Current Affairs - Finance

Bank of India has acquired a 6.125% stake in Clearing Corporation of India Ltd. (IFSC) for ₹6.125 crore. This strategic move aims to strengthen the bank's presence in GIFT City IFSC, aligning with its goal to enhance operations and contribute to the financial ecosystem. The acquisition underscores Bank of India's commitment to expanding its footprint and influence within the global financial hub at GIFT City.

The Securities and Exchange Board of India (SEBI) received the 'Best Conduct of Business Regulator' award in the Asia-Pacific region from The Asian Banker. SEBI's notable achievements include the implementation of the T+1 settlement cycle, which has enhanced market liquidity and efficiency, demonstrating its commitment to regulatory excellence and elevating business conduct standards in India's financial markets.

SBI Mutual Fund achieved a historic milestone by becoming the first fund house in India to surpass Rs 10 trillion in assets under management. This accomplishment was driven by strategic product launches, expanding investor base, and leveraging SBI’s network.

In the RBI Monetary Policy of June 2024, the policy repo rate was maintained at 6.5% by the Monetary Policy Committee. This decision was made with a 4:2 majority.

NPCI International and the Reserve Bank of Peru are collaborating to introduce a UPI-like real-time payments system in Peru, marking a significant advancement in South America's financial landscape. This partnership aims to leverage India's UPI technology to foster economic growth and financial inclusion in Peru, making it the first South American country to embrace such technology.