General Awareness

BUSINESS AND ECONOMY - January 2015

Jan 2015

Feb 06, 2025

Ujjivan Small Finance Bank Seeks Universal Banking Licence

Ujjivan Small Finance Bank (USFB) applied for a universal banking licence, a major milestone in its journey from a small finance bank to a full-fledged commercial bank. This move aligns with the bank's strategy to expand its financial services, increase regulatory flexibility, and strengthen its position in the banking sector. The bank's decision follows a growing trend of small finance banks transitioning to universal banks for broader operational capabilities.
Established in 2017, USFB has focused on providing financial services to underserved and unbanked sections of society. Over the years, the bank has expanded its portfolio, offering savings accounts, fixed deposits, microloans, housing loans, and small business loans. The shift to a universal bank will allow it to offer a wider range of services, including corporate banking and larger loan products.

L&T Finance Unveils AI-Powered Home Loan Advisor 'KAI'

In a significant move towards improving customer experience, L&T Finance Limited (LTF), a leading Non-Banking Financial Company (NBFC) in India, launched 'Knowledgeable AI' (KAI), an AI-powered virtual home loan advisor on its newly redesigned corporate website.
This new feature marks a major step in LTF's ongoing efforts to combine cutting-edge technology with customer service, offering an innovative solution to simplify and personalise the home loan process.

Feb 05, 2025

Ratan Tata's Aide Shantanu Naidu Promoted to New Position at Tata Motors

Shantanu Naidu, a close aide of late industrialist Ratan Tata, was promoted to General Manager, head - strategic initiatives at Tata Motors, marking a significant milestone in his journey with the Tata Group.
An automobile design engineer, Naidu first gained recognition in 2014 for developing a safety innovation to protect homeless dogs from speeding cars. His work caught the attention of Ratan Tata who, known for his love for animals, invested in the project and took Naidu under his wing.

Ten Russian Exhibitors to Participate in India Energy Week

Around 10 exhibitors from Russia will participate in the India Energy Week (IEW), the second largest energy event globally.
India Energy Week 2025 is scheduled to take place from February 11-14 in New Delhi. IEW 2025, spanning over 1 lakh square metres, will be the second-largest energy event globally in terms of participation, exhibition space and sessions.
This time more than 700 exhibitors have booked the space to display their products which is an increase of 57 per cent from the last edition held in Goa.
Exhibitors from India, the UK, UAE, Belgium, Israel, Malaysia, New Zealand, South Korea, Spain, Switzerland, Turkiye, Canada, Japan, France, Singapore, the US, Netherlands, Germany, and Norway will display their products during the event.

Standard Chartered Appoints Ramos as New Chair

Standard Chartered appointed former South African bank CEO Maria Ramos as new chair to succeed Jose Vinals, who is approaching the end of his nine-year term.
Ramos, 65, joined Standard Chartered's board as an independent non-executive director in January 2021 and was the head of South African bank ABSA Group Ltd from 2009 to 2019, overseeing its exit from the ownership of Britain's Barclays.

Feb 04, 2025

Finvasia and Yes Bank Unveil 'Jumpp'

Finvasia, a fintech company based in Mohali, Punjab, collaborated with Yes Bank and launched a new, AI-powered super app named Jumpp. This innovative app aims to simplify and enhance personal finance management by offering a range of services under one platform. With its focus on accessibility and ease of use, Jumpp is set to revolutionise how users manage their financial lives.
One of the key features that sets Jumpp apart is its integration of AI technology. The app uses multilingual conversational AI, allowing users to interact seamlessly in both English and Hindi. This feature makes the app accessible to a wider audience, especially in India, where multiple languages are spoken.

Feb 03, 2025

Income Tax Relief Measures Announced in Budget 2025

Finance Minister Nirmala Sitharaman in February 2025 presented her a record eighth consecutive budget and announced several income tax relief measures to benefit taxpayers. These changes aim to reduce the tax burden, simplify filing procedures and encourage savings. The government raised tax slabs, increased the exemption limit and introduced benefits for small businesses. These steps are expected to boost disposable income and improve economic growth across different income groups.
Below are some the key income tax reliefs announced in the Budget 2025:
No Income Tax for Income up to Rs. 12 lakh
The biggest relief for taxpayers is that individuals earning up to Rs12 lakh per year will not have to pay any income tax. This will help middle-class and lower-income groups save more money.
Higher Standard Deduction for Salaried and Pensioners
The government has increased the standard deduction under the new tax regime to Rs. 75,000. This means that salaried individuals and pensioners can deduct Rs. 75,000 from their taxable income.
Higher TDS Limit on Rent Payments
The government has raised the TDS (Tax Deducted at Source) limit on rent from Rs. 2.4 lakh to Rs. 6 lakh per year.

Feb 02, 2025

IRDAI Limits Senior Citizens' Health Premium Hike to 10% Annually

The Insurance Regulatory and Development Authority of India (IRDAI) took a crucial step to protect senior citizens from sharp increases in health insurance premiums. The new directive mandates that insurers cannot raise premiums for individuals aged 60 and above by more than 10% per year without prior approval from IRDAI. This move, effective immediately, aims to keep health insurance affordable and accessible for the elderly, who often rely on fixed incomes.
IRDAI's decision comes after reports showed that health insurance premiums for senior citizens were rising significantly upon renewal, sometimes exceeding 10% in a single year. Such steep increases made it difficult for many elderly individuals to continue their health coverage. Given that senior citizens often face higher medical expenses and limited income sources, the regulator found it necessary to intervene. The goal is to prevent sudden financial strain on older policyholders and ensure stability in their healthcare expenses.

Sony Names Hiroki Totoki as CEO for Entertainment Growth

Sony Group Corporation named Hiroki Totoki as its new Chief Executive Officer (CEO), reinforcing the company's commitment to expanding its entertainment business. A longtime finance chief, Totoki has played a key role in steering Sony's strategic shift toward content-driven growth.
Alongside Kenichiro Yoshida, the outgoing CEO who will remain as chairman of the board, Totoki has helped position Sony as a powerhouse in entertainment.
Hiroki Totoki, who has been with Sony since 1987, has held various key positions within the company, including Executive Deputy President and Chief Financial Officer. Totoki has been instrumental in shaping Sony's growth strategies, particularly in the areas of content intellectual property and semiconductors.

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