Current Affairs - Finance

Canara Bank has signed an MoU with SINE, IIT Bombay, to provide financial support to startups. This partnership aims to offer funding through Canara Bank's Start-Up Scheme and incubation support from SINE, empowering startups with resources and guidance for their growth.

In FY24, Pradhan Mantri Mudra Yojana (PMMY) loans surpassed the ₹5 lakh crore mark, reaching ₹5.20 lakh crore in disbursements. This milestone reflects the program's success in providing collateral-free institutional credit to small businesses, with significant growth and lower delinquency rates, driven by effective credit management mechanisms and empowering women entrepreneurs.

SIDBI, the Small Industries Development Bank of India, has partnered with KarmaLife to provide micro-loans for gig workers, leveraging KarmaLife's mobile app technology to streamline loan access and enhance financial inclusion for this segment.

Axis Bank has received approval from the Competition Commission of India (CCI) for its stake acquisition in Max Life Insurance, aligning with its strategic growth plans and enhancing Max Life's capabilities in the insurance sector.

In FY24, UPI processed transactions worth ₹199 Lakh Crore, showcasing its substantial contribution to the digital payment landscape. This achievement reflects the growing adoption and trust in UPI as a convenient and secure payment method in India.