Current Affairs - Finance

The Asian Development Bank (ADB) has sanctioned a $200 million loan to improve urban infrastructure in Uttarakhand. The project aims to enhance water supply, sanitation, urban mobility, drainage, and flood management in Haldwani, as well as upgrade water supply delivery in four other cities. This loan demonstrates ADB's commitment to supporting India's urban development goals, focusing on sustainable and inclusive growth. The project will benefit residents and businesses in Uttarakhand by promoting better living standards and economic opportunities. ADB's funding will play a crucial role in transforming the state's urban landscape.

India's GST collections in October surged to Rs 1.87 lakh crore, marking an 8.9% increase year-on-year. This growth is attributed to stronger domestic transactions, with domestic GST revenue growing by 10.6% year-on-year, outpacing the 3.9% growth in GST revenue from imports. The robust collection represents the second-highest level of monthly GST collections since the indirect tax regime's inception in July 2017. This rebound follows a three-year low growth rate in September, indicating a positive trend in the economy.

Slice, a fintech firm, has successfully merged with North East Small Finance Bank, integrating its operations, assets, and brands. Approved by the Reserve Bank of India (RBI), this merger aims to enhance customer experience, introduce new banking products, and strengthen banking services in India's northeastern region. The combined entity will offer savings accounts, credit services, and other banking products, leveraging the strengths of both organizations. Slice's CEO, Rajan Bajaj, emphasized the importance of exceptional customer experience and strong governance in the merged entity.

The State Bank of India (SBI) and India Exim Bank are addressing the trade finance gap to support businesses in African countries. This initiative aims to enhance capacity, particularly for smaller businesses, and facilitate trade by funding local banks in Africa through syndications. The Trade Assistance Programme (TAP) also supports commercial banks in financing cross-border trade. By bridging the trade finance gap, SBI and India Exim Bank promote economic cooperation and growth between India and African nations. This strategic move strengthens bilateral trade relationships and fosters business development in the region.

The European Investment Bank (EIB) has committed to providing a ₹2,800 crore loan to support the development of Bengaluru's suburban railway. The announcement was made by EIB Vice President Nicola Beer and Karnataka Rail Director Awadhesh Maheta at the Urban Mobility India conference in Gandhinagar. The loan will be disbursed over five years, contributing to India's urban mobility and workforce inclusivity goals. Notably, India is the largest EIB transport financing recipient outside Europe, reflecting the country's focus on upgrading its transportation infrastructure. This investment aims to enhance Bengaluru's connectivity, reduce congestion, and promote sustainable urban growth.