Economy Matters

Dinner Party Prep: Paytm partners with ICIC Bank, Moody’s Rating And More

Wondering if you are up to speed with topics that are likely to pop up at your upcoming dinner meet?  Here is an overview of whats trending in economy and finance this week:

iciciPaytm_logoWhen someone brings up Paytm you can say ICICI bank is going to offer instant credit facility to Paytm users:

ICICI Bank and Paytm have tied up to provide interest free short-term instant credit to their common customers. This is the first move by any bank in India. It will work like a digital credit card where you can buy products or services online and pay later. As of now this facility is available only for ICICI users with Paytm accounts and it isn’t available for offline customers. 

Indian Flag EmojiWhen someone talks about Moody’s you could say that they have upped their rating for India after 14 years:

Moody’s, an international rating agency has upgraded India’s debt rating from Baa3 to Baa2. This has positively impacted the stock markets as the upgrade has come after 14 years. Till last year India was at the lowest rating grade. The move comes in as a result of all the positive reforms implemented this year in the economy. The upgrade will increase foreign investors and make borrowing from abroad cheaper for India. 

UnlockdocumentWhen someone talks Aadhar’s security concerns you can say the team might come up with dummy numbers to add more security:

Amid security concerns relating to Aadhar card, the UIDAI-Unique Identification Authority of India is planning on introducing ‘dummy numbers’ to add an extra layer of security. This number can be shared with government authorities, banking companies, telecom providers and others. The original Aadhar number will remain only with the cardholder and UIDAI. 

28_indian_currency_rupee_notes_payment_finance_money-512

When someone talks about Black Money stashed in Switzerland you can say that a Swizz Parliamentary panel has approved an automatic information exchange pact between the two countries:Tax Haven

Many people stash their money in tax havens abroad to avoid paying taxes. Switzerland is one of the safest tax havens used by many Indians to store their black money. In order to prevent this and help solve the black money problem a parliamentary panel in Switzerland has approved an automatic information exchange pact between the two countries. This pact will work like this —If an Indian has a bank account in Switzerland, the bank will disclose the account details to authorities there who will then automatically forward the information to India where Indian authorities can examine the person’s details

bank iconWhen someone talks about Blockchain you can say that SBI is going to use this technology for banking procedures:

SBI along with 26 other banks have joined hands to build banking solutions based on blockchain. By next month SBI will  launch 2 beta versions of products that use blochain technology. One of the products is for smart contracts and one is for KYC. All the 27 banks will be able to use these products. 

Blockchain

email usNow that you know these topics, next time someone mentions them you know what to say. If there are any such topics spoken about at a party that have made you feel out of the loop, write to us at hello@missmanage.com and we will cover it in our next edition.

 

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