Economic, Banking and Financial Awareness - 14 November 2019

2019-11-14 | Team PendulumEdu

1. Consumer Food Price Index rises to 7.89% in October 2019

• The retail inflation rose to 4.62% in October 2019, owing to the surge in food price inflation along with a low base effect and is a 16-month high.
• CFPI was 5.11 percent in September.
• This inflation rate is within the medium-term target of 4% within a limit of +/-2% but is higher than the projected inflation by RBI for Oct-March 2019-20.
• Consumer Price Index (CPI): It is an index that measures the change in prices of goods and services in a basket. Retail Inflation is measured using CPI.
• The current base year for calculation of CPI is 2011-12. 

2. Banks Board Bureau (BBB) recommends names for MD & CEO of three state-owned banks

• Sanjiv Chadha, L V Prabhakar and Atanu Kumar Dashave been recommended for the post of MD & CEO of three state-owned lenders- Bank of Baroda, Canara Bank and Bank of India by the Banks Board Bureau.
• The final decision will be taken by the Appointments Committee of the Cabinet headed by the Indian Prime Minister.
• Banks Board Bureau:  It is an autonomous body that was appointed in 2016 to make recommendations for appointment of whole-time directors as well as non-executive chairpersons of state-owned banks.
• The current head of BBBis B P Sharma.
• Sanjiv Chadha is currently the MD & CEO of SBI Capital Markets, while L V Prabhakar is the Executive Director of PNB. Atanu Kumar Das is the Executive Director of Bank of India.

3. Rupee falls 62p against US dollars

• The rupee falls 62p to a two-month low of 72.09 against the US dollar.
• The decline in India’s industrial output, low economic growth rate and concerns over US-China Trade war has led to the depreciation of Indian Rupee.
• Depreciation of a currency: When the value of a currency falls based on the market-determined exchange price.

4. ‘Project Zero’ by Amazon

• Amazon has launched ‘Project Zero’ to block the sale of counterfeit goods and to ensure that customers receive quality goods on its e-platform. 
• Under the project, three tools will be used to detect counterfeited products- Automated protections, Self-Service Counterfeit Removal tool and Product serialization.
• Amazon is a US-based company that is considered one of the Big Four technology companies.
• Founder & CEO of Amazon- Jeff Bezos

5. India, Russia and China search for an alternative to SWIFT payment system

• India, Russia and China are searching for an alternative to the existing SWIFT payment system in order to trade independently with countries facing US sanctions.
• Russia is planning to link its SPFS system with Chinese CIPS (Cross-border Interbank Payment System). Since India does not have its own financial messaging system, therefore, it plans to link Russia’s Central Bank platform with the underdevelopment service.
• Society for Worldwide Interbank Financial Telecommunication (SWIFT): It is a financial messaging system used by banks and other financial institutions to send and receive information regarding transactions through a unique code.
• SWIFT was found in 1973 and is headquartered in La Hulpe, Belgium.

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