Current Affairs - Finance

Bloomberg, following JP Morgan's similar move earlier, has announced the phased inclusion of India's FAR bonds in its Emerging Market (EM) Local Currency Government Index. This inclusion process will occur over ten months starting January 31, 2025, aiming to attract significant foreign investment into the Indian government securities market.

The Reserve Bank of India (RBI) has imposed an immediate ban on IIFL Finance from giving gold loans due to supervisory concerns, including deviations in gold assessment and breaches in loan-to-value (LTV) ratios, as well as exceeding cash transaction limits.

Policybazaar Insurance Brokers, a subsidiary of PB Fintech, received approval from IRDAI to transition to a composite insurance broker. This allows Policybazaar to offer a combination of reinsurance, general insurance, and life insurance products, broadening its scope in the insurance market.

The partnership between India Post Payments Bank (IPPB) and Hindustan Zinc aims to enhance financial inclusion in rural Rajasthan, targeting over 3.5 lakh beneficiaries including self-help group (SHG) women, farmers, and youth, by providing various financial services and promoting government social welfare schemes.

Amazon Pay, the fintech arm of Amazon India, has secured a payment aggregator license from the Reserve Bank of India (RBI), enabling strengthened distribution channels and innovative payment solutions. This approval signifies Amazon Pay's commitment to providing secure and convenient digital payment experiences, aligning with its mission to serve merchants and customers effectively in India's growing fintech ecosystem.