Current Affairs - Finance

NPCI has collaborated with Nepal's Fonepay Payment Service Ltd to facilitate cross-border UPI transactions between India and Nepal. This collaboration aims to enhance payment convenience for Indian tourists visiting Nepal, streamlining financial interactions between the two countries.

Kotak Life Insurance launched the non-linked participating product Kotak G.A.I.N, aiming to cater to individuals' long-term savings or income needs. This product offers flexibility and customization options, ensuring that customers can tailor their investment strategy according to their financial goals.

Razorpay introduced India's first UPI-Led QR stack for enterprises at the FTX'24 event. This innovation includes a card tap contactless payments device, offering both QR-based and contactless tap card payments on a single device. It aims to drive digital payment adoption in larger retail spaces.

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.