Banking, Financial and Economic Awareness

2019-12-18

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

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