Current Affairs - Finance

Project Nexus is a collaborative effort between RBI, BIS, and central banks of ASEAN countries to enhance the efficiency, speed, and cost-effectiveness of retail cross-border payments. Scheduled to launch by 2026, this initiative will integrate domestic fast payment systems across Malaysia, the Philippines, Singapore, Thailand, and India, marking a significant advancement in international payment systems.

The Reserve Bank of India announced the SAARC Currency Swap Framework for the period 2024-27. This framework aims to facilitate bilateral swap agreements with SAARC central banks, providing a backstop line of funding for short-term foreign exchange liquidity requirements or balance of payment crises among SAARC member countries. The initiative underscores India's commitment to regional financial stability and cooperation within the South Asian Association for Regional Cooperation (SAARC) framework.

ICICI Bank recently joined the elite club of Indian companies with a market capitalisation exceeding $100 billion. As of June 25, 2024, ICICI Bank's market cap reached approximately Rs 8.4 lakh crore, driven by a significant rise in its share price over the past year. This milestone underscores ICICI Bank's position as the second largest bank in India by market capitalisation, trailing only HDFC Bank among Indian banks.

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.