Current Affairs - Finance

India has released the first tranche of USD 2.5 million to the United Nations Relief and Works Agency (UNRWA) for Palestinian Refugees in the Near East as part of its annual contribution of USD 5 million for the year 2024-25. This financial support is part of India's ongoing commitment to aid and protect Palestinian refugees displaced by the 1948 conflict and their descendants, providing essential services such as education, healthcare, and social support.

The Asian Development Bank (ADB) approved a loan of USD 240.5 million to support the deployment of rooftop solar systems in India. This financing aids the government's renewable energy expansion efforts and aligns with India's goal of achieving 50% of its cumulative electric power capacity from non-fossil fuel sources by 2030. The funds will be allocated to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to provide loans for installing these systems, contributing significantly to India's renewable energy targets and carbon emission reduction commitments.

The Indian government has released $2.5 million as the first tranche of its annual contribution of $5 million for the year 2024-25 to the United Nations Relief and Works Agency for Palestinian Refugees (UNRWA). This financial support aims to assist in providing essential services such as education, healthcare, relief, and social services to Palestinian refugees. India has been a consistent supporter of UNRWA's core programs, underscoring its commitment to the welfare of Palestinian refugees amidst ongoing conflicts.

Jio Financial Services has received approval from the Reserve Bank of India (RBI) to transition from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC). This transition will allow Jio Financial Services to consolidate its various business verticals, such as lending, asset management, and insurance, into separate subsidiaries under the CIC structure. The announcement of this approval led to a significant increase in the company's share value, reflecting positive market reactions to the news.

ICICI Prudential Mutual Fund has pioneered the Indian investment landscape by launching the ICICI Prudential Nifty Oil & Gas ETF. This ETF, the first of its kind in India, tracks the performance of the Nifty Oil & Gas TRI. The Nifty Oil & Gas Index includes up to 15 stocks from the National Stock Exchange, ensuring a diversified exposure by capping the weight of individual companies and the top three companies in the index. This launch offers investors a structured and diversified investment option within the crucial oil and gas sector.