Banking/Business/Economy News
6. RBI Releases ‘Vision 2021’ For Payment Systems For ‘Cash-Lite’ Society
i. Reserve Bank of India has released a vision document ‘Payment and Settlement Systems in India: Vision 2019 – 2021’, with its core theme of ‘Empowering Exceptional E-payment Experience’ for ensuring a safe, secure, convenient, quick and affordable e-payment system.
ii. The move comes as the apex bank expects the number of digital transactions to increase more than four times to 8,707 crores in December 2021.
Static/Current Takeaways Important For LIC AAO Mains 2019:
- RBI 25th Governor: Shaktikant Das, Headquarters: Mumbai, Founded: 1 April 1935, Kolkata.
7. India’s Overall Exports Registered Positive Growth Of 1.34% In April 2019
i. According to the Ministry of Commerce & Industry data, India’s overall exports, combining Merchandise and Services, in April 2019 is estimated to be around 44 billion US dollars with a positive growth of 1.34% over April 2018.
ii. Overall imports in April 2019 is estimated to be around 53 billion dollars with a positive growth of 4.5% over the corresponding period of 2018.
Static/Current Takeaways Important For SBI Mains 2019:
- Suresh Prabhu is the Minister of Commerce & Industry Ministry.
8. SIDBI Launched A Pilot Scheme For Fintech NBFCs
i. To give a fillip to digital lending, Small Industries Development Bank of India (SIDBI) has put together a pilot scheme to extend financial assistance of up to Rs10 crore to new-age fintech non-banking finance companies (NBFCs) engaged in financing small businesses and other income-generating activities.
ii. SIDBI has set the exposure cap for lending to a single new-age fintech NBFC at 30% of NOF of the new-age fintech NBFC, subject to maximum cap of Rs10 crore.
Static/Current Takeaways Important For LIC AAO Mains 2019:
- SIDBI was set up in 1990 under an Act of Indian Parliament.
- Mohammad Mustafa is the Chairman & Managing Director of SIDBI.
9. Infosys Foundation’s FCRA Licence Cancelled
i. The Home Ministry has cancelled the registration of Bengaluru-based NGO Infosys Foundation for alleged violation of norms in receiving foreign grants.
ii. All non-government organizations (NGOs) are mandatorily required to be registered under the Foreign Contribution (Regulation) Act or FCRA to receive foreign funding.
Static/Current Takeaways Important for LIC AAO Exam:
- Infosys Foundation was established in 1996.
- Sudha Murthy is the chairperson of the Foundation.
10. Tech Mahindra Partners With French Based Firm Rakuten Aquafadas
i. IT services firm Tech Mahindra and French digital content publishing firm Rakuten Aquafadas signed an MoU to collaborate on building enhanced customer experience offerings.
ii. Rakuten Aquafadas and Tech Mahindra aim to build a Customer Experience Offering leveraging the suite of software that Rakuten Aquafadas provides for digital publishing.
Appointments
11. Sanjiv Puri Appointed ITC’s New Chairman
i. ITC Managing Director Sanjiv Puri has been appointed as the chairman by the Board of Directors. His new designation will now be chairman and managing director.
ii. He has been the Managing Director since 2018. He was appointed on the board in December 2015 and as the CEO in February 2017.