General Awareness

BUSINESS AND ECONOMY - December 2015

Dec 2015

Sep 21, 2020

PSBs Report Frauds Worth over Rs. 19,964 cr in April-June

As per reports, public sector banks (PSBs) reported frauds worth over Rs. 19,964 crore in total 2,867 cases during the April-June quarter of the ongoing fiscal year.
The country's largest lender, State Bank of India (SBI), saw the highest number of fraud cases; however, Bank of India was the worst hit in terms of value.
Bank of India took the biggest hit in terms of valuation at Rs. 5,124.87 crore in 47 cases, followed by Canara Bank Rs. 3,885.26 crore in 33 cases, Bank of Baroda Rs. 2,842.94 crore in 60 cases, Indian Bank Rs. 1,469.79 crore in 45 cases, Indian Overseas Bank Rs. 1,207.65 crore in 37 cases and Bank of Maharashtra Rs. 1,140.37 crore in nine cases.
As compared to these, the second-largest public sector lender Punjab National Bank (PNB) reported much less amount of fraud at Rs. 270.65 crore, even as the number of cases stood at 240.
Among others, UCO Bank had Rs. 831.35 crore as fraud reporting in 130 cases, Central Bank of India Rs. 655.84 crore in 149 cases, Punjab and Sind Bank Rs. 163.3 crore in 18 cases and Union Bank of India reported the lowest amount of fraud at Rs. 46.52 crore in 49 cases.
Of the 12 PSBs, SBI reported the maximum 2,050 fraud cases involving Rs. 2,325.88 crore during April-June 2020.

CCI Approves Alstom's Acquisition of Bombardier Transportation

Fair trade regulator CCI has approved acquisition of sole control over Bombardier Transportation, the global rail solutions division of Bombardier, by Alstom S.A. In addition, the regulator has also given approval to Caisse de dépôt et placement du Québec (CDPQ) and Bombardier Inc for picking 18 per cent and 3 per cent stake in Alstom, respectively, a press release said. Alstom is a French corporation globally active in the rail transport industry. In India, it manufactures and supplies signalling solutions, rail electrification, rolling stock, track works, maintenance services and also provides associated construction and engineering services through its subsidiaries. Bombardier Inc is a Canadian firm, globally active in the business aircraft and the rail transport industries while CDPQ is a global long-term institutional investor, it added. Separately, the Competition Commission of India (CCI) also gave nod to acquisition of sole control over DuPont de Nemours Inc''s Nutrition and Bio-sciences business by International Flavors and Fragrances (IFF). According to a combination notice filed with the regulator, the proposed combination relates to the acquisition of sole control by IFF, over the Nutrition and Biosciences business of DuPont, by means of acquiring sole control over SpinCo, a company newly formed by DuPont and to which DuPont will transfer the Nutrition and Biosciences business. The proposed transaction involves the combination of two largely complementary businesses in the food and beverage, home and personal care, and health and wellness markets, it added.The regulator said that the Commission approves acquisition of sole control by International Flavors & Fragrances over Nutrition & Bio-sciences business of DuPont.

Sep 20, 2020

India Provides Soft Loan of $250 Mn to the Maldives

India provided a soft loan of $250 million to the government of the Maldives as budgetary support to mitigate the economic impact of the Covid-19 pandemic, the latest in a string of support measures for the Indian Ocean archipelago.
The aid was welcomed by the Maldives' foreign minister Abdulla Shahid, who said it would help bridge the revenue gap and meet his government's immediate needs.
The Covid-19 pandemic has had a massive impact on the tourism industry, the mainstay of the Maldives' economy.

Sep 19, 2020

Canara Bank Introduces i-Lead 2.0 to Boost Customer Services

To provide its services to customers irrespective of where they reside, public sector lender Canara Bank has launched lead management system (LMS) - i-Lead 2.0 (Inspiring Leads System version 2.0).
This new initiative is being introduced with the motive of building and sustaining business relationships with bothnew customers to bank and existing customers to bank. Going beyond the principle of gaining profit and having competitive advantage, Canara Bank has opened a way for its services to reach all corners of the country.

Sep 18, 2020

OECD Raises Prospects for Global Economy, Scales Them Down for India

The Organization for Economic Co-operation and Development (OECD) said it expects India's economy to shrink 10.2 per cent in the current financial year (FY21) against its earlier estimate of 3.7-7.3 per cent, owing to extended lockdowns to contain the spread of the Covid-19 pandemic.
However, the Paris-based institution expects the world economy to fare better, with a 4.5 per cent fall in 2020, against its earlier prediction of 6 per cent.
In its latest economic outlook, the OECD attributed its decision on India to "the prolonged spread of the virus, high levels of poverty and informality, and stricter confinement measures for an extended period".

ICICI Home Finance Launches Home Loan Scheme

The loan scheme is targeted at the informal segment of the population who wish to purchase their own home, but may not have all documents that a formal financial institution would require.
ICICI Home Finance has launched a new loan scheme 'Apna Ghar Dreamz', with credit amount in the range of Rs 2 lakh to 50 lakh, for skilled workers employed in the informal sector in Delhi.
The scheme is meant for skilled workers such as carpenters, plumbers, electricians, tailors, painters, welders, auto mechanics, manufacturing machine operators, computer mechanics, RO repair technicians, small and medium business owners and grocery store owners in the city.
Customers seeking to avail the special 20-year tenure loan would need to provide documents such as PAN and Aadhaar details, and bank statement of past six months. The customers should have a minimum account balance of Rs 1,500 for loan up to 5 lakh and Rs 3,000 for loan above 5 lakh.

DBS Bank India unveils online loan platform for SMEs

DBS Bank India launched an online platform for making loans available to small and mid size businesses in a hassle-free manner, with credit facility up to Rs. 20 crore.
Driven by its constant focus on building seamless, intuitive and hassle-free banking solutions for customers, DBS Bank India has unveiled its online credit solutions platform - DBS Digital Business Loans for SMEs.
This segment-flagship platform from DBS improves the ease of accessing business credit for the entire spectrum of micro, small and medium-sized enterprises, offering credit up to Rs. 20 crore.

WhatsApp Partners With Common Services Center to Deliver Digital Literacy Services

The widely popular messaging platform WhatsApp announced that it has partnered with Common Services Centers (CSC).
With this partnership, the Facebook-owned platform launched a chatbot that will enable citizens to receive digital literacy services and resources.
It also aims to "bridge the digital divide and spur rural entrepreneurship".
The Digital India Programme of the Government focuses on digital inclusion and empowerment. PMGDISHA, an initiative of the Government to provide digital literacy to 6 crore rural citizens, is being implemented by CSCs across the country.
Due to the Coronavirus pandemic, training has been suspended across the country. The ability to deliver digital literacy modules through WhatsApp will help us in extension of the programme to those still unreached in rural as well as urban areas. The partnership will redefine the delivery model of education and skill related content, especially for rural India.

Mexico Issues 750-Million Euro 'Green Bond' Linked To SDGs

Mexico has issued a 750-million-euro ($885 million) "green bond," joining a dozen or so other countries with such sovereign debt placements.
Mexico's Treasury Department said the bond is the first of its type to be linked to U.N. Sustainable Development Goals, or SDGs, that set out measurable goals to fight poverty, inequality and protect the environment.
The seven-year bond will pay an interest rate of 1.6% with a 1.3% coupon.
The department said the bond drew interest from 267 institutional investors worldwide. Green bond issues have gained traction in 2019 and 2020 after the first was issued almost four years ago. Mexico's bond will be used to fund programs to meet the SDGs.

Sep 17, 2020

RBI Issues Draft on Rupee Interest Rate (IR) Derivatives

RBI issues draft on rupee Interest Rate (IR) derivatives. The Reserve Bank of India (RBI) proposed allowing foreign portfolio investors (FPIs) to undertake exchange-traded rupee interest rate derivatives transactions subject to an overall ceiling of Rs 5,000 crore.
These RBI Proposed Interest Rate Derivatives (Reserve Bank) Directions, 2020 are aimed at encouraging higher non-resident participation, enhance the role of domestic market makers in the offshore market, improve transparency, and achieve better regulatory oversight, according to the RBI.
Interest Rate Derivatives (IRD) are contracts whose value is derived from one or more interest rates, prices of interest rate instruments, or interest rate indices.

BHEL Ties Up With SwissRapide AG to Bring Maglev Trains to India

State-run engineering firm BHEL announced its tie up with SwissRapide AG to bring Maglev trains (magnetic levitation) to India. Aimed at expanding its footprint in the urban transportation sector as part of its diversification initiatives, BHEL has entered into a Memorandum of Understanding (MoU) with SwissRapide AG for Maglev Train projects in India.
The Maglev Rail system hovers in the air instead of rolling, due to magnetic levitation, thus the vehicles have no physical contact with the guideway. This enables the system to be highly energy efficient, allows operating speeds of easily up to 500 km/h and significantly reduces the total cost of system ownership.

India Plans to Introduce Law to Ban Cryptocurrency Trading

India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the fledgling market.

The federal government will encourage blockchain, the technology underlying cryptocurrencies, but is not keen on cryptocurrency trading, according to two people.

Titan Teams Up With SBI

Titan Company Limited has now partnered with the State Bank of India (SBI) to launch Titan Pay, a range of new watches that allow the users to make contactless payment.
The payment will be powered by YONO SBI and according to the watch company, it will be the first time in India that such a facility is being extended.

Lok Sabha Passes Bill to Bring Co-operative Banks Under RBI Supervision

Protecting depositors' interests, the Lok Sabha passed the Banking Regulation (Amendment) Bill, 2020, to bring co-operative banks under the supervision of the Reserve Bank of India (RBI).
Finance minister Nirmala Sitharaman assured the House that the legislation empowers the central bank to regulate only the banking activities of co-operatives and it is not applicable to a primary agricultural credit society or a co-operative society providing finance for agricultural development.

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