Current Affairs - Finance

Karnam Sekar resigned from his position as Chairman of NARCL due to disagreements concerning the institution’s structure and operations. This resignation follows a proposal for merging NARCL with India Debt Resolution Company Ltd (IDRCL).

The Reserve Bank of India (RBI) data showed that bank credit outstanding to real estate in India reached an all-time high of Rs 28 trillion in July 2023. This was driven by both housing and commercial real estate segments, with annual increases of approximately 37.4% and 38.1%, respectively.

NABARD has sanctioned a total amount of Rs 1,974.07 crore to the Rajasthan government under the RIDF for the financial year 2023-24. NABARD has sanctioned Rs 926.48 crore for the improvement of rural roads in Rajasthan.

RBI has directed authorized dealer banks to cease outward remittances or financial commitments by individuals towards foreign entities until the reporting issues are regularized.

UPI transactions grew by 44% year-on-year (YoY) in July 2023. UPI transactions reached a value of ₹15.34 lakh crore in July 2023. UPI payments are expected to account for an impressive 90% of total transaction volumes in the retail digital payments landscape over the next five years.