General Awareness

BUSINESS AND ECONOMY - March 2015

Mar 2015

May 20, 2023

Wipro Enters Into a Five-year Business Partnership with ServiceNow

IT major Wipro Limited, entered into a five-year business partnership with ServiceNow to invest in and bring new offerings to market that will empower clients to drive business transformation, overcome business challenges, and deliver greater value.
The agreement expands both the companies' existing partnership and is expected to help accelerate Wipro's goal of building a $1 billion business with ServiceNow by the end of 2026.
As part of the partnership Wipro and ServiceNow will deliver joint clients process consulting, implementation, configuration, and managed services. The partnership will cover all global geographies and will initially focus on four key industries: Financial Services, Healthcare, Manufacturing, and Energy and Utilities.

CCI Approves Proposed Merger of Credit Suisse Group AG with UBS Group AG

Fair-trade regulator Competition Commission of India (CCI) cleared the proposed merger of Credit Suisse Group AG with UBS Group AG.
Both Credit Suisse Group AG (Credit Suisse) and UBS Group AG (UBS) are multinational investment banks and financial services companies founded and based in Switzerland.
The transaction entails UBS' proposed acquisition of Credit Suisse by way of an absorption merger with UBS being the surviving legal entity, according to CCI.
Post transaction, all Credit Suisse's assets, liabilities, and contracts will be transferred to UBS in their entirety.
The proposed transaction was necessitated due to Credit Suisse's financial difficulties.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.

May 19, 2023

HDFC Mutual Fund Launches India's First Defence Fund

HDFC Asset Management Company Ltd launched the country's first mutual fund focussed on defence sector, a move that will provide investors an opportunity to participate in growth potential of this space.
The fund will invest at least 80 per cent of its net assets in defence and allied sector companies. Defence and allied sector stocks include stocks forming part of aerospace and defence; explosives, shipbuilding and allied services.

RBI Allows SBI Funds Management to Acquire up to 9.99% Stake in HDFC Bank

The Reserve Bank of India (RBI) gave approval to SBI Funds Management to acquire up to 9.99% stake in merger-bound HDFC Bank.
The central bank further informed SBI Funds Management to complete the said stake acquisition in bank within a period of six months by November 15, 2023.
The approval granted by the RBI is subject to conditions, including compliance with the relevant provisions of the Banking Regulation Act, RBI's master direction and guidelines on acquisition and holding of shares or voting rights in banking companies and other regulations.

May 18, 2023

Meta India Partnership Head Manish Chopra Resigns

Meta India's director and chief of partnerships, Manish Chopra, resigned from the company after 4.5 years of service.
This follows the exit of former Meta India chief Ajit Mohan, public policy head Rajiv Aggarwal, and WhatsApp India CEO Abhijit Bose. Chopra joined Facebook India in 2019 as the director and head of partnerships.
According to reports, Chopra served as interim head until January 1, 2023, while Sandhya Devanathan was appointed chief following Ajith Mohan's exit.
Chopra's departure from Meta came at a time when the internet behemoth is seeing massive churn at the top in India.

HPCL to Set up Ethanol Plant in Una

Chief Minister Sukhvinder Singh Sukhu announced that Hindustan Petroleum Corporation Limited (HPCL) has committed to setting up a state-of-the-art ethanol plant in Jeetpur Baheri, Una district. With an estimated cost of Rs. 500 crore, this project aims to bolster the production of ethanol in the region and create numerous employment opportunities for local communities.
The proposed ethanol plant will focus on the production of grain-based ethanol, utilizing locally sourced raw materials. This approach will not only promote sustainable agricultural practices but also contribute to reducing carbon emissions and mitigating environmental concerns. The plant's operations are anticipated to support the government's larger vision of achieving energy independence and fostering a greener future.

May 17, 2023

India and Bangladesh Launch '50 Start-ups Exchange Programme'

India and Bangladesh initiated a 50 start-up exchange programme to foster collaboration and partnership between the entrepreneurial communities of both countries. The programme aims to explore opportunities, share knowledge, and enhance cooperation in various sectors. The first group of 10 start-up companies from Bangladesh completed a successful visit to India, marking the beginning of this exciting initiative.
The exchange programme includes start-ups from sectors such as e-commerce, health, transport and logistics, energy, education, and skill development. The selected start-ups represent a diverse range of industries, reflecting the potential for collaboration and innovation between the two nations.
The framework of the start-up exchange programme was decided by the Prime Ministers of India and Bangladesh during their bilateral summits. The primary objectives of the programme include exploring partnerships, expanding business relations, sharing experience and knowledge, and promoting youth and entrepreneurial cooperation.

Zomato Launches its Own UPI Offering in Partnership with ICICI Bank

Food aggregator platform Zomato partnered with ICICI Bank and launched its very own unified payments interface (UPI) offering called Zomato UPI, for some of its users.
Using the new service, customers can pay for their orders directly through the Zomato app – by creating their own UPI ID – without being redirected to other payment gateways like Phonepe, Google Pay, or any other third-party app. Users will be able to make both, peer-to-peer, as well as merchant payments using the service.
Currently, Zomato UPI was rolled out to select users only. Further expansion of the service will hinge on the initial customer response.

Mondelez Names Samir Jain as President of India Business

Confectionary major Mondelez International named Samir Jain as president of India business.
Jain, who will join the company in August, takes over from Deepak Iyer who has been elevated to EVP and President, Asia Pacific, Middle East, and Africa (AMEA) region effective June 5, 2023.
Jain will report to Iyer in his new role and will be part of the AMEA Leadership Team representing India.
He joins Mondelez International from Bunge India, where he led the business as managing director for the last 10 years.
Jain worked at Unilever India for more than 17 years in various roles across categories and functions, starting in 1995 as a management trainee.
He left the company in 2012 as the vice president of Laundry Category.

Bhavesh Gupta New President and Chief Operating Officer of Paytm

One97 Communications Ltd, which operates Paytm, appointed Bhavesh Gupta as president and chief operating officer of the company.
Bhavesh Gupta is a financial services professional with over 25-year experience building businesses grounds up in payments, technology and analytics platforms, retail loans, digital lending, SME banking, retail banking etc.
Prior to joining Paytm in 2020, Gupta held multiple leadership roles including CEO of Clix Capital (formerly known as GE Capital), Head of SME & Business Banking at IDFC Bank, and was also associated with ICICI bank in various roles.
Gupta is a graduate from Delhi University and completed his MBA from Institute of Management Studies, Indore.

RBI Imposes Penalty on Mizoram Rural Bank, Tripura Gramin Bank

The Reserve Bank of India (RBI) imposed a monetary penalty on Mizoram Rural Bank and Tripura Gramin Bank for violations of rules.
The central bank imposed Rs. 5 lakh penalty on Mizoram Rural Bank and Rs. 2 lakh penalty on Tripura Gramin Bank.
According to the release, the penalty was levied on both banks as they failed to categorize certain loan accounts as non-performing in line with the Income Recognition and Asset Classification (IRAC) norms.

May 16, 2023

Ministry for Corporate Affairs Introduces C-PACE

The Ministry of Corporate Affairs (MCA) established the Centre for Processing Accelerated Corporate Exit (C-PACE) to streamline the process of removing companies from the MCA Register. The purpose of C-PACE is to reduce the burden on the registry and provide a convenient process for stakeholders to remove their company's name from the register.
This initiative is part of MCA's effort to make doing business and exiting easier for companies.
C-PACE will operate under the Registrar of Companies (RoC) and will handle applications for processing and disposal.
The office of C-PACE was inaugurated by R.K. Dalmia, the director of inspection and investigation at MCA.
Harihara Sahoo was appointed as the first registrar of C-PACE, which will be supervised by the Director General of Corporate Affairs (DGCoA), New Delhi.

Bank of Baroda Launches Electronic Bank Guarantee on its Digital Platform

State-owned Bank of Baroda launched an electronic bank guarantee (e-BG) on its BarodaINSTA platform, in partnership with National E-Governance Services Limited (NeSL). NeSL is India's first and only Information Utility and is regulated by the Insolvency and Bankruptcy Board of India (IBBI) under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).
With this launch, Bank of Baroda joined a select group of banks to issue electronic bank guarantees.
Electronic bank guarantee is a start-to-end digital process across the complete lifecycle of a BG including issuance, amendment and closure resulting in substantial reduction in the turnaround time in issuing a BG, while at the same time bringing in greater security and accessibility.

Wipro FullStride Cloud Studio Inks partnership with Google Cloud's RaMP

IT major Wipro Limited's FullStride Cloud Studio partnered with Google Cloud's Rapid Migration Program (RaMP) to help clients accelerate their journey to the cloud and pursue a migration strategy anchored in business outcomes.
Wipro will integrate its proven framework, together with artificial intelligence (AI) and automated tooling, into RaMP, which will help clients increase efficiency, agility, and time to market.
Leveraging Wipro FullStride Cloud Studio's industrialised 'as-a-service' model, the partnership will deliver faster returns on cloud investments. Wipro FullStride Cloud Studio has a track record of helping clients achieve up to 5x faster Cloud adoption at 30 per cent lower cost, 90 per cent automated post migration activities, and 3x faster business acceptance.
This partnership with Google builds on Wipro's existing collaboration with Google and Google Cloud Professional Services Organisation and aims to deepen the value delivered to joint clients.

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