General Awareness

BUSINESS AND ECONOMY - March 2015

Mar 2015

Jun 09, 2023

India Emerges as the World's 2nd Largest Producer of Crude Steel

Union Minister of Steel and Civil Aviation, Jyotiraditya M. Scindia stated that India has moved from 4th largest producer of crude steel to the second largest producer of crude steel from 2014-15 to 2022-23 standing just behind China which is the largest exporter of crude steel in the world. India reported a hike of 42% in Crude steel production from 88.98 MT(Metric ton) in 2014-15 to 126.26 MT in 2022-23.
The National Steel Policy formulated by the Government of India in 2017 to promote the growth and development of the steel industry in the country has set the targets of achieving the total crude steel capacity of 300 MTPA(Million Tonnes Per Annum) and total crude steel demand/production of 255 MTPA by 2030-31. By 2030-31, it is also envisaged to enhance the operational capacity of crude steel production of SAIL from existing 19.51 MTPA to around 35.65 MTPA tentatively.

RBI Monetary Policy 2023, Repo Rate Unchanged,

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) announced its policy decision. The 2nd bi-monthly monetary policy meeting of FY24 was held from June 6 to 8 and its outcome was announced on June 8. The next meeting of the MPC is scheduled during August 8-10, 2023. All members of the MPC – Shashanka Bhide, Ashima Goyal, Prof. Jayanth R. Varma, Rajiv Ranjan, Michael Debabrata Patra, and Shaktikanta Das – unanimously voted to keep the policy repo rate unchanged at 6.50 per cent.

Jun 08, 2023

Sequoia India Renames Itself as Peak XV Partners; to operate independently

The venture capital firm Sequoia's India and Southeast Asia arm, which manages over $9.2 billion across 13 funds, announced that it is being renamed Peak XV Partners globally. The rebranding happened after Sequoia Capital (US/Europe), Sequoia China, and Sequoia India & Southeast Asia decided to become independent firms with distinct brands.
Over the years, the strategies for each of Sequoia's business have diverged and the scale and market leadership across different geographies has started to result in brand confusion and portfolio conflict.
"This has led the leaders of each business to collectively decide to move to fully independent partnerships with distinct brands, in order to serve founders and Limited Partners in the best manner.
Peak XV Partners will continue to invest across stages (seed, venture, growth) and sectors like SaaS, AI, developer tools, cyber security, cloud infrastructure, climate tech, fintech, health tech and consumer. The firm will further strengthen its unique and industry-leading programs like Surge and Spark that has been very well received by founders.

Andhra Pradesh Grameena Vikas Bank (APGVB) Get New Chairman

Prathapa Reddy, Deputy General Manager of State Bank of India (SBI), was appointed as Chairman of Andhra Pradesh Grameena Vikas Bank (APGVB).
Reddy previously headed the Real Estate Housing Business Unit at SBI Bhopal Circle. He has held a number of positions at SBI, including Regional Manager and head of the Agriculture Development Branch and Retail Assets Centralised Processing Centre in Hyderabad.
APGVB, supported by SBI, is a beneficial Local Rustic Bank serving clients across 28 regions in Telangana and Andhra Pradesh. The goals of APGVB are to encourage economic growth and financial inclusion in the region.

Kotak Bank Launches Réserve, a Premium Account for the super rich

Kotak Private Banking, a division of Kotak Mahindra Bank Limited, unveiled Kotak Réserve, a savings programme curated exclusively for UHNIs (Ultra High Net Worth Individuals) and HNIs (High Net Worth Individuals). This by-invite programme extends beyond banking services, offering a range of exclusive amenities to provide clients with an unparalleled luxury banking experience.
The Kotak Réserve savings programme aims to deliver a premium banking experience by offering exclusive lifestyle benefits in areas such as travel, health and wellness, and entertainment. These additions enhance Kotak Private Banking's bespoke services provided to their esteemed clientele.
Key offerings of Kotak Réserve include an Epicure Privileged Membership by Taj, Lafayette Luxury Concierge services, BookMyShow vouchers, preferential pricing on services, and the Kotak White Reserve credit card. These privileges encompass a spectrum of services such as luxury stays, dining experiences, spa treatments, customised lifestyle solutions, access to exclusive Michelin-starred restaurants, and more.

Axis Bank Joins Hands with Kiwi App to Facilitate UPI Payments Using Credit Cards

Axis Bank joined hands with Kiwi, a credit card platform, to launch credit on UPI app. The Kiwi app aims to offer a one-stop solution for RuPay credit card users.
The lender is aiming to craft a direct-to-customer model in the credit card market wherein customers can pay either using a bank account directly or a credit card via phones in a secure manner.
Apart from that Kiwi Credit Card users will be given a digital RuPay credit card instantly through which users will be able to link the UPI and Rupay Card in the app to help them avail the Credit on UPI offers and cashback. The Kiwi Credit Card UPI application will also let the customers manage their cards by setting the card limit, blocking the card, and more.

DS Group Acquires Chocolate Brand LuvIt

In a strategic move to expand its packaged foods portfolio, DS Group acquired Good Stuff Pvt Ltd that owns chocolate and confectionery brand LuvIt. The move will strengthen the company's presence in the chocolates and confectionery space. It also came close on the heels of the company's partnership with Swiss chocolate brand Laderach for India.
DS Group, which is known for brands such as Catch Spices and Pass Pass mouth freshener, did not disclose the commercials of the deal. The Bengaluru-based Good Stuff Pvt Ltd, founded in 2014, was earlier owned by Goldman Sachs and Mitsui Ventures.

Jun 07, 2023

Wipro Launches Innovation Experience for Financial Services with Microsoft

IT major Wipro Limited launched the Wipro Industry Innovation Experience for Financial Services, featuring a new suite of banking and financial services solutions built on Microsoft Cloud.
The Innovation Experience will bring together Microsoft Cloud capabilities with Wipro FullStride Cloud, as well as leverage Wipro's and Capco's deep domain expertise in financial services.
Microsoft and Wipro will develop new solutions to help financial services clients accelerate growth and deepen client relationships.
The Innovation Experience will allow financial services firms to explore new solutions in an immersive 3D environment. Solutions currently available as part of the experience range from prevention of financial crime and loan origination to those that help transform core banking systems and maximize cloud investments.

Aditya Birla Group to Enter Jewellery Retail Business

Aditya Birla Group announced its foray into the branded jewellery retail business with its new venture Novel Jewels Ltd. The company will invest Rs. 5,000 crore to set up large-format exclusive jewellery retail stores with in-house jewellery brands across the country.
As per Kumar Mangalam Birla, chairman of Aditya Birla Group, this foray is a strategic portfolio choice that allows tapping into new growth engines and expands our presence in the vibrant Indian consumer landscape.
This is the group's third major foray into a new business in the last two years after paints, and business-to-business (B2B) e-commerce for building materials.

RBI Governor Launches Financial Inclusion Dashboard 'Antardrihsti'

RBI Governor Shaktikanta Das launched a financial inclusion dashboard named 'Antardrishti'. As the name suggests, the dashboard will provide the required insight to assess and monitor the progress of financial inclusion by capturing relevant parameters.
This facility will also enable to gauge the extent of financial exclusion at granular levels across the country so that such areas can be addressed.
Presently, the dashboard is intended for internal use in the RBI. It will further facilitate greater financial inclusion through a multi-stakeholder approach.

Nirmala Lakshman New Chairperson of The Hindu Group

Nirmala Lakshman was unanimously appointed Chairperson of the Board of Directors of The Hindu Group Publishing Private Limited (THGPPL) for a term of three years. She succeeded Malini Parthasarathy, who stepped down as Chairperson at the Board's meeting in June 2023 upon nearing the completion of her three-year term.
Nirmala Lakshman holds a Ph.D. in post-modern literature and brings with her more than four decades of experience as an editor, writer, and strategist.

Jun 06, 2023

TCS Bags 10-year Contract for Managing Teacher's Pension Scheme in England, Wales

Tata Consultancy Services (TCS) bagged a 10-year contract from the Department for Education (DfE) to administer and further enhance customer experiences for the Teachers' Pension Scheme in England and Wales.
The Teachers' Pension Scheme is the UK's second largest public sector pension scheme, with over 2 million members. TCS will manage the scheme administration services using a digitally enabled, omnichannel platform powered by TCS BaNCS. This will enable accurate administration of pension records, payment of benefits, effective scheme finance management, proactive member engagement and easy access to information.

Godrej Consumer Products Appoints Aasif Malbari as CFO

Godrej Consumer Products Limited's (GCPL), board of directors approved the appointment of Aasif Malbari as Chief Financial Officer (CFO), effective August 10. 2023.
Aasif was an integral part of the leadership team at Tata Motors since joining in 2018. Prior to that, he worked at Hindustan Unilever Limited. He is a Chartered Account and Company Secretary and secured the All India First Rank in both the CA intermediate and final. He graduated from Sydenham College, University of Mumbai.
Over the 23 years of his career, Aasif has worked in roles ranging from business partnering, buying, planning & logistics, controllership, treasury, investor relations to group performance management, which have provided him with great experience in multiple FMCG segments in India and across the globe.

SBI Bengaluru Circle Launches 'Project Kuber'

To source, facilitate and cater to various banking needs of customers, State Bank of India, Bengaluru Circle launched 'Project Kuber', which will have four Transaction Banking Hubs and One Corporate Salary Package Hub. These hubs will help to increase the market share in liability products of SBI.
Nand Kishore, Chief General Manager, SBI, Bengaluru Circle, inaugurated these hubs. They are located at SBI Administrative Building, in KG Road, and Sampige Road, in Malleswaram.
Transaction Banking Hubs will offer services to corporate/non-corporate clients, from account opening to onboarding them on SBI's digital platforms.

BharatPe Appoints Kohinoor Biswas as Consumer Lending Head

Fintech platform BharatPe appointed Kohinoor Biswas as the Head of Consumer Lending. Biswas will take the helm of the company's 'Buy Now, Pay Later' (BNPL) product postpe and report to BharatPe's CFO and interim CEO, Nalin Negi.
Biswas brings in experience of over 14 years in various aspects of consumer lending, cards portfolio management, business strategy, and digital initiatives and has served in leadership positions at major banking and financial institutions. He has worked with ICICI Bank, HDFC Bank, Intellect Design Arena Ltd, JP Morgan Chase, and American Express.
Biswas' is BharatPe's third appointment for a leadership position. Earlier, the company had announced the appointment of Aparna Kuppuswamy as Chief Risk Officer, BharatPe Group, and Sandeep Indurkar as Chief Business Officer- Banking and Alliances.

Jun 05, 2023

Karbon Card Launches Mobile-based Expense Management Card

Karbon Card launched a mobile-based expense management card for businesses and individuals wherein it offers its users uncapped cashback of up to 1%.
In comparison to other prepaid instruments like UPI and debit cards, which do not offer any cashback, Card ++ differentiates itself by providing interesting cashback offers, incentivizing people for their spending. The unique feature adds value to the card, making it an option for users.
Karbon's Card++ offers an expense management solution, empowering businesses to operate and is gaining popularity among startups and small and medium-sized enterprises as a payment platform that offers uncapped cashback rewards without any charges. Its features include the ability to make payments on various platforms such as Google, Amazon, Swiggy, and Ola.
Since its founding in 2019 by Kartik Jain, Amit Jangir, and Sunil Kumar, Karbon Card has been committed to innovation, releasing products such as corporate cards, payout, and invoice management.

RBI Imposes Rs. 2.20 crore Penalty on Indian Overseas Bank for Rule Violations

The Reserve Bank of India (RBI) imposed monetary penalty of Rs. 2.20 crore on Indian Overseas Bank (IOB) for rule violations.
The penalty on IOB was imposed as bank failed to make minimum mandatory transfer of a sum equivalent to 25 per cent of its disclosed profit for the year 2020-21 to its reserve fund and there was significant divergence between the non-performing assets (NPAs) as reported by it and as assessed by the inspection.

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