Current Affairs - Finance

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.

The EU Commission President recently announced a significant aid package of $1 billion for Lebanon, aimed at bolstering the country's socio-economic stability. This aid comes at a critical time when Lebanon is grappling with severe financial challenges, exacerbated by prolonged border clashes between Hezbollah and Israel.

India and Ghana's decision to integrate their payment systems, specifically India's Unified Payments Interface (UPI) with Ghana's GHIPSS platform, signifies a strategic move towards enhancing financial collaboration between the two countries. This integration will enable instant and cost-effective fund transfers, streamlining financial transactions and boosting trade activities.

The RBI has frozen the Foreign Portfolio Investor (FPI) limit at 6% for Government Securities (G-Secs) in the financial year 2024-25. G-Secs are financial instruments issued by governments through the RBI and include treasury bills and government bonds of varying maturities. This limit indicates the maximum percentage of G-Secs that foreign portfolio investors can hold in their portfolios, ensuring regulatory control and stability in the financial markets.

Toyam Raya, who signed the Memorandum of Understanding (MoU) with India's Comptroller and Auditor General (CAG), is the Auditor General of Nepal. This MoU aims to enhance collaboration and expertise exchange between the auditing institutions of India and Nepal, strengthening their partnership.