General Awareness

BUSINESS AND ECONOMY - February 2015

Feb 2015

Apr 11, 2024

KABIL and CSIR-IMMT Forge Alliance for Critical Minerals Advancement

In a significant move toward bolstering India's mineral security, Khanij Bidesh India Limited (KABIL) and the Council of Scientific and Industrial Research – Institute of Minerals and Materials Technology (CSIR-IMMT) have entered into a Memorandum of Understanding (MoU) for Technical & Knowledge cooperation. The agreement aims to leverage CSIR-IMMT's technical prowess in various domains crucial for mineral processing and metal extraction.
Under the MoU, KABIL will tap into CSIR-IMMT's expertise to undertake projects encompassing metallurgical test work-plans, process flowsheet development, and technology selection. Joint research initiatives and the exchange of scientific knowledge will also be facilitated to propel advancements in mineral and metallurgical sectors.
Expressing optimism about the collaboration, Shri Sridhar Patra, CMD, NALCO & Chairman, KABIL, emphasized the role of scientific research in fortifying India's mining industry. He highlighted the significance of technological advancements in ensuring mineral security and meeting domestic requirements, aligning with the nation's 'Make in India' initiative.
KABIL, a joint venture of NALCO, HCL, and MECL under the Ministry of Mines, aims to secure the nation's critical and strategic minerals. Its mandate spans the identification, exploration, development, and procurement of essential minerals to bolster domestic supply chains and support national initiatives.

IndiGo pips Southwest to Become World's 3rd Most Valuable Airline by Mcap

IndiGo, India's largest airline, on Wednesday pipped US-based Southwest Airlines in terms of market capitalisation to become the world's third most valuable airline, according to Bloomberg data.
IndiGo's share price jumped by 4.73 per cent to Rs 3,806 on Wednesday. Therefore, its market capitalisation jumped to $17.605 billion, which was ahead of Southwest's market capitalisation of $17.333 billion.
The world's top two airlines in terms of market cap are Delta Airlines ($30.442 billion) and Ryanair ($26.941 billion). IndiGo is the only Indian carrier among the world's top 10 airlines, as per the Bloomberg data.

Paytm PB MD & CEO Surinder Chawla Resigns

Managing Director (MD) and Chief Executive Officer (CEO) of the beleaguered Paytm Payments Bank, Surinder Chawla, resigned on account of personal reasons.
The company said that the resignation would be effective from June 26 but did not name any potential successor to Chawla, who was appointed as the MD and CEO of the company in January 2023 after it received a nod from the Reserve Bank of India (RBI).
Before joining PPBL, Chawla was working with RBL Bank, where he served as Head - Branch Banking.

ICICI Lombard Partners with Policybazaar to Expand Insurance Distribution

In a strategic move aimed at enhancing insurance distribution across India, ICICI Lombard General Insurance Company has forged a partnership with Policybazaar. This collaboration aims to leverage Policybazaar's digital platform to offer a wide range of insurance products to approximately 10 million customers.
The collaboration between ICICI Lombard and Policybazaar encompasses various insurance products, including motor insurance, health insurance, travel insurance, home insurance, and business insurance. Through this partnership, these products will be made accessible to retail customers, corporates, and channel partners through Policybazaar's platforms such as 'Policybazaar.com', 'PB for Business', and 'PB Partners'.
Sarbvir Singh, Joint Group CEO of PB Fintech, expressed excitement about welcoming ICICI Lombard to Policybazaar, emphasizing the shared commitment to making insurance accessible to all by 2047.
Anand Singhi, Chief – Retail & Government Business of ICICI Lombard, highlighted the importance of digital distribution in enhancing insurance penetration. Through this partnership, ICICI Lombard aims to democratize insurance in India by offering consumers an accessible and comprehensive platform to purchase insurance seamlessly.

Apr 10, 2024

India Secures Second Overseas Port: Sittwe Agreement Approved by MEA

In a strategic move to bolster its maritime presence and enhance regional connectivity, India has gained operational control over the Sittwe Port in Myanmar, following approval from the Ministry of External Affairs (MEA).
The agreement allows India Ports Global (IPGL), a company fully owned by the Ministry of Ports, Shipping and Waterways, to manage the entire port on the Kaladan River, marking India's second overseas port acquisition after Chabahar in Iran.
IPGL is a company 100 per cent owned by the Ministry of Ports, Shipping and Waterways.
Unlike the limited control over terminals in Chabahar, India now possesses complete operational authority over the Sittwe Port, positioning it strategically in the Indian Ocean rivalry with China.
The deal includes a long-term lease arrangement, subject to renewal every three years, enabling India to undertake substantial development initiatives at the port.
India Ports Global Limited, a subsidiary of Sagarmala Development Company Limited under the Ministry of Ports, Shipping and Waterways, will spearhead the port's development and operations.

Apr 08, 2024

Delaporte Quits as Wipro CEO; Pallia New Head

Indian IT major Wipro announced the resignation of Thierry Delaporte as CEO and named Srinivas Pallia as the new Chief Executive Officer of the company.
The announcement came days before the Bengaluru-headquartered company is scheduled to announce its Q4 and full-year earnings for 2023-24 on April 19.

India Permits Limited Essential Exports to Maldives amid Tensions

The central government agreed to increase the export of essential supplies to the Maldives for the fiscal year 2024-25, underscoring its 'Neighbourhood First' policy. This decision came amidst a backdrop of rising geopolitical tensions in the Indian Ocean region, particularly concerning China's growing influence and the 'India Out' campaign led by the Muizzu administration in the Maldives.
The revised export quotas mark a notable increase in the supply of critical commodities such as river sand and stone aggregates — which are vital for the Maldives' construction sector — by 25 per cent to 1,000,000 metric tonnes. Additionally, there's a 5 per cent increase in the export limits for essential food items like eggs, potatoes, onions, sugar, rice, wheat flour, and pulses.

Mphasis Signs Strategic Collaboration Agreement with AWS to Launch Gen AI Foundry for Financial S...

Mphasis signed a multi-year global Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS). "The collaboration marks a significant milestone as Mphasis establishes the Gen AI Foundry, led by Mphasis.AI, a dedicated business unit focusing on artificial intelligence (AI) solutions, AI use case assessments, consulting, and business transformation," the company said in a regulatory filing.
The Gen AI Foundry will serve as a platform for modeling industry use cases and developing proof of concepts (POCs) initially within the financial services Industry, with plans to expand across other sectors.
With the rise of generative AI as a powerful tool, the Foundry is dedicated to facilitating its adoption in financial services firms, aiding in accelerating efficiencies and fostering business transformation.

Mansukh Mandaviya's Plan to End Urea Imports by 2025

India will by the end of 2025 stop importing urea as a massive push for domestic manufacturing has helped bridge the gap between supply and demand, Chemicals and Fertilisers Minister Mansukh Mandaviya has said. The minister noted that the availability of fertilisers is very important for Indian agriculture.
Now, the government is making efforts to promote alternate fertilisers like nano liquid urea and nano liquid di-ammonium phosphate (DAP).
According to Mandaviya, the Modi government has adopted a two-pronged strategy to end dependency on urea imports.

Apr 07, 2024

RBI Monetary Policy Highlights: Policy Repo Rate Unchanged at 6.5%

The two-day review meeting of the RBI's Monetary Policy Committee (MPC), the rate-setting panel, commenced on April 3 and concluded on April 5. The RBI decided to keep the key policy repo rate unchanged at 6.5% for the seventh consecutive time.
The six-member MPC headed by Governor Das also decided to maintain the policy stance at 'withdrawal of accommodation'. The RBI has projected India's real GDP growth rate for FY25 at 7%. CPI inflation for FY25 is estimated at 4.5%.

Britannia NutriChoice Launches Health Monitoring App NutriPlus in India

Leading biscuit brand Britannia NutriChoice makes its entry into Indian health tech by launching a subscription-free NutriPlus app, developed in collaboration with Aktivo Labs, aimed at enhancing consumers' well-being with evidence-based solutions.
The app provides a daily "NutriScore," which is a one-score indicator for users based on factors such as exercise duration and sleep duration, providing users with an overview of their health status.

RBI to Launch Retail Direct Mobile App for G-Secs

The Reserve Bank of India (RBI), in April 2024, announced the launch of a mobile application, the 'G-sec App', as part of its Retail Direct Scheme. This initiative aims to simplify the process of investing in government securities (G-Secs) for retail investors.
As per the RBI Governor, "The RBI Retail Direct Scheme was launched in November 2021. It is now proposed to launch a mobile app for accessing the Retail Direct portal. This will be of greater convenience to retail investors and deepen the G-sec market."

Swiggy Appoints Suparna Mitra as New Independent Director

Food-delivery and quick commerce major Swiggy appointed Suparna Mitra as an independent director to its board.
Mitra is the chief executive of the watches and wearables division of Titan Company, which is partly owned by Tata Sons. Mitra joined three other independent directors on Swiggy's board.
These include board chair Anand Kripalu, who is also the managing director and chief executive of specialty packaging company Essel Propack, Shailesh Haribhakti, chairman of financial services firm Shailesh Haribhakti & Associates, and Sahil Barua, cofounder and chief executive of listed logistics major Delhivery.

Apr 06, 2024

RBI Keeps Repo Rates Unchanged at 6.5 pc

The Reserve Bank of India's Monetary Policy Committee (MPC) kept the policy repo rate unchanged at 6.5 per cent as retail inflation continues to be above its target of 4 per cent.
This was the seventh consecutive meeting that the MPC maintained a status quo on the repo rate. The repo rate, is the interest rate at which banks draw funds from RBI to overcome short-term liquidity mismatches.

Veefin Solutions, Central Bank of India Announce Technology Partnership

Veefin Solutions Ltd announced partnered with Central Bank of India to launch its supply chain financing operations. Veefin Solutions will serve as the sole technology vendor for the bank, providing an end-to-end SCF stack to support the bank's SCF offerings. This collaboration will enable the bank to offer fully digital onboarding, sanctioning, and 24x7 disbursement processes to their corporate and SME customers through Veefin's Loan Origination System (LOS) and SCF Loan Management System.

J&K Bank Introduces Virtual ATM Facility in Collaboration with Paymart India

In a strategic partnership aimed at enhancing banking convenience, J&K Bank has teamed up with Paymart India Pvt Ltd to launch a Virtual ATM (VATM) facility. This innovative service enables cardless cash withdrawals for customers through local retailers, particularly benefiting areas like Jammu & Kashmir and Ladakh where accessibility to traditional ATMs may be limited.
Customers can utilize the bank's mobile application as a Virtual Card, with merchants using their smartphones as Virtual ATMs. This arrangement facilitates cash withdrawals without the need for physical cards. Upon initiating a withdrawal request, customers receive an OTP for validation, which they share with the merchant. Once verified, cash is dispensed, offering a seamless banking experience. Notably, this facility allows withdrawals of up to Rs. 2,000 per transaction, with a monthly limit of Rs. 10,000.

RBI Imposes Penalties on IDFC First Bank and LIC Housing Finance

The Reserve Bank of India (RBI) imposed monetary penalties on two financial institutions – IDFC First Bank and LIC Housing Finance – for non-compliance with various regulations.
The RBI has imposed a penalty of Rs. 1 crore on IDFC First Bank for non-compliance with certain directions on 'Loans and Advances – Statutory and Other Restrictions'.
The central bank also imposed a penalty of Rs. 49.7 lakh on LIC Housing Finance for breach of norms. The housing finance company was found to have not complied with certain provisions of the Fair Practices Code. Specifically, it did not disclose the rate of interest and the approach for gradation of risk and rationale for charging different rates of interest to different categories of borrowers in loan application forms and sanction letters.

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