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Banking and Financial Awareness November: 1st Week

Published on Wednesday, November 07, 2018
Banking and Financial Awareness November: 1st week

SBI, Hitachi Payments formed joint venture for digital payment platform

  • Hitachi Payments will pick a 26% equity stake in SBI Payment Services. 
  • to establish a card acceptance, digital payment platform and provide comprehensive suite for payment options to customers and merchants focussing on areas such as 
    • rollout of a nationwide card acceptance infrastructure, 
    • quick response (QR) code acceptance, 
    • payment through Unified Payment Interface (UPI), 
    • Helping mass transit sector and e-commerce businesses 
  • Hitachi Payment Services India 
    • Headquarters: Chennai. 
    • MD: Bharat Kaushal 
  • State Bank of India 
    • Chairperson: Rajnish Kumar 
    • Headquarters: Mumbai 
    • Founded: 1 July 1955 

Government announced 6th tranche of electoral bonds announced

  • government notified the Electoral Bond Scheme in January 2018. 
  • issuing authority is SBI and has encashed electoral bonds through its 29 authorised branches with effect from November 1 to 10. 
  • Validity of Electoral Bonds shall be fifteen calendar days from the date of issue, if the Electoral Bond is deposited after expiry of the validity period, no payment shall be made to any payee Political Party. 

India jumps 23 places to 77th in ease of doing business ranking: World Bank

  • Last year, India was ranked 100th in World Bank’s Doing Business, moving up from 131th position that it recorded in 2016. 
  • India improved on six of the 10 parameters relating to starting and doing business in a country,said by World Bank. The parameters are: 
    • ease of starting a business, 
    • construction permits, 
    • getting electricity, 
    • getting credit, 
    • paying taxes, 
    • trade across borders, 
    • enforcing contracts 
    • resolving insolvency. 
  • topped by New Zealand out of 190 countries in ease of doing business, followed by Singapore, Denmark, and Hong Kong. 
  • World Bank: 
    • Headquarters: Washington D.C., United States 
    • President: Jim Yong Kim 
    • CEO: Kristalina Georgieva 
    • Membership: 189 countries partnered with Accrivis to enable data integration using block chain

  • For enhancing customer centricity through data security and application integration. 
  • Will detect and minimise the rampant frauds that are on-going in the insurance ecosystem affecting both the business and the consumer. 
  • Also, allaying security issues of consumers using online channels, block chain will be used by to address consumer queries and complaints in a time-bound manner. 
  • It will lead to a lot of back and forth while resolving operational issues also the reconciliation takes a lot of time and effort, causing inconvenience to our consumers. 
  • Policybazaar 
    • Founded: 2008 
    • CEO: Yashish Dahiya 
    • CFO: Alok Bansal 

WhatsApp, CII collaborated to train SMEs, entrepreneurs in India

  • for training small and medium enterprises (SMEs) and entrepreneurs on using the messaging platform also connect with the customers and grow their businesses. 
  • enhance business communication for Indian SMEs through CII's SME Technology Facilitation Centre 
  • Also, develop informative content in physical and digital formats and distributed among entrepreneurs. 
  • centre was set up for helping SMEs in India with technological solutions that can be optimally adopted to enhance overall competitiveness. 
  • Confederation of Indian Industry (CII) 
    • President: Rakesh Bharti Mittal (2018-19) 
    • Founded: 1895 
    • Headquarters: New Delhi, India
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