INFORMATION SITE

Tag: Financial

  • Mauritius and Sri Lanka connected with UPI

    Mauritius and Sri Lanka connected with UPI

    Mauritius and Sri Lanka are now digitally connected with India. You can now receive or send Rupees through your UPI app in Mauritius and Sri Lanka. Furthermore, the Rupay Card will now be considered a domestic card in Mauritius.

    UPI services in Mauritius and Sri Lanka

    Mauritius Prime Minister, Sri Lankan President and Modi Inagurated.

    PM Modi, the Prime Minister of Mauritius and the Sri Lankan President jointly inaugurated UPI services. During a recent event, the Prime Minister addressed how today marks a special day for India, Sri Lanka, and Mauritius. He highlighted the importance of the historic connections between these nations taking the form of modern digital connections. Furthermore, this is a testament to the government’s commitment to the development of its people.

    The Prime Minister also emphasized that fintech connectivity will further strengthen cross-border transactions and partnerships. He specifically mentioned that India’s United Payments Interface (UPI) will play an important role in connecting partners with India.

    The Prime Minister highlighted the revolutionary impact of digital public infrastructure in India. Even the smallest of vendors in remote villages are now able to transact via UPI and make digital payments. The Prime Minister also spoke about the convenience and speed of UPI transactions. Last year, over 100 billion transactions worth Rs 2 lakh crores (equivalent to 8 trillion Sri Lankan rupees or 1 trillion Mauritius rupees) were conducted through UPI.

    Earn money online

    Furthermore, the Prime Minister mentioned the GEM Trinity of bank accounts, Aadhar and mobile phones, which has enabled the transfer of Rs 34 lakh crores (equivalent to 400 billion US dollars) into the bank accounts of beneficiaries. The Prime Minister also lauded the use of technology in promoting transparency, reducing corruption and increasing inclusivity in society, citing the success of the CoWin platform in facilitating the world’s biggest vaccination programme.

    This will grow tourism

    Top Ten Islands of India

    The Prime Minister emphasized that India’s foreign policy is ‘Neighborhood First’. Our maritime vision is SAGAR – Security and Growth for All in the Region. India sees its development as interlinked with its neighbours.

    The Prime Minister expressed confidence that Sri Lanka and Mauritius will benefit from their connection with UPI. With digital transformation they will receive a boost, their local economies will witness positive change, and their tourism will be promoted.

    “I am confident that Indian tourists will prioritize destinations with UPI. People of Indian origin living in Sri Lanka and Mauritius, as well as students studying there, will also receive special benefits,” added the Prime Minister.

  • Japan Central Bank Interest Rate is -0.1%

    Japan Central Bank Interest Rate is -0.1%

    Surprisingly, the Japan Central Bank Interest Rate is -0.1%. Know the facts and reasons for the negative interest rates.

    As of December 19, 2023, the Bank of Japan (BOJ) unanimously voted to keep interest rates at -0.1%. The BOJ also maintained its yield curve policy, which references a 1% upper bound for 10-year Japanese government bonds.

    Reasons for negative interest rates

    The benchmark interest rate in the Japan Central Bank Interest rate is -0.10%. The BOJ’s negative interest rate is intended to encourage banks to lend more. Moreover, It encourages businesses and consumers to borrow more to stimulate the economy. 

    The Bank of Japan’s policy rate remained unchanged at -0.10% at the end of 2022, the same as the end of 2021. This represents a decrease from the policy rate of 0.10% as recorded a decade earlier.

    The Bank of Japan has maintained this negative interest rate policy since 2016, to combat deflation and boost economic growth. However, the policy has also had some negative side effects, such as eroding banks’ profitability and discouraging savings.

    Positive Mindset

    Japan Central Bank’s next scheduled meeting for interest rate

    The next meeting of the Bank of Japan’s policy board is scheduled for January 22-23, 2024. At that meeting, the Bank of Japan is expected to decide whether to maintain its current negative interest rate policy or to begin raising rates.

    The Bank of Japan has recently signalled that it may be considering raising interest rates if inflation continues to rise above its 2% target. However, the central bank has also said that it will be cautious about raising rates too quickly, as this could damage the fragile economic recovery.

    Here are some additional details about the Bank of Japan’s interest rate policy:

    • The Bank of Japan’s Policy Board sets the policy rate, which meets eight times a year.
    • The policy rate is applied to the current account balances that commercial banks hold at the Bank of Japan.
    • The Bank of Japan also uses other tools to implement its monetary policy, such as quantitative easing and yield curve control.
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