Joint Ventures and Financial Collaborations Quiz

RBI Sets Criteria for Central Counterparty Authorization

• The Reserve Bank of India (RBI) set a Rs 300 crore net worth criteria for entities seeking authorization or recognition as a Central Counterparty (CCP).
• Entities must meet this net worth requirement at the time of submitting their application.
• A CCP acts as a system provider, interposing between system participants in transactions.

Jio Financial and BlackRock Incorporate AMCs

• Jio Financial Services and BlackRock have incorporated two joint venture companies: Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited.
• Jio Financial has invested Rs 82.9 crore in these two companies, for a 50% stake.

Tata Power Renewable and IndusInd Bank Partner

• Tata Power Renewable Energy Ltd. partnered with IndusInd Bank to provide financing options to micro and small enterprises (MSEs) for solar installations.
• This alliance offers collateral-free solar financing for MSEs, from Rs 10 lakh to Rs 2 crore.

IRDAI Extends IFRS 17 Implementation Deadline

• The Insurance Regulatory and Development Authority of India (IRDAI) extended the implementation timeline for IFRS 17 (International Financial Reporting Standard) regulations to FY27.
• This gives ample time for bank-sponsored and non-bank-sponsored insurance companies to implement IFRS 17 regulations.

Mintoak and Axis Bank Partner for SME Payments

• Mintoak Innovations Private Limited (Mintoak), a merchant SaaS platform, partnered with Axis Bank to improve payment solutions for SMEs.
• This partnership aims to make payment solutions more seamless for small and medium-sized enterprises.

RBI's Diwali Initiative: Gold Transportation

• The Reserve Bank of India (RBI) transported 102 tonnes of gold from the Bank of England to secure storage facilities in India.
  • As per the 43rd half-yearly report on the management of foreign exchange reserves (April-September 2024), the RBI holds a total of 854.73 metric tonnes of gold.

DBS Bank India Awarded for Women's Initiatives

• DBS Bank India received the "Best Companies for Women in India" (BCWI) 2024 award for the ninth consecutive year.
• The bank is recognized for its commitment to gender equity and diversity in the "Best Companies - Hall of Fame".

CSB Bank Launches SME Turbo Loan

• CSB Bank launched the SME Turbo Loan, a new loan product to offer quick and seamless credit access to small and medium enterprises (SMEs).
• The loan provides in-principle sanction for credit amounts up to Rs 5 crore, with facilities like overdrafts, term loans, and trade finance.

Canara Bank Aims for ₹6,000 Crore Recovery

• Canara Bank set a significant target for loan recovery, aiming to recoup approximately ₹6,000 crore from bad loans in the second half of FY25.
• The bank anticipates recovering about ₹3,000 crore in both the third and fourth quarters of FY25 from written-off accounts.

UPI Transactions Reach Record High

• UPI transactions reached a record high in October 2024, with Rs 23.5 trillion in value.
• This surge was driven by UPI, IMPS, FASTag, and AePS.

HDFC Securities Enters Wealth Advisory Sector

• HDFC Securities Limited, a subsidiary of HDFC Bank, entered the wealth advisory sector with the launch of 'HDFC Tru'.
• The service targets High-Net-Worth Individuals (HNIs), Ultra-High-Net-Worth Individuals (UHNIs), family offices, and corporate clients.

SEBI Mandates Mutual Funds to Utilize NFO Proceeds

• SEBI mandates mutual funds to utilize New Fund Offer (NFO) proceeds within 30 days of allotment.

Finance Minister Approves CGM Posts

• Union Minister Nirmala Sitharaman approved the restructuring within nationalized banks by increasing the number of Chief General Manager (CGM) posts.
• This restructuring was based on a review of the banks' business mixes as of March 31, 2023.

SBI Mutual Fund Surpasses ₹10 Lakh Crore AUM

• SBI Mutual Fund (SBI MF) surpassed the ₹10 lakh crore mark in assets under management (AUM) in the September quarter.
• This marked a notable increase from ₹9.88 lakh crore in June.

SEBI Proposes Minimum Investment for Securitized Debt Instruments

• SEBI proposed a minimum investment threshold of ₹1 crore for RBI-regulated originators and unregulated entities engaged in securitisation activities.
• The proposal also introduced limitations on the number of investors in private placements.

Punjab & Sind Bank Launches Digital Bank Guarantee Service

• Punjab & Sind Bank (PSB) launched an e-Bank Guarantee (e-BG) facility in partnership with NeSL.
• This facility aims to reduce turnaround time for bank guarantee issuance.

RBL Bank and Mahindra Finance Launch Co-Branded Credit Cards

• Non-bank lender Mahindra Finance announced the launch of a co-branded credit card with RBL Bank.

RBI Innovation Hub Launches MuleHunter AI

• The Reserve Bank of India Innovation Hub (RBIH) launched MuleHunter AI, an artificial intelligence and machine learning model to identify mule accounts.

India's GST Collection Hits Rs 1.87 Lakh Crore

• India's Goods and Services Tax (GST) collections in October 2024 reached Rs 1.87 lakh crore, marking an 8.9 per cent year-on-year increase.

IDFC FIRST Bank Introduces Real-Time Money Transfer Tracking

• IDFC FIRST Bank, in partnership with Swift, introduced a real-time tracking service for international money transfers.
• The service is available on its mobile app and internet banking platforms, enabling end-to-end traceability for cross-border payments.

Canara HSBC Life Insurance Unveils Promise4Future Plan

• Canara HSBC Life Insurance launched 'Promise4Future', a participating plan that combines life protection and savings.
• The plan is available in two variants: Savings4Future and Income4Future.

Banks Request Integration with RBI Platform for LRS Limits

• Banks approached the RBI to integrate with the Centralised Information Management System (CIMS) to verify LRS (Liberal Remittance Scheme) limit utilization in real-time.
• Indian citizens can remit up to $250,000 per financial year for permissible transactions under LRS.

Regional Rural Banks Set for Fourth Round of Amalgamation

• The number of Regional Rural Banks (RRBs) is likely to decrease from 43 to 28 through consolidation.
• This will involve 27 RRBs from 12 states being consolidated into 12 RRBs.

CARE Ratings Assigns Rating to Karur Vysya Bank's Fixed Deposit Scheme

• CARE Ratings assigned an 'A1+' rating for short-term fixed deposits and an 'AA' (Stable) rating for fixed deposits to Karur Vysya Bank.

Insolvency and Bankruptcy Board of India Collaborates with Indian Banks' Association

• The Insolvency and Bankruptcy Board of India (IBBI) collaborated with the Indian Banks' Association (IBA) to facilitate asset auctions via the eBKray platform.

Government of India and ADB Sign Loan for Urban Services

• The Government of India and ADB (Asian Development Bank) signed a $200 million loan to upgrade water supply, sanitation, urban mobility, and other urban services in Uttarakhand.

HUDCO to Lend Rs 11,000 Crore for Amaravati Greenfield Capital City

• Housing and Urban Development Corporation Limited (HUDCO) agreed to lend Rs 11,000 crore to the Andhra Pradesh Capital Region Development Authority (APCRDA) for the construction of Amaravati.

Deutsche Bank Boosting India Operations

• Deutsche Bank infused ₹5,113 crore to boost its Indian operations. This marked the largest capital allocation to India by the bank in recent years.

RBI Designates 10-Year Sovereign Green Bonds

• The Reserve Bank of India (RBI) expanded the list of government securities available for non-resident investment under the Fully Accessible Route (FAR) by designating 10-year Sovereign Green Bonds (SGrBs).
• These bonds will be issued by the government in the second half of FY2024-25.

SBI Unveils Innovation Hub at Singapore Fintech Festival

• SBI, in partnership with APIX, launched the SBI Innovation Hub at the Singapore Fintech Festival.

S&P Global Market Intelligence Forecasts India's GDP Growth

• S&P Global Market Intelligence projected India's GDP growth at 6.8% in FY25 and 6.6% in FY26.

RBI Updates KYC Rules

• RBI introduced six amendments to its KYC Master Directions to enhance verification and security in the Know Your Customer (KYC) process.

SEBI Bars OCAL and Promoters from Securities Markets

• SEBI barred Onelife Capital Advisors Limited (OCAL) and its promoters from participating in the securities markets.

HDFC Bank Increases Lending Rates

• HDFC Bank revised its Marginal Cost of Funds-Based Lending Rates (MCLR) for various short-term tenures.

IFC Partners with Bajaj Finance to invest $400 million

• IFC partnered with Bajaj Finance in climate initiatives.
• The partnership aims to provide expanding access to financing for electric three-wheelers and e-scooters.

Finance Ministry Launches Union Bank's Nari Shakti Branches

• Finance Minister Nirmala Sitharaman inaugurated five specialized "Nari Shakti" branches of Union Bank of India.
• The branches are designed to support financial inclusion and women entrepreneurial, support, especially in manufacturing and service sectors.

Sitharaman Launches MSME Outreach, Expands SIDBI

• Union Minister Nirmala Sitharaman launched the National MSME Cluster Outreach Programme.
• This initiative is jointly organized by DFS, MoF, and SIDBI.

Cashfree Payments Pilots Cross-Border Payments

• Cashfree Payments launched a pilot program to facilitate cross-border payments using UPI and RuPay options.
• This program enables overseas customers to transact with key Indian merchants.

IRDAI Chairman Advocates 100% FDI in Insurance Sector

• IRDAI Chairman Debasish Panda advocated for 100% Foreign Direct Investment (FDI) in the insurance sector.

RBI Imposes Penalty on South Indian Bank

• RBI imposed a ₹59.20 lakh penalty on the South Indian Bank for non-compliance with directives regarding interest rate on deposits and customer service standards.

ADB Issues First Biodiversity Bond

• The Asian Development Bank (ADB) issued its first biodiversity and nature-focused bond worth USD 100 million.

Government To Provide Protection To Bankers

• The government plans to amend the Prevention of Corruption Act (PCA) to protect bankers from post-retirement harassment.

SEBI To Review Proposal To Demerge Equity Exchanges

• SEBI is evaluating a demerger proposal for equity stock exchanges and their associated equity clearing corporations (CCs).

October Retail Inflation Hits 14-Month High

• Retail inflation reached a 14-month high of 6.21% in October, boosted by a sharp jump in vegetable prices.

ICICI Prudential Multi-Asset Fund Reaches Milestone

• ICICI Prudential Multi-Asset Fund completed 22 years of robust performance, exceeding ₹50,495.58 crore in AUM as of September 30, 2024.

India's Public Sector Bank Performance in H1FY25

• Public Sector Bank (PSB) aggregate business reached ₹236 trillion in H1FY25, exhibiting strong, 11% annual growth.

Tata AIG General Insurance Launches Health Insurance Plans

• Tata AIG General launched five new health insurance plans.

RBI's New Framework for Converting FPI Holdings to FDI

• RBI introduced a framework allowing Foreign Portfolio Investors (FPIs) to convert their investments into Foreign Direct Investment (FDI), exceeding the 10% equity threshold in Indian companies.

RBI Maintains SBI, HDFC, and ICICI as D-SIBs

• RBI confirmed that SBI, HDFC Bank, and ICICI Bank continue to be classified as Domestic Systemically Important Banks (D-SIBs).

Federal Bank Issues Infrastructure Bond

• Federal Bank raised ₹1,500 crore through its first 10-year infrastructure bonds.

Reserve Bank of India Infuses Liquidity

• The Reserve Bank of India infused ₹6,956 crore amid liquidity shifts towards deficit.

J&K Bank Launches Virtual ATM Facility

• J&K Bank launched a virtual ATM (vATM) facility for customers in collaboration with Paymart India.

Goldman Sachs Estimates India's GDP Growth

• Goldman Sachs estimated India's GDP growth to decline to 6.3% in 2025.

Public Sector Banks Aim to Raise Equity

• Public Sector Banks (PSBs) received approval to raise ₹25,200 crore in FY25 through equity markets.

Axis Bank's Asset Book in GIFT City Doubles

• Axis Bank's asset book at its IFSC Banking Unit (IBU) in GIFT City doubled from $2 billion (2019) to $4 billion.

World Bank Boosts Climate Financing

• As a result of sovereign guarantees from the US and Japan, the World Bank will significantly expand climate-related lending for global climate projects.

RBI Doubles UPI 123Pay Limit

• RBI doubled the limit for UPI 123Pay transactions for feature phones, increasing it to ₹10,000.

Zomato to Replace JSW Steel on BSE Sensex

• Zomato will replace JSW Steel in the benchmark BSE Sensex starting from December 23.

Reserve Bank of India and Maldives Sign MoU

• RBI and the Maldives Monetary Authority (MMA) signed a MoU to promote the use of local currencies in cross-border transactions.

GenWise Launches UPI Payments

• GenWise launched a UPI payment solution 'GenWise UPI' for the elderly population.

Profectus Capital Raises Funding

• Profectus Capital raised USD 25 million via NCDs to the International Finance Corporation (IFC).

IndusInd Bank and UNICEF Join Forces

• IndusInd Bank and UNICEF partnered to launch a strategic initiative focused on climate resilience, aiming to build climate-informed administrative frameworks and enhance resilience.

Northern Arc Secures USD 65 Million

• Northern Arc, a Non-Banking Financial Company (NBFC), secured USD 65 million from global development banks to launch its climate fund.

Central Bank of India Gets RBI Nod for Insurance JV

• Central Bank of India received RBI approval for an insurance joint venture with the Generali group.

PNB Joins PCAF, Strengthens Climate Action

• Punjab National Bank (PNB) become a signatory of the Partnership for Carbon Accounting Financials (PCAF).

Canara HSBC Life Unveils OmniGen AI

• Canara HSBC Life Insurance launched OmniGen AI system, designed to improve underwriting decisions using data-driven insights.

SBI Launches Low-Cost Vehicle Loan

• SBI launched a low-cost customized vehicle loan for Uber's fleet partners.

ICRA: India's GDP Growth Projection

• India's GDP growth is projected to slip to 6.5% in Q2 FY25 but retain 7% for FY25.

Test your knowledge on the joint ventures formed by Jio Financial and BlackRock, along with their partnerships in solar project financing. This quiz covers investment details, loan provisions, and the benefits offered to MSEs through these collaborations. Dive into the specifics of financial strategies and market impact!