ international trade/MBA with specialization in finance/banking/international relations. </li></ol>RBI offers internships twice a year for six months each ⁠— January to June and July to December. Applications for internships commencing from 1st of January onwards will be accepted during July-November of the previous year and will be examined in December of the previous year. Likewise, application for internship commencing from 1st of July onwards will be accepted during January- May and will be examined in June of the same year. Selection procedure — Candidates will be shortlisted by the bank based on their CV/resume, references and statement of purpose and will be called for a personal interview. Interested candidates are encouraged to send their CV, references and statement of purpose along with duly filled application form to the email-id of the specific department desired by the applicant. You can find the relevant email IDs <a href="https://opportunities.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3496">here</a>. Other rules and regulations — <ol><li>The interns will be entitled to leave at the rate of 12 days per six months (leave will be calculated on a pro rata basis for any fractional period) and any absence beyond the above period will be treated as leave without compensation. </li><li>Interns will be required to make accommodation arrangements of their own. </li><li>The intern should necessarily complete the 6 months internship period after selection and if the candidate decides to terminate the same, a notice period of at least one month must be served. If under any circumstances, the intern is unable to serve the notice period he/she would have to pay an amount equivalent to one month’s stipend. </li><li>Incomplete applications and applications without CV, references and statement of purpose are liable to be rejected. </li><li>RBI reserves the right to terminate the internship with a notice period of one month without giving any reason. </li></ol>Candidates can seek more information <a href="https://opportunities.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3496">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/delta-variant-still-responsible-for-99-of-covid-19-cases-globally-says-who/articleshow/87978479.cms">Delta variant still responsible for 99% of COVID-19 cases globally, says WHO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/fintech-firm-slice-becomes-indias-new-unicorn/articleshow/87977894.cms">Fintech firm Slice becomes India's new unicorn</a>

RBI wants interns from January and will pay ₹45,000 a month⁠ — here’s who should apply

<ul><li>NPCI is recruiting 250 plus graduate engineering trainees across the country.</li><li>The online application window has opened today, April 22, and will close on April 28.</li><li>Engineering graduates from the 2021 and 2022 batches can apply for the opportunity.</li></ul>The National Payments Corporation of India (NPCI), an initiative by the Reserve Bank of India to enable digital payments, has announced a pan India recruitment drive which will be hiring more than 250 graduate engineering trainees. The online application window has opened today, April 22, and will close on April 28. Engineering graduates from the 2021 and 2022 batches can apply for the opportunity. “This initiative aims to leverage the powerful combination of education and technology to upgrade retail payments, widen the audience reach, and build greater efficiency for a hassle-free, financially independent India. GETs will be the key drivers of innovation, to ensure finance and digital payment systems reach everyone through the click of a button,” says the notification rolled out by NPCI. GETs will be placed at NPCI’s offices located at the key metro cities across India. As part of the recruitment drive, NPCI will also be offering a ‘Learn DeepTech while you Earn’ programme for the trainees to pursue postgraduate(PG) certification in artificial intelligence and machine learning (AI/ML) or blockchain from a reputed institution. Selected trainees will also get the opportunity to pursue one year post-grad programmes in addition to the salary package being offered to them. “Through this initiative, we at NPCI wish to create high impact career opportunities for young innovators to contribute towards developing breakthrough technology in the payments space. We will continue to work with India’s tech-savvy brains and develop revolutionary offerings to create a delightful and seamless payment experience for millions of Indians.” said Nishith Chaturvedi, chief human resource and admin at NPCI. Fresh graduates will get to work on live projects where they get to work on products like UPI, RuPay, and FASTag that most people have started using in India now-a-days. Interested candidates can fill out the application form <a href="https://career.npci.org.in/">here</a> and seek more details <a href="https://www.npci.org.in/PDF/npci/press-releases/2022/NPCI-press-release-NPCI-to-recruit-and-train-250-Engineering-Trainees-from-across-India.pdf">here</a>. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/lic-ipo-size-might-be-cut-to-30000-crore-says-report/articleshow/91000119.cms" style="">LIC IPO size might be cut to ₹30,000 crore, says report</a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-guidelines-for-credit-cards-debit-cards-no-hidden-charges-insurance-on-credit-card-frauds-and-more/articleshow/90995780.cms" style="">From no hidden charges to insurance on credit card frauds and lost cards, here are RBI's new guidelines for credit and debit cards</a> <a href="https://www.businessinsider.in/business/auto/news/here-are-the-auto-companies-that-have-exited-the-indian-market-in-the-last-five-years/slidelist/90999115.cms" style="">From Datsun, Harley to Ford, these eight major auto companies exited India in the last five years</a>

NPCI to hire more than 250 engineering trainees from across the country

Former Governor of Reserve Bank of India <keyword id="6358908" type="General" weightage="20" keywordseo="raghuram-rajan" source="Orion">Raghuram Rajan</keyword> has said he believes the country will be lucky if it achieves 5 per cent growth next year. The former governor also said next year is going to be more difficult than this one. "Of course, this one had a lot of difficulties with the war and all that. Growth is going to slow in the world. People are raising interest rates that bring down growth," he said. While talking with Congress leader <keyword id="5268" type="General" weightage="20" keywordseo="rahul-gandhi" source="Orion">Rahul Gandhi</keyword>, the former governor of the Reserve Bank of India said, "India is also going to be hit. India's interest rates have also gone up but Indian exports have been slowing quite a bit." "India's inflation problem is more about commodities inflation problem, vegetables' inflation problem. That is also going to be negative for the growth," he said on Wednesday in a candid talk with the Gandhi scion. The economist said, "I think we will be lucky if we do 5 per cent next year." The problem with the growth numbers is that you have to understand what you are measuring with respect to, he said. "We had a terrible quarter last year. And, you measure with respect to that you look very good. So ideally what you do is look before the pandemic in 2019 and look at now." He said, "If you look at 2022 vis-a-vis 2019, it's about 2 per cent a year. It's too low for us." While being asked what he attributes this to, by Rahul Gandhi, he said, "Pandemic was part of the problem but we were slowing before the pandemic. We had gone from 9 to 5. And, we haven't really generated reforms which will generate growth." Rahul Gandhi had asked him in the candid talk: "There is one thing happening, 4-5 persons are getting rich and they could go into any businesses and the rest of the people have remained backward. Farmers, the poor have formed a new Bharat. These 4-5 persons' dreams are fulfilled while those of the rest are dashed. What should we do with this inequality? "This is a big problem. This is not about industries," the economist said, adding, "The upper middle class have gained because they could work during the pandemic whereas the poor would have to go to factories and the factories were closed during the pandemic," he said. "This divide has grown during the pandemic," he said further. Economist Raghuram Rajan said, "The poorest could get ration. They get everything. These rich didn't suffer any difficulties. Those in between -- the lower middle class -- had to lose a lot. They lost their jobs. Joblessness went up. Debts went up. We should look at them. Because they have suffered a lot." On the subject of the concentration of wealth among the industrialists, he said we should also look at them. He said, "We couldn't be against capitalism. But we should be fighting for competition. We could be up against monopoly. Monopoly is not good for the country." He said India's issue was that our exports will also go down and growth would also decrease. "Technological support is needed, credit loans, there should be certainty about policies." He said there could be change. "If banks know that sales of small businesses are good and the steady revenue stream, they can lend but we need that information to be collected and made available. That is happening now. They are starting to think about all these in the fintech revolution right now. But in India, it needs to be 10 times," he added. Too many of our small companies don't grow big. They need a path to grow, he said. "Here is the problem, they get used to some of the benefits of staying small. If you don't pay taxes, officers won't come to them. They stay under the radar scan of the government instead of being helped by the government." He said, "You (company) stay under the radar until you get a revenue stream. Once your business grows, it should be like I'm going to look at you, I'm going to help you. I'm not going to tax you or make your life miserable. We need that situation." He added as soon as these businesses get better, the government take away those benefits. "There is no incentive to grow bigger. Why not say, if you grow bigger, you will get these incentives for five years? By the time they are big, they don't care," the economist added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/irctc-share-price-falls-over-5-as-governments-offer-for-sale-kicks-off/articleshow/96247564.cms">IRCTC share price falls over 5% as government's offer for sale kicks off</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/bumble-reveals-upcoming-dating-trends-in-2023/slidelist/96243427.cms#slideid=96244109">Inter-city love, better boundaries &amp; rise of divorced singles: Bumble reveals upcoming dating trends in 2023</a>

Will be lucky if we grow 5% next year says former RBI governor Raghuram Rajan

<ul><li>The Central Board of Employees' <keyword id="45028" type="General" weightage="20" keywordseo="provident-fund" source="Orion">Provident Fund</keyword> Organisation (<keyword id="6372438" type="General" weightage="80" keywordseo="epfo" source="Orion">EPFO</keyword>) has recommended an 8.15% interest rate to be credited on provident funds for the financial year 2022-23.</li><li>In March 2022, the government declared an 8.1% interest rate for more than its six crore members, which was the lowest since 1977-78.</li><li>The recommendation involves the distribution of more than ₹90,000 crore in the members' account on the total principal amount of about ₹11 lakh crore.</li></ul>The Central Board of Employees' Provident Fund Organisation (EPFO) has recommended an 8.15 per cent interest rate to be credited on provident funds for the financial year 2022-23. In March 2022, the government declared an 8.1 per cent interest rate for more than its six crore members, which was the lowest since 1977-78. The recommended interest rate for 2022-23 would be officially notified in the government gazette after approval of the Ministry of Finance, following which EPFO would credit the rate of interest into its subscribers' accounts. The recommendation involves the distribution of more than Rs 90,000 crore in the members' account on the total principal amount of about Rs 11 lakh crore. In 2021-22, the payment outgo and principal amounts were Rs 77,425 crore and Rs 9.56 lakh crore, respectively. "The total income recommended for being distributed is the highest to date. The growth in income and the principal amount is respectively more than 16 per cent and 15 per cent as compared to the last financial year 2021-22," the Ministry of Labour and Employment said in a release on Tuesday. EPFO is a social security organization responsible for providing social security benefits in the form of Provident, Pension and Insurance Funds to the organized workforce of the country. Separately, the provisional payroll data showed a total of 14.86 lakh net members were added in the month of January 2023. Out of the total members added during the month, around 7.77 lakh new members have come under the ambit of EPFO for the first time. Among the newly joined members, the highest enrolment is registered in the age group of 18-21 years with 2.26 lakh members, followed by the age group of 22-25 years with 2.06 lakh members. The age groups of 18-25 years constitute 55.52 per cent of the total of new members during the month of January. For the month of January 2023, it said 3.54 lakh members have exited the fold of EPFO. This is the lowest exit in the last four months. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-chatgpt-4-plugins-from-math-physics-and-language-tutor-to-vacation-planner/articleshow/99036667.cms">Top ChatGPT 4 plugins: From math, physics and language tutor to vacation planner</a> <a href="https://www.businessinsider.in/finance/banks/news/rbis-mpc-could-pause-rate-hikes-in-april-to-gauge-the-impact-of-hikes-so-far-sbi-research/articleshow/99030220.cms">RBI’s MPC could pause rate hikes in April to gauge the impact of hikes so far: SBI Research</a> <a href="https://www.businessinsider.in/business/corporates/news/layoffs-coming-to-the-indian-it-sector-analysts-say-accentures-jobs-cuts-offers-a-blueprint/articleshow/98970175.cms">Layoffs coming to the Indian IT sector? Analysts say Accenture’s jobs cuts offers a ‘blueprint’</a>

Employees' provident fund interest rate fixed at 8.15% for 2022-23

The country's largest lender, <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (<keyword id="13222" type="General" weightage="100" keywordseo="sbi" source="Orion">SBI</keyword>) has warned customers against instant loan apps and even suggested measures to safeguard against the menace. "Please refrain from clicking on suspicious links or giving your information to a company posing as a <keyword id="15606804" type="General" weightage="50" keywordseo="bank-or-financial-company" source="Orion">Bank or Financial Company</keyword>. Report cybercrimes at cybercrime.gov.in," the bank tweeted. Instant loan apps, especially those originating from China have been a menace as the government as well as the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>), have received several complaints against them. Their proliferation has led to increased cases of cybercrime and also extortion of hapless borrowers. Sharing some safety tips, the SBI suggested that it is always better to check the authenticity of an app before downloading. There are lots of illegal apps that may trap users and siphon off money from their accounts. Customers should not click on suspicious links and discretion should be used to avoid falling for unauthorised apps, the SBI said. Check the app permission settings to secure your data from getting stolen and in case of theft, such matters should be reported to the local police authorities, the bank cautioned further. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/article/unicorns-are-pass-cockroaches-are-the-new-favourites-of-venture-capitalists/articleshow/95734214.cms">Unicorns are passé, cockroaches are the new favourites of venture capitalists</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-generates-15-16-lakh-formal-sector-jobs-every-month-says-ashwini-vaishnaw-citing-epfo-data/articleshow/95738734.cms">India generates 15-16 lakh formal sector jobs every month, says Ashwini Vaishnaw citing EPFO data</a>

You Searched For "government jobs in rbi" and got 13 results

Rise seen in financial inclusion index, jobs in the country, notes RBI

Ira Alok Puranik

RBI expected to begin rate cuts in October, with two reductions this fiscal: Crisil

ANI

Rupee falls 10 paise to close at 83.50 against US dollar; Downside restricted by easing political uncertainties, per traders

PTI

India’s green jobs are growing but are colleges ready to supply the talent?

Anagh

Katya

RBI hikes GDP growth projection for FY24 to 7.3%, keeps rates, stance unchanged

Katya Naidu

Banks, RBI keeping close watch to tackle cyber fraud: Sitharaman

IANS

Here are some government job openings at RBI, STPI, FRI, and other institutions

BI India Bureau

Here’s a list of government and PSU jobs that you can apply for at RBI, SEBI, HAL, and AAI

BI India Bureau

RBI wants interns from January and will pay ₹45,000 a month⁠ — here’s who should apply

Vaamanaa Sethi

NPCI to hire more than 250 engineering trainees from across the country

Vaamanaa Sethi

Will be lucky if we grow 5% next year says former RBI governor Raghuram Rajan

ANI

Employees' provident fund interest rate fixed at 8.15% for 2022-23

ANI

SBI warns customers against instant loan apps

IANS

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