Banking, Financial and Economic Awareness

2019-12-05

1. Google's CEO Sundar Pichai will also be CEO of Google's parent company, Alphabet

  • He became Google's CEO in 2015.
  • Larry Page and Sergey Brin will resign as CEO and president of Alphabet.
  • They will remain on its board of directors.
  • Alphabet Inc.:
    • Google was restructured into Alphabet on October 2, 2015.
    • Subsidiaries: Google, Calico, X, DoubleClick, Waymo, Verily.
    • Founders: Larry Page, Sergey Brin
    • Headquarters: Mountain View, California

 

2. Personal Data Protection Bill approved by the cabinet

  • Personal Data Protection Bill has been approved by the Cabinet for the introduction in the Parliament.
  • The bill classifies personal data into sensitive and general data.
  • Though public and private entities outside India cannot store sensitive data, they can process sensitive data after getting the consent of persons concerned.
  • The bill permits storing and processing of general data even outside India.
  • In cases of major violations, the bill provides penalty up to ₹15 crore or 4% of global turnover. The bill requires the company/agency/person to pay higher of these amounts.
  • The data can be processed without consent for security purposes and investigative offences.

 

3. Bharat Bond ETF, first debt exchange-traded fund of India likely to be started this month

  • Bharat Bond Exchange Traded Fund (ETF) is going to be the first corporate Bond ETF in India.
  • It will include a bond provided by
    • Central Public Sector Undertakings (CPSUs
    • Central Public Sector Enterprises (CPSEs),
    • Central Public Financial Institutions (CPFIs) or
    • other Government organizations
  • Features of Bharat Bond ETF:
    • Small unit size of Rs 1,000, low cost of 0.0005 percent and exchange tradable.
    • Transparent Net Asset Value (NAV) and daily disclosure of the portfolio on the website (transparent portfolio).
    • Fixed maturity date

 

4. SBI launches Atoot scheme

  • It aims to provide financial and non-financial support to the family of its employees who die before retirement.
  • It will cover all regular employees of SBI, including contractual and suspended employees.
  • It will not cover retired employees, retired officers hired on contract, and outsourced employees.
  • State Bank of India (SBI):
    • It was formed in 1955 from Imperial Bank of India
    • Chairperson: Rajnish Kumar
    • Headquarters: Mumbai
    • Tagline: The Banker to Every Indian

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