Current Affairs - Finance

NPCI International Payments Limited (NIPL), the international arm of India's National Payments Corporation, has achieved a significant milestone by surpassing 100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal. This accomplishment follows NIPL's collaboration with Fonepay, Nepal's largest payment network, which was launched in March 2024. Additionally, NIPL has partnered with Nepal SBI Bank Limited to operationalize RuPay cards in Nepal, further strengthening cross-border financial transactions between India and Nepal.

The Reserve Bank of India (RBI) has increased the UPI limit for tax payments to Rs 5 lakh per transaction, up from the previous limit of Rs 1 lakh. This adjustment is designed to facilitate larger transactions and enhance convenience for taxpayers handling high-value payments. By raising the limit, the RBI aims to boost digital payment adoption and reduce dependence on cash, aligning with its broader goal of promoting efficient and secure digital transactions.

Nagaland and SBI General Insurance signed an MoU to implement the Disaster Risk Transfer Parametric Insurance Solution (DRTPS). This makes Nagaland the first state in India to adopt such a solution, which aims to protect critical infrastructure and mitigate economic losses from disasters, including floods, droughts, mudslides, and damage to property and crops. The agreement covers a three-year period from 2024 to 2027, highlighting the state’s proactive approach to disaster management.

HDFC Securities has teamed up with Vested Finance to enhance global investment opportunities for Indians and NRIs. This partnership focuses on improving client investment experiences by offering features such as simplified fund transfers and customized US investment portfolios. The initiative, known as Global Investing 2.0, includes tools like Systematic Investment Plans (SIPs), extended trading hours, and advanced analysis tools to aid in making well-informed investment decisions. This collaboration aims to streamline and enrich the investment process for its users.

The Asian Development Bank (ADB) approved a $200 million loan to enhance solid waste management and sanitation across 100 Indian cities as part of the Swachh Bharat Mission 2.0. This initiative will fund infrastructure improvements such as waste processing facilities and community sanitation projects. The loan agreement, signed by Juhi Mukherjee and Mio Oka, aims to bolster urban waste management systems and support India's broader goals for environmental and public health improvement.