6 September 2017 Current Affairs

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06 Sep, 2017

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1) Which banking entity was declared a domestic-systemically important bank (D-SIB) by the Reserve Bank of India on 4 September 2017 with which it became the third to get this status? – HDFC Bank Ltd.

Explanation: According to an announcement made by the RBI on 4 September 2017, private sector lender HDFC Bank Ltd has been declared a domestic-systemically important bank (D-SIB). With this, the bank joined State Bank of India (SBI) and ICICI Bank Ltd, which have been tagged as D-SIBs, or “too-big-to-fail” for the third consecutive year.

RBI declares a list of D-SIBs every year. The first list was released in 2015, in which SBI and ICICI Bank were named systemically important.

The D-SIB classification means the collapse of these lenders could have a cascading impact on the entire financial system and the economy. These entities are mandated to maintain a progressively higher share of risk-weighted assets as tier-I equity, which is a measure of the bank’s core capital. In case of HDFC Bank, the additional capital surcharge will be applicable from 1 April 2018.

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2) Which city became the ninth India city to have it metro rail system on 5 September 2017? – Lucknow

Explanation: Uttar Pradesh’s capital Lucknow became the ninth Indian city to have its own operational metro rail system after Lucknow Metro Rail Corporation’s (LMRC) first phase was flagged-off by Union Home Minister Rajnath Singh and Chief Minister Yogi Adityanath on 5 September 2017.

The 8.5 km long first phase from Transport Nagar to Charbagh comes under LMRC’s “Priority Corridor” section. It will be operational for the public from 6 am to 10 pm daily. It is worth mentioning that former Chief Minister Akhilesh Yadav and his father Mulayam Singh Yadav had flagged off the trial run on the same stretch in December 2016.

Eight Indian cities having operational metro services are – Kolkata, Delhi, Bengaluru, Gurugram (Gurgaon), Mumbai, Jaipur, Chennai and Kochi.

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3) During September 2017 five banks of the BRICS Interbank Cooperation Mechanism (ICM) agreed to establish local currency credit lines and develop cooperation on credit ratings. Which entity is representing Indian in the BRICS ICM? – Exim Bank of India

Explanation: Exim Bank of India, Brazil’s Banco Nacional de Desenvolvimento Economico e Social, China Development Bank, Development Bank of Southern Africa and Vnesheconombank of Russia are the 5 representative banks in the BRICS Interbank Cooperation Mechanism (ICM).

On 2 September 2017, the CEOs of these 5 banking entities establish a framework mechanism to extend credit lines in local currencies to the BRICS ICM members and the BRICS companies against guarantees of the signatory banks.

The use of local currencies will help promote mutually beneficial economic cooperation, mitigate currency risks, increase trade, and facilitate companies in accessing the BRICS markets.

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4) During September 2017 which foreign bank received RBI’s approval to offer banking services in India through the wholly owned subsidiary (WOS) model and thus became the second foreign bank to receive this approval? – DBS Bank Ltd.

Explanation: Singapore-based DBS Bank Ltd. has received approval from the Reserve Bank of India (RBI) to offer banking services in India through the wholly owned subsidiary (WOS) model. This announcement was made by DBS on 4 September 2017.

DBS thus became the second foreign bank to operate through the WOS model in India after State Bank of Mauritius.

It is worth mentioning that RBI wants foreign lenders in India to function through wholly-owned subsidiaries in order to insulate banking operations from any crisis the parent may be facing and also to ensure better regulation. In November 2013 RBI released a framework for the setting up of wholly-owned subsidiaries by foreign banks in India.

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5) What is the name of the Indian-origin executive who on 5 September 2017 was nominated as the next CEO of Novartis, the largest drugmaker of Europe? – Vasant Narasimhan

Explanation: 41-year old Vasant Narasimhan, a Harvard-trained  doctor, was nominated as the next Chief Executive Officer (CEO) of Novartis Pharma AG. He is presently Chief Medical Officer and global head of drug development at Novartis.

This announcement was made by Novartis on 5 September 2017 after the surprise departure of CEO Joseph Jimenez after eight years at the helm. Jimenez will retire on 1 February 2018.

Novartis is the largest drug maker of Europe and one of the largest in the world. It is based in Basel, Switzerland. Company’s 2016 revenue stood at over $48 billion.

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