Current Affairs - Finance

Razorpay, a leading player in the fintech space, launched the Turbo UPI plugin on April 9, 2025, in collaboration with NPCI BHIM Services Limited and Axis Bank. Built on the advanced BHIM Vega platform, this plugin is designed to revolutionize digital transactions by allowing users to complete UPI payments directly within an app, eliminating the need for redirection to third-party apps. This innovation enhances user experience by reducing payment failures, improving speed and reliability, and boosting transaction success through smart routing. For businesses, it means fewer drop-offs, improved customer satisfaction, and smoother checkout processes — marking a significant leap in India’s digital payment infrastructure.

The second phase of the "Niveshak Didi" initiative, launched by the Investor Education and Protection Fund Authority (EPFA) and India Post Payments Bank (IPPB), is aimed at enhancing financial literacy among rural women. The program empowers women by transforming them into financial educators who will conduct awareness sessions through IPPB camps. With a focus on community-driven education, the initiative targets underserved regions of India where access to financial knowledge is limited. Around 60% of the women involved will come from rural backgrounds, creating a ripple effect of informed financial decision-making and fostering greater inclusion in the formal financial ecosystem.

India and Japan signed loan deals totalling ¥191.73 billion for six development projects spanning sectors like water, transport, forestry, and aquaculture. Key projects include the TN Investment Promotion Phase 3, Delhi Metro Phase 4, and Chennai Desalination Plant II. This funding is part of Japan’s Official Development Assistance (ODA) to India, reflecting the strong bilateral ties and Japan’s commitment to supporting India’s infrastructure and sustainable development goals through strategic financial collaboration.

The Reserve Bank of India (RBI) has set the interest rate for the Government of India Floating Rate Bond 2033 (GOI FRB 2033) at 8.34% per annum for the six-month period from March 22, 2024, to September 21, 2024. This rate is determined using a floating rate mechanism based on the Weighted Average Yield (WAY) of the last three auctions of 182-day Treasury Bills, with a fixed spread of 1.22%. The rate is revised semi-annually to reflect current market conditions, making it suitable for investors seeking periodic interest adjustments.

Public Sector Banks (PSBs) in India saw a significant 33% increase in their dividend payout for the financial year 2023-24, which rose to Rs 27,830 crore from Rs 20,964 crore in the previous year. This surge reflects the remarkable financial growth of PSBs, who collectively posted their highest-ever net profit of Rs 1.41 lakh crore. The increase in dividend payouts demonstrates not only improved profitability but also a positive trend in the financial stability of PSBs, allowing them to return greater value to their shareholders, including the Indian government.