Finance Current Affairs RBI NABARD SEBI Preparation | Current Affairs MCQs | Finance 360 by EduTap #Finance

hello everyone welcome to edop and welcome to today’s session so today we are going to discuss two very important Finance current affairs the first one is regarding the

insolvency and bankruptcy Board of India that has partnered with the Indian Banks Association to utilize the EB cre platform so today we will have the understanding about this ibbi as well as about this EBC platform and how the EBC platform will help in the liquidation process okay the second news

article is regarding the idfc first bank that has become the first bank to offer the realtime tracking of money sent abroad through the Swift platform so this is very important we will understand about the Swift platform and how this tracking happens so all of this we are going to discuss in

today’s session okay so this is very important from your understanding point of view from the examination point of view you need to have the idea about the ibbi and what is this EB platform as well as you need to have the idea about Swift platform and the idfc first bank that has become the

first bank to track the money sent okay so now before starting with this session do subscribe to the YouTube channel of edutab so that you continue getting the relevant CashNews.cos and join the telegram channel for the PDF of the session and the link for the telegram channel is provided in the

description box below so the ibbi has partnered with IBA to launch the platform for asset liquidation auctions okay so ibbi has partnered with the ibaa first of all what is this ibbi ibpi is the insolvency and bankruptcy Board of India like we have the Reserve Bank of India who is the regulator of

the banks nbfcs and the RBI provides the regulatory oversight for the monetary system of the country okay similarly we have the insolvency and bankruptcy Board of India this is a legal body statutory body established on 1st October 2016 in accordance with the provisions of the insolvency and

bankruptcy code of 2016 it is headquartered in New Delhi and it is the it is providing the regulatory oversight over the service providers in the insolvency ecosystem so ibbi is the regulator it is the regulator of the insolvency professionals and the service providers in the insolvency ecosystem

it provides the regulatory oversight it also is responsible for implementation of the insolvency and bankruptcy code so ibbi is the regulator of the insolvency process we can say okay so now the ibp has partnered with the ibaa what is the requirement for this partnership so first of all let’s

understand a little background so on 29th October 2024 the ibbi released this circular that the IBA has partnered like ibbi has partnered with the ibaa so first of all currently what happens that the Liquidators see ibbi that is the insolvency and bankruptcy Board of India it is the regul regor of

the insolvency process right it is having the regulatory oversight over the service providers in the insolvency process so insolvency and bankruptcy code or the insolvency process this handles the insolvency of the Debtors there there are the Debtors let’s

say they are not able to return the money to the Creditors now the Debtors are saying that we do not have money to return to the Creditors so they can go to the insolvency process and the dettor uh can become insolvent and the

Assets of the Debtor can be liquidated can be sold to give the money back to the Creditor okay so currently the Liquidators in the various liquidation process are selling the asset through various auction platforms so there are different auction

platforms through which the Debtor’s asset are being sold so that the money can be given to the Creditors so the details of a company’s asset are typically made public only at the time of auction notice let’s say that today the auction notice has

been released that through this auction platform we are selling the asset of this particular dettor of this particular company okay so there is a very less time that is provided to the potential buyers now the potential buyers have to check the asset that the asset is good or not the asset uh what

is the geographical location of asset or what is the like prop properties of the asset okay so this practice leads to information assm because very less time is given to the potential buyers to check the relevance to check the quality of the asset as potential buyers have limited time to assess the

value of the asset often resulting in lower recovery rates so now the uh potential buyers they have very less time to check the quality to check the value of the asset so the potential buyers they are not having the time and so many of the buyers they do not buy this asset because they don’t

have the time to check the uh check the quality check the value of the asset many of the buyers take their hands away the other buyers they put very low value on the Assets of the Debtor because they didn’t get the time to evaluate it properly so this creates

a lot of trouble for the buyers also for the sellers also now the sellers of the asset like that is the Liquidators they are selling the detor asset they are selling the asset of the detor and the uh well the information about the asset is only made public at the time of auction notice so there is

a very less time that is provided to the buyer so potential buyers they usually are not interested or even if they are interested they are putting low value to this asset because they didn’t got much of the time to asset it to assess it properly okay so that creates the problem so now what

has been said uh in this circular so a circular has been released recently that the IBB bi has partnered with the IBA so ibbi has collaborated with the IBA Indian Banks Association to facilitate the auction of asset through the EB cray platform which is presently owned and managed by the PSB

Alliance private limited that is a Consortium of 12 public sector Banks okay so eer platform is present owned and managed by PSP Alliance private limited so this EB platform has been conducting auctions for Assets morage by the public sector Banks under the surfacey act for the

past 5 years so EB CR platform is a very big platform that has been conducting auctions for the Assets for past 5 years and it has been said that the ibbi is looking is has collaborated the ibbi has collaborated with the ibaa so that the auctions can happen through this EB CR

platform only so that there is only one platform through which the auctions are happening and the AU CS will be pre-informed okay so accordingly PSB Alliance has developed a module within the EB cray platform to facilitate the listing an auction of asset under the IPC so under the insolvency and

bankruptcy code under the insolvency process there are some Debtors that are getting like insolvent and their Assets are getting liquidated so these Assets that are getting liquidated that have to be auctioned off so under under the insolvency

process for that there is a separate module that has been developed okay so PSB Alliance has developed a module within the eBay platform to facilitate the listing and auction of the asset under the insolvency process under the insolvency and bankruptcy code so this centralized platform this is a

centralized platform this offers detailed information on the corporate data asset on the asset of the data including photographs CashNews.cos geographical coordinates and such so that whoever is the potential buyer whoever is interested can go to the location and can see the value and can assess

the value okay by enhancing the transparency and efficiency through the advanced technology EB cray aims to increase the bidder participation as more uh buyers as more potential buyers will get the information they will get the CashNews.co they will see the geographical coordinates they will assess

the market value they will understand that okay this property is a very good property so more buyers will be interested in the property so to increase the bidder participation there will be more transparency and efficiency through the advanced technology that the EBC platform will bring and this

will become the centralized platform for the auctions that happens under the insolvency process so streamline the operation maximize the returns for Creditors while improving outcomes for biders okay biders or the potential buyers they will be able to to get to the actual value get

to the uh they will be able to assess the value and the Creditors will be getting the maximum returns they can get okay so this is the idea so now the EB cray platform will be the single listing platform to host all the Assets being sold in the liquidation cases

under the insolvency and bankruptcy process whatever the Assets are being sold they will be sold through this single listing platform this platform will require the Liquidators to list all the Assets of the corporate dator as mentioned in the asset memorandum so

there is asset memorandum that is a document that provides details about the asset that are intended to be sold including the asset value the value that has been assessed by the team the intended method of sale the expected amount of realization from the sale and any other relevant information for

the sale okay so uh this platform will require the Liquidators to list all the Assets of the corporate dator as mentioned in in the asset memorandum including comprehensive details such as the status of the attachment what is the status how the property is right now it is well

maintained or not it has been uh like it is under the proper boundary or not or uh geographical coordinates uh has to be provided the likely date of auction has to be provided so all of this has to be provided okay initially the platform is envisioned to be deployed on a pilot mode and it will be

improved based on the experiences of usage the full flesh roll out will happen after the pilot mode has finished after the improvements have been incorporated then the full flesh rollout of the platform will be notified uh for the insolvency process for the liquidation process so the insolvency

professionals that handle the liquidation process are hereby directed that they shall list the details of all the unsold Assets in respect of the ongoing liquidation process on the EBC platform so in case of all the liquidation processes the unsold Assets have to

be listed on the EB CR platform uh the listing of all the Assets should happen within 7 Days of submission of the asset memorandum to the abating authority so abating Authority it looks after the insolvency process it is the like it is the authority that is looking after the uh

like single single insolvency processes so when the asset memorandum has been uh kept in front of the obuca authority so the list of all the asset within 7even days of submission of asset memorandum should be given okay now the IPS that is insolvency professionals that are handling the liquidation

process may use the EPK auction platform for the sale of Assets on or after this circular this circular shall come into force with effect from 1 November 2024 so it has already came into Force this is issued in exercise of the powers u under Section 196 of insolvency and bankruptcy

code 20 16 okay so I hope this is very much clear now uh this is the first news article that we have covered that the ibbi has partnered has collaborated with the IBA for the EB create platform so that the insolvency processes and the liquidation processes that are happening that should happen

through the EB platform that will be more transparent and more efficient for the buyers also for the sellers also the Creditors will be able to get the maximum returns if the process is transparent and efficient okay so now coming to the second news article that is the realtime

tracking of money sent abroad through Swift GPI so the idfc first bank has become the first Indian Bank to go live on the Swift GPI first of all what is this Swift swift is the society for worldwide interbank Financial telecommunication so Swift is not a payment system it is a global messaging

system that acts as a channel for transmitting messages between the financial institutions at the global level that initiate and confirm the financial transactions okay so basically the Swift is a messaging system that okay the SBI is sending the money to some foreign bank so the Swift is the

messaging system to connect the SBI and the foreign bank to get to transmit the messages of initiation and the confirmation of the financial transaction so Swift is not a payment system it is actually a messaging system it is the society for worldwide interbank Financial T communication it is for

the communication okay now there is a swift GPI GPI is the global payment Innovation so see Swift GPI enables you to deliver a transform customer experience let’s say that Ram of India wants to send money to John who is living in us okay so your customers expect the best okay if you are

ordering a Piza if you are ordering a parcel or you are buying something you always track it that where it is how when I am going to get it okay the same tracking you also want to do now Ram is sending the money to John when the money will be received by job John where like how fast the money will

be received or on which date the money will be received so Ram wants to track the money so the Swift GPI enables the customers to track the payments okay so the in the crossborder payment the customers expect their payment to be trackable right to the beneficiary so that’s what you can

deliver with swift GPI that’s what can happen through the Swift GPI the sender can easily track the money or track uh the payment okay until it is received by the beneficiary okay the GPI tracker at your fingertips so GPI tracker is at the fingertips of the customers so customers can assess

the real time payment data any time that the money has been received or not so this makes the process more smoother and more Carefree for the customer also because when the customer is able to see that okay here is my money or the money is going to be received by the beneficiary on this particular

date so the uh people are more Carefree then okay let’s say that the money will be received after 3 or 4 days now I’m all I’m calling John or r is calling joh John every 2 three days that okay have you received the money have you received the money so rather than that the money

being trackable makes the customers more Carefree okay so Swift GPI provides that now idfc first bank has become the first Indian Bank to go live on Swift GPI so for the customers of idfc verse Bank the customers of this bank will be able to track the money that they have sent abroad under the

liberalization remittance scheme of for your remittances that you are sending you will be able to track that okay so this is the brief idea so the service is available on the bank’s award winning mobile application and internet banking platforms so idfc first bank has become the first Indian

bank and that’s why it is so important that idfc first bank has become the first Indian Bank to go live on the Swift GPI to offer the realtime tracking service for the money sent abroad okay so customers in India are used to digital payments through UPI or imps where they can see the real

time status update that okay the money has been sent or when the money is going to reach and such however the same has been missing when it comes to money sent abroad so you always had to call your uh like beneficiary that have you received the money have you received the money so now with

customers expecting end to end tracking of their food delivery or even a parcel idfc First Bank has pioneered in providing the same for the critical service like the crossborder payments and now you will be able to track your crossb payments also if you are a customer of idfc First Bank so the

introduction of Swift GPI services with real-time tracking is empowering the customers to have the complete transparency complete visibility of their crossb transactions so this is the whole news article I hope this is very much clear the Swift the Swift GPI and the idfc first bank that has become

the first Indian Bank to go live on the Swift GPI platform so this is the first question I hope you will be easily able to answer this question this is your homework question do try to answer the question okay now before going to the second question let me show you the utaps website where you are

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to answer this question and this is the second question do try to answer this question so these two are the homework question I hope you have understood the news article clearly and if there is any confusion you can write your query in the comment section and do tell me your questions in the

comment section as well as if everything is clear do give the right answer of the homework question thank you very much everyone thank you for joining