Current Affairs - Finance

EximPe has secured in-principle approval from the Reserve Bank of India to operate as a Payment Aggregator – Cross Border (PA-CB). This approval signifies a crucial milestone in India’s fintech ecosystem, particularly for digital trade and cross-border transactions. With a focus on the high-growth India-Asia corridor, EximPe aims to simplify and strengthen the digital payment infrastructure for SMEs involved in international commerce. The license enables the company to streamline regulatory compliance, currency conversion, and secure transactions. Backed by investor funding and a growing client base, EximPe is well-positioned to enhance India’s cross-border e-commerce and B2B payment landscape.

CTBC Bank, Taiwan’s largest private sector bank, has applied to open an International Financial Services Centre (IFSC) Banking Unit in GIFT City, Gujarat. This move is part of Taiwan’s broader push to expand its financial presence in India and strengthen bilateral economic ties. CTBC Bank already has a long-standing presence in India, having opened its first branch in New Delhi in 1996. The new unit at GIFT City will offer international banking services and occupy over 3,100 sq. ft. in Brigade Towers. This initiative also reflects Taiwan’s interest in supporting its banking sector’s global growth, especially in South Asia.

The State Bank of India (SBI), the country’s largest public sector bank, contributed a substantial $44 billion to the global economy in the financial year 2024–25. This alone accounted for 1.1% of the world’s GDP growth and 16% of India’s total GDP increase for the year. In addition to its global contribution, SBI also added 8.7% to India’s Gross Value Added (GVA) in the financial services sector, with its GVA rising to ₹1,38,533 crore. This performance not only highlights SBI’s critical role in India's economic expansion but also demonstrates its influence in driving international economic progress.

The Green Climate Fund has sanctioned $200 million for a new initiative led by the Asian Development Bank (ADB) to support the India Green Finance Facility (IGFF). This programme is designed to boost investments in emerging clean energy technologies within India by blending public and private sector financing. ADB’s leadership in this project highlights its continued role in promoting sustainable development and climate resilience in Asia. By involving India’s leading development finance institutions and the private sector, the initiative aims to mobilise significant resources for environmentally friendly energy solutions and contribute to India’s climate goals.

Fintech firm Slice has pioneered India's first fully UPI-powered bank branch in Bengaluru's Koramangala area, marking a significant shift in digital banking. The branch features UPI-enabled ATMs and introduces the slice UPI credit card - a no-fee product offering 3% cashback and interest-free EMI options. This launch represents Slice's evolution from a digital-only platform to an integrated banking service provider with its own infrastructure. By combining credit facilities with UPI's convenience, Slice aims to expand financial inclusion, particularly for underserved segments, while redefining point-of-sale credit access in India's banking landscape.