Financial Affairs 31 October 2016 | Banking Awareness for SBI IBPS UPSC SSC Exams


1IBM to acquire Sanovi Technologies

  • IBM said it signed a definitive agreement to acquire Bengaluru-based disaster recovery solution provider Sanovi Technologies.
  • The deal, expected to close by December, will help the U.S. major strengthen its offering in cloud recovery, cloud migration and business continuity software category for enterprise data centres and cloud infrastructure.

2Telecom minister to meet telecos on call drops

  • Telecom Minister Manoj Sinha will meet the CEOs of telecom companies on November 1 to take stock of the progress made on the issue of call drops.
  • In June, this year, telecom operators had submitted a 100-day action plan to the government where they have committed to invest about Rs.12,000 crore to set up 60,000 new base transmitter stations.

3New ‘benami’ Act to take effect from Nov. 1

  • According to the new law, people caught with ‘benami’ properties could serve up to seven years of rigorous imprisonment and have to pay a significant fine.
  • Additionally, the properties will be confiscated. Under the Act, a transaction is named ‘benami’ if property is held by one person, but has been provided or paid for by another person.

4 Home, auto loans get cheaper

  • SBI reduced its marginal cost of funding based lending rate (MCLR) by 15 basis points, while ICICI Bank reduced it by 10 bps across various loan tenures.
  • All loans including home and auto loans are linked to the MCLR. Both the banks said the new rate will come into effect from November 1.

5Three Tata executives quit

  • Dr. Nirmalya Kumar, Madhu Kannan and Dr. N. S. Rajan, all of whom were members of the five-member Group Executive Committee (GEC) quit from Tata Group.
  • A Tata spokesperson confirmed their resignations. The GEC, formed by Mr. Mistry soon after taking over in 2012, was disbanded the day he was dismissed.

6Post Payments Bank eyes synergies with financial services biz of India Post

  • The India Post Payments Bank is working on striking synergies with the Post Office Savings Bank of the Department of Posts to ensure that its customers don’t look elsewhere for parking deposits exceeding Rs 1 lakh.
  • In view of the regulatory restriction that a payments bank can hold a maximum balance ofRs 1lakh per individual customer, the India Post Payments Bank (IPPB) is planning to create a mechanism whereby balances over this limit get automatically transferred to the Post Office Savings Bank (POSB).

7IT spending in banking, securities to reach $7.8 bn in 2017

  • IT services and software will both be the fastest growing segments at 12.6 per cent.
  • IT spending by banking and securities firms in India will reach USD 7.8 billion in 2017, an 8.6 per cent rise from 2016, says Gartner Inc.

8Hardware clause makes software patenting difficult

  • Changes in India’s software patent laws are stoking heartburn among companies that are looking to file patents in India, which could impact investment flows into the country.
  • Companies based in India and elsewhere depend on patents to protect their intellectual property and attract investments to succeed in a competitive marketplace.
  • However, some minor changes to the patent guidelines have caused a major headache.


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