General Awareness

BUSINESS AND ECONOMY - November 2014

Nov 2014

Dec 11, 2023

Bank of India Launches Nari Shakti Savings Account

Bank of India, a leading public sector bank in India, launched its Nari Shakti Savings Account at the hands of MD & CEO, Rajneesh Karnatak, in the gracious presence of the Board of Directors at the Head Office in Mumbai. This exclusive Savings Bank Product is aimed at catering to women aged 18 and above with an independent source of income.
The Nari Shakti Savings Account is conceptualised as a financial savings tool to support working women with an independent source of income, enabling them to become self-reliant and enjoy a higher degree of financial freedom. For each New Nari Shakti Account opened, the bank will make a contribution of Rs. 10 towards the CSR fund, which will be utilised for the socio-economic development of underprivileged women and the girl child.

Bimal Dayal is New CEO of Adani Infra India

Adani Energy Solutions' transmission business Chief Bimal Dayal was appointed as the CEO of Adani Infrastructure India.
Dayal will oversee the implementation of the pipeline of infrastructure projects in thermal, renewable energy and green hydrogen by Adani Infrastructure India.

Dec 10, 2023

RBI Cancels License of UP Based Urban Co-operative Bank

The Reserve Bank of India (RBI) cancelled the license of Urban Co-operative Bank (UCB) located in Sitapur, Uttar Pradesh.
According to the RBI, the primary reason behind the license cancellation was that the Urban Co-operative Bank ceased to carry on its banking business. The central bank expressed concerns about the bank's financial health, leading to the decision to terminate its operations.

IDFC FIRST Bank's ED Madhivanan Balakrishnan Resigns

The Executive Director (ED) and key managerial personnel of IDFC FIRST Bank, Madhivanan Balakrishnan tendered his resignation.
Madhivanan Balakrishnan joined IDFC FIRST Bank in 2019.

Dec 09, 2023

RBI Keeps Repo Rate Unchanged at 6.5%

Reserve Bank of India (RBI) Governor Shaktikanta Das said that the central bank's Monetary Policy Committee (MPC) decided to keep the key repo rate steady at 6.5 per cent.
The decision to maintain the key repo rate at 6.5 per cent marked the fifth instance when the 6-member Monetary Policy Committee (MPC) opted to keep the interest rates unchanged.
The RBI Governor highlighted that easing inflation across all components of retail inflation is one of the reasons behind the MPC's decision to keep the repo rate unchanged.

RBI Hikes UPI Limit for Hospital, Educational Payments

The Reserve Bank of India raised the UPI payment limits to Rs. 5 lakh from Rs. 1 lakh earlier. While making the announcement, RBI Governor Shaktikanta Das said that it will allow consumers to make higher UPI payments for education as well as medical purposes.
The announcement of the increased UPI payment limit is a welcome move, signalling a positive shift in the dynamics of financial transactions. This strategic decision holds the potential to bring about a transformative impact, especially in the context of healthcare.

Dec 08, 2023

Wipro Consumer Acquires 3 Brands from VVF to Expand Personal Care Segment

Wipro Consumer Care and Lighting, part of Wipro Enterprises, announced the acquisition of three soap brands, Jo, Doy, and Bacter Shield, from Mumbai-based VVF India, to expand its personal care segment. This was the company's 15th acquisition so far and the third in the last 12 months.
The acquisition is a strategic expansion for Wipro in the personal wash segment. Jo toilet soap is a key brand with a significant play in the North, East, and West markets. Doy operates in the premium segment with differentiated positioning, and Bacter Shield has an antibacterial range of soap and hand wash. These brands together recorded a revenue of over Rs. 210 crore during FY23.

The New Nifty 50 Total Return Index

NSE Indices, a subsidiary of the National Stock Exchange's index services, launched a new variant of the Nifty 50 index. The Nifty 50 Net Total Return measures the performance of the Nifty 50 index, considering that the cash dividends and the gains from bonus issues are reinvested in the Nifty 50 index.
The new index aims to provide a more comprehensive view of the total returns of the Nifty 50 index, considering both the price appreciation of stocks and income from dividends.
The Nifty 50 Net Total Return index will be calculated in two currencies: the Indian Rupee (INR) and the US Dollar (USD).

ACKO and PhonePe Collaborate to Make Insurance Accessible to Millions

ACKO General Insurance and PhonePe joined forces to revolutionise the landscape of insurance accessibility in India. This strategic collaboration aims to provide users with a comprehensive range of car and bike insurance products directly through the PhonePe platform. Beyond just convenience, the partnership reflects the shared commitment of both companies to democratise insurance, making it a readily available financial option for millions of PhonePe users.
The collaboration between ACKO and PhonePe is a strategic alliance that leverages the strengths of both entities. ACKO, known for its customer-centric approach, combined forces with PhonePe's extensive distribution network.

Dec 07, 2023

Max Life Insurance Appoints Rajiv Anand as Chairman

Max Life Insurance, a material subsidiary of Max Financial Services, appointed Rajiv Anand as the new Chairman. This follows the stepping down of Analjit Singh from the Chairmanship and membership of the Board of Directors of Max Life Insurance.
Before this elevation, Anand, a non-executive director of Max Life, was nominated by Axis Bank Ltd as Chairman of Max Life Insurance.
Max New York Life (MNYL) is the first private sector insurance company to be incorporated in India on July 11, 2000, within a week after IRDAI permitted the incorporation of private sector insurance companies. On November 15, 2020, MNYL received its certification of registration from IRDAI.

Ambuja Cements Completes Acquisition of Sanghi Industries

Ambuja Cements completed the acquisition of Sanghi Industries Limited (SIL), at an enterprise value of Rs. 5,185 crore.
As part of the deal's completion, Ambuja Cements also executed a trade (in on and off-market trade) to acquire 54.51 per cent of the voting share capital from the promoters of Sanghi Industries. The acquisition of shares is fully funded through internal accruals.
Ambuja Cements on Tuesday also agreed to lend an additional Rs. 1,810 crore to Sanghi Industries under an inter-corporate deposit agreement, for the repayment of outstanding amounts in relation to the credit facilities availed by Sanghi.

Swiggy Appoints Anand Kripalu as Independent Director, Chairperson of Board

Food delivery firm Swiggy appointed FMCG veteran Anand Kripalu as an independent director and the chairperson of its Board of Directors.
With close to 40 years of experience in the fast-moving consumer goods (FMCG) industry, Anand Kripalu is the Managing Director and Global Chief Executive Officer of EPL Ltd (formerly Essel Propack Limited), the world's largest specialty packaging company. Prior to that, he was the Managing Director and Chief Executive Officer of Diageo India, India's leading beverage alcohol company. He has also held leadership roles at Mondelez International (formerly Cadbury) and Unilever.

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