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News in Short

News in Short - 19-June-2019

Libra: Facebook unveils its cryptocurrency

Date: 19 June 2019 Tags: IT, Mobile & Computers
  • Social media giant Facebook has unveiled cryptocurrency Libra, its. It will be rolled out for use in 2020 and allow the platform’s billions of users across the globe to make financial transactions online. 
  • It will be serviced by a collective of companies called the Libra Association. Using Libra people can buy things or send money to people with nearly zero fees.
  • It will be open cryptocurrency system i.e. it will be more liquid and easier to exchange to/from fiat currency as compared to close cryptocurrency system such as bitcoin.
  • It will be different from most other digital payments systems as it will enable consumers to use the currency even if they don’t have bank account.
  • Its value will be pegged to basket of established currencies, including US dollar, euro and the Japanese yen, to stabilize value of digital currency. (Whereas in most of crypto currencies, their value is fluctuating based on their demand and supply)

RBI imposes Rs.1 crore penalty on HDFC for violating its norms

Date: 19 June 2019 Tags: Banking Laws & Regulations
  • Reserve Bank of India (RBI) has imposed Rs.1 crore penalty on private sector lender HDFC Bank for violating know your customer (KYC) and anti-money laundering (AML) norms.
  • The penalty was imposed after RBI received a reference from customs’ authorities regarding submission of forged bill of entries (BoEs) by certain importers to HDFC bank for remittance of foreign currency.
  • RBI's examination revealed violations of RBI directions on KYC/AML norms and on reporting of frauds. The penalties on HDFC Bank was based on deficiencies in regulatory compliance.
  • The penalty was imposed by RBI in exercise of powers vested to it under the provisions of Section 47A(1)(c) with Section 46(4)(i) of the Banking Regulation Act, 1949.

World Bank to provide US $518 million to Pakistan for reforms

Date: 19 June 2019 Tags: International Events
  • World Bank has agreed to provide US $518 million loan to Pakistan for reforms to enhance tax revenues and reduce compliance cost to provide better services to the public.
  • Of the total loan, $400 million was approved for Federal Board of Revenue (FBR) to increase its tax to gross domestic product ratio from 13% to 17% and enhance number of income tax return filers.
  • It aims to simplify the tax regime and strengthen tax and customs administration. It will also support FBR with technology and digital infrastructure and technical skills.
  • Remaining $118 million will be provided for revenue mobilization and public resource management project of Pakistan's northwest Khyber Pakhtunkhwa province to increase its capacity for revenue collection and management of the province's resources.

Naveen Uppal appointed as Chief Risk Officer of Indiabulls Housing Finance

Date: 19 June 2019 Tags: Banking People in News
  • Naveen Uppal was appointed as the Chief Risk Officer (CRO) of Indiabulls Housing Finance Ltd for a period of three years with effect from June 17, 2019.
  • His appointment is in compliance with norms of National Housing Bank (NHB), the housing finance sector regulator. He will directly report to the managing director and CEO of the company.
  • RBI's norm: It has mandatory for all non-banking financial companies (NBFCs) with assets of more than Rs.5,000 crore to appoint CRO. This decision was taken in wake of ongoing rating downgrades of non-banks which has raised fears of another liquidity crisis.

2nd India, Italy JWG on counter terrorism held in New Delhi

Date: 19 June 2019 Tags: India & World
  • The 2nd Meeting of India-Italy Joint Working Group (JWG) on Counter Terrorism was held in New Delhi
  • It discussed threats posed by terrorist entities globally and in their respective regions including cross border terrorism.
  • Both also held discussion on views on current counterterrorism challenges including countering radicalization, terror financing and misuse of internet for terrorist purposes.
  • They also discussed threats arising from transnational crimes and money laundering and deliberated upon measures to deepen bilateral cooperation for countering terrorism and transnational crimes.

48th BSF and BGB DG conference held in Dhaka, Bangladesh

Date: 19 June 2019 Tags: Security Threats
  • The 48th DG conference between India's Border Security Force (BSF) and Border Guard Bangladesh (BGB) was held in Dhaka, Bangladesh.
  • In this meeting both BSF and BGB agreed to undertake joint efforts to bring down killing incidents to zero by increasing coordinated patrols in vulnerable areas.
  • They also agreed to jointly tackle menace of cattle and narcotics smuggling, educating border population about the sanctity of International Border (IB) and preventing criminals from crossing the IB.
  • They also agreed to pursue and share real-time information including a preliminary questioning report as applicable about the persons apprehended with smuggled items.