General Awareness

BUSINESS AND ECONOMY - December 2014

Dec 2014

Mar 26, 2023

Canara Bank Sells Stake in Russian joint Venture to SBI

Canara Bank sold its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs. 121.29 crore.
CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent).
The Bengaluru-based state-owned bank entered into the agreement for sale on November 11, 2022.
The bank was established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank also has offices in London, Dubai and New York.

Indian Origin Anand Selva New Chief Operating Officer of Citigroup

Indian origin Anand Selvakesari, who is the Chief Executive – personal banking and wealth management -- at Citigroup, was given the additional charge of Chief Operating Officer (COO) of the United States headquartered bank.
Anand Selva will be taking over the role from Karen Peetz, who plans to retire in May.
Selva was heading the Citi's consumer banking business in India between 2011 and 2014. Before that he was heading the same business in China.

Realme to Appoint New India Business Head from China

Global technology brand Realme is set to replace India business head Madhav Sheth with a top executive from its China-based headquarters. Sheth may quit the company once the official statement.
The move does not augur well for the company which cemented its position in a market which is highly-competitive at the mass level, with Sheth, as its India business lead, became the sole face of the company within a short span of time.
Sheth, being a veteran in the field, clearly has a command over the local market dynamics, something that the upcoming Chinese executive may not have in his kitty.

Mar 25, 2023

FSIB Recommends Siddhartha Mohanty for LIC Chairperson's Position

Headhunting agency, Financial Services Institutions Bureau (FSIB), recommended Siddhartha Mohanty for the position of chairperson of India's largest insurer Life Insurance Corporation (LIC).
Mohanty is already serving as the interim chairperson of the insurance behemoth for a period of three months, along with discharging his responsibilities as Managing Director (MD) of the corporation.
Mohanty took over as the MD of LIC in February 2021 from T. C. Suseel Kumar. He is a veteran in the financial services industry with almost four decades of experience. He started his career as a direct recruit officer with LIC in 1985 and rose through the ranks.

Income Tax Department Launches Mobile App AIS for Taxpayers

The Income Tax Department of India launched a new mobile app called ' AIS for Taxpayers' to facilitate taxpayers to view their information as available in the Annual Information Statement (AIS) / Taxpayer Information Summary (TIS). With an aim to provide a comprehensive view of the AIS/TIS to the taxpayer, the AIS app displays information collected from various sources pertaining to the taxpayer.
As per the Income Tax Department, using the new AIS app, taxpayers can easily view information related to their TDS/TCS, interest, dividends, share transactions, tax payments, and Income Tax refunds. This is another initiative of the Income Tax Department in the area of providing enhanced taxpayer services facilitating ease of compliance.

MoU Exchanged for Setting up Nation's First PM MITRA Park in Tamil Nadu

The nation's first PM Mega Integrated Textile Regions and Apparel (PM MITRA) Park is set to be established in Virudhunagar District of Tamil Nadu, and employ an estimated 2 lakh people, the Memorandum of Understanding for which was signed between the Central and State governments.
Giving a big boost to the textile sector, the PM MITRA Parks, in all, would create huge employment opportunities and an estimated 20 lakh people would get 'new work' attracting about Rs. 70,000 crore investment, Union Textiles Minister Piyush Goyal.

Mar 24, 2023

Guruprasad Mudlapur Appointed as Managing Director of Bosch Group in India

Auto components major Bosch Ltd announced leadership changes with Guruprasad Mudlapur appointed as its Managing Director and President of the Bosch Group in India with effect from July 1, 2023.
He will succeed Soumitra Bhattacharya who will be retiring from Bosch India effective June 30, 2023, after 28 years of service in various capacities.
Mudlapur has more than 15 years of experience in the Bosch Group and has held various positions in engineering and business management. Most recently, he was joint managing director and chief technology officer of Bosch Ltd.

Manmeet K. Nanda Gets Additional Charge of MD & CEO of Invest India

The board of Invest India appointed Manmeet K. Nanda as the Managing Director and Chief Executive Officer of the investment promotion and facilitation body under the commerce ministry.
Nanda succeeded Deepak Bagla, who resigned from the post.
Invest India was created under the Prime Minister's vision of a New India, Invest India today is well acknowledged by stakeholders for its tangible contributions and instrumental role in executing the Government's flagship initiatives including Make in India, Start-up India, National Single Window System, Project Monitoring Group, and Prime Minister's Science, Technology and Innovation Advisory Council. Invest India leverages private sector expertise to execute Government's vision, embodying high levels of transparency, ethics and corporate governance.

L&T Signs Agreement with France's McPhy for Electrolyser Technology

Manufacturing major Larsen & Toubro (L&T) signed an agreement with McPhy, a France-based electrolyser technology and manufacturing company, for building a "gigawatt (Gw) scale" manufacturing facility for electrolysers and tapping into the green hydrogen ecosystem in the country.
Under this partnership, McPhy will grant an exclusive license of its pressurised alkaline electrolyser technology to L&T for the manufacturing of electrolysers, including future product upgrades.
L&T plans to set up a Gw-scale manufacturing facility for electrolysers based on McPhy technology in India to serve the domestic requirements, as well as cater to other selected geographies.
This is L&T's second such partnership with an electrolyser maker. In January 2022, it had signed a memorandum of understanding with HydrogenPro AS, a Norway-based electrolyser technology and manufacturing company.

Mar 23, 2023

Ambani among Top 10 Billionaires: M3M Hurun Global Rich List

According to the 2023 M3M Hurun Global Rich List, despite an erosion of 20 per cent or $21 billion in wealth, Reliance Industries' Chairman and Managing Director Mukesh Ambani continues to be at the top 10 wealthiest individuals in the world with a wealth of $82 billion.
For the third consecutive year, Ambani retained the wealthiest Asian title.
With a 35 per cent decrease or $28 billion in wealth to $53 billion, Gautam Adani & family, of Adani Group slipped to 23rd rank in the world's wealthiest from the last year's second rank.
Adani also lost the second richest Asian title in 2023.

Anuj Singh is New CEO and MD Spencer's Retail

Spencer's Retail, which is part of the R. P. Sanjiv Goenka Group, appointed Anuj Singh as its Chief Executive Officer (CEO) and Managing Director (MD).
Singh was appointed CEO and MD for a period of three years.
He has more than two decades of leadership experience in organisations in India, West Asia and Europe. He spent his formative professional years working across sales and marketing roles in the paints, tobacco and beverages sectors. He then spent more than a decade in leadership roles in the beverages and food services industry.

Mar 22, 2023

NTPC Arm Signs Pact with Indian Army for Setting up Green Hydrogen Plants

NTPC Renewable Energy Ltd (NTPC REL), an arm of NTPC Ltd, signed an agreement with the Indian Army for the implementation of green hydrogen projects in armed forces establishments.
Under the MoU (memorandum of understanding) with the Army, a joint identification of potential sites would be undertaken for setting up of green hydrogen projects for supplying electricity, in a phased manner.
The intent is to reduce complex logistics, dependence on fossil fuels and to accelerate decarbonisation.
NTPC REL is a wholly-owned subsidiary of NTPC Limited and currently it has a portfolio of 3.6 GW RE capacity under construction.

Over 1,000 ODOP Products Identified as across all Districts

As many as 1,068 products were identified across all 761 districts of the country in line with the government's focus on the 'One District One Product' (ODOP) initiative.
The 'One District One Product' (ODOP) initiative was launched to promote local artisans and give international visibility to their indigenous products. Through this program,
These products are varied, including agricultural products, handicrafts, handloom engineering products, among others, Department for Promotion of Industry and Internal Trade (DPIIT) joint secretary Manmeet Nanda said. For instance, Darjeeling tea from Darjeeling, West Bengal, blue pottery from Jaipur, Rajasthan, Coffee from Chikamglur, Karnataka, among others are some of the products tagged under ODOP. 100 products are being sold on the GeM bazaar platform pertaining to ODOP.

RBI Fines RBL Bank for Non-compliance with Rules on Loan Recovery Agents

The Reserve Bank of India (RBI) fined private lender RBL Bank Ltd 22.7 million rupees ($274,915) for not complying with certain directives on loan recovery agents.
As per RBI, RBL failed to ensure that the loan recovery agents it engaged during those periods did not resort to intimidation or harassment and that it did not ensure police verification of the agents before employing them.
In 2022, the RBI issued a circular advising the financial institutions it regulated to "strictly ensure that they or their agents did not resort to intimidation or harassment of any kind", and that any violation would be "viewed seriously".

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