Banking, Financial and Economic Awareness of 05 December 2019

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