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CURRENT AFFAIRS : BANKING & FINANCE
International Monetary Fund Boosts India’s Gross Domestic Product Growth Projection for FY25 to 6.8% by 30 Basis Points
- The International Monetary Fund (IMF) has raised India’s Gross Domestic Product (GDP) growth projection for 2024-25 by 30 basis points to 6.8% in its update to the World Economic Outlook (WEO).
- This adjustment is attributed to buoyant domestic demand.
- However, the IMF’s estimate falls below the Indian government’s projection of 7% growth for the same period.
Key Highlights :
- Projected Growth Rates:Growth in India is forecasted to remain robust at 6.8% in FY25 and 6.5% in FY26, driven by continuing strength in domestic demand and a rising working-age population.
- For FY24, the IMF has raised India’s GDP growth projection to 7.8%, compared to 6.7% in its previous report.
- For FY26, the growth rate is expected to be 6.5%, consistent with the January update.
- Growth Estimates by National Statistical Office:The National Statistical Office’s second advance estimates indicate a GDP growth rate of 7.6% for 2023-24, compared to 7% in the previous fiscal year.
- Revised Projections by Rating Agencies: Rating agencies like Fitch and Barclays have also revised India’s GDP growth projection for FY24 to 7.8%, attributing it to strong domestic demand and persistent growth in business and consumer confidence levels.
- Inflation Projections: IMF projects India’s consumer price inflation to decline from an average of 5.4% in FY24 to 4.6% in FY25, and further to 4.2% in FY26.
- Global Growth Projection:The IMF has raised its global growth projection for 2024 to 3.2%, with slightly faster growth in advanced economies and stable growth in emerging markets.
- China’s Projected GDP Growth: The IMF projects China’s GDP growth to decelerate from 5.2% in 2023 to 4.6% in 2024, and further to 4.1% in 2025.
- IMF’s Statement on GDP Forecast:IMF Chief Economist Pierre-Olivier Gourinchas mentioned that the fund might revise China’s full-year GDP growth forecast upwards.
- This statement follows China’s stronger-than-expected 5.3% growth reported for the first quarter of 2024.
About IMF :
- Headquarters : Washington, D.C., United States
- Managing Director : Kristalina Georgieva
- Membership : 190 countries (189 UN countries and Kosovo)
Reserve Bank of India Takes Steps to Regulate Point of Sale Payment Providers Including Pine Labs, Innoviti, and MSwipe
- The Reserve Bank of India (RBI) has issued draft rules to regulate point-of-sale payment service providers (PA-P) after releasing guidelines for online payment aggregators like Razorpay and Cashfree.
What is meant by payment service providers?
- A payment service provider (PSP) is a third-party company that allows businesses to accept electronic payments, such as credit card and debit card payments.
- PSPs act as intermediaries between those who make payments, i.e. consumers, and those who accept them, i.e. retailers
Key Highlights :
- Companies Covered : Companies such as Innoviti Payments, Pine Labs, and MSwipe will now come under regulatory cover with these draft rules.
- Authorization Deadline: Companies providing point-of-sale payment services need to apply for authorization from the RBI by May 31, 2025.
- In case they fail to get authorisation, they will have to cease these services, as per the draft rules.
- Classification of Merchants : Payment aggregators will have to inform the regulator about their intent to seek authorisation within 60 days from the date of issuance of formal guidelines.
- Closure of Non-Bank PA-Ps : It directed banks to close non-bank PA-Ps by October 31, 2025, unless they provide evidence of applying to RBI for authorisation.
- Enhanced Customer Due Diligence : The regulator has also suggested enhanced customer due diligence to be undertaken by payment aggregators to ensure that the right set of merchants avail of digital payment services.
- All PAs must become members of the Financial Intelligence Unit under the finance ministry to report any suspicious transactions.
- All these guidelines are applicable equally to PA-P as well as online payment aggregators (PA-O).
- These guidelines assume significance in the wake of RBI’s scrutiny of the digital payments ecosystem and the level of KYC undertaken by these service providers on their merchants.
- Paytm Payments Bank had to face regulatory action recently because of improper KYC of its user base over the years.
- Merchant Classification : For ease of operations for payment players, the central bank has suggested the classification of merchants into small and medium categories.
- The regulator has defined small merchants as those physical merchants with turnover of less than Rs 5 lakh per annum.
- Medium merchants are those with a turnover beyond Rs 5 lakh but up to Rs 40 lakh per annum.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
Fitch Maintains ‘BBB-‘ Ratings for State Bank of India and Canara Bank
- Global ratings firm Fitch has affirmed the ratings of several public sector banks and maintained a stable outlook for them.
- The rating decisions are in line with the sovereign rating of the country to which these ratings are linked.
- Fitch has affirmed the ratings of Canara Bank, State Bank of India (SBI), Bank of Baroda New Zealand, Union Bank of India, Punjab National Bank, Bank of India, and Bank of India New Zealand at BBB-.
Key Highlights :
- Additional Ratings Affirmed:Fitch has also affirmed the bank’s Viability Rating (VR) at ‘bb’ and Government Support Rating (GSR) of ‘bbb-‘.
- Driving Factors for Ratings:For SBI, factors such as government support, strong operating environment, dominant presence, double-digit loan growth, lower impaired loan ratio, strong profitability, dominance of deposits, and modest capital buffers are driving factors for its ratings.
- Similarly, for Canara Bank, factors like a strong franchise and growing risk appetite contribute to its ratings.
- Bank of Baroda New Zealand’s ratings are influenced by loan growth above peers and strong local reach.
- Punjab National Bank and Union Bank’s ratings are driven by robust funding and liquidity, among other factors.
What is Credit Rating?
- Credit rating is a measure used to evaluate the reliability of a borrower, which can be a company, individual, or government entity.
- While individuals are typically assigned “credit scores,” corporations and governments receive “credit ratings.“
- It’s crucial to note that these ratings apply to specific entities, not entire nations.
- For governments, the assessment is referred to as a sovereign rating, reflecting the creditworthiness of the government or sovereign entity.
About Fitch Ratings Inc :
- Founded : 1914
- Fitch Ratings Inc. is an American credit rating agency and is one of the “Big Three credit rating agencies”, the other two being Moody’s and Standard & Poor’s.
India Mortgage Guarantee Corporation Partners with Bank of India to Provide Home Loan Products Backed by Mortgage Guarantee
- India Mortgage Guarantee Corporation (IMGC), announced its strategic partnership with Bank of India (BOI), one of India’s largest public sector banks, to offer innovative mortgage guarantee-backed home loan products.
- This collaboration focuses on salaried and self-employed home loan customers in the affordable housing segment.
- With healthy growth in the affordable housing segment, this partnership aims to mitigate the risk of defaults for the bank and offer more favourable loan terms to its customers.
About IMGC :
- MD & CEO : Mahesh Misra
- IMGC is India’s first mortgage guarantee company with over 5,100 branches and plans to provide home loan products with more flexibility and security to customers.
- IMGC has surpassed Rs 25,000 crore in home loan guarantees for over one lakh customers across 400 locations nationwide.
About BoI :
- Headquarters : Mumbai, Maharashtra
- MD & CEO : Rajneesh Karnatak
BNP Paribas Acquires 9% Stake in Belgian Insurer Ageas for $780 Million
- BNP Paribas, the largest bank in the eurozone, has agreed to purchase a 9% stake in Belgian insurer Ageas from China’s Fosun Group for approximately 730 million euros ($780 million), becoming the largest shareholder in Ageas.
- The deal concludes months of speculation regarding Fosun Group’s direct and indirect holdings in Ageas as the Chinese conglomerate seeks to reduce its debt burden through asset sales after an aggressive acquisition phase.
- The acquisition, to be executed through BNP Paribas Cardif, aligns with BNP Paribas’ strategy of expanding its insurance business.
- Ageas and BNP Paribas have been long-time partners through joint shareholding in AG Insurance, Belgium’s leading insurer, with Ageas holding 75% and BNP Paribas holding the remainder.
- BNPP stated that it would acquire a first 4.8% tranche in coming days, with the rest of the 9% stake to be bought after receiving regulatory approvals.
About BNP Paribas :
- BNP Paribas is a multinational universal bank and financial services holding company headquartered in Paris, France.
About Ageas :
- Ageas is a Belgian multinational insurance company co-headquartered in Brussels, Belgium.
- Ageas is Belgium’s largest insurer and operates in 13 countries worldwide.
CURRENT AFFAIRS: NATIONAL NEWS
India gifts 35 ambulances, and 66 school buses to various health and education institutions in Nepal
- India donated 35 ambulances and 66 school buses to various organisations across Nepal, enhancing the local infrastructure in the health and education sectors.
- Indian Ambassador to Nepal Naveen Srivastava handed over the vehicles to the Nepalese officials in the presence of Finance Minister Barshaman Pun at a ceremony.
- Out of 101 vehicles, two ambulances were handed over on location in the earthquake-affected Jajarkot and West Rukum districts by the representative of the Embassy of India in the presence of district officials and local residents.
- Since 1994, India has gifted 1,009 ambulances and 300 school buses across Nepal.
- The ambulances and school buses are gifted on the occasion of Independence Day and Republic Day.
- It is part of the government of India’s continued support for the efforts of Nepal to strengthen its health and education facilities and to facilitate easy physical access to these services.
India raises windfall tax on petroleum crude to ₹9,600
- The Indian government announced an increase in the windfall tax on petroleum crude.
- Effective from April 16, the tax rate has been raised to 9,600 rupees ($114.99) per metric ton, up from the previous rate of 6,800 rupees.
- This revision, which occurs every fortnight, maintains the windfall tax at zero for diesel and aviation turbine fuel, providing some relief in those sectors.
- The government raised the windfall tax on petroleum crude to 6,800 rupees per metric ton from 4,900 rupees on April 4.
KeY Highlights
- India started the tax on crude oil producers and on exports of gasoline, diesel and aviation fuel in July 2022 to regulate private refiners who wanted to sell fuel overseas instead of locally in a bid to gain from robust refining margins.
- Windfall Tax is a tax levied by governments against certain industries when economic conditions allow those industries to experience significantly above-average profits.
- The term “windfall” refers to an unexpected rise in profits, and the tax on windfall gains is known as the windfall tax.
- When the government notices a sudden increase in an industry’s revenue, they impose this tax.
India lost 2.3 million hectares of tree cover between 2001 and 2023
- India has lost 2.33 million hectares of tree cover since 2000, according to the latest data from the Global Forest Watch monitoring project.
- The Global Forest Watch, which tracks forest changes in near real-time using satellite data and other sources, said the country lost 4,14,000 hectares of humid primary forest from 2002 to 2023, making up 18 per cent of its total tree cover loss in the same period.
- Between 2001 and 2022, it said, forests in India emitted 51 million tons of carbon dioxide equivalent a year and removed 141 million tons of carbon dioxide equivalent a year.
- The data showed that 95 per cent of the tree cover loss in India from 2013 to 2023 occurred within natural forests.
- The maximum tree cover loss of 189,000 hectares occurred in 2017.
- The country lost 175,000 hectares of tree cover in 2016 and 144,000 hectares in 2023, the highest in the last six years.
Key Highlights
- The GFW data showed that five states accounted for 60 per cent of all tree cover loss between 2001 and 2023.
- Assam had the maximum tree cover loss at 324,000 hectares compared to an average of 66,600 hectares.
- Mizoram lost 312,000 hectares of tree cover, Arunachal Pradesh 262,000 hectares, Nagaland 259,000 hectares, and Manipur 240,000 hectares.
- According to the Food and Agriculture Organisation, the rate of deforestation in India was 668,000 hectares per year between 2015 and 2020, the second highest worldwide.
- From 2001 to 2022, Odisha had the highest rate of tree cover loss due to fires with an average of 238 hectares lost per year.
- Arunachal Pradesh lost 198 hectares, Nagaland 195 hectares, Assam 116 hectares, and Meghalaya 97.
About GFW
- Global Forest Watch (GFW) is an open-source web application to monitor global forests in near real-time using satellite data and other sources.
- It is a project of the Washington-based nonprofit research organization, the World Resources Institute (WRI).
CURRENT AFFAIRS: BUSINESS NEWS
Brokerage firm Groww seals top spot with nearly 23% market share
- Brokerage firm Groww emerged as the largest broker in India with a market share of 23.4 per cent and an active client base of 9.5 million in the Financial Year 2023-24 (FY24).
- The discount broker recorded a 77.5 per cent jump in the active client base in FY24 and a 42 per cent overall jump in the market share.
- While its rival, Zerodha, recorded a 14 per cent jump in the number of active clients touching 7.3 million year-on-year.
- But its market share slipped to 17.9 per cent at the end of FY24 from 19.6 per cent, making it second to Groww.
- The top five largest brokers are – Groww followed by Zerodha, Angel One, Upstox, ICICI securities.
- The share of top five discount brokers account in the total NSE active clients has also surged to 63.8 per cent as of March 2024 against 59.9 per cent in March 2023.
- The number of active clients at NSE surged to 40.8 million as of March 2024 against 32.7 million the same month a year ago — recording an increase for the ninth consecutive month.
- The total number of demat accounts has increased to 151 million in FY24, with an average monthly addition of 3.1 million.
Hong Kong approves first bitcoin, Ethereum spot ETFs
- Hong Kong’s securities regulator approved the first spot bitcoin and ethereum exchange-traded funds (ETFs), a milestone on the way to becoming Asia’s first city to accept the popular cryptocurrencies as a mainstream investment tool.
- Hong Kong unit of Bosera Asset Management and China Asset Management said they had received regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to launch the ETFs.
- Bosera will launch its product in partnership with Hong Kong-based HashKey Capital.
- The step comes just three months after the U. launched the first U.S.-listed ETFs to track spot bitcoin.
- The U.S. launch set an example for other regions as it has already drawn roughly $12 billion in net inflows.
CURRENT AFFAIRS: AWARDS AND HONOURS
Jain spiritual leader honoured with the US President’s Gold Volunteer Service
- The US President’s Gold Volunteer Service Award was presented to India’s Jain spiritual leader Lokesh Muni.
- This award has been given to him for his contribution to public welfare and humanity.
- Senior Democratic Congressman Brad Sherman presented the Presidential Award Golden Shield and Certificate of Honor to Lokesh Muni at the US Capitol.
- Muni is the Founder of Ahimsa Vishwa Bharati and the World Peace Center in India.
- In 2003, the President’s Volunteer Service Award was established by the President’s Council on Service and Civic Engagement to recognize the vital role volunteers play in America’s strength and national identity.
- AmeriCorps selects the awardees of the President’s Volunteer Service Award.
- AmeriCorps is an independent agency of the U.S. government that engages more than five million Americans in service through a variety of stipend volunteer work programs in a variety of sectors.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
BharatPe Appoints Nalin Negi as Full-Time CEO Following Sameer’s Departure in 2023
- Fintech firm BharatPe has elevated its interim Chief Executive Officer (CEO) and chief financial officer Nalin Negi to full-time chief executive officer.
- Negi assumed the role of interim CEO in January 2023 following the resignation of then CEO Suhail Sameer.
About Nalin Negi :
- Negi joined BharatPe in 2022, with over 28 years of experience in building and scaling businesses in the fintech and banking domains.
- He held senior leadership positions at organizations like SBI Cards and GE Capital.
- Under Negi’s leadership, BharatPe saw a significant increase in revenue from operations in FY23, with a remarkable 182% growth.
- The company also achieved its first positive EBITDA (which stands for earnings before interest, taxes, depreciation and amortization,) month in October 2023.
Recent News :
- In April 2024, BharatPe promoted Sandeep Indurkar, previously the Chief Business Officer (CBO) for banking and alliances, to the position of CEO of the payment vertical.
About Bharatpe :
- Founded : 2018
- Headquarters : New Delhi, India
- BharatPe is an Indian fintech company that sells digital payment and financial services to small merchants and Grocery stores.
Saurabh Garg Assumes Additional Charge as Secretary of the Ministry of Statistics and Programme Implementation
- The Central Government has given Indian Administrative Service (IAS) officer Saurabh Garg the additional charge of Secretary of the Ministry of Statistics and Programme Implementation (MoSPI).
- This comes following the completion of the tenure of G. P. Samanta.
- The decision to appoint Saurabh Garg was made through an order issued by the Department of Personnel & Training (DoPT), which oversees administrative matters related to civil servants in India.
- Garg will serve in this post till the appointment of a regular incumbent or further directives.
- Garg is currently the Secretary in the Department of Social Justice & Empowerment.
Vivek Aggarwal Granted 6-Month Extension as Director of Financial Intelligence Unit – India
- Vivek Aggarwal, an Indian Administrative Service (IAS) officer, has been granted a 6-month extension on his additional charge as Director of the Financial Intelligence Unit – India (FIU-India).
- The Appointments Committee of the Cabinet (ACC), as per an order from the DOPT, approved the Department of Revenue’s proposal to extend Vivek Aggarwal’s (IAS) tenure.
About Vivek Aggarwal :
- Aggarwal is from the 1994 batch, from the Madhya Pradesh cadre.
- He has served as the Director of FIU-India since January 2023.
- He is currently serving as an Additional Secretary in the Department of Revenue under the Ministry of Finance.
About Financial Intelligence Unit – India :
- Established : November 18, 2004
- Headquarters : New Delhi, Delhi
- The Financial Intelligence Unit – India works within the Government of India’s Department of Revenue.
- It collects financial intelligence regarding crimes covered by the Prevention of Money Laundering Act, 2002.
CURRENT AFFAIRS: MOUS AND AGREEMENT
Jio Financial Services and BlackRock join hands for wealth management, broking business
- Jio Financial Services and BlackRock Group have entered into a 50:50 JV for wealth management and broking businesses.
- The company (Jio Financial), BlackRock, Inc. and BlackRock Advisors Singapore Pte. Ltd. have signed an agreement to form a 50:50 joint venture between the company and Blackrock, to undertake wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India
- Jio and BlackRock had announced setting up a JV for asset management business in India in July 2023.
- In October 2023, Jio Financial and BlackRock Management filed papers for their mutual fund with the Securities and Exchange Board of India (SEBI).
- The application was under consideration for the regulator’s “in-principle approval” as of December 2023.
About BlackRock Group
- BlackRock Asset Managers is one of the world’s largest asset managers.
- It previously operated in India in a JV with the DSP Group through DSP BlackRock Mutual Fund.
- The partnership ended in 2018, following which BlackRock announced its plans to re-enter India with Jio Financial.
CURRENT AFFAIRS: SPORTS NEWS
Rashmi Kumari wins national women’s carrom title for the 12th time
- Three-time World Champion Rashmi Kumari beat K Nagajothi 25-8, 14-20, 25-20 in the women’s final of the 51st National Carrom championship organised by the Madhya Pradesh Carrom Association.
- It was a record 12th national women’s singles title for Rashmi, employed as the Chief Manager at the Oil and Natural Gas Corporation (ONGC).
- The men’s title was bagged by K Srinivas as he beat S Aditya 25-0, 19-6 in the final.
- It was the fourth national men’s singles title for Srinivas who was brilliant in the tournament, executing seven white slams.
- The championship, sponsored by the Petroleum Sports Promotion Board (PSPB) and SYNCO carrom company, had 237 men and 174 women participants from 12 institutions and 27 States.
CURRENT AFFAIRS: BOOKS AND AUTHOR
Salman Rushdie to release ‘Knife’ memoir recounting stabbing
- Booker Prize-winning author Salman Rushdie’s memoir “Knife” has been released.
- In ‘Knife’, Salman Rushdie has an imaginary conversation with his attacker.
- On this occasion, has spoken in detail about the moment he was attacked by a man with a knife on a stage in New York in 2022.
- In this attack, Rushdie’s damaged liver and hands and nerves in his right eye.
- After the 1988 publication of the controversial ‘The Satanic Verses’, Rushdie had spent several years in hiding.
- Rushdie’s second novel, Midnight’s Children (1981), won the Booker Prize in 1981.
CURRENT AFFAIRS : OBITUARIES
Renowned Carnatic Musician K.G. Jayan Passed Away
- Acclaimed Carnatic musician K.G. Jayan, the father of front-line Malayalam actor Manoj K. Jayan, passed away at the age of 90.
About K.G. Jayan :
- G. Jayan born on 21 November 1934 in Kottayam, Travancore, India
- He was renowned for his devotional songs and had composed over 1,000 songs during his career.
- He also served as a music director for several Tamil and Malayalam films.
- He, along with his twin brother, KG Vijayan was known in the world of South Indian music as Jaya-Vijaya brothers.
- Some of the movies for which they provided music include “Bhoomiyile Malakhamar,” “Dharmasastha,” “Nirakudam,” “Sneham,” “Theruvugeetham,” “Padhapooja,” “Shanmughapriya,” and “Pappathi.
- Their repertoire includes hit numbers like “Nakshatradeepangal Thilangi,” “Hridayam Devalayam,” and “Radhathan Premathodano.” They were also known for their popular Ayyappa devotional songs such as “Sreekovil Nadathurannu,” “Ishtadaivame Swami Saranamayappa” (sung by P. Leela), and “Hariharasuthane.
Awards & Honors :
- 1991 – Kerala Sangeetha Nataka Akademi Award – Government of Kerala
- 2013 – Harivarasanam Award – Government of Kerala and Travancore Devaswom Board
- 2019 – Padma Shri – 4th highest civilian award in India
World Cup-winning German Soccer Player Hoelzenbein Passed Away
- Bernd Hoelzenbein, the 1974 World Cup-winning striker for Germany, passed away at the age of 78.
About Bernd Hoelzenbein :
- Hoelzenbein played as a striker or winger and scored five goals in 40 matches for West Germany.
- Additionally, he achieved success at the club level, winning three German Cups with Frankfurt and the UEFA Cup in 1980.
- He also holds the club record for Frankfurt with 215 goals scored in 532 competitive appearances between 1967 and 1981.
- He made significant contributions to Frankfurt’s success, being part of the golden generation of the 1970s and the UEFA Cup-winning team in 1980.
- Hoelzenbein remained involved with Frankfurt even after his playing career, serving as vice-president during the ‘Football 2000’ era in the early 1990s.
CURRENT AFFAIRS: IMPORTANT DAYS
World Heritage Day 2024: April 18
- Every year, April 18th is celebrated as World Heritage Day or International Day for monuments and sites.
- The International Council on Monuments and Sites 1982 suggested that April 18 should be celebrated as World Heritage Day.
- The United Nations Educational, Scientific and Cultural Organization in its 22nd general conference in 1983 approved the date.
- Since then International Council on Monuments and Sites has suggested a theme for the celebrations.
- This day is not just about the listed sites but all cultural heritage landscapes of global state and local significance.
Daily CA One-Liner: April 18
- India donated 35 ambulances and 66 school buses to various organisations across Nepal, enhancing the local infrastructure in the health and education sectors
- The Indian government announced an increase in the windfall tax on petroleum crude.
- India has lost 2.33 million hectares of tree cover since 2000, according to the latest data from the Global Forest Watch monitoring project
- Brokerage firm Groww emerged as the largest broker in India with a market share of 23.4 per cent and an active client base of 9.5 million in the Financial Year 2023-24 (FY24).
- Hong Kong’s securities regulator approved the first spot bitcoin and ethereum exchange-traded funds (ETFs), a milestone on the way to becoming Asia’s first city to accept the popular cryptocurrencies as a mainstream investment tool.
- The US President’s Gold Volunteer Service Award was presented to India’s Jain spiritual leader Lokesh Muni.
- Jio Financial Services and BlackRock Group have entered into a 50:50 JV for wealth management and broking businesses
- Three-time World Champion Rashmi Kumari beat K Nagajothi 25-8, 14-20, 25-20 in the women’s final of the 51st National Carrom Championship organised by the Madhya Pradesh Carrom Association
- Booker Prize-winning author Salman Rushdie’s memoir “Knife” has been released
- Every year April 18th is celebrated as World Heritage Day or International Day for monuments and sites.
- The International Monetary Fund (IMF) has raised India’s Gross Domestic Product (GDP) growth projection for 2024-25 by 30 basis points to 6.8% in its update to the World Economic Outlook (WEO).
- The Reserve Bank of India (RBI) has issued draft rules to regulate point-of-sale payment service providers (PA-P) after releasing guidelines for online payment aggregators like Razorpay and Cashfree.
- Global ratings firm Fitch has affirmed the ratings of several public sector banks and maintained a stable outlook for them.
- India Mortgage Guarantee Corporation (IMGC), announced its strategic partnership with Bank of India (BOI), one of India’s largest public sector banks, to offer innovative mortgage guarantee-backed home loan products.
- BNP Paribas, the largest bank in the eurozone, has agreed to purchase a 9% stake in Belgian insurer Ageas from China’s Fosun Group for approximately 730 million euros ($780 million), becoming the largest shareholder in Ageas.
- Fintech firm BharatPe has elevated its interim Chief Executive Officer (CEO) and chief financial officer Nalin Negi to full-time chief executive officer.
- The Central Government has given Indian Administrative Service (IAS) officer Saurabh Garg the additional charge of Secretary of the Ministry of Statistics and Programme Implementation (MoSPI).
- Vivek Aggarwal, an Indian Administrative Service (IAS) officer, has been granted a 6-month extension on his additional charge as Director of the Financial Intelligence Unit – India (FIU-India).
- Acclaimed Carnatic musician K.G. Jayan, the father of front-line Malayalam actor Manoj K. Jayan, passed away at the age of 90.
- Bernd Hoelzenbein, the 1974 World Cup-winning striker for Germany, passed away at the age of 78.
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