Current Affairs - Finance

The Employees’ Provident Fund Organisation (EPFO) has implemented a landmark reform allowing subscribers to withdraw 100% of their Provident Fund (PF) balance. This decision, approved under the leadership of Union Labour Minister Mansukh Mandaviya, benefits over 7 crore members across India. The reform enhances financial flexibility for workers, simplifies withdrawal procedures, and minimises bureaucratic hurdles. By enabling full access to PF savings, the initiative supports individuals in managing urgent financial needs, encourages transparency, and aligns with the government’s broader goal of improving ease of living for employees in both organised and unorganised sectors.

The 6th Global Fintech Fest (GFF) 2025 was inaugurated at the Jio World Centre in Mumbai, marking one of the largest gatherings of global financial innovators and leaders. The three-day event, themed “Empowering Finance for a Better World Powered by AI,” focuses on fostering collaboration among regulators, fintech companies, and investors. It aims to drive innovation, explore emerging technologies in finance, and discuss strategies for inclusive financial growth. Hosting the event in Mumbai, India’s financial capital, underscores the city’s strategic importance in fintech development and global financial connectivity.

Union Finance Minister Nirmala Sitharaman launched the ‘Aapki Punji Aapka Adhikar’ campaign in Gandhinagar, Gujarat. The initiative focuses on helping citizens claim their rightful unclaimed financial assets from banks, insurance companies, and other financial institutions. With over ₹1.82 lakh crore worth of unclaimed assets lying dormant across the country, the campaign seeks to create awareness and streamline the process of reclaiming funds. Launching the campaign in Gandhinagar, a hub of financial and administrative activity, highlights the government’s commitment to improving financial inclusion and ensuring citizens have rightful access to their financial resources.

SIDBI’s net profit for FY25 grew by 19.5%, reaching an all-time high of ₹4,811 crore compared to ₹4,026 crore in FY24. This strong performance reflects not only the bank’s ability to generate sustainable growth but also its focus on maintaining asset quality, with net NPAs at 0%. Alongside this, SIDBI expanded its loan portfolio, strengthened MSME support through digital and green finance initiatives, and improved total income and EPS. The 19.5% profit growth underscores SIDBI’s robust role in India’s MSME ecosystem and its strategic alignment with national development goals.

Jio Payments Bank has introduced the “Savings Pro” facility to help customers earn higher returns on idle funds. Under this scheme, account holders can set a minimum balance threshold starting from ₹5,000, and any surplus above this amount is automatically invested in select overnight mutual funds. The facility offers returns of up to 6.5% per annum, with flexible redemption options allowing up to 90% instant withdrawal (maximum ₹50,000) and full redemption within 1–2 working days. Savings Pro combines the liquidity of a savings account with the growth potential of short-term investments, enhancing customer convenience through a fully digital process via the JioFinance app.