Banking, Finance & Economy Current Affairs Quiz -December 6, 2022

Notes:
Bank of Baroda (BoB) has launched a foreign currency loan against Indian companies’ INR deposits for their overseas subsidiaries and joint ventures. It was launched by the bank’s Gujarat International Finance Tec-City (GIFT City) branch in Gandhinagar, Gujarat. It will provide an alternate facility for Indian banks to raise funds for their international businesses. Under the program, BoB’s International Financial Services Centre (IFSC) Banking Unit (IBU) in GIFT City, Gandhinagar, will provide financial support to overseas subsidiaries and joint ventures by leveraging their INR deposits.

Notes:
The Securities and Exchange Board of India (SEBI) approved the acquisition of IDFC Asset Management Company (AMC) by the Bandhan-led consortium. Bandhan Financial Holdings Ltd. (BFHL), General Insurance Company of India (GIC), and ChrysCapital formed a consortium to acquire IDFC AMC and IDFC AMC Trustee Company from IDFC for INR 4,500 crore. After the acquisition, BFHL will own 60% of IDFC AMC, while GIC and ChrysCapital will own 20% each.

Notes:
The National Payments Corporation of India (NPCI) extended the deadline for limiting the volume cap of 30% on digital payment transactions. The volume cap of 30% for Third Party Application Providers (TPAP) in the Unified Payments Interface (UPI) was extended by the NPCI until December 31, 2024. The NPCI gave a deadline of December 31, 2022, after which all UPI players, viz., PhonePe, Google Pay, Paytm, etc., would have to have a share of 30% or less in monthly UPI volumes.

Notes:
The Reserve Bank of India launched its pilot on the “Digital Rupee Retail Segment”, an electronic form of sovereign currency.
The Central Bank Digital Currency (CBDC) or e-Rupee was launched by the RBI in 4 Indian cities:
Mumbai
New Delhi
Bengaluru
Bhubaneswar

Notes:
NSE Indices Limited launched a new index, the Nifty BHARAT Bond Index, in April 2033. The Nifty Bharat Bond Index for April 2033 was launched within the Nifty Bharat Bond Index Series. The new tranche of the Bharat Bond ETF was launched for a New Fund Offer (NFO) of the ETF from December 2, 2018 to December 8, 2022. It is the 6th in the Bharat Bond ETF series and will be responsible for tracking the Nifty Bharat Bond Index. This bond and the Bharat Bond Fund of Funds (FOF) series will mature on April 18, 2033.