Current Affairs - Finance

AU Small Finance Bank partnered with Zaggle to introduce the AU Zaggle Co-branded Retail Credit Card, offering rewards on UPI and contactless payments. The card is available on both Visa and RuPay networks, giving customers flexibility in their preferred payment method. It provides Zagg Coins on eligible transactions, cashback redemption through the zagg. money app, airport lounge access, fuel surcharge waivers, and curated value passes for dining, grocery, and utility payments. The collaboration aims to enhance digital payment experiences by combining banking services with fintech-driven spend management solutions.

The World Bank Group approved a USD 890 million financing package on 10 July 2026 to accelerate India's national residential solar rooftop programme under the PM Surya Ghar: Muft Bijli Yojana. The package includes a USD 820 million IBRD loan, a USD 60 million concessional loan from the Clean Technology Fund, and a USD 10 million grant from the IBRD’s Livable Planet Fund. The initiative is expected to mobilise USD 4.2 billion in private investment, support solar installations for 10 million households, create around 1.7 million jobs, and contribute to India's goals of achieving 60% non-fossil-fuel-based electricity capacity by 2035 and Net Zero emissions by 2070.

Bajaj Finance Limited partnered with Spydra to launch InsureChain, a blockchain-based insurance platform aimed at modernising India's insurance ecosystem. Built on the Hyperledger Fabric framework using Spydra’s low-code blockchain technology, the platform replaces fragmented systems and manual processes with a shared, real-time digital framework. It enables lenders, insurers, and service teams to coordinate efficiently during policy issuance while improving transparency and reducing processing delays. As a leading NBFC and insurance distributor, Bajaj Finance is expected to benefit from enhanced data accuracy, faster operations, and better collaboration across the insurance and lending ecosystem.

Skydo became the first Indian cross-border payment platform to receive a regulatory license in Canada under the Retail Payment Activities Act, supervised by the Bank of Canada. This milestone enables the company to provide local collections and payouts within Canada while facilitating seamless two-way payment flows between India and Canada. Backed by Elevation Capital and Susquehanna Asia Venture Capital, Skydo focuses on building payment infrastructure for SMEs and international platforms. The achievement strengthens India's fintech presence globally and supports smoother international trade and cross-border business transactions.

Zerodha Fund House launched India's first target-date Life Cycle Fund series, introducing the Life Cycle Fund 2036 and Life Cycle Fund 2041. These funds are designed to help investors achieve long-term financial goals by automatically adjusting asset allocation as the target year approaches. Initially, the portfolio maintains higher exposure to growth-oriented assets such as equities and gradually shifts towards lower-risk investments like government securities. The funds also include exposure to gold and silver, providing diversification. This innovative investment approach aligns with global retirement planning practices and offers a disciplined, long-term wealth creation strategy for investors.