Economic, Banking and Financial Awareness - 09 November 2019
2019-11-09 | Team PendulumEdu
1. SBI reduces deposit rates by up to 75 bps and lending rates by 5 bps
- State Bank of India has reduced the deposit rates between 15 and 75 basis points. Also, it has slashed the lending rates by 5 basis points.
- The decision will be effective from 10 November 2019.
- This is the seventh consecutive cut in the lending rates by SBI during this fiscal year.
- With this move, the one-year Marginal Cost of Funds- based Lending will decline to 8%.
- Current Chairman of SBI – Rajnish Kumar
- Headquarters- Mumbai
2. No charges on transaction via NEFT from January 2020: RBI
- Reserve Bank of India has raised a proposal regarding zero charges on NEFT payments from January 2020 to promote digital payments in the country.
- The RBI also proposed that payments for parking fees and at fuel stations would be enabled via FASTags.
- National Electronic Funds Transfer (NEFT) – It is an electronic payment system that was established by the Institute for Development and Research in Banking Technology (IDRBT). The fund transfers are settled in half-hourly batches and do not occur on a real-time basis.
- Established- 1935
- RBI Headquarters- Mumbai
- RBI Governor- Shaktikanta Das
3. Sanjay Gupta- Google’s new manager and VP for sales and operations in India
- Former Disney India executive Sanjay Gupta has been appointed as the new manager and Vice-President of sales and operations in India by Google.
- Sanjay Gupta is a post-graduate from IIM Calcutta and an engineer from Delhi College of Engineering.
- Founded in- 1998
- Google CEO- Sundar Pichai
- Parent Organisation- Alphabet Inc.
- Headquarters- California, United States
4. Moody’s downgraded India’s sovereign rating from ‘stable’ to ‘negative’
- Moody’s Investors Service has revised the outlook for key Indian banks, financial institutions and other companies related to infrastructure, oil and gas, IT sectors, etc. from ‘stable’ to ‘negative.’
- Some of these institutions and companies are Infosys, SBI, TCS, HDFC Banks, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, ONGC, and Petronet LNG.
- This has led to a decline in share prices of all these companies by up to 5.2%.
- Moody’s Investors Service is a subsidiary of Moody’s Corporation. Moody’s, Standard & Poor’s and Fitch Group are the Big Three credit rating agencies.
- Moody’s Headquarters- 7 World Trade Centre, New York City, US
- Founder- John Moody
5. MSCI added 8 Indian stocks and removed Vodafone Idea and others from India Index
- MSCI (Morgan Stanley Capital International) has added 8 companies to MSCI India Domestic Index, which includes HDFC Asset Management, Info Edge India, IGL, Berger Paints, SBI Life Insurance Co. and Siemens India to India Index.
- It has also removed six companies, including Vodafone Idea, Yes Bank and IndiaBulls Housing Finance, as most of these are debt-burdened companies, and their market value has declined sharply in the last one year.
- MSCI is the world’s biggest index compiler; its Global Standard index is used for benchmarking global equities portfolios.