Current Affairs - Finance

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.

India's weightage in the MSCI Global Standard (Emerging Markets) index has surged to a historic high of 18.2% after MSCI's February review, nearly doubling since November 2020. This increase is attributed to factors like standardized foreign ownership limits, sustained domestic equity rally, and relative underperformance of other emerging markets, particularly China.

The United Arab Emirates (UAE) has been removed from a global watchdog's list of countries at risk of illicit money flows. While the EU still categorizes the UAE as a high-risk country for money laundering and terrorist financing, this removal reflects positive progress in the UAE's efforts to combat financial crimes.