BANKING FINANCE and BUSINESS Current Affairs Notes

HSBC invests one billion dollars in Indian Start-ups 

• Innovation: HSBC India: Innovation Banking platform.
• Intention: ₹8,880 crore (US$ 1 billion) to offer short-term working capital and term loans to start-ups.

• History of Funding:
• 2020: ₹444 crore (US$ 50 million)
• 2024: ₹5,328 crore (US$ 600 million)
• Current: ₹8,880 crore (US$ 1 billion)
• Significance: India will be 13 th market in the world with an exclusive HSBC innovation banking platform; will help start-ups, VC, and PE funds.
• Forecasted Impact: Indian start-ups projected will inject US 1 trillion into the economy, and create 50 million jobs by the year 2030.
• Large Start-up Hubs Bangalore, Delhi, Mumbai, Chennai, Hyderabad, Pune.

CBIC Introduces IFSC Code Registration System as automated- Current Affairs Notes.

• Goal: Improve Ease of Doing Business of exporters.

Key Features:

• System based automatic approval of registration of IFSC codes in various locations in Customs.
• Removes manual intervention of Port officers.
• Quickly credit these incentives on exports into bank accounts.
• Eliminates the repetition and waiting of orders.
• Significance: Enables better transaction costs and efficiency of operations to the trade fraternity of India.