General Awareness

BUSINESS AND ECONOMY - November 2014

Nov 2014

Jul 25, 2025

India and the UK Sign FTA

India and the UK signed their long-awaited Free Trade Agreement, which will boost bilateral trade by around $34 billion annually.
The deal was formalised in presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer.
After the FTA, 99% of Indian exports to the UK would see duties eliminated to zero including for textiles, generic drugs and medical devices, leather goods and agricultural and chemical products.
The deal will also make it easier for British firms to export whisky, cars and other products to India besides boosting the overall trade basket. For India, it's the most significant trade deal the country has ever signed, and shows the South Asian nation's willingness to lower barriers as it seeks to lure investments.
Negotiations for the FTA began in January 2022, and after over three years of talks and several rounds of diplomacy, it was officially signed during PM Narendra Modi's visit to the UK in July 2025.

SBI Adjudged World's Best Consumer Bank 2025 by Global Finance Magazine

The State Bank of India (SBI) was named the World's Best Consumer Bank for 2025 by the reputed Global Finance magazine, recognising the bank's customer-centric innovations and strong digital presence. This global recognition reinforces SBI's commitment to inclusive and modern banking.
SBI, India's largest public sector bank, has consistently worked towards transforming retail banking through technology adoption, rural outreach, and customer convenience.

Jul 24, 2025

PayPal, NPCI Tie up to Integrate UPI for Cross-Border Payments

Global Payments firm PayPal announced a tie-up with National Payments Corporation of India (NPCI) for the integration of UPI on PayPal World's platform for seamless cross-border payments.
This is part of a series of global partnerships unveiled by the company that will connect many of the world's largest payment systems and digital wallets on a single platform, starting with interoperability with PayPal and Venmo.

Fino Payments Bank Launches 'GATI' Savings Account

Fino Payments Bank launched a new digital savings account named 'GATI', a term meaning 'speed' in several Indian languages — with the aim to deepen UPI transaction penetration in rural and semi-urban areas of West Bengal. By offering an affordable, zero-balance account with instant transaction capability, Fino seeks to empower digitally-inclined customers, especially those underserved by traditional banking systems.
Fino Payments Bank has built its presence by leveraging a merchant-based banking model, especially in areas with limited access to formal banking infrastructure. With over 40,000 merchant points in West Bengal, the bank aims to facilitate easier onboarding into the digital financial ecosystem.

Jul 23, 2025

Industry Giant "UNIPACK Corrugated" Enters India's Packaging Market

UniPack Corrugated, a global leader in smart packaging engineering & automation solutions, announced its entry into India's fast growing packaging industry through the strategic acquisition of Congzhou Machinery the leading manufacturer of corrugated board equipment. This move establishes UniPack India as a dedicated entity serving the nation's Rs. 50,000 crore packaging sector with advanced technology and 360° comprehensive support.

Patrik Antoni New CEO of Ikea India as Susanne Pulverer Resigns

Ikea India, part of leading Swedish home furnishings retailer, announced the appointment of Patrik Antoni as its next CEO.
Antoni, whose appointment will be effective from August 2025, will also work as Country Retail Manager & Chief Sustainability Manager (CSO), Ikea India said.
He will replace incumbent Susanne Pulverer, current Country Retail Manager & CSO, who has decided to leave her role at Ikea.
She was associated with Ikea for 28 years and has spent over eight years in India in three stints.

Jul 22, 2025

LIC Signs MoU with Rural Development Ministry to Promote Bima Sakhi Yojana

The Life Insurance Corporation of India (LIC) entered into a significant partnership with the Ministry of Rural Development to promote the Bima Sakhi Yojana, a women-centric insurance distribution initiative. The Memorandum of Understanding (MoU), signed during the 'Anubhuti' Conclave on Financial Inclusion held in Goa, reflects a mutual commitment toward women empowerment, financial inclusion, and enhancing rural livelihoods through structured insurance career opportunities.

RRBs Reduced from 43 to 28 to Simplify Management, Ease of Service Delivery

Finance Minister Nirmala Sitharaman said that the amalgamation of Regional Rural Banks (RRBs) resulted in formation of a state-level RRB with contiguous area of operation leading to simplifying management and ease of service delivery.
In a written reply to a question on the first day of the Parliament's Monsoon Session, FM Sitharaman said that guided by the principle of 'One State-One RRB', the government continued with the process of further consolidation of RRBs in "Phase IV amalgamation" to achieve the benefits of scale efficiency and cost rationalisation, whereby number of RRBs has been reduced from 43 to 28 (with effect from May 1, 2025) in 26 states and 2 UTs.

Jul 21, 2025

India Tops Global Fast Payments

India emerged as the global leader in fast payments, according to a note by the International Monetary Fund titled 'Growing Retail Digital Payments: The Value of Interoperability.'
At the heart of this transformation is the Unified Payments Interface, better known as UPI. It was launched in 2016 by the National Payments Corporation of India.

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