Banking, Finance & Economy Current Affairs - 2022-23

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Honorable Finance Minister Nirmala Sitharaman registered India’s stand on cryptocurrency at the International Monetary Fund. A cryptocurrency refers to a currency that works on a decentralized system without having the need for a central regulator. It is therefore prone to be misused for terror financing, money laundering etc, using Dark Net. The Government of India has levied a tax of 30 % upon cryptocurrency under the head digital transaction tax, in the budget 2022.

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London-based Cryptocurrency lender, Nexo has joined hands with global payments company Mastercard to launch the world’s first “crypto-backed” payment card. Electronic money firm DiPocket is Nexo’s card issuer. The card requires no minimum repayments, monthly, or inactivity fees. There are no FX fees for up to 20,000 euros per month. Interest remains at 0% for customers who maintain a loan-to-value ratio of 20% or below.

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The National Data & Analytics Platform (NDAP) was launched by NITI Aayog for free public use. By making data accessible, interoperable, interactive, and available on a user-friendly platform, the platform intends to democratize access to public government data.

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Recently RBI has issued a circular In which the net-worth requirement for Non-banking companies has been reduced. Non-banking companies now need Rs 25 crores minimum net worth to set up Bharat Bill Payment Operating Units (BBPOU). Presently there is a requirement of 100 crores to set up a non-bank Bharat Bill Payment Operating Units. This step has been taken by RBI after observing the statistics that there is an increase in the volume of transactions as well as the number of onboarded billers, whereas the non-bank entities are not actively participating in it due to high net worth. Considering The Bharat Bill Payment System (BBPS) is an interoperable bill payment network, which scope and coverage include all types of billers who issue recurring bills. This circular has been issued under the Payment and Settlement Systems Act, 2007.

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The book written by journalist-author RN Bhaskar, claims to bring to light, for the first time, the unknown aspects of one of the richest men in the world.

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Centre’s Department of Pension & Pensioners’ Welfare (DoPPW) will collaborate with the State Bank of India (SBI) to create an integrated pension portal to enhance the ease of living of pensioners.

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Mexico has topped the Expat Insider Rankings for 2022, which was released by the InterNations recently, while India has been ranked on 36th position out of the 52 countries on the list, with a high affordability score. The Expat Insider survey is conducted every year by InterNations, a community for expatriates. The survey takes a look at some of the best possible ex-pat destinations around the world, which offer the best quality of life to the people who move abroad to improve their quality of life. The Expat Insider 2022 survey report surveyed 11,970 respondents to evaluate their life abroad. These respondents represented 177 nationalities and lived in 181 countries or territories worldwide.

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Centre approves Rs 650 crore to set up a cancer hospital on the National Institute of Science Education and Research (NISER) campus in Jatni.

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Former Drinking and water Sanitation Secretary, Parameswaren Iyer has been appointed as the new Chief Executive Officer of NITI Aayog for 2 years.

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The new smart campus of Bosch India, a top provider of technology and services in Bengaluru, was essentially inaugurated by Prime Minister Narendra Modi.