Current Affairs - Finance

The Asian Development Bank (ADB) approved a $162 million loan to support sustainable tourism in Himachal Pradesh. The funds will be used to upgrade infrastructure and heritage sites such as Naggar Castle and cultural centers, alongside the construction of a convention center in Kangra. This initiative aims to enhance tourism in the region while focusing on environmentally friendly solutions and accessibility improvements. ADB's contribution is significant in promoting eco-friendly tourism and local development.

CARD91, a leading Issuance Platform-as-a-Service, has collaborated with Visa to revolutionize the Forex Card issuance experience. This strategic partnership streamlines the process for both issuers and cardholders, offering enhanced control, improved transaction visibility, and advanced fraud risk management tools. The alliance aims to simplify Forex card management for various travellers, including business, education, and leisure travellers. By leveraging Visa's global network and expertise, CARD91 can provide a more secure, efficient, and user-friendly experience for its customers, setting a new standard in Forex card issuance.

SEBI's FPI Outreach Cell is a dedicated initiative to facilitate seamless market access for foreign portfolio investors. Operating under the Alternative Investment Fund and Foreign Portfolio Investors Department, this cell provides assistance with documentation, compliance, and operational challenges. The primary goal is to simplify the registration process, making it easier for FPIs to participate in the Indian securities market. This move aims to boost foreign investment and promote a more investor-friendly environment in India.

SEBI has mandated that individual investors must use UPI to block funds when applying for public debt securities up to ₹5 lakh. This regulation, effective from November 1, 2024, requires investors to include a UPI ID linked to their bank account in their bid-cum-application form. The aim of this directive is to enhance investor protection and improve regulation within the securities market, ensuring a more secure transaction process for participants in public debt offerings.

The Loss and Damage Fund board's groundwork in Baku marks a significant milestone in addressing climate-related disasters. With nearly $800 million pledged, COP29 seeks to convert commitments into tangible funding. This development supports nations affected by climate disasters, showcasing international cooperation in combating climate change. The fund's disbursement, set to begin in 2025, underscores the importance of global solidarity in mitigating the impacts of climate change.