Swamih Investment Fund

The issue in news

Special Window for Completion of Affordable and Mid-Income Housing (Swamih Investment Fund) Created.

Main points

  • The fund has been created for funding stalled projects that are net-worth positive, including those projects that have been declared as Non-Performing Assets (NPAs) or are pending proceedings before the National Company Law Tribunal under the Insolvency and Bankruptcy Code.
  • The objective is to give relief to homebuyers of stalled projects and provide last-mile funding to stressed affordable and middle-income housing projects.
  • It is an alternative investment fund (AIF) to provide priority debt financing for the completion of stalled housing projects.
  • It covers stalled, brown-field, RERA registered residential developments that are in the affordable housing/mid-income category, are net-worth positive and require last-mile funding to complete construction.






  1. Electricity (Rights of Consumers) Rules, 2020

The issue in news

The Union Power Ministry has drafted the Electricity (Rights of Consumers) Rules, 2020.

Main points

  • This is for the first time that rules have been drafted for the rights of electricity consumers.
  • Under the draft rules, State Electricity Regulatory Commissions (SERCs) will fix the average number and duration of outages per electricity consumer per year for DISCOMs.
  • Only two documents for connection up to a load of 10 kW and no estimation of demand charges for loads up to 150 kW are required expediting getting the connection.
  • A new connection would be provided and the existing connection modified in not more than 7 days in metro cities, 15 days in other municipal areas and 30 days in rural areas.
  • There will be an option to pay bills in cash, cheque, debit cards and net banking but bills of Rs. 1,000 or more have to be paid online.
  • The draft recognises an emerging category of consumers known as “Prosumers”.
  • Persons who are consumers and have also set up rooftop units or solarised their irrigation pumps.
  • They will have the right to produce electricity for self-use and inject excess in the grid using the same point of the connection up to limits prescribed by the SERC.
  • There are provisions for automatic compensation to the extent possible for delayed service by the DISCOMs.



GS 3

Category: ECONOMY

  1. LS nod to amend banking Act

The issue in news

The Lok Sabha passed an amendment to the Banking Regulation Act, 1949.

Main points

  • Banking Regulation Act, 1949 regulates the functioning of banks and provides details on various aspects such as licensing, management, and operations of banks.
  • The Bill replaces the Banking Regulation (Amendment) ordinance to the same effect promulgated in June 2020.



  • The amendment will bring cooperative banks under the direct supervision of the RBI and bring them under some of the same governance norms as commercial banks.
  • It will also allow the RBI to amalgamate or reconstruct a stressed cooperative bank without first imposing a moratorium.
  • These amendments are proposed in order to protect the interests of the depositors.



  1. pandemic-hit economy: ‘Recovery not yet entrenched, may be gradual’

The issue in news

Reserve Bank of India (RBI) Governor has said that, while there were some signs of stabilisation in the pandemic-hit economy, recovery was yet to take firm root and would probably take longer to gain momentum.

Main points

  • It is observed that high-frequency indicators of agricultural activity, manufacturing PMI and private estimates for unemployment point towards some stabilisation of economic activity in the second quarter of 2020-21.
  • It is opined that the recovery is likely to be gradual as efforts towards reopening of the economy are confronted with rising infections.


Way forward:

  • The RBI governor highlighted five critical areas that would determine India’s ability to sustain growth in the medium-run. These include:
  • Human capital, in particular education and health
  • Productivity
  • Exports, which are linked to raising India’s role in the global value chain
  • Tourism
  • Food processing and associated productivity gains
  • Indian banks and the financial system would need to respond proactively to opportunities arising from the NEP (new education policy) for new financing.
  • The banks must also ensure the protection of depositors’ interest.

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