General Awareness

BUSINESS AND ECONOMY - March 2015

Mar 2015

Jan 03, 2024

CK Birla Group's Birlasoft Names Manjunath Kygonahally as Overseas CEO

Birlasoft, part of the $2.9 billion diversified CK Birla Group, named Manjunath Kygonahally as the Chief Executive Officer (CEO) for the Rest of the World (ROW) region with immediate effect. Kygonahally will oversee the business operations in the ROW region, comprising all regions outside of the Americas.
Kygonahally has been credited with being a seasoned services industry professional with expertise spanning 'market strategy, business development, service delivery, and operations'.

Bank of Baroda Introduces NCMC RuPay Prepaid Card

Bank of Baroda announced the launch of the National Common Mobility Card (NCMC) RuPay reloadable prepaid card. Aligned with the 'One Nation, One Card' initiative, the Bank of Baroda's new chip-enabled contactless prepaid card can be used to pay for public transport on the metro and upcoming use cases for bus, train, cab, ferry, tolls and parking as well.
The card can also be used for day-to-day ATM cash withdrawals and payments through POS (point of sale) and e-commerce.
The card can be availed by both customers and non-customers at Bank of Baroda branches, and will be immediately activated for real-time use.
The card supports both online transactions as well as offline transactions at NCMC-specific terminals.
The maximum online wallet balance allowed is Rs. 1 lakh and the maximum offline wallet balance allowed is Rs. 2,000 at any point of time.

Ravindra Kumar Tyagi New CMD of Power Grid Corporation

Power Grid Corporation, a leading state-owned enterprise, appointed Ravindra Kumar Tyagi as the new Chairman and Managing Director (CMD). He succeeded Sreekant Kandikuppa who retired upon reaching the age of superannuation.
With over 33 years of experience in the power sector, Tyagi has held various key positions in central public sector undertakings (CPSUs). His tenure at Power Grid is marked by his expertise in handling multidisciplinary work across different business areas, including Asset Management, Engineering, and Business Development, both domestically and overseas.
The Power Grid Corporation was incorporated on October 23, 1989 under the Companies Act, 1956.
Its original name was the 'National Power Transmission Corporation Limited' and was changed to Power Grid Corporation of India Limited, in October 1992.

Nivea India Appoints Geetika Mehta as its New Managing Director

Nivea India appointed Geetika Mehta as Managing Director (MD).
Mehta's previous stint was at Hershey India for two and a half years as MD, and before that she was at the country's largest FMCG firm, Hindustan Unilever, for 18 years.
Geetika, with a distinguished career in the FMCG sector, has a proven track record of developing small businesses as well as managing large-scale corporations across markets including South Asia, Thailand, Brazil, and South Africa. Her extensive experience and strategic vision align seamlessly with Nivea India's objective of providing consumers with superior product quality in line with its care proposition.

Kia India Appoints Gwanggu Lee as MD and CEO, succeeds Tae Jin Park

Kia India appointed Gwanggu Lee as the new Managing Director and CEO with immediate effect.
Lee succeeded Tae Jin Park, who retired after a 36-year journey with Kia Corporation including a four year stint with Kia India.
Lee has held leadership positions in various capacities in both developed and developing economies, including roles in the US, Canada, Italy, Mexico, Kia Headquarters in Central and South America, and Kia Europe Headquarters in Germany.

Jan 02, 2024

Yes Bank Faces Penalty of Rs. 3 crore by Tamil Nadu GST Department

Yes Bank, the private sector lender, received a tax receipt worth Rs. 3 crore from the Tamil Nadu Goods and Services Tax (GST) department on December 31, 2023, on account of various GST issues.
The bank had received two separate tax notices from the Bihar GST department for Rs. 20,000 and Rs. 1,38,584, respectively, in December .
Yes Bank is an Indian bank headquartered in Mumbai, India and was founded by Rana Kapoor and Ashok Kapoor in 2004.

Jan 01, 2024

RBI Defers Implementation of Norms on Penal Charges Levied by Banks

The Reserve Bank of India (RBI) deferred the implementation of norms regarding penal charges levied by banks and financial institutions to April 1, 2024, for new loans. This decision came after requests from regulated entities.
Initially issued in August, these norms were set to be implemented from January 1, 2024.
According to the norms, a penalty, if charged for non-compliance with the material terms and conditions of the loan contract by the borrower, should be categorized as 'penal charges'. These charges shall not be levied in the form of 'penal interest' added to the interest rate on advances. Furthermore, no additional interest should be computed on such charges.

Dec 31, 2023

Uttar Pradesh Outpaces Gujarat in Registered Investor Numbers

The state of Maharashtra tops the list of highest number of registered investors at 1.48 crore. Uttar Pradesh ascended to the second position, surpassing Gujarat, with 89.47 lakh investors.
Gujarat was in the third position with 76.68 lakh registered investors, recording a growth of 17.2% in the number of registered investors.
Several other states saw a substantial rise in investor participation in the stock market. West Bengal, Karnataka, Tamil Nadu, and Rajasthan emerged as the leading states, each with an investor base of more than 47 lakh registered individuals.

RBI Extends Payments Infrastructure Development Fund Scheme Till 2025

The Reserve Bank of India (RBI) announced its decision to extend the Payments Infrastructure Development Fund (PIDF) for two years up to December 31, 2025. Earlier, the scheme was launched in 2021 for a period of three years.
As part of the announcement, beneficiaries of the PM Vishwakarma Scheme were included as merchants under the PIDF scheme. Similarly, soundbox devices and Aadhaar-enabled biometric devices are eligible to claim subsidy as part of the scheme.
Additionally, the subsidy for special focus areas, such as North Eastern states, Jammu and Kashmir, and Ladakh, was standardised at 90 per cent from 75 per cent of the device cost, irrespective of the device type.

Dec 30, 2023

Reserve Bank of India Approves IDFC-IDFC First Bank Merger

Reserve Bank of India gave its nod for the reverse merger of IDFC Ltd with its banking subsidiary IDFC First Bank. The boards of IDFC First Bank and IDFC had approved the reverse merger in July 2023.
As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd.
The scheme remains subject to other statutory and regulatory approvals, including from the National Company Law Tribunal and the respective shareholders and creditors of the companies involved under the applicable laws.
IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution.
The bank was launched through this demerger from IDFC Limited, and it was officially inaugurated by Prime Minister of India Narendra Modi in October 2015. It is headquartered in Mumbai, Maharashtra.
V. Vaidyanathan serves as the Managing Director and Chief Executive Officer of IDFC First Bank as in December 2023.

Gujarat Emerges as India's 'Petro Capital'

With the world's largest grassroot oil refinery in Jamnagar and OPaL petrochemical complex at Dahej in Bharuch district, Gujarat was recognised as the 'petro capital' of India. Reliance Industries Ltd's (RIL) Jamnagar refinery is the largest and most complex single-site refinery in the world with 1.4 million barrels per day (MMBPD) crude processing capacity.

Central Bank of India Enters in Co-lending Partnership with Kisetsu Saison Finance for MSME Loans

Public sector lender Central Bank of India entered into a strategic co-lending partnership with Kisetsu Saison Finance, India for MSME Loans.
As per reports, the participation by both entities in this co-lending arrangement will result in greater expansion of the portfolio by Central Bank of India and Kisetsu Saison Finance, India.
Co-lending or co-origination is a set-up where banks and non-banks enter into an arrangement for the joint contribution of credit for priority sector lending. To put it simply, under this arrangement, both banks and NBFCs share the risk in a ratio of 80:20 (80 percent of the loan with the bank and a minimum of 20 percent with the non-banks).
Bengaluru-based M/s. Kisetsu Saison Finance is an NBFC with AUM (Assets under management) of the Company as of September 30, 2023, was more than Rs. 8200 crore.

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