Daily GK Digest for 30-August-2017

Thought for the day

"It is not enough to have great qualities; we must also have the management of them."

-- François de La Rochefoucauld

Term of the Day: Accounts Payable

When a company purchases goods on credit which needs to be paid back in a short period of time, it is known as Accounts Payable. It is treated as a liability and comes under the head 'current liabilities'. Accounts Payable is a short-term debt payment which needs to be paid to avoid default. Accounts Payable is a liability due to a particular creditor when it order goods or services without paying in cash up front, which means that you bought goods on credit. Accounts Payable as a term is not limited to companies. Even individuals  have Accounts Payable.

Lakshmi, the Robot

Automation in banking services is fast catching up. Now, banks are moving to the next level — using robots as a self-service tool. And, City Union Bank, headquartered in Kumbakonam, Tamil Nadu, has taken the lead in this space.

The two-foot robot ‘Lakshmi’, as it is fondly called, is now drawing customers when they step into the bank’s branch at Ramnagar in Coimbatore.  a company in Coimbatore had taken the agency for the robot. It took five to six months to integrate the bot with the bank’s CBS. Initially, the bot could converse — welcome the user and answer queries on interest rate and provide other basic information in English. The latest model converses in Tamil as well.

The bank has since installed five robots — at three branches in Chennai, one each at Kumbakonam and Coimbatore. It is planning to have 100 bots in a year’s time. Over time, the bank intends to use Lakshmi — the Artificial Intelligence-powered robot — to support other banking jobs with insightful data and analytics.

It is around Rs 92,000 crore... What is it?

  • As many as 38.38 lakh businesses have filed GSTR- 3B for the month of July, paying Rs 92,283 crore as tax.
  • This is marginally higher than the Rs 91,000 crore budgeted by the Centre and the States.
  • Only 64.92 per cent of the eligible 59.57 lakh businesses have paid GST for the month of July and more are expected to pay. 
  • FM Jaitley said the total revenue from Central GST is Rs 14,894 crore and from State GST is Rs 22,722 crore.
  • Collections from Integrated GST is Rs 47,469 crore of which IGST from imports is Rs 20,964 crore. Compensation cess amounts to another Rs 7,198 crore of which Rs 599 crore is compensation cess from imports.

Firing line ready - RBI

  • The Reserve Bank of India is ready with a second list of defaulters which will be referred to the the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code.
  • The list is understood to have named of 35-40 companies which may have defaulted in loan repayments.
  • In June, the central bank had identified 12 large stressed accounts which collectively owed about Rs 2 lakh crore, accounting for 25 per cent of the bad loans in the Indian banking system.
  • This included Essar Steel, Bhushan Steel, Bhushan Power, Alok Industries, Electrosteel Steels, Monnet Ispat, and ABG Shipyard.
  • The fresh list also contains companies from the infrastructure and power sectors. 
  • According to sources, these companies will be sent to the NCLT if the debt issue is not resolved by mid-December. The list is likely to be formally released in September.

Gartner's numbers on Information Security Services

  • Spending on information security products and services in India will reach $1.5 billion in 2017 in constant currency terms, a 12 per cent rise over 2016, with the spending expected to grow to $ 1.7 billion in 2018.
  • According to a study by Gartner, security services will continue to be the fastest growing segment, especially IT outsourcing, consulting and implementation services.
  • However, hardware support services will see slowdown in growth due to the adoption of virtual appliances, public cloud and software as a service (SaaS), which reduces some of the need for attached hardware support overall.
  • The strong growth of security services in India is due to the widespread skills shortage and proliferation of new security initiatives that several large organisations in India are engaging in.

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