General Awareness

BUSINESS AND ECONOMY - January 2015

Jan 2015

Feb 11, 2025

Nokia Names Intel's AI Chief Hotard as New CEO

Nokia named Justin Hotard as Chief Executive Officer (CEO). He will take over the new role on April 1, 2025, replacing Pekka Lundmark. Hotard brings vast expertise in artificial intelligence (AI) and data centres, crucial for Nokia's future growth. Nokia's Chair Sari Baldauf highlighted Hotard's track record in accelerating growth in technology firms. Lundmark, who led Nokia since 2020, will stay on as an advisor until the end of the year to ensure a smooth transition.

RBI Approves Voluntary Amalgamations of Urban Co-operative Banks

In a move to improve the financial stability of the urban co-operative banking sector, the Reserve Bank of India (RBI) approved the voluntary amalgamation of two urban co-operative banks in Hyderabad, Telangana. This step aligns with the RBI's long-term objective of strengthening smaller co-operative banks through consolidation, ensuring better management of financial risks and customer service.
The RBI gave its nod to the merger of Twin Cities Co-operative Urban Bank Ltd. with Kranti Co-operative Urban Bank Ltd. in Hyderabad. This merger will be effective from August 23, 2023, and post-merger, the branch of Twin Cities Co-operative Urban Bank will function as part of Kranti Co-operative Urban Bank.

IDFC FIRST Bank Expands AI Amitabh Bachchan Avatar

IDFC FIRST Bank, in collaboration with Ikonz Studios, introduced an AI-powered holographic avatar of its brand ambassador, Amitabh Bachchan, across five additional cities. This initiative aims to revolutionise customer interaction by providing an immersive and personalised banking experience.
The AI-powered holographic avatar is a digital representation of Amitabh Bachchan, utilising Holographic Extended Reality (HXR) technology. This technology creates lifelike 3D projections capable of interacting with users. Customers can engage with the avatar through touch-enabled devices to obtain information on various banking products and services, including Zero Fee Banking, Monthly Interest Credits, Mobile Banking, and the innovative Current Account BRAVO.

Feb 10, 2025

RBI Introduces Extra Security for International Online Payments with AFA

In a move aimed at enhancing the safety of online payments, the Reserve Bank of India (RBI) announced plans to introduce Additional Factor of Authentication (AFA) for cross-border "Card Not Present" (CNP) transactions. This decision will bring international digital transactions using Indian-issued cards under the same security standards that have been applied to domestic transactions.

Feb 09, 2025

RBI Launches Exclusive 'Bank.in' Domain to Tackle Financial Frauds, Enhances Digital Security Mea...

RBI Governor Sanjay Malhotra introduced an exclusive 'bank.in' internet domain for Indian banks to combat financial fraud, along with stricter authentication protocols for digital transactions, while unveiling the Monetary Policy.
Malhotra emphasised that this initiative will ensure customers can distinguish legitimate banking websites from fraudulent ones. Following this, a 'fin.in' domain will be introduced for the broader financial sector.

Zomato Changes Brand Name as 'Eternal', Unveils New Logo

Food-tech giant Zomato announced that it officially changed its name to 'Eternal,' a move that came more than two years after the company started using the new name internally.
'Eternal' comprises four key business segments: Zomato's food delivery service, Blinkit's quick-commerce unit, District's live events business, and Hyperpure's kitchen supplies unit.
The CEO said that the name change applies solely to the company, not its brand or app. The stock ticker will switch from Zomato to Eternal, and the corporate website will change from zomato.com to eternal.com.

Feb 08, 2025

K. Balasubramanian to Succeed Ashu Khullar as India Head for Citibank

K. Balasubramanian was named as India subcontinent sub-cluster and banking head of Citibank, subject to approval from the Reserve Bank of India (RBI). He will report to Amol Gupte, head of Asia South and banking head.
Balasubramanian, a seasoned banker, has worked in multiple markets, covering clients across major industries and geographies in India. He joined Citi India in 1996 and has spent over two decades in various roles.

Zepto Becomes World's Second Most Downloaded Food & Drink App

Zepto, the Indian quick commerce startup, has emerged as the second most downloaded app globally in the food and drinks category, according to a recent report by Sensor Tower. The rankings place Zepto ahead of global giants like KFC and Domino's, with McDonald's securing the top spot.
This achievement highlights the rapid growth of India's quick commerce sector, with Blinkit, Zomato, and Swiggy also making it to the top 10. Zepto's success is attributed to its 300% growth in the second half of 2024, fueled by innovations such as the "buy now, pay later" feature.

PNB MetLife Partners with PolicyBazaar, Launches Smart Invest Pension Plan

Lift insurance firm PNB MetLife announced a partnership with Policybazaar to launch the PNB MetLife Smart Invest Pension Plan, a Unit-Linked, Non-Participating Individual Pension Plan, designed to help individuals plan for their golden years.
The Smart Invest Pension Plan is designed for individuals between 40 to 50 years of age and offers a flexible approach to early retirement planning.

Feb 07, 2025

South Indian Bank Unveils Start-up Current Accounts for Entrepreneurs

South Indian Bank (SIB) introduced two specialised start-up current account products, namely the SIB Business Start-up Current Account and SIB Corporate Start-up Current Account, both designed to cater to the unique needs of entrepreneurs. These accounts offer a range of benefits that aim to simplify banking for start-ups and help them focus on scaling their businesses.
The introduction of these accounts reflects SIB's commitment to empowering entrepreneurs with banking solutions that align with their needs.

IOB Joins Global Partnership for Carbon Accounting

Indian Overseas Bank (IOB) took a significant step towards sustainability by becoming a signatory of the Partnership for Carbon Accounting Financials (PCAF). This move reflects the bank's commitment to measuring and disclosing its greenhouse gas (GHG) emissions associated with financed activities. With this initiative, IOB is not only aligning itself with international best practices in the financial sector but also reinforcing its role in India's journey towards a net-zero future.
PCAF is a global initiative that helps financial institutions measure and disclose the carbon emissions associated with their financing activities. The partnership aims to create a standardized method for banks and other financial institutions to track and report their carbon footprints. By joining PCAF, IOB is adopting a globally recognised methodology for GHG accounting, ensuring transparency and contributing to the fight against climate change.

RBI Approves Tata Communications' Rs. 330 Crore ATM Business Sale to Findi

The Reserve Bank of India (RBI) approved Tata Communications' plan to sell its entire stake in Tata Communications Payment Solutions (TCPSL) to Transaction Solutions International (TSI), the Indian arm of Australian fintech company Findi. The deal, first announced in November 2024, is valued at Rs. 330 crore, with an additional Rs. 75 crore based on interchange rate adjustments.
This acquisition will help Findi grow in India's financial services sector, especially in underbanked areas. The company aims to leverage its ATM network and digital payment services to eventually become a full-fledged payments bank.

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