General Awareness

BUSINESS AND ECONOMY - December 2014

Dec 2014

Mar 07, 2023

Paytm, Andhra Govt Tie up on Financial Inclusion, Health and Cyber Security

One97 Communications Limited (OCL), which owns the Paytm brand, on the sidelines of the Andhra Pradesh Global Investors Summit 2023 signed an MoU with the state government in the areas of industrial development, financial Inclusion, public health, cyber security and prevention of financial frauds.
In sync with its mission of bringing half a billion Indians into the mainstream economy, Paytm plans to empower merchants, street vendors and Chiru Vyaparulu to accept digital payments and give them access to loans on its lending partners.

HDFC Bank Recommends Re-appointment of Sashidhar Jagdishan as MD and CEO

HDFC Bank announced that its board of directors recommended the re-appointment of Sashidhar Jagdishan as Managing Director and CEO for a period of three years with effect from October 27, 2023.
The proposal is subject to the Reserve Bank of India (RBI) and shareholder approval.
Sashidhar Jagdishan joined the Bank in 1996 and was appointed as chief financial officer in 2008. In 2020, HDFC Bank named Sashidhar Jagdishan as its new Chief Executive Officer and Managing Director who replaced famed banker Aditya Puri.

Axis MF Appoints Former Credit Suisse Executive Ashish Gupta as CIO

Axis Mutual Fund appointed former Credit Suisse executive Ashish Gupta as its Chief Investment Officer (CIO). Till now, Axis MF did not have a CIO. The investment team was led by Jinesh Gopani (Head-Equity) and R. Sivakumar (Head-Fixed Income).
Previously, Gupta was the head of equity research for India at Credit Suisse. He left the Zurich-based bank in November 2022 after a 14-year stint.
Gupta is known for his 'House of Debt' report that first uncovered the extent of non-performing assets (NPAs) in the Indian banking industry.

Mar 06, 2023

PNB Makes Positive Pay System Must for Cheques Worth more than Rs. 5 lakh

In a move to safeguard customers from fraudulent payment of cheques, state-owned Punjab National Bank (PNB) made the Positive Pay System (PPS) compulsory for cheque payments worth Rs. 5 lakh and above.
This will come into effect from April 5, 2023.
Earlier, the mandatory submission of cheque details in PPS was set at Rs. 10 lakh and above.
The PPS is a system developed by the National Payments Corporation of India (NPCI), which requires customers to reconfirm essential details (account number, cheque number, cheque alpha code, issue date, amount, and beneficiary name) when issuing cheques of a certain amount.

Tata Steel Mining Signs MoU with GAIL to Get Clean Fuel

In order to reduce carbon footprint in its operations, Tata Steel Mining Limited signed a memorandum of understanding with GAIL (India) Limited for supply of natural gas to its ferro alloys plant at Athgarh in Odisha's Cuttack district. According to the MoU, GAIL will supply the agreed quantity of natural gas through its pipeline from Gujarat to Athgarh.
The project will lower green house gas emission by 968 tons.

Hyderabad Hosts Meeting on Theme of Knowledge and Experience Exchange Program for Emerging Econom...

Hyderabad hosted a meeting on the theme of Knowledge and experience exchange Programme for the emerging economies of the Global South from March 4 to 6. It provided a platform to discuss ways to accelerate development in the Global South. The inaugural session of the event 'India & The Global South: A Vision for a Shared Future' was addressed by G20 India Chief Coordinator Harsh Vardhan Shringla in Hyderabad.
The second session was focussed on Digital Public Infrastructure: a digital revolution on global financial Inclusion. The third session was on financial inclusion through digital innovations Knowledge and experience exchange. A side event on the topic of Role and Significance of G20 and GPFI also took place.

Mar 05, 2023

Karnataka Bank Appoints Abhishek Sankar Bagchi as New CFO

Karnataka Bank appointed Abhishek Sankar Bagchi as chief financial officer (CFO) on contract basis.
Bagchi has over 18 years of work experience in financial reporting, financial planning & control, taxation, RBI reporting, strategic planning, fund management and budgeting. He was Chief Financial officer and Head Finance at NSDL Payments Bank since September 2017.
Muralidhar Krishna Rao demitted the office of chief financial officer of the Bank on 1 March 1, 2023 upon completion of his term.
Karnataka Bank is an Indian private sector bank based in Mangalore.

RBI Slaps Amazon Pay (India) with Rs. 3.06 crore Penalty

The Reserve Bank of India (RBI) imposed a penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited, on charges of not complying with certain norms of the Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction.
RBI said that after considering the response from Amazon Pay on charge of non-compliance with RBI directions it imposed monetary penalty.
The central bank said that the charges were imposed under Section 30 of the Payment and Settlement Systems Act, 2007.

Mar 04, 2023

State Bank of India Completes First Commercial Trade in Sri Lankan Rupees

Indian lender State Bank of India completed its first non-dollar transaction with Sri Lanka, by paying for exports in Sri Lankan rupees as India looks to bring countries that are short of U.S. dollars into the trade mechanism.
The move came as Sri Lanka grapples with its worst economic crisis since its independence, triggered by a shortage of dollars. The island nation's forex reserves stood at $2.1 billion as of end-January 2023.

Foxconn to Set up Electronics Manufacturing Facility in Telangana

Electronics major Foxconn will set up a manufacturing facility in Telangana with employment generation potential for over one lakh people.
This was announced after Foxconn Chairman Young Liu met Telangana Chief Minister K. Chandrasekhar Rao.
Hon Hai Technology Group (Foxconn) and the Government of Telangana signed an agreement at the Pragati Bhavan.
The historic deal has the potential to generate employment for more than one lakh people over a period of 10 years.

Mar 03, 2023

Tata Power Partners with Enel Group to Power Digitalisation, Automation

Tata Power collaborated with Enel Group to power digitalisation and automation of India's distribution network.
Tata Power joined hands with Enel Group, one of the largest integrated players in the global power and renewable markets, for implementing two key pilot projects through former's Delhi based distribution business.
The agreement towards the same was signed by Robert Ronald Denda - CEO Gridspertise Srl, and Praveer Sinha, CEO & MD, Tata Power, in New Delhi.

Pramerica Life Insurance Appoints Pankaj Gupta as MD and CEO

Pankaj Gupta was appointed as the MD & CEO of the Pramerica Life Insurance. Gupta succeeded Kalpana Sampat.
He will be responsible for driving strategic growth led transformation to bring Pramerica Life amongst the leading life Insurance companies in India.
Gupta joined Pramerica Life Insurance from HDFC Life, where he was the Group Head – Distribution Strategy & Alliances and was part of HDFC Life's top Leadership team.
Pramerica Life Insurance Limited is a joint venture between DIL, a wholly owned subsidiary of Piramal Capital and Housing Finance Limited and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI).

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