New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which of the following ministry has launched a startup

    application for registration on the MAARG portal, the National Mentorship Platform by Startup India?
    A Ministry of Commerce and Industry Correct Answer Incorrect Answer
    B Ministry of Finance Correct Answer Incorrect Answer
    C Ministry of Shipping Correct Answer Incorrect Answer
    D Ministry of Petroleum Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    In a major development, the Goods and Services Tax network (GSTN) has been included to the account aggregator (AA) network as a financial information provider (FIP) to facilitate cash flow lending to the micro, small, and medium enterprises (MSMEs) This would give financial institutions access to data regarding small businesses, which would help them to extend loans to such businesses. Learn Along: GSTN, short for Goods and Service Tax Network, is a non-profit non-government company. It provides shared IT infrastructure and service to both central and state governments including taxpayers and other stakeholders. The registration Front end services, Returns, and payments to all taxpayers will be provided by GSTN. Account Aggregator Framework: It is a framework for data sharing between financial institutions like banks, pension funds, insurance companies and assets management companies. Under this, account aggregators (AAs) use technology for simple and secure exchange of the data between the institutions. With AAs, financial data can be used to access a vast array of financial services for your personal or business needs. Financial Information Providers (FIPs) are institutions that function as stewards of user data. These are the banks, mutual funds, pension funds, etc. that represent the ‘source’ of personal or business data which Financial Information User (FIUs) can access via requests through an Account Aggregator. Micro, Small, Medium Enterprises (MSME’s) are entities that are involved in production, manufacturing and processing of goods and commodities. The concept of MSME was first introduced by the government of India through the Micro, Small & Medium Enterprises Development (MSMED) Act, 2006. Micro    - Investment less than Rs. 1 crore or Turnover less than Rs. 5 crore Small     - Investment less than Rs. 10 crore or Turnover up to Rs. 50 crore Medium - Investment less than Rs. 50 crore or Turnover up to Rs. 250 crore

    Practice Next

    Relevant for Exams: