Current Affairs - Finance

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.

The Reserve Bank of India (RBI) has announced an initial interest rate of 8% for the Floating Rate Bond (FRB) maturing in 2034. This bond offers a variable interest rate that adjusts every six months based on short-term debt auction yields, providing investors with a flexible investment option tied to prevailing market conditions.

In April 2024, India achieved a historic milestone in GST revenue collection, reaching a record high of Rs 2.10 lakh crore. This significant increase of 12.4% from the previous year's collections was driven by various factors, including growth in domestic transactions and improved compliance measures.

Hitachi Payment Services introduced upgradable ATMs in India, providing banks with the flexibility to convert them into Cash Recycling Machines (CRMs) as needed. This initiative aims to enhance efficiency and adaptability in the Indian ATM industry, supporting future market demands and innovations.

Razorpay and Airtel Payments Bank have introduced the UPI Switch, a cloud-based infrastructure designed to revolutionize digital payments. This collaboration aims to enhance success rates, handle high transaction volumes, and address challenges in UPI infrastructure, promising businesses and consumers a more efficient and seamless payment experience.