Current Affairs - Finance

CRED introduced India's first fintech-led e-rupee wallet, enabling users to conduct Central Bank Digital Currency (CBDC) transactions. The wallet allows transactions of up to ₹10,000 per transfer and ₹50,000 daily, with the added benefit of zero-cost merchant payments. Future updates will enhance usability with features like programmable payments and PIN-less transactions for amounts under ₹500. This initiative marks a significant step in India's digital payment ecosystem, facilitating seamless and secure e-rupee transactions.

Skydo Technologies, a Bengaluru-based fintech firm, received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity. This approval allows Skydo to provide seamless and cost-effective cross-border payment solutions to Indian exporters. Skydo, which serves over 12,000 Indian exporters, is now poised to scale operations, expand its services globally, and diversify its offerings. The RBI's endorsement strengthens Skydo’s position in the competitive fintech industry and supports the international growth aspirations of Indian businesses.

Ashok Leyland has entered into a partnership with ESAF Small Finance Bank to provide customized vehicle financing solutions. This collaboration aims to offer flexible loan options with tailored monthly repayment plans, making vehicle ownership more accessible for customers. ESAF Bank will also provide a range of comprehensive financial services to Ashok Leyland’s customers, strengthening the partnership's value proposition and enhancing customer convenience.

India has set an ambitious export target of $100 billion for the Food & Beverage (F&B), agriculture, and marine sectors over the next five years. Union Minister Piyush Goyal announced this during Indusfood 2025, emphasizing the need for 14-15% annual growth to meet this goal. The success of Indusfood 2025 and the initiatives by APEDA and MPEDA have been instrumental in achieving last year’s $50 billion in exports, highlighting India’s strong position in global trade. This target also reflects India’s focus on leveraging its agricultural and marine strengths for economic growth.

Axis Max Life Insurance launched the Sustainable Wealth 50 Index Fund, which focuses on companies with consistent cash flow generation. The fund is built on the proprietary Sustainable Yield Index, collaboratively developed by Axis Max Life and NSE Indices Limited. This initiative underscores Axis Max Life's innovative approach to sustainable investing. Headquartered in New Delhi, Axis Max Life is recognized as the largest non-bank private-sector life insurer in India.