General Awareness

BUSINESS AND ECONOMY - January 2015

Jan 2015

Oct 21, 2024

Maldivian President Mohamed Muizzu Decides To Introduce India's UPI in Maldives

Maldivian President Mohamed Muizzu decided to take the necessary steps to introduce India's Unified Payment Interface (UPI) in the Maldives.
The move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and enhanced digital infrastructure.
The decision was made after the Cabinet thoroughly discussed a paper submitted by the Minister of Economic Development and Trade at a cabinet meeting, ensuring a comprehensive understanding of the matter.

Abhyuday Jindal New President of Indian Chamber of Commerce

Abhyuday Jindal was named president of Indian Chamber of Commerce (ICC) an industry body founded in 1925 that has its headquarters in Kolkata.
Jindal who graduated from Boston University with a degree in Economics and Business Management is the Managing Director of Jindal Stainless, a stainless steel manufacturer with annual turnover of Rs. 38,000 crore.
Jindal took over at a ceremony in Delhi, which was attended by Commerce and Industry Minister Piyush Goyal.
Brij Bhushan Agarwal assumed the role of Senior Vice President of ICC. Agarwal brings over three decades of experience in the steel and ferroalloys industry.
Parthiv Vikram Neotia assumed the role of Vice President of ICC. He is the Executive Director of Ambuja Neotia, a conglomerate with interests in real estate, healthcare, hospitality, and education.

Oct 20, 2024

Jio Payments Bank Secures Mutual Funds Distribution License from AMFI

Jio Payments Bank, a subsidiary of Jio Financial Services, successfully obtained a mutual fund distribution license from the Association of Mutual Funds in India (AMFI). This Category 1 Execution-only Platform (EOP) license enables Jio Payments Bank to distribute the direct plans of various mutual fund schemes, marking a significant step in its expansion within the financial services sector.
The entry of Jio Payments Bank into the mutual fund distribution space is expected to enhance competition, particularly in the direct plan segment, providing more options for investors.

Oct 19, 2024

RBI Bars Navi Finserv, 3 NBFCs for Lending Violations

The Reserve Bank of India (RBI) barred four non-banking financial companies (NBFCs), including Sachin Bansal's Navi Finserv, from sanctioning and disbursing loans starting October 21, 2024. The ban affects Navi Finserv, Asirvad Microfinance, Arohan Financial Services, and DMI Finance, which were found guilty of charging exorbitant interest rates and failing to comply with regulatory pricing policies. The move is part of the RBI's ongoing crackdown on excessive interest rates and non-compliance with guidelines.
The RBI's decision follows detailed inspections revealing that the NBFCs charged excessively high Weighted Average Lending Rates (WALR) and interest spreads, violating the Master Directions on Microfinance Loans and Scale-Based Regulations. These NBFCs were also found to be non-compliant with guidelines on assessing household income, loan repayment capabilities, and asset classification, leading to loan ever greening and improper management of gold loan portfolios.

Oct 18, 2024

HDFC Opens First Singapore Branch to Expand Global Presence

HDFC Bank officially opened its first branch in Singapore as part of its strategy to expand its international operations. Granted a wholesale banking license by the Monetary Authority of Singapore (MAS), the bank aims to offer a variety of financial products and services to residents of Singapore.
The branch was inaugurated by Rakesh Singh, Group Head of International Banking, in the presence of Gaurav Khandelwal, CEO of HDFC Bank Singapore, and senior management officials.
With the addition of Singapore, HDFC now operates five international branches: Hong Kong, Bahrain, Dubai, Singapore, and an IFSC Banking Unit in Gujarat International Finance Tech City (GIFT City).

Aditya Birla Housing Finance Partners BharatPe to Revolutionise Secured Lending

Aditya Birla Housing Finance (ABHFL), a wholly-owned subsidiary of Aditya Birla Capital Ltd, entered into a strategic partnership with BharatPe, a fintech company, to facilitate access to home loans and loan against property for latter's merchant partners.
ABHFL is the first housing finance company to partner with BharatPe, offering streamlined access to secured lending through advanced digital solutions, significantly enhancing the user experience.

Oct 17, 2024

Acko Appoints Sandip Goenka as CEO of Acko Life

Bengaluru-based insurtech firm Acko has appointed Sandip Goenka the Chief Executive Officer (CEO) of its life insurance business.
As a founding member of Acko Life, Goenka has played a key role in establishing the D2C life insurance business.
In his new role, Sandip will be anchoring the business, while also playing a pivotal role in strategically directing ACKO Life. He will be instrumental in developing the company's initial product offerings and ensuring the necessary systems and processes are in place to support the business's long-term growth.

BEML Secures Contract for India's First Indigenous Bullet Trains

State-owned BEML was awarded a contract worth Rs. 866.87 crore by Integral Coach Factory (ICF) to design, manufacture, and commission India's first indigenously built bullet trains. This project marks a significant milestone in India's high-speed rail journey, as it will feature two high-speed train sets, each comprising eight cars, with a test speed of 280 km/h and an operational speed of 250 km/h. The trains are set to roll out by late 2026, produced at BEML's Bengaluru facility, as part of the broader initiative to enhance India's rail infrastructure.
BEML's venture comes amid discussions about India's high-speed rail ambitions, which initially considered Japanese technology. However, the indigenous approach aims to reduce costs and bolster local manufacturing. The infrastructure developed from this project is expected to benefit future high-speed rail initiatives across the country, marking a shift towards self-reliance in railway technology.
Bharat Earth Movers Limited (BEML) founded in 1964, is a public sector company under the Ministry of Defence, Government of India. It has its headquarters in Bengaluru, Karnataka.

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