Current Affairs - Finance

The World Bank approved the $830 million loan to support the modernisation of India’s Industrial Training Institutes with the objective of strengthening skill development and aligning training programs with labour market requirements. The funding comes with a long repayment period of 19.5 years, including a four-year grace period, allowing India sufficient time to implement reforms and realize outcomes. The initiative focuses on reducing the gap between industry needs and workforce skills, enhancing employability, and expanding job opportunities. This support also contributes to India’s broader Viksit Bharat vision by promoting sustainable economic growth through a skilled and future-ready workforce.

Slice introduced India’s first savings account directly linked to the RBI repo rate, marking a significant innovation in digital banking. The account calculates interest on a daily basis and credits it in line with real market rates, ensuring transparency and fairness for customers. With features such as instant UPI access, no minimum balance requirement, and immediate liquidity, the solution is designed for convenience and efficiency. Powered by a cost-efficient digital model, Slice’s offering aligns consumer profitability with equitable banking practices, setting a new benchmark for modern, UPI-first financial products in India.

Juspay achieved unicorn status in 2026 after raising $50 million in a Series D follow-on round led by WestBridge Capital, reaching a valuation of $1.2 billion. This milestone made it the first company in India to enter the unicorn club that year and the 127th unicorn overall in the country. The company specializes in enterprise payment solutions such as UPI, payment orchestration, and infrastructure, processing nearly 300 million transactions daily with an annual total payment value of about $1 trillion. The funding also supported global expansion and provided liquidity to early investors and ESOP holders.

The World Bank has approved substantial technical and financial assistance amounting to ₹5,700 crore to support the Jal Sanrakshit Haryana Project. This initiative is aimed at achieving water self-reliance through large-scale restoration and modernisation of canal infrastructure across the state. The funding will be released in phases between 2026 and 2032 and will contribute to upgrading hundreds of canals. Along with support from state funds and NABARD, the World Bank’s involvement highlights its role in strengthening water resource management, improving irrigation efficiency, and promoting sustainable agricultural and water practices in the region.

Razorpay has achieved an important regulatory milestone with its POS division receiving approval from the Reserve Bank of India to function as an Offline Payment Aggregator. This authorisation allows the company to facilitate in-store digital transactions, onboard offline merchants, and manage settlement processes in compliance with RBI norms. With this approval, the company now holds licences for online, cross-border, and offline payment aggregation, giving it a comprehensive presence across the digital payments value chain. The move strengthens its ability to support retailers, SMEs, and service providers as India rapidly adopts cashless and contactless payment solutions.