part 11

[Virtual Presenter] Charanjit Singh, Additional Secretary,MoRD exchanged a MoU with Banks to promote financial support for rural women entrepreneurs, allowing them to expand their businesses by obtaining increased funding. Key Objectives: i.This effort supports the “Lakhpati Didi” initiative, introduced by Prime Minister (P-M---) Narendra Modi, which aims to help rural women become financially independent and earn sustainable incomes. The new loan products will offer women larger loans to help them scale their businesses. ii.By offering higher loan amounts, this program is expected to boost rural women’s businesses, creating jobs and growing local economies. iii.The MoRD has encouraged banks to provide financial assistance to Self Help Group (S-H-G--) members, enabling them to start and expand their own businesses. This assistance will support various sectors, including agriculture, handicrafts, and small scale industries. iv.Banks have been advised to ensure branch staff are well informed about these new loan products so that rural women can easily access financing at their local branches. About DAY-NRLM: i.The Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) was launched in 2011 by the MoRD, aimed at reducing poverty. National Rural Livelihood Mission (N-R-L-M-) was launched in 2010 as a mission mode scheme by restructuring the erstwhile Swarnajayanti Grameen Swarojgar Yojana (S-G-S-Y-). In 2016, the program was renamed Deendayal Antyodaya Yojana – National Rural Livelihood Mission (DAYN-RLM). ii.DAY-NRLM implementation is overseen by State Rural Livelihood Missions (SPVs), with District Mission Management Units (DMMUs) responsible for planning and execution at the district level under the district administration’s guidance. iii.Since its inception, it has significantly enhanced the connection between Self Help Groups (SHGs) and banks, facilitating the disbursement of over Rs. 9.5 crore in loans to these groups. About Ministry of Rural Development (MoRD):Union Minister Shivraj Singh Chouhan (Constituency Vidisha, Madhya Pradesh, MP) Minister of State (MoS) Chandra Sekhar Pemmasani (Constituency Guntur, Andhra Pradesh, AP); Kamlesh Paswan (Constituency Bansgaon, Uttar Pradesh, UP) Citigroup Partners with Mastercard for Cross Border Debit Payments Citigroup Inc.,an American multinational investment bank and financial service, has partnered with Mastercard Inc.,an American multinational payment card service, to enable 24/7 cross border payments through debit cards, providing consumers and businesses with a new, seamless option for global transactions. i.Citigroup is the first global bank to facilitate cross border payments to Mastercard debit cards through ‘Mastercard Move’, leveraging the speed, security, and transparency of the MasterCard network. ii.The integrated solution available to Citi clients across 65 origination countries in the corporate, financial, e commerce and commercial and supports users to perform transactions such as insurance payouts, airline refunds, e commerce payments, on demand payments to freelancers and gig economy workers, e commerce transactions with merchants, and customer refunds. iii.This collaboration expands Citi’s payout capabilities, reaching payment in 14 receiving markets across Europe, Asia, Africa, and Latin America, and for domestic transfers in the United States of America(U-S-A--)., with plans to expand it even further in the future. Report Errors in the P-D-F [email protected] Copyright 2014-2024 @ AffairsCloud.com 133.

[Audio] PFC, BEML ink pact to finance, execute infrastructure projects in defense, rail transportation Bharat Earth Movers Limited (BEML) and Power Finance Corporation (PFC) have signed a Memorandum of Understanding (MoU) to finance and implement critical infrastructure projects, particularly in the areas of defense, rail transportation and infrastructure development. The MoU was signed between Shantanu Roy, Chairman and Managing Director (CMD) of BEML and Parminder Chopra, CMD of PFC on 18th October 2024. Key Points i.This partnership is expected to explore new growth areas for critical sectors that are important for nation-building, including Rail and Metro, Defence and Aerospace, and Mining and Construction and would enhance the development of key national infrastructure projects. ii.Besides rail and metro projects, the MoU also focuses on strengthening defence manufacturing in line with the Indian government's AatmaNirbhar Bharat vision, which focuses on achieving self-reliance in defence production. BEML expertise in the design and manufacturing of modern rail infrastructure, will benefit from PFC's large financial backing to execute large-scale projects which will increase national security capabilities. About Bharat Earth Movers Limited (BEML) BEML Limited is a 'Schedule 'A' Public Sector Undertaking (PSU) under Ministry of Defence(MoD). Chairman and Managing Director (CMD) – Shantanu Roy Headquarters – Bengaluru, Karnataka Founded – May,1964 About Power Finance Corporation (PFC) Limited: PFC is a 'Maharatna Central Public Sector Enterprise(CPSE)' under the Ministry of Power. Chairman and Managing Director (CMD) – Parminder Chopra Headquarters – New Delhi, India Founded – July 1986 Mintoak & Axis Bank Partnered to Enable SMEs with Merchant Payments & Business Solutions Mumbai(Maharashtra) based Mintoak Innovations Private Limited(Mintoak ), a merchant software-as-aservice (SaaS) platform, has partnered with Mumbai based Axis Bank Limited to make payment solutions more seamless for Small and Medium-sized Enterprises(SMEs). Under this partnership, Axis Bank will use Mintoak's SaaS platform to enable SMEs to accept payments, access transaction reports and submit service requests directly through the app. Mintoak and Axis Bank have jointly launched neo for merchants, a payment acceptance and commerce enablement application(app). OTHER BANK NEWS PNB Introduces Multi-Currency World Travel Card for International Travelers Punjab National Bank (PNB) has launched the "PNB Multi-Currency World Travel Card (MCWTC)", a prepaid foreign currency card, which allows users to load and manage multiple currencies on a single card. The card supports 6 major foreign currencies: United States Dollar (USD), Euro (EUR), British Pound Sterling (GBP), United Arab Emirates Dirham (AED), Canadian Dollar (CAD), and Singapore Dollar (SGD). About PNB MCWTC: Eligibility: Indian Nationals with valid Permanent Account Number(PAN) Cardholder and desirous of Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com.

[Audio] visiting/travelling abroad for any purpose as permitted by the Reserve Bank of India(RBI). Features: i.The card can be used across the globe except in India, Nepal and Bhutan. ii.The card may be issued against cash for an amount below Rs. 50,000. It is equipped with 3D Secure and Chip-and-Personal Identification Number (PIN)technology and offers real-time transaction alerts. iii.The card offers the option to lock in exchange rates at the time of loading helping travellers to avoid fluctuations in currency rates while abroad. iv.The card is accepted at Automated Teller Machines (ATMs), point-of-sale (POS) terminals, and for online transactions across the globe. It also support for contactless payments for convenience. v.The card also includes insurance coverage of up to Rs 3.50 lakh for theft or misuse. About Punjab National Bank (PNB): PNB commenced its operations on 12th April 1895 from Lahore and was nationalised on 19th July 1969. Managing Director (MD) and Chief Executive Officer (CEO)– Atul Kumar Goel Headquarters– New Delhi, Delhi Tagline– The Name You Can Bank Upon IDBI Bank Launches OTS scheme for retail NPA borrowers to Boost Recovery IDBI Bank has launched the 'Sugam Rinn Bhugtan Yojana (SUGAM Scheme)', a one-time settlement (OTS)/Negotiated Settlement scheme aimed at recovering non-performing retail loans. The scheme is available to borrowers with outstanding principal between Rs 10 lakh and Rs 10 crore, offering relaxed terms for loans classified as Non-Performing Assets (NPAs) as of March 31, 2021, and continuing through August 31, 2024. The scheme runs from 2nd September 2024 to 25th March 2025. Key Points: i.The scheme provides distressed borrowers a chance to settle dues and avoid legal complications. ii.It addresses long-pending cases by facilitating recovery from retail NPAs. iii.Borrowers must pay at least 10% of the settlement amount by 31st December 2024, with the balance due within 90 days of the Letter of Approval (LOA) without interest. iv.Alternatively, the balance can be paid by March 25, 2025, with an interest rate based on the 1-year MCLR as of August 31, 2024, plus 2% simple interest beyond 90 days from the LOA. v.All payments must be completed by March 25, 2025, even if fewer than 90 days remain from the LOA date. vi.Borrowers ineligible for the OTS include those with vendor bill discounting, vendor finance, corporate guarantees, or cases under the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC). About IDBI bank: Chief Executive Officer (CEO)– Rakesh Sharma Headquarters– Mumbai Maharashtra Tagline– Banking For All Establishment– 1964 Assam Govt, ADB Join Hands to Restore Wetlands with Rs 796 Crore Project The Assam government, in collaboration with the Asian Development Bank (ADB), has initiated a project 'Sustainable Wetland and Integrated Fisheries Transformation (SWIFT) with a budget.

[Audio] This initiative aims to enhance flood mitigation efforts, improving water management and supporting local fisheries. These wetlands have been geo-mapped by the Assam State Application Centre (ASSAC). Project Components: i.Dredging and deepening river channels to improve water flow. ii.Desilting marginal areas to enhance water retention. iii.Constructing water pools and retaining structures for sustainable water storage and increased fish production. Key Points: i.The wetlands have suffered from low water levels caused by heavy siltation and poor fish auto-stocking due to blocked river channels. These issues have significantly impacted fish production and the overall health of the wetlands. ii.Initially, 190 beels were identified for restoration. After evaluation using ADB's Screening Matrix, 129 were selected based on their potential for ecological recovery. iii.M/s Electroveen Engineering Private Limited, New Delhi, Delhi has already submitted the feasibility study report and first Draft Detailed Project report (DPR). The final DPR is expected to be completed by early November 2024. Contracts for the first phase involving 22 prioritized beels are set to be signed in February 2025. About Asian Development Bank (ADB): President– Masatsugu Asakawa Headquarters– Mandaluyong City, Manila, the Philippines Members Nations– 68(49 members nations are from Asia-Pacific region) Established-1966 SATYA Micro Capital Secures Rs 1000 Mn from Mizuho Bank, Empowering Women Entrepreneurs New Delhi (Delhi) based-SATYA Micro Capital Limited, a Non-Banking Financial Company-Microfinance Institution(NBFC–MFI), has successfully raised Rs 100 Crore from Tokyo(Japan) based Mizuho Bank Limited, a subsidiary of Mizuho Financial Group, Inc.,. SATYA has been backed by Mizuho Bank for the first time, expanding its lender base. The infusion of debt funding will enable SATYA to scale up its operational model, develop innovative credit offerings, expand its product portfolio, and provide comprehensive business processes for its clients. This will also advance financial inclusion among micro-entrepreneurs and contribute to women's empowerment through microfinance. BoB launches 'Masterstroke Savings Account' for High-End Customers On 7th October 2024, Bank of Baroda (BoB) launched 'BoB Masterstroke Savings Account', a new savings bank account, designed especially for high-end customers desiring premium services. BoB also named Cricketer Sachin Tendulkar as its global brand ambassador. About BoB Masterstroke Savings Accounts: i.This account provides higher interest rates via the Flexi Fixed Deposit facility, catering to premium customers. ii.It offers 0.25% concessional interest rates on retail loans, making borrowing more accessible. iii.Account holders receive the bob World Opulence Visa Infinite Debit Card (Metal Edition) and a lifetimefree Eterna Credit Card (subject to eligibility). iv.Daily withdrawal limits are set at Rs 5 lakh for ATMs (Automatic Teller Machine) and Rs 10 lakh for Report Errors in the PDF - [email protected].

[Audio] Point of Sale (POS) transactions. v.The account allows unlimited free NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service), enhancing transaction convenience. vi.A sweep facility is available for account balances exceeding Rs 20 lakh, allowing for more efficient management of funds. vii.To enjoy these benefits, a Quarterly Average Balance (QAB) of Rs 10 lakh must be maintained, with a Rs 3,000 penalty for non-compliance each quarter. Sachin Tendulkar as Global Brand Ambassador: i.As Brand Ambassador, Sachin will enhance visibility, promote financial literacy, and and fraud prevention. ii.He will be featured in all branding campaigns, starting with "Play The Masterstroke". BoB to sell Oman operation to Bank Dhofar : BoB is set to sell its Oman operations to Bank Dhofar as part of its strategy to rationalize foreign operations. This acquisition is on a going concern basis. It has been approved by BoB, but has pending approval from relevant regulatory authorities. i.This is subject to approval from concerned regulatory authorities ii.The total business of BoB operation in Oman was 113.35 million Omani Rial while the net worth stood at 25.54 million Omani Rial. About Bank of Baroda (BoB): Managing Director (MD) & Chief Executive Officer (CEO)– Debadatta Chand Headquarters– Vadodara, Gujarat Establishment– 1908 Tagline– India's International Bank SBI Card & Singapore Airlines Launched 2 Co-Branded Credit Cards: KrisFlyer SBI Card & KrisFlyer SBI Card Apex SBI Cards and Payment Services Limited (SBI Card), a non-banking financial company, has partnered with Singapore Airlines (SIA) to launch two co-branded credit cards namely the "KrisFlyer SBI Card" and the "KrisFlyer SBI Card Apex". These contactless cards are available on American Express and Mastercard platforms, offer frequent flyers curated rewards. i.The travel-centric co-branded credit cards were designed to cater to super-premium cardholders. This offers exclusive privileges in the air and on ground with the SIA Group which includes Singapore Airlines, Scoot airline, KrisShop.com, Kris+ lifestyle app and Pelago ii.These cards will be accepted at over 24 million outlets across the globe, including 3,25,000 outlets in India. iii.The joining and annual renewal fee for the KrisFlyer SBI Card is Rs 2,999 plus applicable taxes, and Rs 9,999 plus applicable taxes for the KrisFlyer SBI Card Apex. Jio Payments Bank Secures Mutual Fund Distribution License from AMFI Jio Payments Bank Limited, a subsidiary of Jio Financial Services, has obtained a Category 1 ExecutionOnly Platform (EOP) license from the Association of Mutual Funds in India (AMFI) for Mutual Fund (MF) distribution. This license enables the bank to distribute direct MF plans and receive transaction fees capped at Rs 2 per transaction. Currently, there are 15 Category 1 EOPs registered with AMFI. Report Errors in the PDF - [email protected] Copyright.

[Audio] Key Points: i.The AMFI gives MF distributors a unique code, the ARN (AMFI Registration Number). It is a key identifier. It ensures that a mutual fund distributor has a registration and follows industry rules. ii.In August 2024, Jio Financial Services increased its stake in Jio Payments Bank from 78.95% to 82.17% with an investment of Rs 68 crore. About EOP: EOPs are digital platforms facilitating transactions for MF direct plans. Category 1 EOPs can charge transaction fees from asset management companies (AMCs), while Category 2 EOPs charge investors directly. AMFI-registered EOPs can charge up to Rs 2 per transaction and may levy additional payment gateway charges, with AMCs offering incentives of Rs 0.50 to promote competition. Criteria to Register as Category 1– EOP: i.The entity should be a body corporate. ii.It has appointed a Compliance Officer. iii.It has at least two qualified key managerial personnel with a minimum of three years' experience in the securities market. iv.Key managerial personnel must have qualifications in finance, law, or related fields from recognized institutions or a post-graduate degree in Securities Market from the National Institute of Securities Markets (NISM). v.It must ensure that the EOP and its directors/partners are "fit and proper persons" as defined by Schedule II of the Securities and Exchange Board of India (SEBI) (Intermediaries) Regulations, 2008. vi.It should maintain a net worth of at least Rs 1 crore, calculated as the sum of paid-up capital and free reserves, minus certain expenses and losses, as defined in SEBI (MF) Regulations, 1996. About Jio Payments Bank Limited: Managing Director (MD) and Chief Executive Officer (CEO)– Vinod Easwaran Headquarters– Mumbai, Maharashtra Establishment– 2016 Visa unveils platform for global banks to issue stablecoins, other tokens Visa Inc.,an American multinational payment card services corporation, has launched the Visa Tokenized Asset Platform (VTAP), a platform to help banks issue stablecoins and other fiat-backed tokens internationally. VTAP is expected to go live in 2025. VTAP will enable banks to "mint, burn and transfer" tokens offering infrastructure for financial institutions aiming to leverage the advantages of blockchain technology. i.Banco Bilbao Vizcaya Argentaria (BBVA), a Spanish bank has been testing Visa's platform for a year and plans to launch a pilot on the Ethereum blockchain for select customers in 2025. ii.PayPal Holdings Inc. has already introduced its stablecoin, PayPal USD (PYUSD), to the market. Meanwhile, Stripe Inc. now enables merchants to accept stablecoins for online transactions. iii.Stablecoins are a type of cryptocurrency that provides a link between regular finance and cryptocurrencies, offering transactions and protecting users from the big price swings seen in coins like Bitcoin and Ether. WHO Secured USD 1 billion for 2025-28, with USD 700 million in New Funding The World Health Organisation (WHO) announced that it has secured USD 1 billion in pledges for its next budget i.e. for 2025-28, of which nearly USD 700 million pledges was made.

[Audio] The announcement was made during the WHO Investment Round Signature Event which was co-hosted by Germany, France, and Norway, held at the World Health Summit in Berlin, Germany. Note: The World Health Summit 2024, a leading global health conference and network, was held from 13th October to 14th October, 2024 in Germany under the theme: "Building Trust for a Healthier World". Key Target: i.The WHO aims to raise USD 7.4 billion by the 78th World Health Assembly (WHA) which is scheduled to be held in May 2025, in order to bridge the budget gap in its USD 11.1 billion strategy for 2025-28, known as the General Programme of Work 14 (GPW-14). During the 77th WHA held in May 2024 with the theme "All for Health, Health for All", all member states of WHA have agreed to increase their membership fees from current 30% to 50% of WHO's annual budget by 2030-31. ii.It is estimated that this 4 year plan of WHO could save more than 40 million lives through health related Sustainable Development Goals (SDGs), stronger health systems and improved emergency responses. Key Contributors to the WHO Budget for 2024-28: i.Germany emerged as the major contributor to WHO's funding among all European nations and has pledged nearly USD 400 million for a period of 4 years, with USD 260 million in new voluntary funding. ii.Other European nations like: the European Union (EU), Norway and Ireland have made the commitment of USD 250 million, USD 100 million and USD 30 million, respectively to WHO budget for 2024-28. iii.Also, some of the smaller nations and emerging nations joined the WHO's funding drive for instance Montenegro made its 1st-ever donation to WHO i.e. of USD 80,000. iv.While 17 African nations have pledged a total of USD 47 million, with Niger committing USD 2 million despite facing major economic challenges. v.Some of the prominent global health foundations and health organisations have also made significant commitments for WHO funding drive like: The United Kingdom (UK)-based Wellcome, a charitable foundation, pledged USD 50 million. The Institute for Philanthropy, Resolve to Save Lives, and the World Diabetes Foundation pledged USD 10 million each. While, the WHO Foundation with the support of some of the pharmaceutical companies like: Boehringer Ingelheim and Novo Nordisk, has made a significant commitment of USD 50 million. Recent Related News: The World Health Organization (WHO) officially verified Jordan as the 1st country in the world to have eliminated leprosy (also known as Hansen's disease), a chronic infectious disease caused by a bacteria, Mycobacterium leprae. Jordan has not reported any locally transmitted (autochthonous) cases of leprosy for over 2 decades. This achievement is seen as a significant step in public health efforts to eliminate leprosy worldwide..

[Audio] India & UAE to Interlink UPI & AANI for Seamless Cross-Border Transactions The Government of India and the United Arab Emirates(UAE) are working on interlinking India's Unified Payment Interface (UPI) with UAE's instant payments platform AANI to enable seamless cross-border transactions between the two countries. This will benefit over 3 million Indians residing in the UAE enabling them to use the power of UPI and AANI. i.It was discussed during the 12th Meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI) took place in Mumbai, Maharashtra. ii.The meeting was co-chaired by Union Minister Piyush Goyal, Minister of Commerce & Industry (MoCI), GoI and His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director(MD) of Abu Dhabi Investment Authority (ADIA). ii.The two government representatives also signed off on collaborating on a card payment service by utilizing the resources of India's National Payments Corporation of India (NPCI), via its international subsidiary NPCI International Payments Limited (NIPL) with the UAE's payments entity Al Etihad Payments (AEP), to enable creation of domestic card scheme JAYWAN in the UAE. It is based on the RuPay card stack (developed and deployed at great scale by NPCI in India), which is shared with the AEP to enable UAE be sovereign in the area of digital payments. iii.The UAE has also agreed to invest in setting up food parks across India, with an expected investment of around USD 2 billion over the next two to two-and-a-half years. IOB launches 'IOB-Mahila Shaksham scheme' to Empower Women Entrepreneurs Indian Overseas Bank (IOB) has launched the 'IOB -Mahila Shaksham Scheme' aimed at empowering individual women Self Help Group (SHG) members for entrepreneurial activity. This initiative is under the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM) offering financial assistance to individual members of Women SHGs. The scheme also aligns with the Ministry of Rural Development's (MoRD) 'Lakhpati Didi Yojana' to promote financial independence for women. It is also a part of the bank's commitment to support women's economic participation and enhance their access to financial resources. About IOB – Mahila Shaksham Scheme: Objective: To empower women by providing them with financial assistance and support to start or expand their businesses. Features: i.The scheme is designed specifically for women entrepreneurs, including those running Small and Medium Enterprises (SMEs). ii.Women can avail loans minimum at Rs 75,000 and upto Rs 10,00,000 iii.It will foster entrepreneurship by ensuring a sustainable income of a minimum of Rs 1 lakh per household. iv.The repayment tenure is 60 Monthly/20 quarterly instalments including moratorium period (maximum 12 months). About Indian Overseas Bank (IOB): Managing Director(MD) and Chief Executive Officer (CEO)– Ajay Kumar Srivastava Headquarters– Chennai, {Tamil.

[Audio] Bank of Baroda Introduces bob Utsav Deposit Scheme Vadodara(Gujarat) based Bank of Baroda (BoB) announced the launch of the 'bob Utsav Deposit Scheme', a 400-day period term deposit scheme. The scheme offers interest rates of 7.30% per annum (p.a.) for the general public, 7.80% p.a. for senior citizens, 7.90% p.a. for super senior citizens (aged 80 years & above) and up to 7.95% p.a. on Non-Callable Deposits. The scheme opens on 14th October 2024 and is applicable on fixed deposits below Rs 3 crore. bob Utsav is a limited-period offer. BoB has also increased interest rates in the above 3 year to 5 year bucket by 30 basis points (bps) from 6.50% p.a. to 6.80% p.a. The interest rates on bob Earth Green Term Deposits have also been increased by 30 bps to 7.15% p.a in select tenors. FINANCE NEWS India Extends USD 50 Million Budgetary Support to Maldives for another Year India has extended the budgetary support to the Government of Maldives in the form of rollover worth USD 50 million Treasury Bills (T-bills) for another year, at the request of Maldivian government. This extension has been granted by the State Bank of India (SBI), India's largest Public Sector Bank (PSB), which has subscribed the USD 50 million T-bills issued by the Ministry of Finance, Maldives for another year. This marks the 2nd rollover granted by the Government of India in 2024, after the 1st rollover of USD 50 million T-bills was granted in May 2024. Note: Maldives is a key partner country of India's 'Neighbourhood First Policy' and Security and Growth for All in the Region (SAGAR) vision. MMRDA Secured Rs 31,673.79 Crore Loan from PFC to Fast Track Mumbai's 9 Infrastructure Projects The Mumbai Metropolitan Region Development Authority (MMRDA) has secured a loan worth Rs 31,673.79 crores from the Power Finance Corporation (PFC) under the Ministry of Power (MoP) to fast track the development of 9 key infrastructure projects in the Mumbai Metropolitan Region(MMR). This is a significant step towards the implementation of key initiatives aimed at enhancing connectivity, boosting economic growth, and elevating the overall quality of life for residents MMR. Detail of the Loan Agreement: i.As per the agreement, 80% of the total projects costs will be covered by the loan, while, the remaining 20% will be financed from government grants and MMRDA contributions. ii.The major amount of sanctioned loan i.e. Rs 15,071 crores will be allocated specifically for the ThaneBorivali Twin Tunnel Project, an initiative aimed at drastically reducing travel time between these two bustling cities. iii.The remaining Rs 16,602.79 crores will be used for the development of 8 other major infrastructure projects, which include: the construction of the Thane Coastal Road (Phase I), the extension of the.

[Audio] About Mumbai Metropolitan Region Development Authority (MMRDA): Metropolitan Commissioner- Dr. Sanjay Mukherjee Headquarters- Mumbai, Maharashtra About Power Finance Corporation Limited (PFC): Chairman and Managing Director (CMD) – Parminder Chopra Headquarters- New Delhi, Delhi Established- 1986 New UPI AutoPay rule: No 24-hour pre-debit notification for these two UPI recurring payments The National Payments Corporation of India (NPCI) has announced changes to the Unified Payments Interface (UPI) Autopay framework with immediate effect. Following this, auto-replenishment of the National Electronic Toll Collection (NETC) FASTag and RuPay National Common Mobility Card (NCMC) will no longer require the standard 24-hour pre-debit notification. This is in line with the Reserve Bank of India (RBI)'s directives "Statement on Developmental and Regulatory Policies" issued on 7th July 2024, which introduce an e-mandate framework for automatic balance top-ups in NETC FASTag and RuPay NCMC. i.This will allow for auto-replenishment when the balance falls below a threshold set by the customer, enhancing flexibility for users. ii.UPI members are instructed to remove the Pre-Debit Notification (PDN) validation for UPI Autopay executions related to these specific Merchant Category Codes (MCCs). DFC invests USD 272 million in India to Boost Economic Growth The United States(U.S.) International Development Finance Corporation (DFC) has made a significant commitment of over USD 272 million to support India's economic growth and sustainability. This commitment shows the strengthening partnership between the United States of America(USA) and India, particularly in promoting gender equality and sustainable development. It highlights the DFC's role in enhancing economic opportunities for millions of people and contributes to global efforts in fighting climate change. Key Investments: i.This investment includes key allocations, such as a USD 40 million loan to Mumbai(Maharashtra) based APAC Financial Services Private Limited, which aims to expand lending to low-income and microenterprises. ii.DFC is focusing on women's empowerment through a USD50 million loan to Mumbai based InCred Financial Services Ltd. This funding will facilitate lending to women-owned businesses, using technology to reach underserved entrepreneurs. Additionally, Chennai(Tamil Nadu, TN) based Kaleidofin Capital Private Ltd. will receive USD 5 million loan to expand financial services for underbanked women. iii.The DFC has allocated USD 19.8 million to Noida(Uttar Pradesh, UP) based Aryatech Platforms Pvt. Ltd. This investment will support agricultural trade by connecting small farmers with buyers and streamlining financing in the agricultural sector. iv.Enhancing environmental sustainability is a key goal, with DFC approving USD 18 million loan to New Delhi(Delhi) based Mufin Green Finance Ltd. This funding will support India's growing electric vehicle sector. Furthermore, USD 10 million will be provided to Nepra Resource Management Pvt. Ltd. to build dry waste recovery and recycling plants, which will help reduce emissions and advance the circular economy. Report Errors in the PDF - [email protected].

[Audio] v.Climate-focused businesses will benefit from a USD 50 million loan to Gujarat based Northern Arc Investments International Financial Services Centre(IFSC)Trust, which will finance projects in solar energy, green buildings, sustainable agriculture, and e-mobility. vi.India's healthcare sector will receive support through a USD20 million loan to New Delhi based Panacea Biotec Ltd., which will enable the production of additional doses of the hexavalent vaccine annually. This will help improve healthcare access in the country. vii.DFC is also investing USD 20 million in New Delhi based Satya MicroCapital Ltd. to expand its microfinance portfolio, specifically targeting rural and semi-urban women. In addition, Mumbai based UGRO Capital Ltd. will receive a USD 40 million loan to support lending to small and medium-sized enterprises. viii.DFC has allocated nearly USD 300,000 in technical assistance to Lok Capital IV LLC(the fund). This support aims to help portfolio companies improve their impact in areas such as climate adaptation, gender equity, and financial inclusion. Note: Lok Capital IV LLC (the Fund with a target size of up to USD200 million) is a closed-end private equity fund focused on investing in businesses that leverage technology to provide infrastructure and related services across financial services, climate, health, and agriculture sectors, primarily in India. About U.S. International Development Finance Corporation(DFC): Chief Executive Officer (CEO)- Scott Nathan Headquarters– Washington, D.C., the United States of America (USA) Founded – 2019 CBDT Released New Guidelines for Handling Delayed Tax Refund Claims On 1st October 2024, the Central Board of Direct Taxes (CBDT) under the Department of Revenue (DoR), Ministry of Finance (MoF) has released new guidelines for handling delays in submitting Income Tax Returns (ITR) that include claims for refunds on carrying forward losses under Section 119 (2) (b) of the Income-Tax (IT) Act, 1961. These new guidelines supersede any previous guidelines or instructions that were in place. This rule applies to applications submitted after October 1, 2024. These new guidelines aim to streamline the process of handling delayed tax refund claims and loss carry forward applications. Key Features: Introducing a 3-tier System for Processing Applications based on claim Amounts: i.As per the new rules, the Principal Commissioners of Income-Tax/ Commissioners of Income-Tax(Pr. CsIT/CsIT) have been vested with the powers to accept or reject such applications/claims, if the amount of such claims is up to Rs 1 crore for any one assessment year. ii.The Chief Commissioners of Income-Tax (CCsIT) have been vested with the powers to accept or reject such applications/claims, if the amount of such claims is between Rs 1 crore and Rs 3 crore for any one assessment year. iii.The Principal Chief Commissioners of Income-Tax (Pr. CCsIT) have been vested with the powers to accept or reject such applications/claims, if the amount of such claims is more than Rs 3 crore for any one assessment year. iv.Also, the new guidelines has empowered the Commissioner.

[Audio] Examination of Applications: i.The concerned authorities while considering the applications, are required to ensure that the assessee was prevented due to reasonable cause from filing the ITR within the due date and that the case is of genuine hardship on merits. ii.The concerned authorities are empowered to direct the jurisdictional Assessing Officer (AO) to make necessary inquiries as per the provisions of the Act. Time Limit: i.As per the new guidelines, the time limit for filing such applications within 5 years from the end of assessment year will apply to applications filed on or after 1st October, 2024. ii.The concerned authorities are expected to process these applications within a time period of 6 months of receipt. Special Cases: i.If the refund claims have arisen from the court order, then, the 5-year limit excludes the period the case was pending in court. ii.In such cases, taxpayers are required to file applications within 6 months of the court order date or the end of Financial Year (FY), whichever is later. Conditions w.r.t. power to accept or reject belated application for supplementary claim of refund applications based on Monetary Limit: i.It is mandatory to ensure that the income of the assessee is not accessible in the hands of any other person under any provisions of the Act. ii.No interest will be admissible on a belated claim of refunds. iii.The refund has arisen due to the excess tax deducted/ collected at source and/ or excess advance tax payment and/or excess payment of self-assessment tax as per the provisions of the Act. About Central Board of Direct Taxes (CBDT): Chairman – Ravi Agrawal Headquarter – New Delhi, Delhi Established – 1963 NBBL introduces national pension system on the Bharat Connect platform NPCI Bharat BillPay Limited (NBBL), a wholly owned subsidiary of the National Payments Corporation of India (NPCI), has partnered with the Pension Fund Regulatory and Development Authority (PFRDA) to integrate the National Pension System (NPS) as a biller category on the Bharat Connect platform (formerly known as Bharat Bill Payment System-BBPS). i.Under this partnership, individual investors will be able to contribute to existing NPS accounts with the support of Bharat Connect-enabled platforms. ii.This category has gone live for contributions on platforms such as Bharat Interface for Money (BHIM), PhonePe, MobiKwik, and Kotak Mahindra Bank's net banking channel. iii.Bharat Connect has onboarded all central record-keeping agencies, including Protean, KFintech, and Computer Age Management Services Limited(CAMS), ensuring that every existing NPS customer can make their contributions via Bharat Connect. Note: NBBL collaborated with Axis Bank Limited as a Biller Operating Unit (BOU) and technology service provider (TSP) Setu for integrating NPS with its platform. Indian and South Korean Bonds to Join FTSE Russell Government Indexes in 2025 On 8th October 2024, London (the United Kingdom, UK)-based index provider Financial Times Stock Exchange(FTSE) Russell announced that the Indian and the South Korean government bonds are set to Report.

[Audio] join FTSE Russell Government Indexes in 2025 to attract billions of dollars of foreign investment into their local bond markets. Market Accessibility Level for India will be reclassified from 0 to 1 and the Indian sovereign bonds will be included to its Emerging Markets Government Bond Index (EMGBI) from September 2025. FTSE Russell is the 3rd index provider to include Indian bonds in its emerging market following the successful inclusion of Indian bonds in JP Morgan's Government Bond Index-Emerging Markets (GBI-EM) index, in June 2024 and Bloomberg Index Services' Emerging Market Local Currency (EMLC) starting from 31st January, 2025. Key Points: i.It has also announced the inclusion of the South Korean government bonds to its World Government Bond Index (WGBI) after 2 years on its watch list. These bonds will constitute 2.22% of the index on a market value-weighted basis and will be included in the FTSE's WGBI starting in November 2025. ii.Indian government securities will be included into FTSE's EMGBI after being on the index provider's watch list for the last 3 years. As per FTSE, Indian bonds will constitute 9.35% of the index on a market-value-weighted basis, thus making India, the second-largest component after China. Points to Note: i.Since the announcement of Indian bonds inclusion into JP Morgan's GBI-EM in September 2023, Indian bonds have attracted approximately USD 18.5 billion in foreign inflows. GBI-EM index inclusion will be phased over a 10-month period; with 1% weight will be included each month until 31st March, 2025. Indian government securities will have 10% weight, similar to China. ii.As of October 2024 index profiles, total 32 Indian governments Fully Accessible Route (FAR) bonds, denominated in Indian Rupee (INR) and with a cumulative outstanding par value of USD 473.8 billion, are expected to be eligible for inclusion in FTSE's EMGBI. Important Terms: i.FTSE WGBI: It is a broad benchmark providing coverage of the global sovereign fixed income market. It measures the performance of fixed-rate, local currency, investment-grade sovereign bonds from more than 20 countries, denominated in different currencies. ii.FTSE EMGBI: It provides a broad benchmark for portfolio managers looking for a measure of sovereign emerging markets.It measures the performance of local currency government bonds from 16 countries About Financial Times Stock Exchange(FTSE) Russell: It is a leading global index provider which manages a wide range of indices, data and analytic solutions to cater the diverse needs of its clients across the world. Chief Executive Officer (CEO)- Fiona Bassett Headquarters- London, the United Kingdom (UK) Established – 2015 IREDA Received DIPAM Approval to Set Up Subsidiary to Handle Retail, B2B biz in Renewable Energy Segment State-owned Indian Renewable Energy Development Agency Limited(IREDA), under the Ministry of New and Renewable Energy (MNRE, has received the in-principal approval from the.