Current Affairs - Finance

Sri Lanka and Mauritius are poised to introduce India's UPI and RuPay card services on February 12, underlining efforts to bolster digital financial integration. This initiative aims to facilitate seamless digital transactions for Indian nationals in these countries and Mauritian nationals visiting India, emphasizing cross-border financial connectivity.

The Asian Development Bank (ADB) has signed a $200 million loan agreement with the Government of India to address flood and riverbank erosion risks along the Brahmaputra River in Assam, India, aiming to enhance disaster resilience and empower local communities.

Flywire has collaborated with the State Bank of India (SBI) to modernize international education payments for Indian students. This partnership aims to streamline transactions in Indian Rupees, providing convenience and compliance with regulatory guidelines like the Liberalized Remittance Scheme (LRS).

The Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the UAE, is establishing a substantial investment fund totalling $4-5 billion through India’s Gujarat International Finance Tec-City (GIFT City).

UPI transactions in January achieved a record-breaking milestone, reaching Rs. 18.41 trillion, as reported by the National Payments Corporation of India (NPCI). This signifies a remarkable 52% increase in volume and a significant 42% rise in value compared to the corresponding month in the previous financial year.