.jpg "Banking & Financial Awareness GK Digest : July 2024")
RBI and ASEAN to
Launch Instant Cross-Border Retail Payments Platform
Current Context: The Reserve Bank of India (RBI) has joined forces with ASEAN countries to create a platform for instantaneous cross-border retail payments.
Details
- This collaborative initiative, known as Project Nexus, aims to interlink the Fast Payment Systems (FPS) of India and four ASEAN nations: Malaysia, the Philippines, Singapore, and Thailand.
- By doing so, it will revolutionize cross-border transactions, making them more efficient, faster, and cost-effective.
HDFC Life Launched
‘Bridge the Gap’ Campaign to Enhance Life Insurance Awareness
Current Context: HDFC Life, one of India’s leading life insurers, recently launched the ‘Bridge the Gap’ initiative to elevate public awareness about life insurance.
About
- To address this, the campaign aims to clarify the benefits of life insurance and inform the public about its significance.
- Through strategic partnerships and innovative outreach efforts, HDFC Life seeks to educate consumers on the critical role of life insurance.
- The initiative includes a combination of on-ground activities and digital initiatives, including informative chat shows in collaboration with ET NOW.
- These shows cover various aspects of financial planning with life insurance, such as protection, child plans, and retirement options.
RBI Launches
‘Finquiry’ to Allow Fintechs Directly Discuss with RBI
Current Context: The Reserve Bank of India (RBI) launched an initiative called ‘Finquiry’ to allow fintech companies to directly discuss and seek clarification on regulatory matters with RBI officials.
Key Points
- This program aims to improve communication and understanding between fintech businesses and the regulatory body.
- Availability: Last working Wednesday of every month for a two-hour window (3 PM to 5 PM).
- Location: FinTech department of the RBI Central Office Building, Shahid Bhagat Singh Road, Mumbai.
- Objective: To help fintech companies navigate the regulatory environment, get their compliance questions addressed, and discuss innovation-related concerns.
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