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.

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