Banking Awareness 26th August 2019: Updates Quiz

Exp. Apple has announced the acquisition of chip-maker Intel”s smartphone modem business for $1 billion. This agreement enables to focus on developing technology for the 5G network while retaining critical intellectual property and modem technology. Intel had been working on a chipset for the iPhone maker, with the chip expected to be part of iPhones by 2020.

Exp. Securities and Exchange Board of India has approved Singapore Stock Exchange and National Stock Exchange of India Ltd to operate jointly in Gujarat International Finance Tec-City, Gandhinagar. The two entities will create a new platform for trading called NSE International Financial Service Centre (IFSC)-SGX Connect.

Exp. The International Monetary Fund has lowered its annual growth forecast for India from 7.3% to 7% in financial year 2019-20. The IMF’s stance reflects a weaker-than-expected outlook for domestic demand.

Exp. India’s forex reserves has reached the highest ever valuation of $430.57 bn. As per the latest RBI data, India’s foreign exchange reserves increased by $1.620 billion in the week to 9 August due to rise in foreign currency assets. Foreign currency assets expressed in dollar terms includes the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves. India has large foreign-exchange reserves; holdings of cash, bank deposits, bonds, and other financial assets denominated in currencies other than India’s national currency, the Indian rupee. The reserves are managed by the Reserve Bank of India for the Indian government and the main component is foreign currency assets.

Exp. Ratings agency CRISIL has cut its forecast for India’s GDP growth by 20 basis points for FY 2019-20. It has lowered India’s GDP growth to 6.9% from 7.1%. CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. CRISIL’s majority shareholder is Standard & Poor’s, a division of McGraw Hill Financial and provider of financial market intelligence. The headquarters of CRISIL is in Mumbai.

Exp. Indian Bank has entered into a corporate agency agreement with Cholamandalam MS General Insurance Company Ltd. Under the agreement, Indian Bank will distribute the latter’s insurance products ranging from motor, home, health PA, and travel insurance, and SME and commercial line of business etc. All these products will be distributed through traditional and digital platform to Indian Bank customers.

Exp. National Payments Corporation of India (NPCI) and JCB International have launched RuPay JCB Global Cards. RuPay JCB Global Cards can be used at all point of sales terminals which accept RuPay cards and terminals outside India which accept JCB. National Payments Corporation of India (NPCI) is an umbrella organization for all retail payments in Indiaand established in 2008.

Exp. Life Insurance Corporation of India has agreed to offer Rs 1.25 trillion Line of Credit by 2024, to fund highway projects. LIC has offered Rs 25,000 crore in a year and Rs 1.25 trilion in five years. The borrowings will be in the form of bonds to be issued by the National Highways Authority of India.

Exp. BSE has inked a pact with Haryana government to encourage and support state’s micro, small and medium enterprises (MSMEs) to raise capital. The Government of Haryana and BSE intend to facilitate SMEs in raising funds through BSE’s dedicated platform for SME’s “BSE SME” where small companies can list and raise productive capital, gain visibility and credibility vis-a-vis large corporates.

Exp. Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India.