Banking Affairs 28th February 2017 | Financial Awareness 28th February 2017

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1.Mumbai richest city with $820 billion

  • Mumbai is the richest Indian city with a total wealth of $820 billion.
  • Delhi is home to 23,000 millionaires and 18 billionaires with total wealth of $450 billion, while Bengaluru has 7,700 millionaires and 8 billionaires and an aggregate wealth of $320 billion.
  • The total wealth held in India in 2016 was $6.2 trillion, while the country is home to 264,000 millionaires and 95 billionaires

2.Bank Workers are on Strike Today

All the Staff of banking and public sector banks including 10 lakh employees and officers will be on strike today in response to the call of United Forum of Bank Unions and be protesting against the decision to merge five associate banks with SBI. Public Banks will remain closed 28th Feb 2017.

 

3. Sidbi doubles fund of funds operations; sanctions Rs 300 cr

  • Sidbi has cleared sanction requests of nine funds aggregating Rs 300 crores in a recent meeting, showing a significant upsurge in the fund of funds operations focused on MSME and startups.
  • Sidbi as manager of these funds has constituted a Venture Capital Investment Committee (VCIC) which includes external experts Mohandas Pai, Sanjeev Bikchandani, Saurabh Srivastava, HK Mittal, Vaidyanathan, Kiran Karnik.

4. India’s door open while others look inward: Jaitley

  • India is one of the most “open economies in the world”, Finance Minister Arun Jaitley said here on 27th Feb 2017 as he contrasted India’s approach to reform to an increasingly inward-looking world.
  • “When the world is turning increasingly protectionist, India is opening up,” he told investors, politicians and business people gathered at a meeting hosted by the U.K. India Business Council and Federation of India Chamber of Commerce and Industry.

5. RBI not to share govt response on Sharia

  • The central bank has said the response given by the Fin Min on the RBI report about the introduction of Sharia banking in India cannot be disclosed,
  • The RBI was asked to give response sent to it by the ministry on the recommendation regarding Islamic banking.
  • Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam.

6. ‘India, a lab to learn about what works in development’

  • World Bank CEO Kristalina Georgieva said: India as a “laboratory”, for the world to learn about what works in development and to find new ways to collaborate.
  • Ms Georgieva, who is in India on her first official visit, said in a statement: “India is our biggest middle-income client.
  • Its economic growth influences global growth. Its achievements in health and education contribute to the world achieving the Sustainable Development Goals.”

7. SEBI to tighten also trading rules

  • The SEBI plans to further tighten the regulations for algorithmic trading to minimise instances of misuse of such systems that can be used to execute complex trading strategies at a very high speed.
  • SEBI chairman U.K. Sinha said that while India was one of the few countries in the world to regulate algorithmic trading popularly called also trading the market watchdog is looking to further strengthen the norms so that instances of flash crashes that have happened overseas, and also in India a few times, could be minimised.

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