Economics (Part-III) (Railway)

• It was set up on the recommendations of the Hilton Young Commission.

• The six-member committee on the development of housing finance securitisation market was headed by Bain & Co Senior Advisor Harsh Vardhan.

• The Committee was set up in recognition of the role of well functioning securitisation markets for better management of credit and liquidity risks in the balance-sheets of banks as well as non-bank mortgage originators.

• It formulated the Five-Year Plans of India.

• The NITI (National Institution for Transforming India) Aayog replaced the Planning Commission of India on 1 January 2015.

• "No society can surely be flourishing and happy. of which the far greater part of the members are poor and miserable."

• His argument for capitalism was in terms of its higher productivity, of its ability to advance "that universal opulence which extends itself to the lowest ranks of the people."

• The GST council has fitted over 1300 goods and 500 services under the four tax slabs.

• It is an Indian governmentowned oil and gas corporation that is headquartered in Mumbai.

• NBFC cannot accept demand deposits.

• It do not form part of the payment and settlement system and cannot issue cheques drawn on itself.

• The Reserve Bank of India was established on April 1, 1935.

• lt was established in accordance with the provisions of the Reserve Bank of India Act, 1934.

• It is used for determination of Variable Dearness Allowances, measuring inflationary trend In the country and policy formulation by the Government,

• They are also used by researchers for various analytical purposes.

• It has been operating since 2016.