Current Affairs - Finance

The Asian Development Bank (ADB) approved an $850 million loan on July 30, 2026, to support Subprogram 2 of the Accelerating Affordable and Inclusive Rooftop Solar Systems Development Program under the Pradhan Mantri Surya Ghar: Muft Bijli Yojana. The initiative aims to install rooftop solar systems for 10 million low- and middle-income households, achieve 30 GW of residential solar capacity by FY2027, train 6,000 individuals with at least one-third women, and reduce carbon emissions by an estimated 28.8 million tonnes, while promoting sustainable solar infrastructure and clean energy adoption across India.

EbixCash World Money became the first non-bank entity in India to receive a perpetual Authorised Dealer Category-II (AD Category-II) license from the Reserve Bank of India (RBI). This license enables the company to provide cross-border trade-related remittance services in addition to family remittances under the regulatory framework of the Foreign Exchange Management Act (FEMA), 1999. The approval is expected to benefit Micro, Small, and Medium Enterprises (MSMEs) by allowing them to make outward trade remittances directly without depending on traditional commercial banks. The milestone reflects the RBI's regulated approach to expanding foreign exchange services while maintaining compliance and financial stability.

Axis Max Life Insurance Ltd. launched the Smart Retirement Income with Sustained Earnings (Smart RISE) retirement plan on July 16, 2026. The product combines a guaranteed annuity with a NIFTY 50 index-linked variable annuity, offering customers both stable income and growth potential. It allows policyholders to choose a deferment period before receiving regular pension payouts and provides a Return of Purchase Price to nominees upon the annuitant's demise. Formerly known as Max Life Insurance Company Ltd., the company is headquartered in New Delhi and introduced this plan to support long-term retirement planning while addressing market volatility and financial security needs.

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.