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Daily Current Affairs Answer & Explanation : 18 March 2021
A universal bankis a bank that combines the three main services of banking under one roof.
The three services are wholesalebanking, retail banking, and investment banking.
The prime objective of DFI is the economic development of the country
These banks provide financial as well as the technical support to various sectors
DFIs do not accept deposits from people
They raise funds by borrowing funds from governments and by selling their bonds to the general public
It also provides a guarantee to banks on behalf of companies and subscriptions to shares, debentures, etc.
The first Economic Survey in India was presented in the year 1950-51.
Up to 1964, it was presented along with the Union Budget.
From 1964 onwards, it has been delinked from the Budget.
The Economic Survey 2020-21 has constructed a Bare Necessities Index at rural, urban & all India level, with 26 indicators on 5 dimensions- sanitation, water, housing, micro-environment and many other facilities.
The cover of the Economic Survey 2020-21 shows a v-shaped recovery that has happened in the Indian economy during the last year.