General Awareness

BUSINESS AND ECONOMY - January 2015

Jan 2015

Feb 26, 2025

Unilever CEO Hein Schumacher Steps Down; Fernando Fernandez Appointed Successor

FMCG-giant Unilever, a leading consumer goods giant, announced a significant change in its leadership, Hein Schumacher, who has been the CEO since July 2023, will step down on March 1, 2025. His replacement is Fernando Fernandez, the current CFO of the company. This transition is set to take place by mutual agreement, with Schumacher leaving the company officially by May 31, 2025.
Fernandez has a proven track record of success at Unilever, previously serving as President of Beauty & Wellbeing and leading high-performing markets in Latin America, Brazil, and the Philippines.

RBI to Inject $10 Billion through Forex Swap to Ease Liquidity Crunch

The Reserve Bank of India (RBI) announced a $10 billion foreign exchange (forex) swap to inject liquidity into the banking system and address the prevailing cash crunch. The three-year swap auction is scheduled for February 28, 2025. This move follows a previous $5 billion forex swap last month, highlighting the central bank's commitment to stabilising liquidity. The banking sector has been facing one of the worst liquidity shortfalls in over a decade, partly due to RBI's aggressive dollar sales to shield the rupee from volatility.

IndusInd Bank Becomes Official Banking Partner of PGTI

IndusInd Bank announced its partnership with the Professional Golf Tour of India (PGTI) as its official Banking Partner. This collaboration aims to enhance the banking experience for Ultra High Net Worth Individuals (UHNIs) and High Net Worth Individuals (HNIs) under the PIONEER banking program. The partnership aligns with IndusInd Bank's commitment to integrating lifestyle experiences with premium banking services, particularly in the field of sports.

Feb 25, 2025

RBI Fines Citibank, Asirvad Micro Finance, and JM Financial for Violations

The Reserve Bank of India (RBI) imposed monetary penalties on Citibank N.A., Asirvad Micro Finance, and JM Financial Home Loans for failing to comply with key regulatory norms. According to the central bank, these financial institutions were found violating guidelines related to large exposures, credit information reporting, and disclosure requirements. The penalties were issued following an inspection of their financial positions as of March 31, 2023.
Citibank N.A. was fined Rs. 39 lakh by the RBI for violating the 'Large Exposures' framework. The bank failed to report breaches within the required timeframe and delayed uploading corrected data to Credit Information Companies (CICs).
Asirvad Micro Finance faced a penalty of Rs. 6.20 lakh for multiple infractions. The RBI noted that the company failed to report the household incomes of certain borrowers to CICs, which is a key requirement for financial transparency. Additionally, some gold loan customers were not provided with the necessary factsheets, a violation of lending disclosure norms.
JM Financial Home Loans was penalised Rs. 1.50 lakh for not disclosing crucial loan details to its customers. The RBI found that the company failed to explain its risk gradation methodology and did not clarify the reasons for charging different interest rates to borrowers in various categories.

FMCG Major Adani Wilmar Changes Name to AWL Agri Business Limited

Adani Group's FMCG unit, Adani Wilmar, changed its name to AWL Agri Business Limited. This came after securing an approval from its shareholders.
The rebranding aims to align the company's identity with its core business activities and future growth prospects in the agri-business industry. The decision, which marks a significant shift for the company, reflects its expanded focus on the agriculture and food sector.

Bajaj Allianz Life Launches Bima-ASBA, a First in India

Bajaj Allianz Life Insurance Company (BALIC) introduced the Bima-Application Supported by Blocked Amount (Bima-ASBA) facility, making it the first insurer in India to adopt this new payment method. The initiative, introduced by the Insurance Regulatory and Development Authority of India (IRDAI), aims to enhance transparency and convenience in premium payments. Bima-ASBA allows policyholders to block a specific premium amount in their bank accounts, ensuring better financial security and control. This move aligns with IRDAI's broader goal of increasing insurance accessibility and simplifying transactions for customers.
Under this IRDAI initiative, policyholders can opt for UPI's One-Time Mandate (OTM) and authorise the blocking of a specified amount (up to Rs. 2 lakh) in their bank account via UPI. The amount will be debited only after the insurance company completes the underwriting process and decides to accept the proposal.

Feb 24, 2025

Invest MP Global Investor Summit 2025 in Bhopal

Madhya Pradesh capital, Bhopal, hosted the "Invest MP Global Investor Summit" (GIS) 2025.
The summit aimed to showcase the state's vast investment potential and bring together global and domestic investors.
The state government invited entrepreneurs from 60 countries to explore investment opportunities in Madhya Pradesh.
The summit witnessed the participation of ambassadors, High Commissioners, and several Consul Generals from key strategic nations, further strengthening international business ties.

Coal India Forms Joint Venture with French Subsidiary Company for Renewable Energy Projects

Coal India Limited signed an agreement with EDF India Private Limited to form a joint venture.
The joint venture will undertake PSP projects along with other renewable energy projects in India and neighbouring countries.
EDF India Private Limited is a wholly-owned subsidiary of Electricite de France SA (EDF). Electricite de France SA is an energy solutions providing company.

Feb 23, 2025

RDAI Forms 7-Member Committee to Review Insurance Sector Reforms

The Insurance Regulatory and Development Authority of India (IRDAI) formed a high-powered committee, led by Dinesh Khara, former Chairman of State Bank of India, to scrutinise various aspects of the Insurance Act 1938 and suggest amendments. The IRDAI move came at a time when the Indian government is gearing up to introduce the Insurance Amendment Bill in Parliament, which proposes allowing 100 per cent foreign direct investment (FDI) in the insurance sector.
The seven-member panel includes N. S. Kannan, former MD and CEO of ICICI Prudential Life Insurance; Girish Radhakrishnan, former CMD of United India Insurance; Rakesh Joshi, former member of IRDAI; Saurabh Sinha, former executive director of RBI; Alok Misra, MD and CEO of MFIN and legal expert L. Vishwanathan.

Feb 22, 2025

CCI Approves Amalgamation of Chaitanya India Fin Credit and Svatantra Holdings into Svatantra Mic...

The Competition Commission of India (CCI) approved amalgamation involving four entities within the Svatantra Group.
The proposed amalgamation involves Svatantra Holdings Pvt Ltd (SHPL), a core investment company focused on equity, preference shares, and securities, incorporated in 2018; Svatantra Microfin Pvt Ltd (SMPL), a Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) providing microfinance and personal loans to rural and semi-urban low-income households; Chaitanya India Fin Credit Pvt Ltd (CIFCPL), another NBFC-MFI offering microfinance and personal loans to similar demographics, with operations registered in Maharashtra; and Svatantra Micro Housing Finance Corporation Limited (SMHFCL), a Housing Finance Company (NBFC-HFC) offering secured housing loans, loans against property, and construction project financing.

SBI Cards Appoints Salila Pande as New MD & CEO

SBI Cards and Payment Services Ltd announced a major leadership change along with a financial update. Salila Pande was appointed as the next Managing Director and Chief Executive Officer (MD & CEO) of the company, effective April 1, 2025. She will replace Abhijit Chakravorty, who is set to retire on March 31, 2025.
Salila Pande has been associated with SBI since 1995, starting her career as a probationary officer. Over the years, she has handled key positions, including Vice President – Mid Office at SBI Singapore, Deputy General Manager (Business & Operations) in Delhi, and President & CEO of SBI California, a foreign subsidiary of SBI.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

July GK, June GK, May GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26