Banking, Financial and Economic Awareness of 18 December 2019

1. CII report expects slowdown in international trade

• CII has released its report titled as India’s Exports: Trends, Challenges and Future Strategy.
• As per the report, international trade will decline both internationally and domestically.
• Rising protectionism all over the world visible in ongoing US-China trade war and decline in growth in the EU region have resulted in a decline in international trade.
• As per the report, domestic capacity is being negatively impacted by imports.
• The report says that new schemes should be developed to diversify export markets and products.
• Confederation of Indian Industry (CII):
  • It is a non-government and not-for-profit organization.
  • President: Vikram Kirloskar

2. FDI limit in the insurance may be raised to 74%

• At the Life Insurance Council general body meeting, life insurance companies were in favour of raising the FDI limit in the insurance sector from the current 49% to 74%.
• In Budget 2019-20, the government announced that it would examine suggestions about further making FDI conditions easier.
• Life Insurance Council is a forum for development and coordination in the life insurance industry.

3. PaySa app, realme's platform for financial services

• Through PaySa app, realme will provide digital personal loans of maximum ?1 lakh and digital loans to SMSEs of maximum ?5 lakh.
• Realme has partnered with Early Salary (for digital personal loans), Lending Kart (for digital business loans) and Credit Mantri (for free credit report).
• Realme:
  • It is a Chinese company that manufactures smartphones.
  • CEO (realme India): Madhav Sheth

4. Oracle offering its cloud applications from India data centre

• Oracle has started offering its cloud applications from a data centre located in India.
• This will help customers in regulated industries like banking, telecom companies and the public sector to store their user data within India.
• In October, the company has started its Gen 2 Cloud region in Mumbai.
• Oracle Corporation:
  • It is a computer software company.
  • CEO: Safra Catz
  • Headquarters: California

5. Shares of Cipla rise

• Shares of Cipla rise after the acquisition of brand name and trademark rights of Vysov for the Indian market from Novartis.
• Anti-diabetic drug Vildagliptin was being co-marketed by Cipla and Novartis under brand names Vysov and Vysov M.
• Novartis:
  • It is a Switzerland based pharmaceutical company.
  • CEO: Vasant Narasimhan
• Cipla:
  • It is an Indian pharmaceutical company.
  • CEO: Umang Vohra