BANKING & FINANCE
State Bank of India and Hyperverge ramp up technology for online customer onboarding amidst COVID-19 economic recoveryTo serve customers in the new normal times, State Bank of India launches a full power YONO Savings Account that can be opened instantly with Video KYC in 4 simple steps.
- Amidst this backdrop, HyperVerge announced its partnership with India's largest bank, SBI, with one of its flagship products, the (https://hyperverge.co/solutions/video_kyc) Video KYC solution which aims to achieve a whopping 10x improvement over the regular video KYC checks performed per day per agent.
- The Video KYC solution by HyperVerge is 100 per cent compliant with RBI regulations and can be supported on multiple platforms. The technology developed by the Bangalore headquartered company is critical at this hour since it helps financial institutions save the cost and time in sending agents to physically visit a customer's residence.
IDBI Bank announced the launch of its fully digitised loan processing system, offering over 50 products to MSME and agriculture sector.
- The Loan Processing System (LPS) for MSME and agri products seamlessly integrates with data fintechs, bureau validations, document storage, account management and customer notifications among others.
- These features of the fully digitized and automated loan processing system are further aimed at providing a superior tech-enabled banking experience to bank's MSME and agri customers.
The Reserve Bank of India (RBI) makes interoperability mandatory for Prepaid Payment Instruments (PPIs). The central bank has advised banks and companies to enable interoperability by March 31, 2022. That means interoperability for mobile wallets will be in effect from the starting of the financial year FY23.
- Also, interoperability shall be mandatory on the acceptance side as well.Further, PPIs for Mass Transit Systems (PPI-MTS) shall remain exempted from interoperability while Gift PPI issuers have the option to offer interoperability.
- Moreover, RBI has increased the maximum amount outstanding in respect of full-KYC PPIs (KYC-compliant PPIs) to Rs2 lakh from Rs1 lakh.
HSBC India has launched digital banking solutions for its corporate customers.
- HSBC SmartServe and HSBC IntelliSign are first-of-its-kind digital solutions aimed at ensuring a quick, secure and seamless on-boarding process for corporate clients.
- The API-enabled solutions provide an accelerated on-boarding experience, replacing the documentation process with a digital platform, including the use of electronic signatures, as well as leveraging existing data assets to complete account opening requirements.
Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), has announced the launch of a hyper-flexible savings plan.
- The new ABSLI Vision LifeIncome Plus Plan will provide guaranteed regular income plus flexible bonus payouts to policyholders.
- This non-linked participating individual plan will offer various plan options which can be tailor-made to suit customers’ unique financial needs across different life-stages. This savings plan provides a customer with a guaranteed regular income for up to 30 years to help them achieve their evolving life goals while reaping the benefits of a comprehensive life insurance cover.
Alankit Imaginations Ltd announced a tie-up with Digital Swiss Gold (DSG) that will allow individuals to transact in gold digitally in Switzerland.
- Investors can become a Digital Swiss Gold member by creating an account on an app within minutes and buy Swiss Gold digitally, starting from as little as 1 gram after they complete the KYC process.
- An individual can buy gold up to a maximum limit of USD 2,50,000 per financial year under the Liberalised Remittance Scheme of the Reserve Bank of India.
Kotak Mahindra Bank has issued the first-ever foreign portfolio investor (FPI) licence to the GIFT IFSC alternative investment fund (AIF) of True Beacon Global.
- This is the first FPI licence issued to an AIF incorporated in GIFT IFSC by any custodian bank or designated depository participant (DDP) in the country.
BUSINESS & ECONOMY
Dun & Bradstreet India, BSE sign MOU to boost MSME growthDun & Bradstreet Information Services India, a global provider of B2B data, insights, and AI-driven platforms, signed a Memorandum of Understanding (MoU) with BSE to create an ecosystem for promoting, aiding, and fostering the growth of Small and Medium Enterprises (SMEs) in the country.
- The partnership will help SMEs in India to increase their visibility, expand access to global markets, find potential customers, uncover new suppliers and channel partners, manage risk, and identify growth opportunities.
Insurance sector regulator Irdai has slapped a fine of Rs 24 lakh on policy aggregator Policybazaar for violating advertisement norms with regard to SMS sent to customers last year about increase in term insurance policy premiums.
- The matter relates to Policybazaar sending SMS between March 15, 2020, and April 7, 2020, to its customers without stipulating its full registered name in the message.
- The web aggregator had sent SMS to about 10 lakh customers telling them that life insurance prices are set to increase from April 1 and that they could save up to Rs 1.65 lakh by buying a term plan.
Citing the impact of the second wave of the pandemic over the economy and consumer sentiment, Swiss brokerage Credit Suisse has lowered its nominal GDP growth forecast by 150-300 bps to 13-14 per cent, but expects a stronger recovery in the second half as it sees the lockdowns having limited impact on tax collections.
- Recovery will be supported by pent-up demand, albeit lower than in the case of the first wave and the rub-off impact of global growth as the developed market could see faster growth supported by vaccination drive, the Swiss agency added.
SPORTS
Ireland Seamer Boyd Rankin Retires From International CricketEngland and Ireland pacer Boyd Rankin, the only cricketer to have played for two countries in all three formats, has announced his retirement from international cricket.
- Rankin made his Ireland debut in 2003 and played last for the country in a T20 against Afghanistan in Greater Noida in 2020.
- The 36-year-old has also played an Ashes Test for England on the 2013-14 tour besides seven ODIs and two T20s. He went back to play for Ireland after they got the Test status in 2017. In all, he played three Tests, 75 ODIs and 50 T20s.
Barbora Strycova, a former top-ranked doubles player and Wimbledon singles semifinalist, has announced her retirement.
- The 35-year-old Czech player has won two WTA singles titles and 31 in doubles. She was at her best at Wimbledon in 2019, when she won the women’s doubles with Hsieh Su-wei to become No. 1 and reached the singles semifinals, losing to Serena Williams. Her career-high in singles was No. 16.
- In 2016, she teamed up with Lucie Safarova to win the bronze medal at the Rio de Janeiro Olympics.
The 2022 FIFA under-17 Women's World Cup will be held in India from October 11 to 30, 2022, football's global governing body said.
- India was set to host the 2021 u-17 Women's World Cup before it was cancelled due to the COVID-19 pandemic.
- This global event will be the second FIFA tournament to be hosted by India after the FIFA under-17 World Cup in 2017, which broke the record for being the most attended youth World Cup in FIFA's history.
AWARDS
Conor McGregor tops Forbes' highest-paid athletes list for 2021Irish MMA fighter Conor McGregor was the world’s highest-paid athlete over the last year ahead of footballers Lionel Messi and Cristiano Ronaldo, according to the annual Forbes list released.
- During the 12-month period ending May 1, 2021 McGregor earned $180 million, a figure which includes $158 million from endorsements and the recent sale of the majority stake of his whiskey brand, Forbes said.
- Barcelona and Argentina forward Messi was second on the list and set a record as the highest-earning soccer player after bringing home $130 million while Portugal and Juventus forward Ronaldo earned $120 million to sit third among the top 10 highest-paid athletes.
The John Templeton Foundation has awarded the 2021 Templeton Prize to world-renowned ethologist and conservationist Jane Goodall, whose groundbreaking discoveries have changed humanity's understanding of its role in the natural world.
- She is the first ethologist and fourth woman to win the prestigious award,.
- The Templeton Prize, valued at over $1.5 million, is one of the world's largest annual individual awards.
BOOKS & AUTHORS
“Buddha in Gandhara” book by Sunita DwivediSunita Dwivedi, Silk Road traveller, photographer and independent researcher has released her latest book titled “Buddha in Gandhara”.
- The book tells stories of cities that once dotted the highroad connecting India with Central Asia and China. It traces the network of Asian trade routes that nourished these cities with goods, people and ideas.
IMPORTANT DAYS
National Endangered Species DayThe National Endangered Species Day is celebrated on the third Friday of May every year. This year, National Endangered Species Day was observed, May 21, 2021.
- The day helps us review how many animal species are under the threat of extinction and how the drastic effects of climate change are disturbing the once peaceful ecosystem.
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