Current Affairs - Finance

India Post Payments Bank (IPPB) has partnered with Ria Money Transfer to offer innovative remittance services in rural India. This collaboration aims to provide accessible, affordable, and secure financial services directly to customers in remote areas, leveraging IPPB's extensive postal network and Ria Money Transfer's global expertise in cross-border money transfers. The partnership facilitates international inward money transfer services at thousands of Post Office locations, enhancing financial inclusion and economic opportunities for rural communities across India.

CERT-In (Indian Computer Emergency Response Team) collaborated with Mastercard to strengthen cybersecurity within India's financial sector. This partnership focuses on improving incident response capabilities, capacity-building initiatives, and conducting advanced malware analysis. Mastercard, a global leader in payment technology and financial services, brings its expertise to bolster cybersecurity measures, aiming to safeguard financial infrastructure against cyber threats in collaboration with CERT-In, the Indian government's cybersecurity agency.

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.