Current Affairs - Finance

Maldives is set to launch India's RuPay service, which is an Indian domestic card payment network introduced by NPCI in 2012. The introduction of RuPay aims to reduce reliance on international card schemes like Visa and MasterCard, enhance financial inclusion with affordable card services, and support India's Digital India initiative.

HDFC Bank divested its entire 3.20% stake in Protean eGov Technologies, comprising 12,94,326 shares, for Rs 150 crore through an open market transaction. This sale was made at an average price of Rs 1,160.15 per share. The move indicates HDFC Bank's decision to exit its investment in Protean eGov Technologies.

SIDBI has collaborated with Airbus Helicopters to facilitate financing for helicopter purchases in India, aiming to enhance accessibility for civil operators. This partnership signifies SIDBI's entry into helicopter financing and its commitment to supporting the growth of India's rotary wing sector, with Airbus Helicopters being a significant player in the Indian helicopter market.

RXIL's Trade Receivables Discounting System (TReDS) platform has achieved a significant milestone by facilitating financing of over 50 lakh invoices worth ₹1,00,000 crore since its inception. This platform plays a crucial role in providing accessible working capital financing solutions to MSMEs, contributing to India's economic growth and journey towards a ₹5 trillion economy.

Sebi has extended the deadline for LIC to meet the minimum public shareholding requirement to May 16, 2027. The target set by Sebi is for LIC to achieve a 10% public shareholding. As of March 31, 2024, LIC's public shareholding stands at 3.5%, necessitating substantial divestment to comply with this regulatory requirement. This extension is intended to provide LIC with ample time to increase its public shareholding from the current 3.5% to the mandated 10%. The stock market reacted positively to this news, with LIC’s stock price increasing by 6.3% on the BSE.