Indian Economy Questions

Airtel Payments Bank is the first payment bank in India. A payments bank is a new category of banks conceptualized by the Reserve Bank of India, which operates at a smaller scale than an actual bank and doesn't involve any credit risk. It can carry out most banking operations but can't advance loans or issue credit cards.

The RBI as of date has given licences to 11 payments bank of which six are currently operational. These include

1. Aditya Birla Payments Bank,
2. Airtel Payments Bank,
3. India Post Payments Bank,
4. Fino Payments Bank,
5. Jio Payments Bank (and)
6. Paytm Payments Bank.

Tax on professions cannot be levied by the union government in India.

The Law of Demand tells that, if the price of a product increases then the demand will go down i.e, decreases iff all other things equal.

Cost variance is nothing but the difference between the actual incurred cost and the estimated standard cost. This can be occured due to any changes in the volume of goods or services ordered. 

A favorable cost variance occurs when the actual incurred cost is less than the standard cost estimated before the production.

Deficit financing implies public expenditure in excess of public revenue.

The term market in economics refers to the place or arrangement where the buyers and sellers come to contact directly or indirectly for buying and selling goods. Market refers to not a specific or particular place it is the place for commodities..