Banking Awareness 15th November 2016 | Financial Affairs 15th November 2016

India’s crackdown on black money will help financial system: EU


Root out black money will increase economy

  • Welcoming India’s decision to withdraw high-value banknotes as part of its fight to root out black money, the European Union (EU) has said ridding the financial system of “black component” and bringing transparency will strengthen Indian economy and spur growth.
  • Calling India one of the most attractive investment destinations globally, Vice-President of European Commission Jyrki Katainen also complimented the government for its resolve to roll out the Goods and Services Tax (GST) soon, besides many other reform measures.

Three main treaty

  • Treaty of Rome (1957–92)
  • Maastricht Treaty (1992–2007)
  • Lisbon Treaty (2007–present)

Tata, global firms join hands to set up IoT incubator in Israel


Incubator will focus on developing next-generation IoT and IIoT technologies

  • Tata Group has joined hands with General Electric Ventures, Microsoft Ventures and others to set up a new technology incubator in Israel.
  • “With the first closing of USD 20 million, the incubator called i3 Equity Partners (i3) will focus on developing next-generation IoT and IIoT technologies.”

Next generation technologies

  • IoT – Internet of Things
  • IIoT – Industrial Internet of Things.

Govt to open cyber security centres


Centre taking multi-faceted initiatives in cyber security

  • Apart from other initiatives in the field of electronics manufacturing and information technology, the Centre on 12 Nov 16 said it is also taking multi-faceted initiatives in cyber security.
  • Electronics and IT Minister Ravi Shankar Prasad said that his Ministry has approved 26 new posts in the Indian Computer Emergency Response Team (CERT-In) besides planning State CERT-Ins in five States.

CERT-Ins are planned in

  • Maharashtra
  • Tamil Nadu
  • Telangana
  • Kerala
  • Jharkhand

Tata-Mistry spat unlikely to hit TCS operations: Analysts


Not to elevate Chief N Chandrasekaran as TCS can dip.

  • The bitter boardroom battle at Tata Sons is unlikely to impact operations of the USD 100-billion conglomerate’s crown jewel Tata Consultancy Services (TCS), but if its chief N Chandrasekaran is elevated to the top at the group level, it could be a blip on the firm’s business.
  • If Chandrasekaran does assume leadership at the group level, it could well prove to be a short-term loss for TCS.”


Percentage of Stake that Tata sons as a shareholder in TCS.

London woos Indian start-ups


Key drivers of growth and jobs for the capital city and the wider UK economy.

  • London’s technology sector is wooing Indian startups and software firms, which are among the key drivers of growth and jobs for the capital city and the wider UK economy.
  • “India is the second largest investor into London, after the US. Despite concerns over foreign investment inflows after the Brexit referendum.
  • It will continue to be a top investor for us,” Rajesh Agrawal, deputy mayor of London for business.


Percentage of the fastest growing Indian companies based in the UK.

Federal Bank to open its first overseas branch in Dubai


This serves as a nerve centre for NRI customers in the UAE.

  • Federal Bank said it has received Reserve Bank of India (RBI)’s permission to open its first international branch at the Dubai International Financial Centre.
  • The permission is subject to other approvals from the host regulator, Dubai Financial Services Authority.
  • The proposed branch at Dubai will help the Bank serve its Non-Resident clientele better.

Rs. 1.37 Lakh Crore

It is The Bank’s total business.

Ujjivan Small Finance Bank gets RBI’s final ‘small bank’ licence


Licence from RBI to start small finance bank.

  • Ujjivan Small Finance Bank Ltd (a wholly owned subsidiary of Ujjivan Financial Services Ltd) has got the final licence from the Reserve Bank of India to undertake small finance bank (SFB) business in India.
  • Ujjivan Small Finance Bank Ltd is expected to commence banking operations in the first-quarter of 2017 after receiving the necessary approvals, registrations and licensing from various departments of the RBI and other agencies.

Rs 73 crore

  • Profit for previous academic year.

Trump says will take $1 as salary with no vacations


Refuses to take $400,000 that comes with the US president’s job

  • US President-elect Donald Trump has said he would take $1 as his salary a year and not the $400,000 that comes with the US president’s job and will refrain from going on any vacation.
  • Asked whether he was going to take the president’s salary, 70-year-old Trump said, “No, I’m not gonna take the salary. I’m not taking it,” confirming a promise he made in a campaign video in September.


Annual salary for USA President.

Professional fees, avocations to join financial mainstream, enter tax net


which escaped the taxmen so far, will now have to come into their net.

  • It is not yet a week since demonetisation of large denomination notes was announced.
  • But it is already forcing many professionals and practitioners of different vocations to come into the financial mainstream.
  • Hitherto, a large part of their income fees for service rendered whether as a doctor, lawyer, plumber, teacher, carpenter, mason or cook, was largely through cash.


Percentage of Indian population as IT assessees.

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