Current Affairs - Finance

Public sector banks collectively earned a cumulative profit exceeding ₹1.4 lakh crore in the financial year ending March 2024, showcasing a notable increase from the previous fiscal year's earnings.

India emerged as the world leader in remittances in 2022, receiving over $111 billion, surpassing the $100 billion milestone for the first time. This significant achievement underscores India's pivotal role in the global remittance landscape, as highlighted by the International Organisation for Migration (IOM) and the UN's World Migration Report 2024.

Infibeam Avenues' CCAvenue has partnered with Shivalik Small Finance Bank to provide merchants with access to Shivalik SFB's customer base for seamless payments. This collaboration enhances business potential by enabling account holders of Shivalik SFB to make payments on websites powered by CCAvenue through the bank's Internet banking service. This integration benefits merchants across various sectors by tapping into Shivalik SFB's extensive customer base, thereby augmenting their business opportunities.

GetVantage, a pioneering company in revenue-based finance (RBF), achieved a significant milestone by obtaining an NBFC license from the Reserve Bank of India (RBI). This makes GetVantage the first RBF and alternative funding platform in India to receive such authorization. With ambitious fundraising goals and a focus on diverse sectors like cleantech, D2C, EV, infrastructure, eCommerce, and SaaS, GetVantage's strategic expansion through its NBFC arm, GetGrowth Capital, highlights its commitment to supporting emerging SMEs and fostering financial innovation in the Indian market.

REC Ltd., a company under the Ministry of Power, recently gained approval from the Reserve Bank of India (RBI) to establish a subsidiary in Gujarat International Finance Tech-City (GIFT City), located in Gandhinagar. This approval, dated May 3, 2024, is significant as it allows REC to expand its operations into a prominent financial hub within India, known for its modern infrastructure and conducive environment for financial services.