Topic: Banking System
1. Google Pay expands tokenisation with SBI, IndusInd, HSBC and Federal Bank.
- Google Pay has expanded tokenisation with SBI, IndusInd, HSBC and Federal Bank.
- Earlier, tokenisation feature was rolled out by Google Pay with Kotak Mahindra Bank, SBI Cards and Axis Bank.
- Now, it has expanded tokenization feature to debit cards by SBI, IndusInd Bank and Federal Bank and Credit cards by IndusInd Bank and HSBC India.
- Tokenisation feature allows users to make debit or credit card payments using a secure digital token attached to their phone. Users are not required to physically share their credit or debit card details.
- Tokenisation feature can also be used with online merchants. Google Pay users can make payments at over 2.5 million Visa merchant locations using their Near-field communication (NFC) capable devices/phones.
Topic: Banking System
2. Digital banking solutions for corporates launched by ICICI Bank.
- Digital banking solutions for corporates have been launched by ICICI Bank.
- It is called ICICI STACK for Corporates. It provides digital banking services to companies in over 15 sectors.
- ICICI Bank has also opened eight ecosystem branches- five in Mumbai and 3 in the National Capital Region.
- The bank also plans to launch four such branches in this financial year.
- ICICI Bank (ICICI Bank Limited) is a private sector bank. Girish Chandra Chaturvedi is Chairman of its board of directors. Its MD & CEO is Sandeep Bakhshi.
3. Larsen & Toubro Infotech (LTI) signs agreement to acquire Cuelogic Technologies.
- Larsen & Toubro Infotech (LTI) has signed an agreement to acquire Cuelogic Technologies.
- This is LTI’s seventh acquisition since it got listed in 2016. The acquisition will help LTI increase its cloud native product development capabilities.
- Cuelogic Technologies is Pune-based digital engineering and outsourced product development services company. Nikhil Ambekar is its CEO.
Topic: Banking System
4. Canara Bank’s board gives in-principle approval for participating in NARCL.
- Canara Bank’s board has given in-principle approval for participating in National Asset Reconstruction Company Ltd (NARCL) as a sponsor by taking 12 % equity stake.
- Now, the bank has sought the RBI’s approval for participating in National Asset Reconstruction Company Ltd (NARCL) as a sponsor by taking 12 % equity stake.
- State Bank of India, Bank of Baroda, Bank of India and IDBI Bank may take up to 10% stake in NARCL.
- Stressed consortium loans (₹500 crore and above) will be transferred to NARCL. 22 stressed assets aggregating about Rs 89,000 crore have been identified for transfer to NARCL.
- Padmakumar Madhavan Nair has been appointed as MD & CEO of NARCL.
- Indian Banks Association (IBA) is the Nodal Agency for constituting the Asset Reconstruction Company (ARC) and Asset Management Company (AMC) announced in the budget.
- ARC is designated as National Asset Reconstruction Company Ltd (NARCL) and AMC is designated as India Debt Management Company Ltd (IDMCL).
- Canara Bank:
- It was established in 1906. It is headquartered in Bengaluru.
- Lingam Venkat Prabhakar is its CEO.
- Recently, the government has merged Syndicate bank with Canara bank.
5. Raghu Narula appointed by HSBC as the Head of Wealth and Personal Banking (WPB), India.
- Raghu Narula was appointed by HSBC as the Head of Wealth and Personal Banking (WPB), India.
- His appointment will be effective from 1 August 2021. He succeeds Ramakrishnan S.
- Ramakrishnan S will move to support key strategic projects in the global WPB Customer, Propositions and Strategy team.
- HSBC is a British multinational investment bank and financial services holding company.
6. Microsoft names Satya Nadella as its new Chairman.
- Microsoft has named Satya Nadella as its new Chairman, in place of John Thompson.
- Nadella took over as CEO in 2014 from Steve Ballmer.
- John Thompson, who took over as Chairman of Microsoft’s co-founder Bill Gates in 2014, will serve as a lead independent director.
- Microsoft is an American multinational company. It was founded by Bill Gates and Paul Allen.
7. Income tax department notifies the cost inflation index for current fiscal.
- Income tax department notifies the cost inflation index for the current fiscal (2021-22). CII for FY 2021-22 is 317.
- CIII for last Financial Year 2020-21 was 301. Cost Inflation Index (CII) is used for calculating long-term capital gains arising from the sale of immovable property, securities and jewellery.
- Taxpayers use it to calculate gains arising out of the sale of capital assets after adjusting inflation. It helps them in knowing capital gains on which they are liable to pay income tax.
- If an asset is retained for more than 36 months (24 months for immovable property and unlisted shares, 12 months for listed securities), it qualifies as ‘long term capital gains’.
Topic: Reports and Indices
8. Financial wealth in India increased 11% to USD 3.4 trillion in 2020.
- Financial wealth in India has increased 11% to USD 3.4 trillion in 2020.
- As per the report by BCG, 11% growth in financial wealth was at par with compounded annual growth rate for five years to 2020.
- As per the report, the next few years will record faster expansion in financial wealth. But, rate of expansion will slow down marginally to 10% per annum.
- As per the report, India is likely to lead percentage growth of individuals with wealth of over USD 100 million till 2025.
- Indian’s cross-border wealth increased to USD 194 billion in 2020. This is 5.7% of financial wealth, which is likely to increase to 6.3% by 2025.
- Cross-border wealth is the financial wealth in a jurisdiction that is different from jurisdiction of domicile.
- Financial wealth is total wealth excluding real assets and liabilities held by adult individuals.