Banking, Finance & Economy Current Affairs - 2022-23

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National Payments Corporation of India(NPCI) and Indian Institute of Technology (IIT) Kanpur signed a Memorandum of Understanding (MoU) for knowledge sharing and research collaboration.

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American brokerage Morgan Stanley cut its FY23 real GDP expansion estimate for India by 0.40 per cent to 7.2 per cent on slower global growth and GDP growth will slow down to 6.4 per cent in FY24.

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Reserve Bank of India’s (RBI’s) liberalized remittance scheme (LRS) made a strong comeback in the first quarter of FY23 as Indians increased spending on international travel, maintenance of close relatives, and gifts. International travel contributed 2.92 billion of the 6.04 billion remitted under LRS in Q1FY23.

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Rural Development Ministry has developed JALDOOT App to capture the water level of selected wells in a village across the country. The Jaldoot app will enable Gram Rojgar Sahayak to measure the water level of selected wells twice a year (pre-monsoon and post-monsoon).

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American Express Banking Corp India has appointed Sanjay Khanna as its chief executive officer (CEO) and country manager.

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India ranked fourth on Global Crypto Adoption Index 2022. A Chainalysis Global Crypto Adoption report 2022 has released that for the second consecutive year.

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NPCI Bharat Billpay has partnered with Kotak Mahindra Bank for credit card bill payments. The partnership is done to introduce credit cards on the BillPay ecosystem. With this, Kotak customers will be able to pay their credit card bills through Bharat BillPay. It is the first private bank to go live in the credit card category in this ecosystem.

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The employee benefit insurtech, Healthysure partnered with ManipalCigna Health Insurance to launch India’s first Flexi Top-up Insurance .The Flexi Top-up Insurance will allow employees to upgrade and personalize their respective corporate health insurance plans. The technology platform will be powered by Healthysure through which the policy will be issued digitally within 30 seconds of purchase.

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Union Minister of Steel Jyotiraditya Scindia has said that the country which was earlier a net importer of the steel has now become a net exporter. He informed that India has also moved from 4th largest producer of steel to the second largest producer of steel at global scale.

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Axis Bank launched the seventh edition of the knowledge summit “Evolve” for MSMEs. The theme of the 7th edition of “Evolve” is “Indian SMEs: Shifting Gears for Next Level Growth.” The primary objective of this initiative is to study the importance of technology and digitalization in achieving growth in the MSME sector. The bank will provide a learning platform for MSMEs to interact with industry leaders who have successfully transformed their businesses over the years. The bank is also committed to assisting the MSMEs both financially and non-financially to ensure their growth.