Current Affairs - Finance

In the RBI Monetary Policy of June 2024, the policy repo rate was maintained at 6.5% by the Monetary Policy Committee. This decision was made with a 4:2 majority.

NPCI International and the Reserve Bank of Peru are collaborating to introduce a UPI-like real-time payments system in Peru, marking a significant advancement in South America's financial landscape. This partnership aims to leverage India's UPI technology to foster economic growth and financial inclusion in Peru, making it the first South American country to embrace such technology.

The Securities and Exchange Board of India (SEBI) launched the Saathi 2.0 app, aimed at simplifying financial concepts and providing reliable information to investors. This initiative reflects SEBI's commitment to empowering investors and enhancing their understanding of the securities market.

The penalty of Rs 3.1 lakh imposed by the RBI for violating fair practices code provisions was on Hero FinCorp. Despite its response and participation in the hearing, the RBI found the charges against the company substantiated, resulting in a penalty.

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.