Current Affairs - Finance

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.

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.