Asian Infrastructure Investment Bank (AIIB)

India’s Dinesh Sharma has been elected to the board of directors of the China sponsored Asian Infrastructure Investment Bank (AIIB). He has been elected to the 12-member board through a secret ballot. This is the first board of directors of AIIB in which 57 nations are founding members including India.

India’s largest lender, State Bank of India (SBI) has launched dedicated specialized branch for start-ups called ‘SBI InCube’ in Bengaluru, Karnataka. It was announced by BI Chairman Arundhati Bhattacharya in Bengaluru, Karnataka.

India’s largest private sector lender ICICI Bank has partnered with FINO PayTech to foray into the payments bank space.

Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches across the country to provide inter-bank electronic fund transfer service.

Reserve Bank of India (RBI) has imposed a monetary penalty of one crore rupees on State Bank of Travancore, an SBI associate bank for violation of some of its instructions.

The Union Cabinet, presided by Prime Minister Narendra Modi approved the Hydrocarbon Exploration and Licensing Policy (HELP).

Indian Railways appointed Ernst & Young (EY) as a consultant to discover the advertising potential in trains and railway stations. The move aims at enhancing revenue through non-fare box route.

Banking and Economy

Bombay Stock Exchange (BSE) Ltd has launched a new service for algorithm trading test facility for investors on its derivatives and equity platform

What is Algorithm Trading? 

Algorithmic trading in financial markets refers to transaction orders generated by using advanced mathematical models that involve

automated execution of trade.

World Bank to fund 20 million US dollar for reconstructing Indira Gandhi Zoological Park

India’s Dinesh Sharma on 17 January 2016 was elected to the 12-member board of directors of the China-sponsored Asian Infrastructure Investment Bank (AIIB). A secret ballot for the post was held on 16 January 2016.

The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) on 19 January 2016 released World Economic Situation and Prospects (WESP) 2015 report.

Highlights of the Report:

-Global growth is estimated at a mere 2.4 percent in 2015.

-The world economy is projected to grow by 2.9 percent in 2016 and 3.2 per cent in 2017.

-GDP growth in the least developed countries is expected to rebound from 4.5 percent in 2015 to 5.6 percent growth in 2016.

-Global energy related carbon emissions experienced no growth in 2014 for the first time in 20 years. India’s largest lender State Bank of India (SBI) has launched SBI e-Smart SME to provide a working capital loan for sellers on ecommerce platforms. It was launched by SBI in partnership with ecommerce platform Snapdeal in the presence of bank’s chairman Arundhati Bhattacharya and Snapdeal CEO Sri Kunal Bahl.

India’s largest lender State Bank of India (SBI) has launched ‘Japan Desk’, a single window for inbound Japanese investments in India and vice-versa. This is a first-ofits- kind initiative that seeks to facilitate Japanese corporates looking to invest in India with banking and advisory services.