CURRENT AFFAIRS : BANKING & FINANCE
SEBI to Implement Regulatory Framework for Index Providers
- Markets watchdog Securities and Exchange Board of India (SEBI) approved providing flexibility to Not for Profit Organisations (NPOs) in raising funds through the social stock exchange and also decided to introduce a regulatory framework for index providers.
- SEBI will provide flexibility for fundraising by NPOs through the social stock exchange.
Key Highlights :
- In this regard, the minimum issue size in case of public issuance of Zero Coupon Zero Principal Instruments (ZCZP) for NPOs on the social stock exchange will be reduced to Rs 50 lakh from Rs 1 crore.
- Among other decisions, a regulatory framework will be introduced for the index providers to foster transparency and accountability in governance and administration of financial benchmarks in the securities market.
- Starting from September 2024, all fresh investments made by Alternate Investment Funds (AIFs) will be required to be held in dematerialized (demat) form.
- SEBI has announced its intention to regulate online platforms that offer fractional ownership of real estate assets.
- These platforms will be registered under the framework for small and medium Real Estate Investment Trusts (REITs).
About SEBI :
- Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
- Headquarters : Mumbai, Maharashtra
- Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
- SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.
Indian Private Banks Record Largest Single-Day Government Bond Purchase in 7 Years
- Indian private sector banks executed the most significant government bond acquisition in a single session in 7 years, involving a substantial investment on behalf of a corporate entity, according to traders.
- These banks collectively acquired government bonds amounting to a net value of 83.43 billion rupees ($1 billion), marking the most substantial purchase since November 15, 2016, as reported by Clearing Corp of India data.
- This surge propelled November’s overall buying above 200 billion rupees, following net sales of 101 billion rupees in October.
Key Highlights :
- Traders indicated that a large corporate entity likely secured around 50 billion rupees of benchmark paper through a private sector bank.
- An influx of approximately 7 trillion rupees is expected over the next month as specific papers, including the 8.83% 2023, 4.56% 2023, and 7.68% 2023, reach maturity.
- Most of these funds are anticipated to be reinvested in liquid papers, particularly the five-year and benchmark 10-year paper.
- The increased trend in bond buying is reinforced by improving macroeconomic conditions, including a decline of over 55 basis points in the 10-year U.S. yield in November.
- Traders noted that the anticipation of debt sales from the central bank has diminished, contributing to improved sentiment for bond purchases due to prevailing tight liquidity conditions.
- The Reserve Bank of India (RBI) refrained from selling bonds in the secondary market for the week ending November 10, following 185 billion rupees of sales in the preceding 10 weeks.
Indraprastha Gas Limited and IndusInd Bank Collaborate to Facilitate Digital Rupee Transactions in Delhi NCR
- IndusInd Bank has partnered with Indraprastha Gas Limited (IGL) to introduce digital rupee transactions in Delhi NCR.
- The collaboration enables customers at selected IGL stations to make payments using the Digital Rupee, the Central Bank Digital Currency (CBDC) launched by the Reserve Bank of India (RBI) in 2022.
Key Highlights :
- Through UPI interoperability, customers can scan any UPI QR using their Digital Rupee App across all IGL stations.
- As one of the pilot banks participating in the RBI’s CBDC initiative, IndusInd Bank believes in the value added by CBDC and aims to provide a seamless and comprehensive payment experience to its customers through the use of digital currency,”
- The bank is focused on contributing to the broader acceptance of Digital Rupee and fostering a ‘cashless’ economy.
- The Digital Rupee solution is available on both iOS and Android platforms, ensuring a user-friendly experience.
- It offers various features such as peer-to-peer (P2P) and peer-to-merchant (P2M) payments with complete UPI QR interoperability.
About IndusInd Bank :
- Founded : April 1994
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Sumant Kathpalia.
- Tagline : We Make You Feel Richer
About IGL :
- Founded : 1998
- Headquarters : New Delhi, Delhi, India
- Indraprastha Gas Limited (IGL) is an Indian natural gas distribution company that supplies natural gas as cooking and vehicular fuel.
- It is a joint venture between GAIL, Bharat Petroleum, and the Government of Delhi.
CURRENT AFFAIRS: NATIONAL NEWS
CABINET APPROVALS
I. Cabinet approves Central Sector Scheme for providing Drones to the Women Self Help Groups:
