Current Affairs - Finance

The RBI has mandated that Housing Finance Companies (HFCs) maintain a liquid asset ratio of 15% of public deposits, aligning with similar requirements for Non-Banking Financial Companies (NBFCs). This change is designed to enhance the financial stability of HFCs by ensuring they have sufficient liquidity to meet their obligations. The requirement will be phased in, starting with 14% by January 1, 2025, and reaching 15% by July 2025.

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.