General Awareness

BUSINESS AND ECONOMY - March 2015

Mar 2015

Dec 30, 2021

Ahmedabad most Affordable Housing Market

According to Knight Frank, Ahmedabad is the most affordable housing market among eight major cities while Mumbai is unaffordable due to high EMI to total income ratio.
According to Knight Frank's Affordability Index 2021 report, Indian markets are at their decadal best in terms of housing affordability.
The index captures movement in key constituents like property prices, home loan interest rate and average household income to determine the buyers' ability to purchase a house.

Flipkart Tops Fairwork India Ratings 2021

Walmart-owned e-commerce firm Flipkart topped the list of Fairwork India Ratings 2021 report, which highlights the working conditions of app-based gig workers. It is followed by Urban Company, Asia's largest home services marketplace and Tata-owned online grocer BigBasket. Mobility companies such as SoftBank-backed Ola, Porter and Uber were placed at the bottom of the list with zero scores each.
Combining desk research, worker interviews, and evidence provided by the platforms, the Fairwork India Ratings 2021 scores 11 platforms, including Amazon, BigBasket, Dunzo, Flipkart, Ola, PharmEasy, Porter, Swiggy, Uber, Urban Company and Zomato.
This year, no platform scored more than 7 out of the maximum of 10 points, and none scored all basic points across the five principles. Flipkart scored 7, while Urban Company earned 5 points. Food delivery giant Swiggy scored 4 and its rival Zomato got 3 points. E-commerce companies Amazon, Dunzo and Pharmeasy scored 1 point each.
The Fairwork India Team is spearheaded by the Centre for IT and Public Policy (CITAPP), International Institute of Information Technology Bangalore (IIIT-B), in association with Oxford University.

Karnataka Govt. Partners with NPCI & SBI to Implement 'e-RUPI'

Karnataka government partnered with the National Payments Corporation of India (NPCI) & State Bank of India (SBI) to enable and implement the 'e-RUPI' payment solution to students under its scholarship programme. For redeeming e-RUPI, the identified institutes will scan the QR code or SMS string displayed by the students using an application. The e-RUPI is a cashless and contactless payment solution provided by NPCI and it will be used to ensure leak-proof delivery transactions.
Digital payment platform e-RUPI will be used to ensure "leak-proof" payment of education fees for students eligible under the scholarship programmes of the Karnataka government. As a part of this process, the Karnataka government will get e-vouchers delivered to the mobiles of eligible students. The voucher code can be received on a feature phone as well. The students will be able to redeem e-RUPI at the identified colleges or institutes for the intended purpose of fees payment.

Dec 29, 2021

AU Small Finance Bank Inducts Ex-RBI Deputy Governor H. R. Khan on its Board

AU Small Finance Bank appointed former RBI Deputy Governor H. R. Khan as an independent director on its board.
The appointment is for a period of three years subject to the approval of shareholders.
The appointment is part of the bank's endeavour to strengthen the board and its independence.

J&K Bank Board Appoints Baldev Prakash MD & CEO

Jammu & Kashmir Bank appointed Baldev Prakash as the MD & CEO for three years.
The board also appointed R. K. Chhibber as an additional director on the board of the bank to be effective from the date Baldev Prakash takes charge as MD&CEO of the bank.
Prakash has over 30 years of experience in banking in various roles at small and large size branches at SBI. He had joined SBI as a probationary officer in 1991 and he is currently the Chief General Manager (Digital and Transaction Banking Marketing Department) at SBI, Mumbai.

Government Appoints Atul Kumar Goel as PNB MD and CEO

The Appointments Committee of the Cabinet (ACC) approved the appointment of Atul Kumar Goel, MD & CEO of UCO Bank, as MD & CEO of Punjab National Bank (PNB) with effect from February 1 next year.
Goel will serve as PNB chief until December 31, 2024, which is his attaining the superannuation age.
He will serve as Officer on Special Duty (OSD) in PNB, which is the country's second-largest public sector bank, until January 31, 2022.
Goel will replace Mallikarjuna Rao, incumbent MD & CEO of PNB, who is due to demit office at the end of January 2022. Rao was given a three-month extension that will end on January 31, 2022.

IndusInd Bank, NPCI Tie up to Simplify Cross-border Remittances through UPI

Indians can now get remittance money from their foreign sources in a much easier way as IndusInd Bank has tied up with NPCI to facilitate cross-border money transfer by using UPI IDs of the beneficiaries.
This will obviate the need to remember one's bank account details to send money.
IndusInd Bank has joined hands with the National Payments Corporation of India (NPCI) to offer real-time cross-border remittances to India using UPI IDs, for its money transfer operator (MTO) partners.

RBI Approves Re-designation of Rajiv Anand as Axis Bank Deputy MD

The Reserve Bank of India has approved the re-designation of Rajiv Anand as the Deputy Managing Director of Axis Bank.
In October this year, the board of directors of the bank approved to re-designate Rajiv Anand as the Deputy Managing Director of the bank, subject to approval of the Reserve Bank of India, and the shareholders of the bank.
Anand is the Executive Director (Wholesale Banking) of the bank since December 2018.
Anand, 55, had joined Axis Bank in May 2013 from its asset management arm, Axis Asset Management Co Ltd, where he was the Managing Director & CEO.

Dec 28, 2021

HDFC Bank Ties up with IPPB to Offer Banking Services in Rural Areas

India Post Payments Bank (IPPB) and HDFC Bank have signed a memorandum of understanding for offering latter's various banking products and services to customers of the payments bank in semi-urban and rural areas, focussing on unbanked and underserved segments.
Over 4.7 crore customers of IPPB of whom nearly 90 per cent are residing in rural areas are expected to benefit from this partnership.
The strategic alliance will enable IPPB to provide affordable and diversified offerings, including access to finance, to its customers through its innovative Doorstep Banking Service.

Ashok Leyland Ties up with Shriram Auto Mall to Enter Used Vehicle Business

Ashok Leyland (AL) is entering the used vehicles business by tying up with Shriram Automall India Limited (SAMIL), a marketplace connecting pre-owned vehicles and equipment buyers and sellers.
The companies will launch a physical and digital platform for facilitating the exchange, disposal and purchase of old commercial vehicles. Ashok Leyland, the flagship company of the Hinduja group, aims to streamline the used vehicle market by leveraging its commercial vehicle digital ecosystem and partners for physical interactions in over 100 locations across India. The company aims to bring in more transparency into used vehicles business.

RBL Bank Appoints Rajeev Ahuja as MD

The RBL Bank board appointed Rajeev Ahuja, who's currently working as the Executive Director at the bank, as interim Managing Director & Chief Executive Officer of the bank with immediate effect, subject to the regulatory and other approvals. The board of directors at its meeting has accepted the request of Vishwavir Ahuja, Managing Director and CEO of the bank, to proceed on leave with immediate effect.

HDFC Life Signs Bancassurance Deal with South Indian Bank

HDFC Life Insurance Company announced a bancassurance tie-up with South Indian Bank (SIB).
This bancassurance arrangement will enable customers of SIB to avail HDFC Life's life insurance products, including solutions for protection, savings and investment, retirement and critical illness.
HDFC Life aims to provide SIB's customer base with innovative products and superior levels of service via both the physical and digital routes.

HFCL Gets Approval as 'Trusted Source' for Telecom Providers from NSCS

HFCL Ltd received approval as a 'Trusted Source' from National Security Council Secretariat (NSCS).
With this nod, HFCL became the 'Trusted Source' for all Indian telecom service providers (TSPs) for sourcing their active network products and infrastructure, and is among few companies to have received the 'trusted sources' approval in the country.
The development will cement HFCL's position in the telecom sector, amplifying the growth opportunities. HFCL's inclusion in the select list as one of the trusted sources is a "distinguished achievement" and reinforces the company's commitment to delivering Make in India products/solutions.

IndusInd Bank Launches 'Green Fixed Deposits'

IndusInd Bank launched 'Green Fixed Deposits' where the deposit proceeds would be used to finance projects and firms supporting the United Nations Sustainable Development Goals (SDGs). IndusInd Bank is amongst few banks globally, to bring forth this proposition, thereby integrating SDG into a regular fixed deposit product.
These deposits shall be offered to both retail and corporate customers. The Bank, will use the proceeds from these deposits to finance a wide array of sectors falling under the SDG category including, energy efficiency, renewable energy, green transport, sustainable food, agriculture, forestry, waste management, and greenhouse gas reduction.

Dec 27, 2021

BOB Financial Solutions Ltd. and the Indian Navy Unveil Co-branded Credit Card

BOB Financial Solutions Limited (BFSL), a wholly owned subsidiary of Bank of Baroda (BoB), and Indian Navy launched a co-branded credit card for Indian Navy personnel.
The card, offered on the RuPay platform, has contactless features.
Indian Navy personnel can choose from 3 variants of the co-branded credit card.
"While the base variant will be offered as a life time free (LTF) credit card, the other two variants will be offered at very attractive joining and annual fees.

Paytm Lending CEO Gets Additional Role to Lead Offline Payments Vertical

One97 Communications Limited, which owns the fintech firm Paytm, announced consolidatation of leadership of its offline payments business with lending, with an aim to increase penetration of credit to its 23 million merchants.
The company elevated Bhavesh Gupta, CEO, Paytm Lending to take on leadershipfor the offline payments vertical in addition to his existing responsibilities. Bhavesh has led the company's lending vertical, which has reached over $1 billion of annualised runrate of disbursals through the company's platform. Before joining Paytm, Gupta had over 22 years of experience in the financial sector with major banks like IDFC Bank, ICICI Bank.

Dec 26, 2021

HSBC's AMC Acquires L&T Mutual Fund Business

L&T Housing Finance sold L&T Investment Management (LTIM) to HSBC Asset Management (India) at $425 million. LTIM is the investment manager of the mutual fund business of L&T.
The divestment of the mutual fund business is in line with the strategic objective of L&T Finance Holdings of unlocking value from its subsidiaries to strengthen its balance sheet.
L&T Investment Management (LTIM) is the 12th largest asset management company (AMC) in India and offers a basket of equity, fixed-income, and hybrid schemes to retail and institutional investors.

IFFCO Tokio General Insurance Appoints H O Suri as MD

IFFCO-TOKIO General Insurance appointed HO Suri as its new managing director and chief executive officer. Suri was the financial advisor, head, internal audit & legal, at the company.
Suri, who was the financial advisor, head, internal audit & legal at the insurer, began his professional journey in 1982 with Indian Farmers Fertiliser Cooperative Limited (IFFCO). A chartered accountant by profession, he is one of the founder-members of IFFCO-TOKIO General Insurance Company in 2000.

IndiGo Appoints Neetan Chopra as Chief Digital & Information Officer

Budget carrier IndiGo announced the appointment of Emirates former executive Neetan Chopra as its chief digital and information officer (CDIO), effective January 3.
In this newly-created position, Chopra, who is currently the group chief technology officer at Dubai Holding, will be responsible for all aspects of IndiGo's information technology and systems, processes, and organisation, with a strong focus on attracting, retaining, and developing key IT and digital talents.
He previously held the position of senior vice-president of IT and innovation at Emirates.
According to IndiGo, the newly created role of CDIO will provide vision and leadership for developing and implementing IT and digitalisation initiatives as an integral part of IndiGo's business strategy.

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