General Awareness

BUSINESS AND ECONOMY - January 2015

Jan 2015

Mar 17, 2023

Suzuki Motorcycle Ties up with Standard Chartered to Give Funds to Dealers

Suzuki Motorcycle India joined hands with Standard Chartered Bank to provide wholesale funding to its dealer partners for vehicles and spare parts.
The initiative will support the company's dealer partners across the country and enable them to expand their businesses and operations.
As per Standard Chartered Bank Regional Head Global Subsidiaries, India and South Asia, Corporate, Commercial and Institutional Banking Chandandeep Kaur, the bank is committed to support businesses in India by providing them with the necessary financial tools and developing customised ecosystem solutions to drive their strategic growth.

RBI, UAE Central Bank Sign MoU on Interoperability of their CBDCs

The Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) with the Central Bank of United Arab Emirates for promoting innovation in financial product and services.
Both central banks will collaborate on various emerging areas of FinTech, especially Central Bank Digital Currencies (CBDCs), and explore interoperability between the CBDCs of UAE's central bank and the RBI.
Central Bank of UAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade.
This bilateral engagement of testing cross-border use case of CBDCs is expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India and UAE.

Boat Elevates Vivek Gambhir as Chairman of Earwear Brand Boat

Earwear brand Boat elevated CEO Vivek Gambhir as Chairman of the company.
Boat co-founder Sameer Mehta took on the role of CEO and Managing Director.
Gambhir, in his new role as Chairman, will continue to guide the leadership team on matters of strategy, organisational development and culture and future growth roadmap.

India Trumps China in Unicorn Creation for Second Consecutive Year

India in 2022 created more new unicorns than China for the second year in a row despite macroeconomic uncertainty and recessionary fear affecting investments.
As many as 23 Indian firms crossed the $1-billion valuation mark for unicorn status, compared to China's 11. Deal value in India shrunk 33 per cent from $38.5 billion in 2021 to $25.7 billion in 2022, said the report by IVCA-Bain & Company.

Mar 16, 2023

RBI Allows Banks from UK, 17 other Countries to Open Vostro Accounts for Rupee Trade

Banks from 18 countries were permitted by the Reserve Bank of India (RBI) to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, the government told the Rajya Sabha.
Karad informed that as per records, the RBI had granted approval to domestic and foreign AD Banks in 60 cases for opening SRVAs of banks from 18 nations — Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom.

Competition Commission of India Clears Reliance's $344 million Buy of Metro's Local Business

India's competition regulator, Competition Commission of India (CCI) cleared Reliance Industries Ltd's 28.50 billion rupees ($346.16 million) acquisition of the Indian business of German retailer Metro AG (B4B.DE).
The deal, announced nearly three months ago, will help Reliance strengthen its wholesale format and cement its position as the biggest player in India's burgeoning retail industry with stores spanning electronics, groceries and fashion.
Metro has been active in the Indian market since 2003 and reported sales of about 77 billion rupees for the financial year ended September 2022. It operates 31 stores in 21 cities and is mostly a supplier to restaurants and smaller businesses.

Change of Guard at LIC: M Jagannath, Tablesh Pandey Appointed MDs

The government appointed M. Jagannath and Tablesh Pandey as Managing Directors of Life Insurance Corporation of India (LIC).
The Appointments Committee of the Cabinet (ACC) has approved the appointments, according to a circular issued by the Department of Personnel and Training. The government had appointed Siddhartha Mohanty as its acting Chairperson of LIC for three months.

Deepak Mohanty New PFRDA Chairperson

Deepak Mohanty was appointed the chairperson of the Pension Fund Regulatory & Development Authority (PFRDA), which oversees the state system serving the old age income needs of people.
Mohanty will have a five-year tenure, effective from the date of assumption of charge of the post or till attaining the age of 65 years or until further orders, whichever is the earliest.
The PFRDA's chairperson position was vacant for some two months. In August last year, the government started searching for a successor to former chairperson Supratim Bandypadhyay, whose term ended in January 2023.
The government also appointed Mamta Shankar, senior economic advisor in the Department of Food and Public Distribution, as a whole-time member (economics) in PFRDA. Shankar is an officer of the Indian Economic Service (1993 cadre).

Mar 15, 2023

Suryoday Small Finance Bank Launches New Savings Account for Women

Suryoday Small Finance Bank launched a new savings account for women. Suryoday's Blossom Women's Savings Account is built on a strong proposition of giving women a complete, simplified, and rewarding banking experience.
Under this new account, women can earn up to 7% interest rate per annum with monthly interest credit coupled with a specially designed RuPay Platinum Debit Card which offers discounts on shopping and online purchases and many more.

RBI Accords 'Infra Finance Company' Status to IREDA

The Reserve Bank of India (RBI) granted an 'Infrastructure Finance Company (IFC)' status to Indian Renewable Energy Development Agency (IREDA). It was earlier classified as an 'Investment and Credit Company (ICC)'.
With the IFC status, IREDA will be able to take higher exposure in RE financing. The IFC status will also help the company to access a wider investor base for fund mobilisation, resulting in competitive rates for fundraising.
The recognition of IREDA as an IFC will increase the investors' confidence, enhance the brand value and generate a positive outlook in the market.
The grant of IFC status is a recognition of IREDA's 36 years of infrastructure financing and development with focused development of renewable energy.
With IFC status, IREDA will keep contributing towards the government target of 500 GW installed capacity of non-fossil fuels by 2030.

FDIC Appoints Tim Mayopoulos as CEO of Silicon Valley Bank

Tim Mayopoulos, the former CEO of Fannie Mae, was appointed by the Federal Deposit Insurance Corporation (FDIC) as Chief Executive Officer (CEO) of Silicon Valley Bank. He took over after the start-up-focused lender was shut down by regulators as a result of a run on its deposits, which left it with insufficient capital. For more than six years prior to joining fintech Blend, Mayopoulos was the CEO of mortgage financier Fannie Mae.

Mar 14, 2023

TCS on Forbes America's Best Large Employers List

Tata Consultancy Services (TCS) was included in the annual list of America's Best Large Employers by Forbes. The list was created based on an independent survey of 45,000 employees working for American companies with over 1,000 employees.
The release further noted that over the past three years, the software company has hired over 21,000 employees who work in collaboration with global teams to assist clients in innovating, transforming, and growing their businesses.
Earlier, TCS was recognized by various organizations for its exemplary performance in the field of technology and employment. Fortune magazine had included TCS in its 2023 list of the World's Most Admired Companies, while CareerBliss had affirmed it on its 50 Happiest Companies of 2023 list.

LIC Appoints M. Jagannath as Managing Director

Life Insurance Corporation of India announced that M. Jagannath, Zonal Manager (In-Charge), South Central Zone, Hyderabad, was appointed as Managing Director up to the date of his superannuation, or until further orders, whichever is earlier.
He has held various important assignments and led large teams successfully. The newly-recruited MD at LIC India has previously worked as Senior Divisional Manager in charge of Ernakulam, Dharwad, and Bangalore I Divisions. He also served as Chief Executive Officer and Manager Director of LIC (Lanka) Ltd., Colombo, Sri Lanka between 2009 and 2013 for a period of four years.

Hyundai Inks Pact to Acquire General Motors India's Talegaon Factory

Hyundai India signed a pact with General Motors India for the potential acquisition of the latter's plant in Talegaon, Maharashtra.
The American company had signed a deal with Great Wall Motors in January 2020 to sell the plant, but the deal fell as the Chinese carmaker did not receive the required approvals from the Indian government in time.
General Motors stopped production at the Talegaon plant in 2020. The plant, established in 2008, has the capacity to produce 1.3 million cars and 1.6 million engines per year.
If Hyundai's agreement with General Motors is approved, the South Korean automaker could potentially increase its production capacity in India by over two-fold.

Ashok Leyland Unveils All-women Production Line at Tamil Nadu Plant

Heavy commercial vehicle maker Ashok Leyland unveiled a new production line that would produce engines at its manufacturing facility in Hosur completely operated by women employees.
The initiative to introduce an all-women production line is to promote women empowerment and encourage them take up roles in manufacturing industry. Ashok Leyland, the flagship company of Hinduja Group, has set up this new line with 80 women employees.
This initiative is in line with the company's brand philosophy of 'Koi Manzil Door Nahin' as the company aims to up skill and generate employment for women.

Mar 13, 2023

Tech Mahindra Appoints Mohit Joshi as MD and CEO

Tech Mahindra appointed former Infosys President Mohit Joshi as Managing Director and Chief Executive Officer (CEO). Joshi will take over for C. P. Gurnani, who is retiring in December.
Mohit Joshi joins Tech Mahindra from Infosys, where he is currently the President. Mohit has over two decades of experience in the Enterprise technology software and consulting space and has worked with the largest corporations in the world in driving digital transformation and building thriving businesses.

IDFC Mutual Fund Rebrands Itself as Bandhan Mutual Fund

IDFC Mutual Fund rebranded itself as Bandhan Mutual Fund and its schemes will reflect the new name.
The fund house also unveiled a new logo.
Consequently, each scheme of the fund house will be renamed to replace the word 'IDFC' with the word 'Bandhan'.
The company, which was earlier a part of the IDFC group, was acquired by a Bandhan Financial Holdings-led consortium in April 2022.

Siddhartha Mohanty is Interim Chairman of LIC

The government appointed Siddhartha Mohanty as the interim chairman of Life Insurance Corporation of India (LIC) for three months. As per reports, current LIC chairman M. R. Kumar won't get the extension.
Mohanty was appointed as the MD of Life Insurance Corporation (LIC), effective February 1st, 2021. In place of T. C. Suseel Kumar, who retired in 2021.

RBI Approves Reappointment of Sumant Kathpalia as MD, CEO of IndusInd Bank

The Reserve bank of India (RBI) approved the re-appointment of Sumant Kathpalia as Managing Director and Chief Executive Officer (MD & CEO) of IndusInd Bank for two years.
Sumant Kathpalia is a career banker with years of experience in large multi-national banks such as Citibank, Bank of America and ABN AMRO, prior to joining IndusInd Bank. Kathpalia has led several roles in his 30-year career.

Rohit Jawa to Replace Sanjiv Mehta as HUL Managing Director and CEO

Rohit Jawa was named as the new Managing Director and CEO of Hindustan Unilever with effect from June 27, 2023. Jawa is currently the Chief of Transformation for Unilever, London. He will be a whole-time director of the company from April 1, up to June 26, 2023.
Jawa started his career with HUL as a management trainee in 1988 and has a proven track record of sustained business results across, India, South East Asia, and North Asia. As EVP for North Asia and chairman for Unilever China, he led a significant transformation of Unilever China into a competitive, profitable, and consistent business — now Unilever's third biggest globally.
Hindustan Unilever Limited (HUL) is an Indian consumer goods company headquartered in Mumbai. It is a subsidiary of the British company Unilever.
HUL was established in 1931 as Hindustan Vanaspati Manufacturing Co. Following a merger of constituent groups in 1956, it was renamed Hindustan Lever Limited. The company was renamed again in June 2007 as Hindustan Unilever Limited.

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