• The Reserve Bank of India (RBI) laid down guidelines for appointment of chief compliance officer (CCO) in banks to ensure uniform approach with regard to compliance and risk management culture across the banking industry.

• The CCO should be appointed for a minimum fixed period of three years in the rank of a general manager or not below two levels of the rank of CEO.

• CCO “shall not be given any responsibility which brings elements of conflict of interest.

• ICICI Lombard Insurance Company Ltd has entered into a Bancassurance tie-up with Yes Bank to sell its insurance products.

• Through this agreement, ICICI Lombard aims to offer innovative insurance solutions to Yes Bank’s Customers across 28 States and 8 Union Territories.

• Bancassurance is an arrangement between a Bank and an Insurance Company allowing the Insurance Company to sell its products to the Bank’s Client Base.

• Bancassurance encourages customers of banks to purchase insurance policies and helps in building better relationship with the bank.

• SoftBank Group Corp has agreed to sell chip designer Arm to Nvidia Corp for as much as $40 billion in a deal set to reshape the semiconductor landscape.

• The deal puts a vital supplier to Apple Inc and others across the industry under the control of a single player and will face potential pushback from regulators and Nvidia rivals.

• Nvidia will pay SoftBank $21.5 billion in shares and $12 billion in cash, including $2 billion on signing.

• The deal will see SoftBank and the $100 billion Vision Fund, which has a 25% stake in Arm, take a stake in Nvidia of between 6.7% and 8.1%.

• SoftBank could also be paid an additional $5 billion in cash or shares depending on the chip designer's business performance, with Arm employees to be paid $1.5 billion in Nvidia shares.

• SBI General Insurance Company Ltd and YES Bank signed a corporate agency agreement to distribute the products of SBI General Insurance to the customers of YES bank across India.

• This partnership offers customers a wide range of non-life insurance products and services and deploys technology across the customer value chain to facilitate superior experiences for them.

• The unique branch and digital banking capabilities of YES Bank together with the brand strength and innovative product suite of SBI General Insurance will boost the customer value proposition of YES Bank.

• S&P Global Ratings has projected the GDP of India to contract by 9% in the fiscal year 2020-21 (FY21), as against its previous estimate of a 5% contraction, due to the impact of the COVID-19 pandemic.

• For the FY22 (2021-22), S&P expects GDP growth of 6% and for the FY23 (2022-23), GDP growth is projected at 6.2%.

• SBM Bank (India) Limited (SBM Bank India) and Mastercard have collaborated to launch SBM World Debit Card, a one-of-a-kind debit card for the sophisticated needs of high net worth customers.

• It represents a combination of niche banking solutions and thoroughly managed lifestyle privileges, including some of the finest shopping and dining opportunities.

• The custom built card is an addition to SBM Bank India’s Private Wealth offering.

• The Asian Development Bank (ADB) has estimated that the GDP of India is expected to contract by 9% in fiscal 2020-21 (FY21).

• This estimate is worse than ADB’s previous estimate of -4%.

• However, for the FY22 (2021-22), ADB expects India’s GDP at 8 per cent. ADB also expects the gross domestic product (GDP) growth for developing Asia at – 0.7 per cent in 2020, the first negative economic growth since 1962.

• The Organisation for Economic Cooperation and Development (OECD) expects the Indian economy to contract by 10.2% in FY21 (2020-21) as compared to its previous estimate of 16.7% in June.

• For FY22 (2021-22), the Paris-based OECD projects India’s gross domestic product (GDP) to grow at 10.7%.

• Titan Company has partnered with the State Bank of India (SBI) to launch India’s first contactless payment watches named “Titan Pay”.

• Using these watches, the account holders of SBI can tap their Titan Pay watch on the contactless payment POS machines for making payments.

• It is powered by YONO SBI.

• Under this mechanism, payments of up to Rs. 2,000 can be made without entering a PIN, as per the RBI guidelines.

• A secure certified near-field communication (NFC) chip developed by Tappy Technologies has been embedded in the watch strap that will enable the tap and pay feature in the watch.

• The Titan Pay watch will act as a contactless debit card.

• DBS Bank India Ltd launched an online credit solutions platform, ‘DBS Digital Business Loans for SMEs’ to provide loans for Small and medium-sized enterprises (SMEs) businesses in a convenient manner with credit facility up to Rs 20 crore.

• This segment-flagship platform facilitates access to business credit across the entire spectrum of micro, small and medium enterprises.

• For loans above Rs 5 crore, customers can avail the loan through a simple online process by uploading bank statements, and IT(Income Tax) returns.

• If the lending criteria is met, the platform is enabled to auto-generate an e-offer letter.

• In-principle approval for loans of up to Rs 5 crore can be obtained within 24 hours by the enterprises with a turnover of up to Rs 25 crore, subject to completing the loan application and fulfilling the lending criteria.