Kasba is launching soon. The stories shown now are samples.
Big news for small towns
Words from official notices, in plain language.
Online identity check through Aadhaar, needed to receive money from many government schemes.
eKYC confirms who you are through Aadhaar: either with an OTP sent to the mobile linked to Aadhaar, or with a fingerprint or iris scan (biometric) at a Common Service Centre (CSC). In schemes such as PM-KISAN, an incomplete eKYC can hold up the next instalment.
The official list of students who will sit a board exam, sent by the school to the board.
Boards such as CBSE ask schools for this list every year before exams. It has the student’s name, parents’ names, date of birth and subjects. The same details are later printed on the admit card and mark sheet, so the list must be filled in correctly and on time. For regular students the school fills it in, not the student.
The interest rate at which the RBI lends money to banks for short periods.
When the RBI raises the repo rate, money becomes costlier for banks, and EMIs on home and car loans usually go up. When it cuts the rate, loans are expected to get cheaper. Fixed deposit rates are affected too.
RBI-licensed banks that mainly serve small businesses, farmers and low-income households.
Small finance banks offer the usual services: savings accounts, fixed deposits and loans. Deposits in them are covered by DICGC insurance up to the set limit, as in other banks. The RBI writes separate rules for them.
Variable Rate Repo: an RBI auction in which banks borrow money from the RBI for a fixed period.
The RBI holds VRR auctions when the banking system is short of cash. Banks bid for funds and the interest rate is set by the auction. It has little direct effect on ordinary people, but it shows how much cash is available in the market.