Today, we are sharing the next part 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. India is the 6th wealthiest country in the world: AfrAsia Bank
- According to AfrAsia Bank Global Wealth Migration Review, India is the sixth wealthiest country in the world with a total wealth of $8,230 billion.
- The US is the richest nation globally with total wealth of $62,584 billion.
- Total wealth refers to private wealth held by all individuals living in each country.
- It includes all their assets (cash, equities, property, business interests) less any liabilities. It excludes government funds.
- Over the next 10 years, India will overtake Germany and the UK to become the 4th largest wealth market worldwide by 2027.
- Top 6 wealthiest countries:US ($62,584 billion), China ($24,803 billion), Japan ($19,522 billion), UK ($9,919 billion), Germany ($9,660 billion), India ($8,230 billion.
2. TCS is first Indian company to achieve 7 lakh crore market capitalisation
- Tata Consultancy Services (TCS) became the first Indian company to reach Rs. 7 lakh crore market capitalisation (m-cap) milestone.
- With this TCS created history to reach Rs. 7 lakh crore market capitalisation (m-cap) milestone.
- M-cap is a value of a company that is traded on the stock market, calculated by multiplying a total number of shares by present share price.
- Now it is country’s most valued firm, followed by Reliance Industries, HDFC Bank, HUL and ITC in the top five list.
3. Airtel Payments Bank appoints Anubrata Biswas as MD And CEO
- Airtel Payments Bank has appointed ‘Anubrata Biswas’ as its Managing Director (MD) and Chief Executive Officer (CEO).
- Earlier, Mr. Biswas was the Joint General Manager and Retail Business Head – South India for ICICI Bank.
- He has a bachelor’s degree in Electrical engineering from Jadavpur University and PGDBM from IIM, Ahmedabad.
- Airtel Payments Bank was the first payments bank to start operations in India.
- It is a fully paperless and digital bank aiming to take convenient banking services closer to customers by leveraging a vast distribution network of over five-lakh banking points.
4. Dena Bank, Punjab & Sindh Bank, Central Bank of India get new chairpersons
- The union govt. has appointed non-executive chairpersons at Punjab and Sindh Bank (Charan Singh), Dena Bank (Anjali Bansal) and Central Bank of India (Tapan Ray).
- Charan Singh has served at IMF as senior economist and at Reserve Bank of India as director.
- Anjali Bansal is the founder of Spencer Stuart’s India and had worked with McKinsey and Company.
- Tapan Ray has served as Secretary in the Ministry of Corporate Affairs.
5. India ranked at 44th in IMD’s competitiveness rankings
- India has been ranked at 44th positions in terms of competitiveness in the annual rankings compiled by International Institute for Management Development (IMD).
- The US topped the list and became the most competitive economy globally driven by its strength in economic performance and infrastructure.
- Hong Kong is at 2nd place and Singapore is at 3rd place in the list.
- This year India ranked the 12th most competitive economy out of the 14 Asian countries on the list.
- According to the report, digital literacy and adequate bandwidth in rural areas and mobilization of resources for infrastructure development needs are few more key areas where the government needs to concentrate.
- The IMD World Competitiveness Center, a research group at IMD business school in Switzerland, has published the rankings every year since 1989.
- This year 63 countries are ranked with Cyprus and Saudi Arabia making their first appearance.
6. India To Achieve 9% Growth Rate By 2022: NITI Aayog
- Indian economy will achieve 9 percent growth rate on a sustained basis by 2022, NITI Aayog vice-chairman Rajiv Kumar said.
- The Indian economy grew by 6.6 percent in 2017-18 and expected to grow at 7.5 percent this fiscal.
7. NITI Aayog & ABB India sign pact to benefit India from AI, robotics
- NITI Aayog and ABB India have signed a pact to help the country derive the benefits of latest technologies including robotics and artificial intelligence.
- They will work with government ministries, solicit feedback for areas critical to them and discuss solutions using industrial automation, and digitalization technologies.
- The initiative also covers the fast-growing segment of electric mobility.
- This collaboration is meant to lead to actionable insights and focused plans that will help India become a centre for advanced manufacturing.
- The first workshop for senior government officials under this collaboration would be organized in Bengaluru.
8. New York Stock Exchange names first woman chief in the 226-year history
- The New York Stock Exchange (NYSE) has named Stacey Cunningham (43-year) first female chief in the history of the 226-year-old exchange.
- She replaces Tom Farley.
- Now, America’s leading two stock exchanges will be led by women after Adena Friedman took over as CEO of Nasdaq in January 2017.
- The New York Stock Exchange (NYSE) is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York.
- The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists.
9. SBI reports a loss of Rs. 7,718 Crore in March Quarter: Report
- The State Bank of India (SBI) in its Q4FY18 results reported a net loss of Rs 7,718 crore.
- In December quarter, the bank had reported its first quarterly loss in 17 years, the net loss stood at Rs 2,416 crore.
- The bank had reported a net profit of over Rs 2,814 crore in Q4FY17.
- In fact, SBI’s latest loss is the highest quarterly loss figure reported by any bank after Punjab National Bank’s Rs 13,417 crore loss.
- SBI’s total income in the March quarter stood at Rs 68,436 crore, down 3.87 percent compared to the corresponding quarter in the previous year.
- According to the bank, gross NPAs crossed Rs 2.23 lakh crore as on March 2018, up from Rs 1.77 lakh crore in the year-ago period.