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Indian Express
19 hours ago
- Business
- Indian Express
RBI's surplus transfer to govt: All you need to know for UPSC Exam
Take a look at the essential events, concepts, terms, quotes, or phenomena every day and brush up your knowledge. Here's your knowledge nugget for today on RBI's surplus transfer to govt. (Relevance: Every aspect of the RBI, from its origin, structure, and key functions to its evolving policies, holds importance for UPSC CSE. Previously, several questions have been asked on this topic. This year's UPSC Prelims also had a question on the RBI's functions, which presents the RBI is an evergreen topic in the economy section that aspirants must prepare comprehensively.) The Board of the Reserve Bank of India (RBI) on May 23 approved a record surplus transfer, or dividend, of Rs 2.69 lakh crore to the Central Government for the accounting year 2024-25. It followed a meeting of the central board of directors of the RBI on May 15. The board reviewed the Economic Capital Framework (ECF), which is used to determine risk provisioning and surplus distribution by the central bank to the government. In 2023-24, the RBI had transferred the surplus of Rs 2.11 lakh crore. Unlike the banks it regulates, the RBI isn't a company that announces a dividend. In this context, it becomes essential to understand that how does the transfer of RBI's surplus work out and what are the functions of RBI. 1. The RBI as a central bank is not only mandated to keep inflation or prices in check through monetary policy, but it is also supposed to manage the borrowings of the Government of India and state governments; supervise or regulate banks and non-banking finance companies; and manage the currency and payment systems. 2. While carrying out these functions or operations, the RBI registers profits. Generally, the central bank's income comes from the: (i) Returns earned on its foreign currency assets, which could be in the form of bonds and treasury bills of other central banks or top-rated securities, and deposits with other central banks. (ii) Interest on its holdings of local rupee-denominated government bonds or securities, and while lending to banks for very short tenures, such as overnight. (ii) It claims a management commission on handling the borrowings of state governments and the central government. 4. Its expenditure is mainly on the printing of currency notes and staff, besides the commission it gives to banks for undertaking transactions on behalf of the government across the country, and to primary dealers, including banks, for underwriting some of these borrowings. 1. The RBI isn't a commercial organisation like the banks or other companies that are owned or controlled by the government – it does not, as such, pay a 'dividend' to the owner out of the profits it generates. 2. Although the RBI was promoted as a private shareholders' bank in 1935 with a paid-up capital of Rs 5 crore, the government nationalised it in January 1949, making the sovereign its 'owner'. 3. What the central bank does, therefore, is transfer the 'surplus' – that is, the excess of income over expenditure – to the government, in accordance with Section 47 (Allocation of Surplus Profits) of the Reserve Bank of India Act, 1934: After making provision for bad and doubtful debts, depreciation in assets, contributions to staff and superannuation fund [and for all other matters for which] provision is to be made by or under this Act or which are usually provided for by bankers, the balance, of the profits shall be paid to the Central Government. 4. The Central Board of the RBI does this in early August, after the July-June accounting year is over. 1. In 2013, a technical committee of the RBI Board, headed by Y. H. Malegam, reviewed the adequacy of reserves and a surplus distribution policy and recommended a higher transfer to the government. 2. Earlier, the RBI transferred part of the surplus to the Contingency Fund, to meet unexpected and unforeseen contingencies, and to the Asset Development Fund, to meet internal capital expenditure and investments in its subsidiaries, in keeping with the recommendation of a committee to build contingency reserves of 12% of its balance sheet. 7. But after the Malegam committee made its recommendation, in 2013-14, the RBI's transfer of surplus to the government as a percentage of gross income (less expenditure) shot up to 99.99% from 53.40% in 2012-13. 1. Under Section 45ZB of the amended RBI Act, 1934, the central government is empowered to constitute a six-member Monetary Policy Committee to determine the policy interest rate required to achieve the inflation target. The first such MPC was constituted on September 29, 2016. 2. Section 45ZB lays down that 'the Monetary Policy Committee shall determine the Policy Rate required to achieve the inflation target', and that 'the decision of the Monetary Policy Committee shall be binding on the Bank'. 3. The MPC fixes the benchmark interest rate — or the base or reference rate that is used to set other interest rates — in India. The primary objective of the RBI's monetary policy is to maintain price stability while keeping in mind the objective of growth. Price stability is a necessary precondition to sustainable growth. 4. Section 45ZB says the MPC shall consist of the RBI Governor as its ex officio chairperson, the Deputy Governor in charge of monetary policy, an officer of the Bank to be nominated by the Central Board and three persons to be appointed by the central government. The last category of appointments must be from 'persons of ability, integrity, and standing, having knowledge and experience in the field of economics or banking or finance or monetary policy'. (Section 45ZC) 5. Notably, each member of the MPC has one vote, and in the event of an equality of votes, the Governor has a second or casting vote. (1) Which of the following are the sources of income for the Reserve Bank of India? (UPSC CSE 2025) I. Buying and selling Government bonds II. Buying and selling foreign currency III. Pension fund management IV. Lending to private companies V. Printing and distributing currency notes Select the correct answer using the code given below. (a) I and II only (b) II, III and IV (c) I, III, IV and V (d), II and V (2) With reference to the Monetary Policy Committee (MPC), which of the statements given below is/are correct? 1. The MPC is required to meet at least four times in a year. 2. It determines the policy repo rate required to achieve the inflation target. 3. There is no quorum for the MPC meeting. 4. It is an eight-member committee fully constituted by the Reserve Bank of India. Select the correct answer using the codes given below: (a) 1, 2 and 3 (b) 3 and 4 only (c) 1 and 2 only (d) 2 and 4 only (Sources: RBI approves record transfer 'surplus' to govt: Why does this transfer happen, and how?) Subscribe to our UPSC newsletter. Stay updated with the latest UPSC articles by joining our Telegram channel – Indian Express UPSC Hub, and follow us on Instagram and X. 🚨 Click Here to read the UPSC Essentials magazine for May 2025. Share your views and suggestions in the comment box or at
Indian Express
3 days ago
- Politics
- Indian Express
Demand for inclusion of Kokborok and Bhojpuri in Eighth Schedule of Constitution: A must-know for UPSC Exam
Take a look at the essential events, concepts, terms, quotes, or phenomena every day and brush up your knowledge. Here's your knowledge nugget for today on the Eighth Schedule of the Indian Constitution. (Relevance: The Eighth Schedule of the Indian Constitution is an important topic for UPSC CSE. Previously, the commission has asked questions on it; for instance, in the 2024 prelims, a question was asked on the languages included in the Eighth Schedule through the Constitution (71st Amendment) Act, 1992. Thus, knowing about the Eight Schedule from a broader perspective becomes essential.) Recently, in a letter to Tripura Chief Minister Dr Manik Saha, the Kokborok Sahitya Parishad sought the inclusion of the Kokborok language in the Eighth Schedule of the Constitution. The tribal literary body stated that the script for the Kokborok language can either be Bengali or Devanagari. Notably, earlier on International Mother Tongue Day (February 21), at Delhi's Jantar Mantar, Dr Santosh Patel and a group of supporters gathered to demand the inclusion of Bhojpuri in the Eighth Schedule of the Indian Constitution. Spoken by millions of people across several countries, Bhojpuri holds constitutional status in both Mauritius and Nepal, but it remains constitutionally unrecognised in India. In the context of rising demands for inclusion of various languages in the Eighth Schedule of the Indian Constitution, let's understand what this schedule is all about and other important aspects related to it. 1. The Eighth Schedule to the Constitution of India lists the languages officially recognised by the Government of India. Articles 344(1) and 351 of the Constitution contain provisions relating to the Eighth Schedule. 2. Article 344 (1) provides for the constitution of a Commission by the President on expiration of five years from the commencement of the Constitution and thereafter at the expiration of ten years from such commencement, which shall consist of a Chairman and such other members representing the different languages specified in the Eighth Schedule to make recommendations to the President for the progressive use of Hindi for official purposes of the Union. 3. Article 351 of the Constitution provides that it shall be the duty of the Union to promote the spread of the Hindi language to develop it so that it may serve as a medium of expression for all the elements of the composite culture of India and to secure its enrichment by assimilating without interfering with its genius, the forms, style and expressions used in Hindustani and in the other languages of India specified in the Eighth Schedule, and by drawing, wherever necessary or desirable, for its vocabulary, primarily, on Sanskrit and secondarily on other languages. 4. As of May 2025, 22 languages have been classified under the Eighth Schedule to the Constitution. Initially, however, the Eighth Schedule included 14 languages: Assamese, Bengali, Gujarati, Hindi, Kannada, Kashmiri, Malayalam, Marathi, Oriya (renamed to Odia in 2011), Punjabi, Sanskrit, Tamil, Telugu, and Urdu. 5. These 14 languages were selected from among the hundreds identified by George A Grierson in his Linguistic Survey of India which catalogued over 700 linguistic varieties across the subcontinent as early as 1927. 6. Over time, the Schedule expanded beyond the original 14 languages to include Bodo, Dogri, Konkani, Maithili, Manipuri, Nepali, Santhali, and Sindhi, bringing the total to 22. 7. Sindhi was added through the 21st Amendment Act of 1967; Konkani, Manipuri, and Nepali were added by the 71st Amendment Act of 1992; and Bodo, Dogri, Maithili, and Santhali were included through the 92nd Amendment Act of 2003. 8. Interestingly, English — despite its widespread use and role in official spheres — has never been part of the Eighth Schedule. 1. The Constituent Assembly did not lay down any formal criteria for the inclusion of languages in the Eighth Schedule. However, from time to time, efforts have been made by various committees to define clearer criteria for inclusion. 2. The Ashok Pahwa Committee (1996) proposed that a language could be included in the Eighth Schedule if: (i) it was an official language in at least one state; (ii) a significant portion of a state's population spoke it; (iii) it was an independent language rather than a dialect or derivative of one already listed; (iv) it had recognition from the Sahitya Akademi; and (v) it possessed a well-defined and developed literary tradition. 3. Later, the Sitakant Mohapatra Committee (2003) added more specific benchmarks. It recommended that a language must have at least 5 million speakers, based on census data from the previous three decades, to qualify as being spoken by a substantial population. The language should also serve as a medium of instruction at least up to the secondary level, preferably extending to the university level. Additionally, its script—whether indigenous, borrowed from a dominant regional language, or using Devanagari—should have been in established use for at least 50 years. 4. Notably, despite these efforts, no official standard has been adopted for selecting languages for the Eight schedule. The Ministry of Home Affairs confirms this position: 'As the evolution of dialects and languages is dynamic, influenced by socio-eco-political developments, it is difficult to fix any criterion for languages, whether to distinguish them from dialects, or for inclusion in the Eighth Schedule to the Constitution of India.' The benefits of being listed in the Eighth Schedule are both symbolic and practical. Such as: (i) Languages listed in the Eighth Schedule are eligible for translation services in Parliament if spoken by any member, (ii) They are included as options in the Indian language paper for the Union Public Service Commission (UPSC) examinations, (iii) Receive developmental funds from the central government, as language falls under the Concurrent List. 1. Last year, 'Classical Language' status was granted to Marathi, Pali, Prakrit, Assamese, and Bengali, and it brought the total number of officially designated classical languages to 11. Previously, only six languages held the 'Classical' status: Tamil (2004), Sanskrit (2005), Kannada (2008), Telugu (2008), Malayalam (2013), and Odia (2014). (Notably, among all the classical languages, Prakrit and Pali are the two classical languages that are not mentioned in the eighth schedule of the Indian Constitution.) 2. Classical languages are considered the custodians of India's ancient and profound cultural heritage. They preserve the rich history, literature, and traditions of their respective communities. The government grants this status to languages to honor and safeguard the linguistic milestones of India's diverse cultural landscape. 3. In October 2004, the Centre decided to create a new category of languages as 'classical languages'. On October 12, 2004, Tamil became the first Indian language to receive 'classical' status due to its high antiquity and rich literary tradition. (1) The Constitution (71st Amendment) Act, 1992 amends the Eighth Schedule to the Constitution to include which of the following languages? (UPSC 2024) 1. Konkani 2. Manipuri 3. Nepali 4. Maithili Select the correct answer using the code given below: (a) 1, 2 and 3 (b) 1, 2 and 4 (c) 1, 3 and 4 (d) 2, 3 and 4 (2) The Ashok Pahwa Committee (1996) and Sitakant Mohapatra Committee (2003) were associated with: (a) Reforms in the Lok Sabha (b) Caste Census (c) Eighth Schedule (d) Delimitation (3) Consider the following languages: 1. Manipuri 2. Bodo 3. Kashmiri What is the correct chronological order of these languages as they were included in the eighth schedule of the Constitution of India? (a) 3—2—1 (b) 1—2—3 (c) 2—1—3 (d) 3—1—2 (Sources: Knowledge Nugget of the day: Classical languages, The Eighth Schedule of the Indian Constitution: how language inclusion creates exclusion) Subscribe to our UPSC newsletter. Stay updated with the latest UPSC articles by joining our Telegram channel – Indian Express UPSC Hub, and follow us on Instagram and X. 🚨 Click Here to read the UPSC Essentials magazine for May 2025. Share your views and suggestions in the comment box or at Roshni Yadav is a Deputy Copy Editor with The Indian Express. She is an alumna of the University of Delhi and Jawaharlal Nehru University, where she pursued her graduation and post-graduation in Political Science. She has over five years of work experience in ed-tech and media. At The Indian Express, she writes for the UPSC section. Her interests lie in national and international affairs, governance, economy, and social issues. You can contact her via email: ... Read More
India.com
3 days ago
- India.com
Meet IAS officer Vibhor Bhardwaj, used AI for preparation, cleared UPSC twice, his AIR was..., he is from...
IAS Vibhor Bhardwaj (File) UPSC Success Story: The UPSC Civil Services Examination (CSE) is arguably one of the toughest recruitment exams in India, and aspirants use a wide range of methods to prepare for this formidable test. While some rely on coaching classes, others find self-study to be a more sturdy option. However, IAS Vibhor Bhardwaj, a young IAS officer from Uttar Pradesh, used a completely different approach to prepare for UPSC CSE, he made use of Artificial Intelligence (AI) tools to enhance his subject knowledge, and prepare for the final interview. Who is IAS Vibhor Bhardwaj? Born in Uttarawali, a small village in Bulandshahr district of Uttar Pradesh, Vibhor Bhardwaj earned his MSc degree in Physics from the Hansraj College, Delhi University, and afterwards began preparations to clear the UPSC CSE and realize his lifelong dream of becoming a civil servant. Vibhor Bhardwaj chose Physics as his optional subject for the UPSC exam, and relied on online coaching classes and self-made notes to prepare for the tough recruitment test. His efficient preparation strategy enabled him to quickly prepare for UPSC CSE prelims, and cover the entire UPSC Mains syllabus with a span of just seven months. In an interview, Vibhor revealed that carefully studied previous UPSC CSE question papers, and used these as a guide to strategize his preparation. He also focused on daily news and current affairs, in addition to regular mock tests, which further sharpened his knowledge. How Vibhor Bhardwaj used AI to crack UPSC? Interestingly, a key part of Vibhor Bhardwaj's UPSC preparation was the use of AI tools like Google's Gemini, which he used for mock interviews. Vibhor revealed that these AI chatbots acted like teachers for him, helping him identify his strengths and weaknesses. The AI mock interviews faced him with a wide-range of questions, which sharpened and strengthened his preparation for the actual interview. IAS Vibhor Bhardwaj AIR Ultimately, Vibhor Bhardwaj's hard work and dedication paid off when he cracked the UPSC CSE in 2022 with an All India Rank of 743. However, this rank could not ensure him an IAS post, so he tried again in 2024; this time jumping 724 ranks to secure AIR 19 and achieve his dreaming of becoming an IAS officer.
India.com
4 days ago
- Entertainment
- India.com
Meet man, IIT alumnus who left high paying job at Microsoft, became actor, left acting to pass one of India's toughest exams, he is..., currently...
Success stories: The glamorous world of TV and films is filled with fame and money. It is said that once you step into it, it is difficult to return, but Abhay Daga from Maharashtra decided to become an IPS officer after making his debut in the glamorous world with the TV serial 'Sia Ke Ram'. He is an IIT alumnus and has worked for some of the top companies in the world. Abhay Daga is officially known as Abhay Rajendra Daga, a native of Maharashtra. His father Dr. Rajendra and mother Dr. Meena Daga are well-known child specialists in Wardha, Maharashtra. JEE exam preparation After completing his schooling up to 10th grade at BVB Lloyds Vidya Niketan School, Wardha, he moved to Hyderabad for his intermediate studies. There, he prepared for the JEE exam alongside his school studies. Abhay passed the JEE exam in 2013. According to some records, Abhay secured 500th rank in the JEE exam. With this rank, Abhay Daga got admission to one of the country's top engineering institutions, IIT Kharagpur. Abhay obtained a degree in IT from IIT Kharagpur according to the official website of IIT Kharagpur Alumni. TV show and job There are now many actors in Bollywood who became actors after completing engineering from IIT. Abhay Daga's story is somewhat similar. During his studies at IIT Kharagpur, his interest in acting and theater grew. In 2018, he played the role of Shatrughna in the popular TV show 'Sia Ke Ram' on Star Plus. After that, he worked as a software engineer at Microsoft. Quit job for UPSC exam After working in the TV industry and Microsoft, Abhay resigned from his high-paying job in 2021. He started preparing for the UPSC exam. His hard work paid off, and in 2023, he passed the UPSC CSE, one of the toughest exams in the world. Abhay Daga's UPSC CSE rank was 185. Becoming IPS Officer There are many people in the industry who have left their established careers to become actors, but Abhay Daga made a completely different decision. Abhay Rajendra Daga scored 799 marks in the UPSC Mains examination and 179 marks in the interview. With a rank of 185 in the UPSC CSE 2023, he secured a government job in the Indian Police Service (IPS).
Time of India
7 days ago
- General
- Time of India
UPSC 2024: How village boy Vibhor jumped from AIR 743 to 19 with grit, game plan and AI
In a quiet village called Utrawali in Uttar Pradesh's Bulandshahr district, dreams often travel far before they find wings. Vibhor Bhardwaj's journey was no exception. From completing his MSc in Physics at Hansraj College to cracking UPSC Civil Services Examination 2024 with an All India Rank of 19, Vibhor's story is one of self-awareness, incremental improvement, and staying grounded through the turbulence of repeated trials. In 2024, Vibhor made the third attempt. He cleared his first UPSC exam in 2022 with a modest AIR 743, missed the final list in 2023 despite reaching the interview stage, and then transformed himself into a top-20 ranker this year. Building a smart study system 'I started my preparation of UPSC CSE after completion of my MSc. from scratch,' says Vibhor. Choosing Physics as his optional subject, he didn't rely on luck or shortcuts. His game plan was clear—lay a strong Mains foundation early on. He completed the entire Mains syllabus—including Optional—in the first seven months, leaning on online coaching and self-curated notes. 'During this time I utilized the online coaching from home for both parts. I prepared the notes on GS subjects from coaching classes and then from studying the reference books of the same,' he explains. Interestingly, he didn't start writing answers at that stage. 'During this period I completed my Optional paper notes without any answer writing,' he recalls. The Prelims pivot: Strategy in action By January, Vibhor shifted gears to focus entirely on the Prelims. With surgical precision, he tackled the static portion, reviewed current affairs magazines, and revised daily summaries. He didn't jump blindly into mock tests—he staggered them smartly. 'After one revision of each subject, in the second revision I started appearing for the sectional tests. Once done with second revision I shifted to the full length tests,' he says. He also swore by Previous Year Questions (PYQs). 'I used PYQs as a guide for understanding the nature of questions asked by the UPSC,' he adds, treating them not just as practice material but as a blueprint for examiner intent. What changed in the third attempt Vibhor's journey wasn't linear. After securing AIR 743 in 2022, and then failing to make the final list in 2023 despite clearing the interview round, he did a full diagnostic on his weaknesses. His biggest upgrade? Answer writing. 'I started to take reference from the toppers' answer sheets and compared my answer to the same question written in their sheets. This worked for me to reduce the time per question as well as in improving the quality of my answers.' He also adopted a micro-level approach to the syllabus. 'I prepared notes on each and every keyword mentioned in the syllabus having different dimensions,' he shares. This helped him gain both depth and breadth—an edge that Mains evaluators look for. He didn't work in isolation either. Discussions with peers became a memory tool. 'Discussion with friends on current affairs topics and magazines, PYQs and other topics in general helped me in retaining the information for long and also in recalling during the Mains exam,' he adds. To further sharpen his understanding, Vibhor turned to previous toppers—notably Shruti Sharma (AIR 1, 2022). He closely studied her notes and used them as benchmarks for conceptual clarity and answer framing. The idea was not to copy, but to calibrate. 'These inputs,' he says, 'helped me deepen his contextual awareness and stay aligned with the evolving nature of the UPSC paper.' Using Google Gemini for interview prep In his second attempt, low marks in the personality test were a stumbling block. Instead of stepping back, Vibhor leaned into innovation. He used AI to simulate mock interviews. 'I used Google Gemini by providing the background and details and asked it to conduct my interview around those topics. It was tremendously beneficial,' he shares. Mentorship matters Vibhor credits Shubham Aggarwal of Vidyapeeth IAS Academy for giving structure to his preparation. 'His one-on-one mentorship and personal touch to cater individual needs enriched my perspectives on current events, controversial issues and helped me frame balanced answers,' says Vibhor. From the mentor's desk For Aggarwal, Vibhor's success was a matter of when, not if. He recalls Vibhor's unique self-awareness and strategic mind. 'From day one, Vibhor knew exactly where he stood. He was aware of his weaknesses and had already mapped out how to overcome them,' says Aggarwal. Describing his approach as 'practical and grounded,' he adds, 'In all my years of mentoring, he is among the most sincere toppers I've seen.' Ready to empower your child for the AI era? Join our program now! Hurry, only a few seats left.
