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Special Drawing Rights: IMF

Special Drawing Rights: IMF Recently, the Finance Minister of India opposed a general allocation of new Special Drawing Rights (SDR) by the International Monetary Fund (IMF) because it might not be effective in easing Covid-19 driven financial pressures. The Finance Minister was concerned that such a major liquidity injection could produce potentially costly side-effects if countries used the funds for irrelevant purposes. The new SDR allocation will

UNDP and PCMC join hands for ‘first social impact bond’

Pimpri Chinchwad Municipal Corporation, Pune has recently signed an MoU with United Nations Development Programme (UNDP) India to co-create India’s first Social Impact Bond (SIB). This is the first time that a government body will act as the ‘outcome funder’ in a bond, whereas traditionally most government-funded public projects require large and early investments by the government with a substantial gestation period of outcomes and involve various kind

IFSCA becomes Associate Member of IOSCO

The International Financial Services Centres Authority (IFSCA) has become an Associate Member of the International Organization of Securities Commissions (IOSCO). The Headquarter of IOSCO is at Madrid, Spain. The IOSCO is the international organization of the world’s securities regulators, covering more than 95% of the world’s securities markets, and is also the global standard-setter for the securities sector. It works intensively with

Currency Swap Agreement between SL & India

The Central Bank of Sri Lanka (CBSL) settled a $400 million currency swap facility from the Reserve Bank (RBI) of India. What is a Currency Swap Facility? The term swap means exchange. Under this agreement, two contracting countries loan each other a specified amount in local currencies. Currency swap agreements involve trade in local currencies, where countries pay for imports and exports at pre-determined rates of exchange without the involvement of a third country currency like

FSDC (Financial Stability and Development Council)

With a view to strengthening and institutionalizing the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development, the Financial Stability and Development Council (FSDC) was set up by the Government as the apex level forum in December 2010. The Chairman of the FSDC is the Finance Minister and its members include the heads of financial sector Regulators (RBI, SEBI, PFRDA, IRDA & FMC) Finance Secretary and/or Secreta

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