Today, we are sharing the next of our Banking and Finance Awareness Series “Financial Awareness at a Glance”. Go through this now to get all the important insights which took place last week in Banking and Finance Sector in India and world. This will immensely help you in upcoming exams.
Financial Awareness at a Glance
1. BOB launches ‘Baroda DigiNext’ for Cash Management solution
- Bank of Baroda launched ‘Baroda DigiNext‘, a product for digitising cash management of corporate and government customers.
- Baroda DigiNext aims at bringing the benefits of the new digital landscape to its corporate and government customers by seamlessly connecting them with their customers, suppliers, employees and revenue departments.
- The Cash Management solutions will be delivered through Baroda DigiNext – the Bank’s new connectivity solution providing omni-channel access and ease in customization as per Corporate’s business process.
2. Govt. to change base year for GDP, IIP to 2017-18
- According to the Minister of Statistics and Programme Implementation “DV Sadananda Gowda”; the government will change the base year to 2017-18 for the calculation of GDP and IIP numbers.
- For retail inflation, the year will be revised to 2018.
- The statistics ministry has proposed the new base year for a gross domestic product (GDP) and Index of Industrial Production (IIP) as 2017-18 while for Consumer Price Index (CPI) it will be 2018.
- Till now for the calculation of the GDP and Industrial Production Index (IIP) and the retail inflation, the base year is also compared to 2011-12.
- The Ministry of Statistics and Programme Implementation (MOSPI) has been allocated Rs 4,859 crore in the Union Budget 2018-19.
3. Yes Bank registered $600 million MTN bond on India INX
- Yes Bank has registered $600 million bonds issued under its maiden $1 billion MTN programme on Global Securities Market (GSM) of India INX.
- The bank will use proceeds from this bond to fund the bank’s IFSC Banking Unit (IBU) in Gift City and expand IBU’s rapidly growing business opportunities.
- Yes Bank’s MTN (medium term note) bonds issuance has received an overwhelming response from international investors.
- The bond is already listed on London Stock Exchange International Securities Market (LSE ISM) and Singapore Exchange Securities Trading Limited (SGX).
- India INX is the country’s first international exchange, located at International Financial Services Centre, GIFT City in Gujarat.
4. Mumbai 12th richest city in the World: New World Wealth Report
- As per the report published by the New World Wealth India’s financial capital Mumbai, with a total wealth of US $950 billion was ranked 12th richest city in the world.
- According to the report, the total wealth refers to wealth owned by all the individuals living in each city. This includes all their assets like cash, equities, property, business interests etc. Government funds are excluded from it.
- The list comprises of 15 wealthiest cities.
- New York is the wealthiest cities in the world with the total wealth of US $3 trillion. New York is home the two largest stock exchanges in the world.
- London was ranked second which is followed by Tokyo and San Francisco Bay
- Among the 15 richest cities listed, San Francisco, Beijing, Shanghai, Mumbai and Sydney are fastest growing in terms of wealth growth over the past 10 years,
5. Gross NPAs decline slightly to 9.8%: Govt
- As per Reserve Bank of India (RBI) data, combined Gross NPAs of Scheduled Commercial Banks (SCBs) have declined marginally from 10 percent as on June 30, 2017, to 9.8 percent as on September 30, 2017.
- The data was shared by the Minister of State for Finance Shiv Pratap Shukla said in a written reply to the Lok Sabha.
- As per Financial Stability Report (FSR) released by RBI in December 2017, the gross NPAs (GNPAs) of SCBs increased to 10.2 percent in September 2017 compared to 9.6 percent in March 2017.
6. Hardayal Prasad appointed SBI Card MD & CEO
- Hardayal Prasad has been appointed as new Managing Director (MD) & Chief Executive Officer (CEO) of SBI Card.
- He takes over from Vijay Jasuja who retired on 31st January.
- Currently, SBI Card is the country’s second-largest credit card (first HDFC Bank) issuer.
- SBI Card has a customer base of over 5.7 million and a market share of 16%.
- Hardayal Prasad joined State Bank of India (SBI) as a Probationary Officer (PO) 1983 Batch, gaining experience in many areas of banking.
- SBI Cards & Payments Services Pvt. Ltd. (SBICPSL) is a payment solutions provider in India.
- It is incorporated as a joint venture between the State Bank of India, India’s largest bank, and The Carlyle Group.
7. NPCI appoints Biswamohan Mahapatra as non-executive chairman
- The National Payments Corporation of India (NPCI) has appointed ‘Biswamohan Mahapatra’ as non-executive chairman for two years.
- He succeeds B Sambamurthy (interim chairman).
- NPCI is an umbrella organization for all retail payments in India, set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks Association (IBA).
8. NITI Aayog releases “Healthy States, Progressive India” report
- NITI Aayog has released a comprehensive report titled, “the Healthy States, Progressive India” in the national capital.
- The report is the first of its kind, nation-wide analysis of health systems across the states, including Union Territories.
- The report has been prepared in technical collaboration with the Ministry of Health & Family Welfare and World Bank.
- Kerala, Punjab and Tamil Nadu have ranked top among the larger states in terms of overall performance.
- Jharkhand, Jammu and Kashmir and Uttar Pradesh are the top three states in the terms of annual incremental performance.
- The State and Union territory has been ranked in three categories namely larger states, smaller states, and Union territories.
- Among smaller states, Mizoram ranked first followed by Manipur and Goa in terms of annual incremental performance.
- Among Union territories, Lakshadweep showed best overall performance as well as highest annual incremental performance.