Representation of the People Act, 1950 Aim: Enacted by parliament to deal with the electoral system of the nation at the national and state level. Provisions Allocation of seats in the House of the People, the State Legislative Assemblies and … Continue reading →

Conditions for Recognition as a National Party If it secures six per cent of valid votes polled in any four or more states at a general election to the Lok Sabha or to the legislative assembly; and, in addition, it … Continue reading →

The Eighth Schedule of the Indian Constitution deals with official languages, and it consists of languages like  Assamese, Bengali, Gujarati, Hindi, Kannada, Kashmiri, Konkani, Malayalam, Manipuri, Marathi, Nepali, Oriya, Punjabi, Sanskrit, Sindhi, Tamil, Telugu, Urdu, Bodo, Santhali, Maithili, and Dogri. … Continue reading →

Definition: Co-operative societies are voluntary associations of individuals united by common economic interests, formed to promote their welfare and protect their rights through collective efforts.  Legal Framework Governed by the Co-operative Societies Act, 1912 and respective state laws. Constitutional status … Continue reading →

Apex statutory body for Disaster Management in India. Formed under the Disaster Management Act, 2005. Mandate – To lay down the policies, plans and guidelines for Disaster Management. India envisions the development of an ethos of Prevention, Mitigation, Preparedness and … Continue reading →

What is it?: National Investigation Agency (NIA) is the Central Counter Terrorism Law Enforcement Agency of India. Ministry: Union Ministry of Home Affairs Formation: NIA was created after the 2008 Mumbai terror attacks with the enactment of the National Investigation … Continue reading →

Bad Banks A bad bank is a financial entity set up to buy Non-Performing Assets (NPAs), or Bad Loans, from banks. The aim of setting up a bad bank is to help ease the burden on banks by taking bad … Continue reading →

Non-Performing Assets (NPAs) Definition: A NPA is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days. Classification of assets: As per the RBI guideline, banks are required to classify NPAs … Continue reading →

Basel Norms Basel norms or Basel accords are the international banking regulations issued by the Basel Committee on Banking Supervision. The Basel norms is an effort to coordinate banking regulations across the globe, with the goal of strengthening the international … Continue reading →

Non-Banking Financial Companies (NBFCs) A NBFC is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by the Government or local authority, or other marketable securities. The workings and … Continue reading →