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CURRENT AFFAIRS : BANKING & FINANCE

IndusInd Bank introduces ‘eSvarna’, India’s first Corporate Credit Card on RuPay network

• IndusInd Bank has launched ‘eSvarna’, the country’s first corporate credit card on the RuPay network, enabling the private sector lender to become the first to integrate UPI functionality with a corporate credit card.

Key Highlights :

• The card facilitates smooth transactions at merchant outlets and allows users the flexibility to make UPI payments by linking the card with UPI-enabled apps.
• The IndusInd Bank eSvarna credit card on the RuPay network comes with an array of exclusive perks and rewards.
• IndusInd Bank eSvarna credit cardholders can look forward to a luxurious travel experience, including complimentary lounge access and fuel surcharge waiver.
• Corporate travellers can receive the added benefit of comprehensive travel insurance coverage and an exclusive rewards program meticulously crafted for corporate entities, which makes this credit card a valuable financial solution for various business transactions

About IndusInd Bank :

• Founded : April 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sumant Kathpalia.
• Tagline : We Make You Feel Richer

RBI Strengthens Regulations for Lenders Engaging in Alternative Investment Fund (AIF) Investments

• The Reserve Bank of India (RBI) directed banks and Non-bank financial companies (NBFCs) not to invest in any scheme of Alternative Investment Funds (AIFs).
• RBI tightens norms for banks, NBFCs and other lenders for investing in AIFs.
• This decision has been taken to curb the evergreening of stressed loans.

Key Highlights :

• The Reserve Bank has stated that new steps have been taken to stop the arrangement of new loans to repay the old loans through AIF.
• The notification adds that in case the bank is unable to liquidate its investment within the specified time frame, then it must make 100% provision on such investments.
• As per RBI circular, banks and NBFCs are required to assess & liquidate AIF investments within 30 days to prevent evergreening of loan exposures.

Definition of AIF :

• Alternative investment funds (AIFs) are established or incorporated in India to collect funds from sophisticated investors.
• It is a privately pooled investment vehicle.
• Venture capital funds, angel funds, infrastructure funds, private equity funds and hedge funds are examples of Alternative investment funds.
• The Securities and Exchange Board of India (SEBI) had informed RBI about instances of non-bank financier’s evergreening loans through the AIF route.
• Regulated entities (REs) invest in units of AIFs as part of their regular investment operations.
• In evergreening of loans, the bank tries to revive a loan that is on the verge of default by giving further loans to the same borrower.

Applicability :

• These instructions applied to All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks)
• All Primary (Urban) Co-operative Banks/State Co-operative Banks/ Central Co-operative Banks
• All All-India Financial Institutions
• All Non-Banking Financial Companies (including Housing Finance Companies)

Regulatory Authority :

• These instructions have been issued in exercise of the powers conferred by the Sections 21 and 35A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949; Chapter IIIB of the Reserve Bank of India Act, 1934 and Sections 30A, 32 and 33 of the National Housing Bank Act, 1987.

ICICI Prudential Mutual Fund revises symbols for 28 ETF schemes

• ICICI Prudential Mutual Fund has announced changes in its exchange-traded fund (ETF) product symbols on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
• The codes will now be a combination of the name of the fund and the suffix 'IETF' (stands for ICICI Prudential ETF).
• The move to standardise the naming convention of schemes comes in line with the Securities Exchange Board of India's (SEBI's) master circular, which outlines the categorisation of schemes.

About ICICI Prudential Mutual Fund :

• Founded : 1993
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Mr. Nimesh Shah
• It is a joint venture between ICICI Bank and Prudential plc.
• It is the second-largest asset management company in India after the SBI Mutual Fund.

HDFC Life and NKGSB Co-Operative Bank Form Strategic Corporate Partnership

• HDFC Life, one of India’s leading insurers, and NKGSB Co-operative Bank Limited, having a legacy of 106 years, have entered into a Corporate Agency tie-up enabling NKGSB Co-operative Bank customers to avail life insurance products of HDFC Life.
• NKGSB Co-operative Bank with a Banking legacy of 106 years is delighted to enter into a strategic and momentous alliance with HDFC Life Insurance Company to provide life insurance solutions that cater to various needs of individuals - protection, pension, savings, investment and annuity.
• This alliance reflects our Bank’s commitment in ensuring the well-being and financial security of its valued customers.”

About HDFC Life Insurance Company Limited :

• Established : 2000
• Headquarters ; Mumbai, Maharashtra, India
• MD & CEO : Vibha Padalkar
• It is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India's leading housing finance institutions and Abrdn, a global investment company.

About NKGSB Co-operative Bank :

• Established : 1917
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Himangee C.Nadkarni
• Managing Director : Sunil Panse
• Tagline : Trusted over a century
• NKGSB Co-operative Bank is a leading multi-state co-operative bank and has always been at the forefront of adding value to its products by establishing correspondent relationships and strategic alliances.

RBI imposes monetary penalty on 4 Gujarat-based co-operative banks                          

• The Reserve Bank of India (RBI) has imposed monetary penalties on 4 co-operative banks, ranging from Rs 50,000 to Rs 7 lakh, for some non-compliances.

Entities Penalised :

1. Progressive Mercantile Co-operative Bank Limited., Ahmedabad, Gujarat: Rs 7 lakh
2. The Kutch Mercantile Co-operative Bank Ltd., Rapar, Dist. Kachchh, Gujarat: Rs 3 lakh
3. Shree Morbi Nagarik Sahakari Bank Ltd., Morbi, Gujarat: Rs 50,000
4. Bhabhar Vibhag Nagarik Sahakari Bank Limited, Bhabhar, District Banaskantha, Gujarat: Rs 50,000

• The RBI concluded that the charge of non-compliance was substantiated and warranted the imposition of a monetary penalty on the bank.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

CURRENT AFFAIRS: NATIONAL NEWS

CABINET APPROVALS

A. Cabinet approves the Migration and Mobility Agreement between India and Italy

• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has given its ex-post facto approval to the proposal of Ministry of External Affairs to sign and ratify the Migration and Mobility Agreement between the Government of the Republic of India and the Government of the Italian Republic.
• The Agreement would enhance people-to-people contacts, foster mobility of students, skilled workers, business people and young professionals and strengthen cooperation on issues related to irregular migration between the two sides.
• The Agreement locks-in the current Italian visa regime including mechanisms for post study opportunities, internships, and professional trainings assuring an advantage for India under the existing labour mobility pathways under the Flows Decree.
• Additionally, the Agreement also formalises joint working on fur­thering mobility pathways between India and Italy through agreements on Youth Mobility and Facilitation of Recruitment of Indian qualified professionals in the healthcare and medical services sectors which will be discussed under the Joint Working Group (JWG).
• Cooperation between the two parties in fight against irregular migration has also been formalised through the Agreement.
• This Agreement will come into effect on the first day of the second month following the date of receipt of the last of the two notifications by which Parties shall have communicated to each other the completion of their internal procedures necessary for its entry into force and will remain into force for a period of 5 years.
• Unless terminated by any Participant, the Agreement will be automatically renewed for a similar successive period.

B. Cabinet approves opening of Consulate General of India in Auckland, New Zealand

• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the proposal to open of a Consulate General of India in Auckland, New Zealand.
• Opening of Consulate General of India in Auckland would help in increasing India’s diplomatic footprint and strengthen India’s diplomatic representation in view of India’s increasing global engagement.
• This will also help promote India’s strategic and commercial interests and better serve the welfare of Indian community in Auckland.
• The Consulate is likely to be opened and fully operationalized within a time frame of 12 months.

C. Cabinet approves India and Malaysia sign an MoU for Cooperation in Broadcasting between Prasar Bharati and Radio Televisyen Malaysia

• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi was apprised of the MoU/Agreement signed which has an immense potential to strengthen the cooperation in the field of broadcasting, exchange of news, and audio-visual programmes as well as significantly augment India’s friendly relations with the country.
• With this, the total number of MoUs signed by Prasar Bharati with different countries has increased to 46.
• Prasar Bharati plays a very important role in nation building and lays continuous focus on providing meaningful and accurate content to one and all, both within the country and abroad.
• These MoUs are going to be crucial in distribution of content in other countries, in developing partnerships with international broadcasters and exploring new strategies to address the demands of new technologies.
• The major benefit arising out of signing of MoUs are exchange of programmes in the areas of Culture, Education, Science, Technology, Sports, News and other fields on gratis/non-gratis basis.
• India’s Public Service Broadcaster, Prasar Bharati has entered into a Memorandum of Understanding with Radio Televisyen Malaysia, the Public Service Broadcaster of Malaysia in order to promote cooperation in public broadcasting in the field of radio and television.

D. Cabinet approves Minimum Support Price for Copra for 2024 season

• The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi, has given its approval for the Minimum Support Prices (MSPs) for copra for 2024 season.
• In order to provide remunerative prices to the cultivators, government had announced in the Union Budget of 2018-19, that MSPs of all the mandated crops will be fixed at a level of at least 1.5 times of all India weighted cost of production.
• The MSP for Fair Average Quality of milling copra has been fixed at Rs.11,160/- per quintal and for ball copra at Rs.12,000/- per quintal for 2024 season.
• This will ensure a margin of 51.84 percent for milling copra and 63.26 percent for ball copra, which are well beyond 1.5 times the all India weighted average cost of production.
• Milling copra is used to extract oil, while ball/edible copra is consumed as a dry fruit and used for religious purposes.
• Kerala and Tamil Nadu are major producers of million copra, whereas ball copra is produced predominantly in Karnataka.
• The MSP for 2024 season is an increase of Rs.300/- per quintal for milling copra and Rs.250/- per quintal for ball copra over the previous season.
• In the last 10 years, the Government has increased MSP for milling copra and ball copra from Rs.5,250 per quintal and Rs.5,500 per quintal in 2014-15 to Rs.11,160 per quintal and Rs.12,000 per quintal in 2024-25, registering a growth of 113 percent and 118 percent, respectively.
• A higher MSP will not only ensure better remunerative returns to the coconut growers but also incentivize farmers to expand copra production to meet the growing demand for coconut products both domestically and internationally.

E. Cabinet approves improvement and widening of 135 km stretch of Khowai-Harina road in Tripura

• The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has given its approval for Improvement & Widening to two lanes with a paved shoulder of road from km 101.300 (Khowai) to km 236.213 (Harina) of NH-208, covering a total length of 134.913 kms in the State of Tripura.
• The project involves an investment of Rs.2,486.78 crore which includes a loan component of Rs.1,511.70 crore (JPY 23,129 Million).
• The loan assistant will be from the Japan International Cooperation Agency (JICA) under Official Development Assistance (ODA) scheme.
• The project is envisaged to facilitate better road connectivity between various parts of Tripura and to provide alternative access to Assam and Meghalaya from Tripura apart from existing NH-8.

Benefits:

• The project has been selected based on the necessity of providing smooth and motorable road after considering socio economic needs of the region. Development of the project stretch of NH-208 would not only improve Interstate connectivity between Assam and Tripura via NH-208A but also reduce the transit time and provide safer connectivity for the travellers. The project stretch also passes very close to Bangladesh border and it would improve connectivity to Bangladesh through Kailashahar, Kamalpur and Khowai Border Check Post.
• The land border trade would also potentially grow with the improvement in Road Network in the region through development of the project road.
• The selected stretch is providing improved connectivity to agricultural belt, tourist places, religious places and tribal districts of the state, which are backward in terms of growth and income.
• After completion of the project, the connectivity will be improved which help to generate more revenue to the State as well as income for local public.
• The construction period for the project stretches will be 2 years which includes the maintenance of these National Highways stretches for 5 years (in the case of flexible pavement)/ 10 years (in the case of rigid pavement) after completion of construction.

F. Cabinet approves construction of New 4.56 km long, 6-Lane Bridge across River Ganga connecting Digha and Sonepur in Bihar

• The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi, gave its approval for the Construction of New 4556 m long, 6-Lane High Level/ Extra Dosed Cable stayed Bridge across River Ganga (Parallel to Western Side of Existing Digha-Sonepur Rail-Cum Road Bridge) and its approaches on both sides in the Districts of Patna and Saran (NH-139W) in the State of Bihar on EPC mode.

Expenditure involved:

• The Total cost for the project is Rs.3,064.45 crore which includes civil construction cost of Rs.2,233.81 crore.

No. of beneficiaries:

• The Bridge will make the traffic faster and easier resulting in overall development of the State, especially North Bihar.

Details:

• Digha (situated at Patna & South Bank of Ganga River) and Sonepur (North Bank of Ganga River in Saran District) are presently connected by a Rail Cum Road Bridge for movement of light vehicles only. Therefore, the present road cannot be used for transport of goods and commodities which is a major economic blockade. The constraint will be removed by providing this bridge, between Digha and Sonepur and; goods and commodities can be transported once the bridge is constructed, unleashing the economic potential of the region.
• This bridge will provide direct connectivity from Patna to Golden quadrilateral corridor via NH-139 at Aurangabad and Sonepur (NH-31), Chhapra, Motihari (East-West corridor old NH-27), Bettiah (NH-727) in the Northern side of Bihar. This Project is a part of Buddha circuit. lt provides better connectivity to Buddha Stupa at Vaishali and Keshariya. Also, NH-139W provides connectivity to very famous Areraj Someshwar Nath Temple and proposed Viraat Ramayan Mandir (largest religious monument in the world) at Kesariya in the East Champaran District.
• This project is falling in Patna and will provide better connectivity to North Bihar and South part of the Bihar through State Capital. The Bridge will make the movement of vehicles faster and easier resulting in overall development of the region. The Economic analysis results have shown an EIRR of 17.6% in base case and 13.1% is worst case which may be attributed to the savings in distance and time travelled.

Implementation strategy and targets:

• The work is to be implemented on EPC Mode with the use latest technology like 5D-Building Information Modelling (BIM), Bridge Health Monitoring System (BHMS), monthly drone mapping to ensure quality of construction and operations.
• The work is targeted to be completed in 42 months from the appointed date.

Major impact, including employment generation potential:

• This project is aimed at providing faster commute and to provide better connectivity between North and South Parts of the Bihar. Thus, promoting the socio-economic growth of the entire region.
• Various activities performed during the construction and maintenance period of the project are expected to generate direct employment for skilled and un-skilled workers.

States/districts covered:

• The Bridge will connect two Districts namely Patna at Digha on South side and Saran on North Side across River Ganga, Bihar.

Background:

• Government has declared the stretch “the Highway starting from its junction with NH-139 near Patna (AIIMS) connecting Bakarpur, Manikpur, Sahebganj, Areraj and terminating at its junction with NH- 727 near Bettiah in the State of Bihar” as NH-139(W) vide Gazette Notification dated 8th July 2021.

Parliament passes 'Telecommunications Bill, 2023'

• The Telecommunications Bill, 2023, was passed in the Parliament.
• At present, the Indian Telecommunications sector is governed by three separate Acts of Parliament – Indian Telegraph Act 1885, Indian Wireless Telegraphy Act 1933, Telegraph Wires, (Unlawful Protection) Act 1950
• The Telecommunications Bill, of 2023 aims to consolidate these three separate Acts.
• Its aim is to amend the existing laws governing the provision, development, expansion and operation of telecommunication services, telecom networks and infrastructure, in addition to assignment of spectrum.
• Spectrum will be assigned by auction, except for specified uses, where it will be allocated on an administrative basis.
• Specified purposes include: (i) national security and defence, (ii) disaster management, (iii) weather forecasting, (iv) transport, (v) satellite services such as DTH and satellite telephony, and (vi) BSNL, MTNL, and public broadcasting services.
• The Bill amends the TRAI Act to also allow individuals with:
• (i) at least 30 years of professional experience to serve as the Chairperson, and (ii) at least 25 years of professional experience to serve as members.

• The Universal Service Obligation Fund has been established under the Indian Telegraph Act, 1885 to provide for telecom services in underserved areas.
• The Bill retains this provision, renames the fund as Digital Bharat Nidhi, and also allows its use for research and development in telecom.

World Bank and Department of Economic Affairs launch PPP Beginner’s e-course to foster collaboration between public and private sectors in infrastructure capacity-building

• In a step towards fostering collaboration between the public and private sectors in infrastructure capacity-building, the Department of Economic Affairs (DEA), Ministry of Finance, Government of India, and World Bank Group have launched an e-course.
• The e-course was launched by Ajay Banga, President, World Bank Group, launched the Public-Private Partnership (PPP) Beginner’s e-Course.
• The PPP e-course is an infra-focused capacity-building programme jointly undertaken by the Infrastructure Finance Secretariat, DEA and the World Bank.
• The course on PPPs comprises 5 modules which covers the major elements associated with the lifecycle of PPP projects, including introduction to PPPs, identification of PPP projects, structuring of projects, tendering and implementation and monitoring aspects of PPP projects.
• The duration of the course is 7 hours and 15 mins but is designed to be self-paced.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Satish Kumar Kalra Appointed as Interim Managing Director & Chief Executive Officer of North East Small Finance Bank

• Bengaluru-based fintech Slice-backed North East Small Finance Bank (NESFB) has appointed Satish Kumar Kalra as its interim Managing Director (MD) and Chief Executive Officer (CEO).
• The appointment has been approved by the Reserve Bank of India (RBI).
• The merger, authorised in October,2023 joined Bengaluru-based credit and payments company Slice with Guwahati-based North East Small Finance Bank. Post-merger, Slice will no longer operate as an independent entity, with all its components, including its NBFC licence, consolidating into the unified banking entity.
• The ownership of the merged entity primarily rests with Slice shareholders, holding a 95-97% stake, while the remainder belongs to North East SFB shareholders.
• Slice, backed by investors like Tiger Global, Insight Partners, EMVC and Blume Ventures, was valued at approximately USD 1.5 billion in its latest funding round in 2022.

About Satish Kumar Kalra :

• Kalra served as the Managing Director & CEO (In-charge), and Executive Director of Andhra Bank from 2012 to 2017.
• He has also served as an independent director at Lakshmi Vilas Bank from Dec 2019 to May 2021.
• Kalra's prior roles include independent director positions at PNB GILTS, Indbank Merchant Banking Services, JK Cement and CAN FIN Homes.
• Currently, he is an independent director at Can Fin Homes Limited.

SEBI approves appointment of ex-IAS Pramod Agrawal as BSE Chairman

• The Securities and Exchange Board of India (SEBI) has given its nod to the appointment of Pramod Agrawal, the former Chief of Coal India, as the Chairman of the Bombay Stock Exchange (BSE).
• His appointment will become effective from January 17, 2024.
• He will take the place of SS Mundra, who was appointed as BSE chairman in May 2022.

About Pramod Agrawal :

• Pramod Agrawal, a distinguished former Indian Administrative Service (IAS) officer of the Madhya Pradesh cadre, brings a diverse professional background to his new role.
• He has over three decades of administrative experience, having served in the field of public administration, urban development, public health engineering department; public works department and transport department.
• As a bureaucrat, he served as the managing director of Madhya Pradesh Finance Corporation, chairman-cum-managing director of Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company, and as chief executive officer of Madhya Pradesh Rural Development Authority.
• He was the Collector of Morena and Mahasamund District of Madhya Pradesh.
• He has served as the Principal Secretary of the Department of Technical Education, Skill Development & Employment and the Department of Labor, Government of Madhya Pradesh.
• He served as Coal India Chairman from February 2020 to June 2023.

About BSE :

• Founded : 9 July 1875
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sundararaman Ramamurthy

About SEBI :

• Established: 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters: Mumbai, Maharashtra
• Chairman: Madhabi Puri Buch
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance, GoI.

Sony Sports Network ropes in Bollywood actor Kartik Aaryan as brand ambassador for football

• Sony Sports Network, the destination for football in India, has joined hands with Bollywood’s Gen Z actor and youth icon - Kartik Aaryan to become their brand ambassador for football.
• During his partnership with Sony Sports Network, Aaryan will be seen promoting LIVE football action on Sony Sports Network around the year with 900+ matches from marquee football tournament and leagues which includes UEFA EURO 2024, UEFA Champions League, UEFA Europa League, UEFA Conference League, UEFA Nations League, Bundesliga, Emirates FA Cup, Durand Cup and Roshn Saudi League amongst others.
• Sony Sports Network has launched the first film from the ‘Your Home of Football’ campaign which will be followed by four additional films in the coming weeks.

CURRENT AFFAIRS : PERSON IN NEWS

Vita Dani becomes 1st Indian to be inducted as ITTF governing board member

• Sports entrepreneur Vita Dani has become the first Indian to be inducted as a governing board member of the International Table Tennis Federation's (ITTF) Foundation.
• In her capacity as the Chairperson of Ultimate Table Tennis, she has been reshaping the landscape of the sport, ensuring accessibility across all segments of society, and orchestrating multiple tournaments spanning 25 states in India.
• Vita and her organisation (Dani Foundation) have played a big role in shaping the upward trajectory of Indian table tennis.
• She is also the co-owner of the Chennaiyin Football Club (CFC), which features in the Indian Super League.
• Dani will join ITTF Group CEO Steve Dainton, former table tennis player princess Zeina Rashid of Jordan, ITTF’s first-ever female President Sorling, former Italy player Stefano Bosi, Canada’s Bruce Burton and ITTF Foundation director Leandro Olvech on the ITTF Foundation Governing Board.

About ITTF Foundation :

• The Foundation was established in 2018 by the ITTF to attract more people to the sport.
• ITTF and ITTF Foundation President : Petra Sorling.

Daily CA One- Liner: December 28

• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has given its ex-post facto approval to the proposal of Ministry of External Affairs to sign and ratify the Migration and Mobility Agreement between the Government of the Republic of India and the Government of the Italian Republic
• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the proposal to open of a Consulate General of India in Auckland, New Zealand
• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi was apprised of the MoU/Agreement signed which has an immense potential to strengthen the cooperation in the field of broadcasting, exchange of news, and audio-visual programmes as well as significantly augment India’s friendly relations with the country.
• The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi, has given its approval for the Minimum Support Prices (MSPs) for copra for 2024 season.
• The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has given its approval for Improvement & Widening to two lanes with a paved shoulder of road from km 101.300 (Khowai) to km 236.213 (Harina) of NH-208, covering a total length of 134.913 kms in the State of Tripura.
• The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi, gave its approval for the Construction of New 4556 m long, 6-Lane High Level/ Extra Dosed Cable stayed Bridge across River Ganga (Parallel to Western Side of Existing Digha-Sonepur Rail-Cum Road Bridge) and its approaches on both sides in the Districts of Patna and Saran (NH-139W) in the State of Bihar on EPC mode.
• The Telecommunications Bill, 2023, was passed in the Parliament.
• In a step towards fostering collaboration between the public and private sectors in infrastructure capacity-building, the Department of Economic Affairs (DEA), Ministry of Finance, Government of India, and World Bank Group have launched an e-course
• IndusInd Bank has launched ‘eSvarna’, the country’s first corporate credit card on the RuPay network, enabling the private sector lender to become the first to integrate UPI functionality with a corporate credit card.
• The Reserve Bank of India (RBI) directed banks and Non-bank financial companies (NBFCs) not to invest in any scheme of Alternative Investment Funds (AIFs).
• ICICI Prudential Mutual Fund has announced changes in its exchange-traded fund (ETF) product symbols on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
• HDFC Life, one of India’s leading insurers, and NKGSB Co-operative Bank Limited, having a legacy of 106 years, have entered into a Corporate Agency tie-up enabling NKGSB Co-operative Bank customers to avail life insurance products of HDFC Life.
• The Reserve Bank of India (RBI) has imposed monetary penalties on 4 co-operative banks, ranging from Rs 50,000 to Rs 7 lakh, for some non-compliances.
• Bengaluru-based fintech Slice-backed North East Small Finance Bank (NESFB) has appointed Satish Kumar Kalra as its interim Managing Director (MD) and Chief Executive Officer (CEO).
• The Securities and Exchange Board of India (SEBI) has given its nod to the appointment of Pramod Agrawal, the former Chief of Coal India, as the Chairman of the Bombay Stock Exchange (BSE).
• Sony Sports Network, the destination for football in India, has joined hands with Bollywood’s Gen Z actor and youth icon - Kartik Aaryan to become their brand ambassador for football.
• Sports entrepreneur Vita Dani has become the first Indian to be inducted as a governing board member of the International Table Tennis Federation's (ITTF) Foundation.