Core elements of Sustainable Development
Sustainable development or ‘Sustainability for development’ refers to the development that is done without damaging the environment and other resources. In other words, Sustainable development is a development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Sustainable development simply means that resources should be…
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Non-standard practices of charging interest by lenders: RBI directs corrective action
The Reserve Bank of India today, in its circular informed that during the onsite examination of Regulated Entities (Banks, NBFCs, and FIs) for the period ended March 31, 2023; it came across instances of lenders resorting to certain unfair practices in charging of interest. Some of the unfair practices noticed by the Central Bank are…
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International Economic Organizations: The World Bank
The World Bank was established in 1944 in the name of the International Bank for Reconstruction and Development (IBRD) to help rebuild Europe and Japan after World War II. The Bank began operations in 1946, it had 38 members. At present this international development organization has members of 187 countries. The World Bank aims to…
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International organisations: The IMF
International Monetary Fund (IMF) is an important financial agency of the United Nations and an international financial institution founded by 190 member countries, with headquarters in Washington, D.C. Initially, IMF was created in 1945 along with the International Bank for Reconstruction and Development at the Conference of 44 Nations held at Bretton Woods, New Hampshire,…
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What is SDR?
The SDR (Special Drawing Rights) is an international reserve asset created by the IMF as a supplementary international reserve asset in 1969. The SDR serves as the unit of account of the IMF and other international organizations. The SDR is not a currency, but its value is based on a basket of five currencies—the US…
International organisations: The WTO
The World Trade Organization (WTO) is an intergovernmental organization established on January 1, 1995, replacing the earlier General Agreement on Tariffs and Trade (GATT). It is an international organisation headquartered in Geneva, Switzerland dealing with the international rules of trade between nations. WTO is run by its member governments of over 160 countries representing 98…
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