General Awareness

BUSINESS AND ECONOMY - March 2015

Mar 2015

Dec 20, 2021

IFSCA Sets up Panel for Creating Framework to Transfer Stressed Loan

The International Financial Services Centres Authority (IFSCA) set up a committee for creating a framework for transfer of stressed loans from domestic lenders to financial institutions in IFSC.
Former executive director of RBI G. Padmanabhan would be chairing the committee which will also include representatives from law firm and other market participants possessing expertise in banking and legal issues.
The committee has been mandated to examine the provisions of the RBI directions pertaining to transfer of stressed loans by lending institutions to entities in IFSCA, identify areas/issues of the directions which require further clarification from RBI, suggest both the contents of the framework to be put in place by IFSCA to enable such transfers and amendments to the RBI directions to make it easier to effect such transfers.
IFSCA has been established as a unified regulator to develop and regulate financial products, financial services, and financial institutions in the International Financial Services Centres (IFSCs) in India. Currently, GIFT IFSC is the only international financial services centre in the country.

Twin Health Expands its Operations in India; Appoints Prabh Singh as CEO

Twin Health, makers of the Whole-Body Digital Twin™ technology, appointed Prabh Singh as the CEO for its India operations. Founded in 2018, Twin Health invented the Whole-Body Digital Twin™ to reverse and prevent chronic metabolic diseases like Type 2 Diabetes, while improving energy and physical health. The health tech firm had recently raised $155 million Series C funding to scale its presence in India and the U.S.
Prabh Singh will head the India operations for strategy, marketing, regulatory, public policy, go-to-market, product, and technology divisions. He will be responsible for scaling Twin Health in India as the country has the second-highest number of lifestyle-related diseases in the world after China.

Dec 19, 2021

UP Assembly Passes Supplementary Budget for FY22

The Uttar Pradesh Assembly passed the second supplementary budget of Rs. 8,479.53 crore for the ongoing fiscal by voice vote.
The Opposition parties raised an objection regarding the supplementary budget, terming it as irrelevant.
The Assembly also approved a proposal for expenditure of Rs. 1,68,903.23 crore through 'Vote on Account' for the first four months of the next financial year. The supplementary budget and Vote on Account were presented in the Assembly by state Finance Minister Suresh Khanna.

Good Glamm Names Reckitt's Sukhleen Aneja CEO for Beauty and FMCG Brands

Good Glamm Group, India's first beauty and personal care unicorn with a $1.2 billion valuation appointed Sukhleen Aneja as the CEO to head the Brands business. The move would help to step-change its growth ambition on creating Digital first House of Brands leveraging content to commerce as its moat.
In her new role Aneja, a former executive at consumer goods giant Reckitt, will be responsible for creating a strategic road map for leading digital-first brands at the Good Glamm Group. This includes integrating and scaling the recent acquisitions and leveraging the unique digital ecosystem including content, creator and communities for creating India's largest content to commerce powerhouse.

Dec 18, 2021

Nine start-ups Chosen at KSUM Event to Boost Entrepreneurship among Women

A two-day event organised by Kerala Start-up Mission, selected nine start-ups for funding aimed at boosting core female participation in various businesses.
Women Start-up Summit 3.0, organised by Kerala Start-up Mission (KSUM), announced a grant of Rs. five lakh each to Beena P. S. (OmicsGenLifeSciences), Sonia Mohandas (Waterchips Techno Solutions), Mariyam Vidhu Vijayan (Crink), Sunitha Faizal (Celebees Technologies), Nimisha J. Vadakkan (Acemoney), Nisary Mahesh (Hubwords), Ashwathy Venugopal (Avasarshala), Jeesh Venmarath (C-DISC Technologies) and Silpa P. A. (Nanograph).
The hybrid meet was inaugurated by Additional Skill Acquisition Programme CMD Dr Usha Titus, IAS (retd).

India Ranking in Global Scam Report Goes up to 4th Position

India is the country to receive the fourth highest number of spam sales and telemarketing calls. According to Truecaller Global Scam Report 2021, all categories of sales-related calls make up a vast majority (93.5 per cent) of all incoming spam calls.
As per the report, over 202 million spam calls were made by just one spammer in India this year. That's over 664,000 calls every day and 27,000 calls every hour of every day.
Truecaller has launched its fifth edition of the annual Global Spam Report - a detailed, global study on how spam and scam affects all of us. The report, like the previous years, lists the Top 20 Countries Affected by Spam Calls in 2021.
Globally, Brazil retained its title of the most spammed country in the world.

TVS Motor and BMW Motorrad Tie up to Make Electric Vehicles

India's TVS Motor Company will develop electric vehicles (EV) with BMW's motorcycle brand in India, joining a host of Indian automakers that have sought to expand their clean mobility offering. The tie-up comes at a time when new-age start-ups like Ola Electric & Ather are ramping up investment in electric scooters.
Under the extended scope of the partnership, the companies plan to come up with an electric vehicle platform in addition to the existing internal combustion platform for both global and domestic markets. The first product under the enhanced co-operation, an electric model suited for the urban ecosystem, is expected to make its debut in the next 24 months.

HomeFirst, Union Bank of India Enter Co-lending Partnership to Offer Home Loans

Home First Finance Company India Ltd (HomeFirst) entered into a strategic co-lending partnership with Union Bank of India (UBI) to offer home loans to customers.
The partnership aims at leveraging the strengths of both entities to provide a seamless experience to retail home loan customers in the priority sector.
Under this partnership, HomeFirst will originate loans as per the agreed credit policy of UBI in line with the provisions of RBI's Co-Lending Model.
HomeFirst will retain minimum 20 per cent of the loan on its book, while 80 per cent will be on UBI's book.

PM Narendra Modi Inaugurates All India Mayors' Conference

Prime Minister Narendra Modi virtually inaugurated and addressed the All India Mayors` Conference, themed 'New Urban India'.
The All India Mayors` Conference was organised by the Department of Urban Development of Uttar Pradesh in Varanasi. Mayors from various states across the country participated in the conference.

Bajaj Allianz General Insurance Launches Health Product

Bajaj Allianz General Insurance launched a 'Health Prime' rider, which can be availed along with the insurer's health insurance and personal accident policies.
The rider covers four key areas including tele-consultation cover, doctor consultation cover, investigations cover for pathology or radiology expenses and annual preventive health check-up cover in a cashless manner.
"With Health Prime rider, the aim is to provide a total wellness ecosystem and encourage a preventive rather than curative approach.

Dec 17, 2021

TiE Names Kumar Mangalam Birla as Global Entrepreneur of the Year

The Indus Entrepreneurs (TiE) named Aditya Birla Group Chairman, Kumar Mangalam Birla, the Global Entrepreneur of the Year in Business Transformation.
Birla is the first Indian industrialist to receive this award. Birla was given this award for his leadership of the conglomerate during the Covid-19 pandemic.
Birla joined a host of global entrepreneurs receiving the award this year including Elon Musk (Global Entrepreneur of the Year-Immigrant Entrepreneur), Jeff Bezos (Global Entrepreneur of the Year-First Generation) and Satya Nadella (Global Entrepreneur of the Year - Entrepreneurial CEO).
The awardees were selected by an independent jury chaired by Venture Capitalist, Tim Draper, Founder, Draper University.

PhonePe is First Payments Firm to Tokenise Cards on Visa, Mastercard, Rupay

Walmart-owned digital payments firm PhonePe, became the first payments platform to tokenise cards on all three major payment networks - Visa, Mastercard and Rupay. PhonePe's tokenisation solution will help businesses save significant time and effort by removing the need to integrate with multiple card networks while complying with RBI guidelines.
Tokenisation provides users an added layer of security by converting sensitive cardholder data to a string of randomly generated numbers known as a token. PhonePe's tokenisation solution, 'PhonePe Safecard', enables businesses to offer tokenisation on their own platforms via a simple API (application programming interface) integration and a minimum turnaround time. With this solution, businesses can create, process, delete and modify tokens for online card payments with customers' consent.

Hyundai Motor Appoints Unsoo Kim as Managing Director in India

South Korean auto major Hyundai Motor Company announced a top level change in its Indian operations with Unsoo Kim slated to take over as Managing Director from January 1, 2022.
Unsoo Kim, currently with the parent company in South Korea, will replace Seon Seob Kim (SS Kim) who will lead a global role at Hyundai Motor Company headquarters in Seoul after his successful stint of three years in India.

Dec 16, 2021

Scheduled Payment Banks, SFBs to do Government Agency Business

The Reserve Bank of India (RBI) has thrown open the government agency business like tax collection to scheduled payment banks and scheduled small finance banks (SFBs). This is part of move to provide further scope to private banks to conduct government agency business.
Any payment bank or small finance bank that intends to undertake government agency business may be appointed as an agent of RBI upon execution of an agreement with RBI. They can do so only when they comply with the overarching regulatory framework prescribed for these banks.

Five Indian Brands in Top 100 Global Powers of Luxury Goods List

According to a Deloitte report, five Indian brands are in the top 100 global powers of luxury goods list with Tata group firm Titan moving up three places to rank 22nd and being among the 20 fastest-growing luxury goods companies.
Four other homegrown brands, Kalyan Jewellers, Joyalukkas, PC Jewellers, and Tribhovandas Bhimji Zaveri Ltd, have been ranked 37th, 46th, 57th, and 92nd, respectively, in the Deloitte Global 2021 edition of Global Powers of Luxury Goods.

Govt. Announces Scheme for Digital Transactions using UPI, RuPay Debit Cards

The Union Cabinet, chaired by Prime Minister Narendra Modi, approved an incentive scheme to promote RuPay debit cards and low-value (up to Rs. 2,000) BHIM-UPI transactions in the country.
Under the scheme, the acquiring banks will be incentivised by the Government, by way of paying percentage of value of transactions (P2M) done through RuPay Debit cards and low-value BHIM-UPI modes of payments, at an estimated financial outlay of Rs. 1,300 crore for a period of one year w.e.f. April 1, 2021.
This scheme will facilitate acquiring banks in building robust digital payment ecosystem and promoting RuPay Debit card and BHIM-UPI digital transactions, across all sectors and segments of the population and further deepening of digital payments in the country.

NTPC Awards India's First Green Hydrogen-based Micro-grid Project

State-run power giant NTPC awarded a standalone fuel-cell based green hydrogen micro-grid project at Simhadri, in Andhra Pradesh.
As per reports, this will be India's first green hydrogen-based energy storage project and one of the largest in the world.
This unique project configuration is designed in-house by NTPC. It is a unique project for India and would open doors for decarbonising the far-off regions of the country like Ladakh, J&K etc, hitherto dependent on diesel generators.
The project is in-line with the vision of Prime Minister Narendra Modi for becoming carbon neutral by 2070.

ICICI Prudential Signs United Nations Principles of Responsible Investing

ICICI Prudential Life Insurance became the first Indian insurance company to sign the United Nations supported Principles for Responsible Investment (UNPRI). As per the insurer, this demonstrates its commitment towards Environment, Social and Governance (ESG) issues.
In its journey towards promoting sustainability the Company is integrating ESG factors into its investment management framework. As a responsible corporate it has also adopted sustainability principles across its business activities. The sustainability framework is built on the three pillars of ESG which include leaving the planet a better place for the next generation, giving back to society and transparency in functioning.

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