Banking, Finance & Economy Current Affairs - 2022-23

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Recently , The EIU’s (Economist Intelligence Unit’s) Worldwide Cost of Living Index 2021 was announced. As per the index, Tel Aviv, Israel is the most expensive city in the world to live in 2021.

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Recently The Ministry of Communication’s Department of Telecommunication (DoT) has framed a task force to explore development in 6G (6th Generation) Technology.

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WhatsApp announced the Digital Payments Utsav, which would take place in 500 villages across India. It will be a pilot initiative in which the importance of digital payments transactions will be promoted in order to empower individuals and businesses.

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According to a Reserve Bank of India (RBI) Working Paper, the optimal hedge ratio for the External Commercial Borrowings (ECBs) raised by firms in India is estimated at 63 per cent for the periods of high volatility in the foreign exchange (forex/FX) market.

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As per the ‘Ecowrap’ report by the State Bank of India (SBI), India’s GDP growth to be at 8.8% for FY22.

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As per the ‘Deloitte 2022 CxO Sustainability Report: The Disconnect Between Ambition and Impact’, Indian businesses rank 5th in their concern for climate change

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The Employees Provident Fund Organization (EPFO) has reduced its interest rate on provident fund deposits to 8.1% for 2021-22 i.e. FY22. This reduction is 0.4% lower than the previous year. It was 8.5% in 2020-21 and 2019-20. However, this reduction in the interest rate on provident fund deposits is witnessed as is the lowest in more than four decades. In 1977-78, EPFO had credited 8.0% as the interest rate, and since then it has been either 8.25% or more. The 8.1% interest rate was recommended by the Central Board of Trustees (CBT) in a meeting which was held under the chairmanship of Union Labour and Employment Minister Bhupendra Yadav. The 8.1% annual rate of interest will be credited on EPF accumulations in accounts of members for the FY2021-22. After paying an 8.1% interest rate, EPFO will have a surplus of around Rs 450 crore.

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The chairman of Tata Sons, N Chandrasekaran has been appointed as the chairman of Air India. In February 2022, N Chandrasekaran was reappointed as chairman of Tata Sons for a second term of five years. Tata Sons will soon announce a new MD and CEO for Air India to replace Ilker Ayci who was to take charge next month but resigned in the wake of controversies regarding his appointment.

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Larsen & Toubro (L&T) has established the L&T-SuFin e-commerce platform. It is the country’s first complete e-commerce platform for industrial products and services sold to other businesses. The platform’s transaction cost is roughly 1.5 per cent. Through its B2B e-commerce platform, the company aimed to empower businesses, particularly micro, small, and medium enterprises, by allowing them to obtain industrial items digitally and cost-effectively across India.
“With digital technology, L&T SuFin is positioned to alter the Indian business landscape, resulting in the formalisation of traditional supply chains and a win-win situation for suppliers and buyers,” the company said in a statement.

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Indigo Airlines’ direct flight from Indore to Jammu was flagged off by Minister of Civil Aviation Jyotiraditya M. Scindia, making it the 28th daily flight from Indore .