Daily Current Affairs 07 & 08 April 2024 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Zimbabwe Introduces New Gold-Backed Currency: ZiG                                                     

• Zimbabwe has launched a new gold-backed currency called ZiG, short for “Zimbabwe Gold”,to stabilize its economy.
• This introduction marks the latest attempt by Zimbabwe to bring stability to its economy,which has faced significant challenges over the past 25 years.

Key Highlights :

• Market-Determined Exchange Rate :The central bank governor, John Mushayavanhu, announced that the ZiG would be structured and set at a market-determined exchange rate, aiming to bring transparency to currency valuation.

Daily Current Affairs 04 April 2024 | Latest News

CURRENT AFFAIRS : BANKING & FINANCE

Competition Commission of India Greenlights Axis Bank’s Acquisition of ₹1,612 Crore Stake in Max Life Insurance

• The Competition Commission of India (CCI) has approved the transaction involving Axis Bank’s additional 6% stake buy in Max Life Insurance, a private life insurer.
• The deal, valued at ₹1,612 crore, received an IRDAI nod in February 2024.

Key Highlights :

• Background of Capital Infusion : In August 2023, Axis Bank announced a capital infusion into Max Life Insurance by issuing 25 crore equity shares.
• The purpose of the capital infusion was to support Max Life’s future growth ambitions, enhance its capital position, and improve solvency margins.
• This resulted in Axis Bank’s direct stake in Max Life increasing to 22%, with the collective stake of Axis Entities rising to 19.02%.