General Awareness

BUSINESS AND ECONOMY - March 2015

Mar 2015

Jul 11, 2021

HCL Technologies bags IT Modernisation Deal from The Mosaic Company

IT company HCL Technologies signed a five-year global agreement to provide digital transformation and managed services to US-based The Mosaic Company.
As part of the agreement, HCL will manage and transform Mosaic's global application and infrastructure environments to enhance the company's agility and ability to drive growth in the marketplace.
HCL will deploy a scaled agile delivery model across North America and South America to deliver process-led services across applications, infrastructure, and business analytics environments.

RBI Imposes Penalty on 14 Banks

The Reserve Bank of India (RBI) imposed a monetary penalty on 14 banks, including State Bank of India (SBI), Bandhan Bank, IndusInd Bank, Bank of Baroda (BoB), Central Bank for non-compliance with certain provisions of directions issued by them. The penalty ranges from Rs. 50 lakh to Rs. 2 crore, with SBI being charged Rs. 50 lakh and BoB Rs. 2 crore.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

Ministry of Defence Implements SPARSH System

Ministry of Defence has implemented SPARSH (System for Pension Administration Raksha), an integrated system for automation of sanction and disbursement of defence pension. This web-based system processes pension claims and credits pension directly into the bank accounts of defence pensioners without relying on any external intermediary. A Pensioner Portal is available for pensioners to view their pension-related information, access services and register complaints for redressal of grievances, if any, relating to their pension matters.
SPARSH envisages the establishment of Service Centres to provide last-mile connectivity to pensioners who may be unable to directly access the SPARSH portal for any reason. In addition to several offices of the Defence Accounts Department, which are already functioning as Service Centres for pensioners, the two largest banks dealing with defence pensioners – State Bank of India (SBI) and Punjab National Bank (PNB) – have been co-opted as Service Centres.

BHEL Bags Order from NPCIL for 12 Nuclear Steam Generators

State-owned BHEL has bagged an order worth Rs. 1,405 crore from the Nuclear Power Corporation of India Ltd for supply of 12 nuclear steam generators.
The steam generators will be manufactured at the Tiruchirapalli plant of BHEL.
Valued at Rs. 1,405 crore, the order has been won under NPCIL's Fleet Mode procurement programme. It mandates supply of 12 steam generators for India's highest rated indigenously-developed 700 MWe Pressurised Heavy Water Reactors (PHWRs) to be set up at four different locations in the country.
This is the second major supply order secured by BHEL through competitive bidding for the Fleet Mode implementation programme of 10x700 MWe nuclear projects.
The first equipment order secured by BHEL under this programme for the supply of 32 Reactor Header Assemblies is under execution.

RBI Asks Banks to Shift from LIBOR to Alternative Reference Rates

The Reserve Bank asked banks and financial institutions to use any widely accepted alternative reference rate (AAR) instead of LIBOR (London Interbank Offered Rates) as the reference rate for entering into new financial contracts.
The Reserve Bank's directive follows a decision of the Financial Conduct Authority (FCA), UK which on March 5, 2021 had announced that all LIBOR settings would either cease to be provided by any administrator or would no longer be representative.
In order to deal with the emerging situation, the RBI has asked banks and financial institutions to "cease entering into new financial contracts that reference LIBOR as a benchmark and instead use any widely accepted alternative reference rate (ARR), as soon as practicable and in any case by December 31, 2021."

Jul 10, 2021

LIC to Have CEO, MD as Govt. Does Away with Chairman

The Life Insurance Corporation of India (LIC) will now have the post of Chief Executive Officer and Managing Director instead of the Chairman position, with the government making changes to relevant rules ahead of the insurer's initial public offering this fiscal.
The changes have been made by the Department of Financial Services under the finance ministry by amending Life Insurance Corporation of India (Employees) Pension (Amendment) Rules. Besides, some other rules under LIC Act, 1956, have been amended.
Chief Executive and Managing Director means the Chief Executive Officer and Managing Director appointed by the Central Government under section 4 of the Act (LIC Act 1956), according to a gazette notification issued on July 7.

Larsen & Toubro Infotech Completes Acquisition of Cuelogic Technologies

Larsen & Toubro Infotech (LTI) has completed acquisition of Cuelogic Technologies, a digital engineering and outsourced product development company.
The company completed the acquisition of 100 per cent shareholding of Cuelogic. Consequently, Cuelogic is now a wholly owned subsidiary of the company and Cuelogic Technologies Inc., US, is now a wholly owned step-down subsidiary of the company.
Cuelogic, which is the seventh acquisition by LTI since the company got listed in 2016, will be integrated with the digital practice of Larsen and Toubro Infotech.
Pune-headquartered Cuelogic, which was founded in 2010, primarily focuses on developing cloud native web and mobile applications, modernisation, and runs Innovation Lab as a service for its clients in the US and India.

Amazon Launches Digital Kendra

E-commerce giant Amazon has launched its first Digital Kendra in India in Surat, Gujarat. Amazon Digital Kendras are brick and mortar resource centers that will provide micro small and medium enterprises (MSMEs) the opportunity to learn about the benefits of e-commerce.
They can avail a range of third party services such as shipping and logistics support, cataloging assistance, digital marketing services, GST (goods and services tax) and taxation support to kick start their journey towards being digital entrepreneurs. The initiative is in line with its commitment to digitally enable 10 million MSMEs.

Jul 09, 2021

Govt. Sets Up 25-Member Development Council for Cement Industry

The government has set up a 25-member development council for cement industry, including Dalmia Bharat Group CMD Puneet Dalmia and UltraTech Cement MD K C Jhanwar, which will suggest ways to eliminate waste, obtain maximum production, improve quality, reduce costs and promote standardization of products.
According to an order, other functions of the council include recommending measures for securing the full utilization of the installed capacity and for improving the working of the industry, particularly of the less efficient units; promote training of persons; and promoting or undertaking scientific and industrial research.
It would also work for standardization of accounting and costing methods and practice; and promoting the adoption of measures for increasing the productivity of labour, including measures for securing safer and better working conditions.
Dalmia is the chairman of the council. Its members include Shree Cement Ltd MD HM Bangur, The India Cements Ltd Executive President Rakesh Singh; Birla Corporation Limited CEO Pracheta Majumdar; J.K. Cement Ltd Deputy Managing Director Madhavkrishna Singhania, and JSW Cement Ltd CEO Nilesh Narwekar.

Govt. Launches Mobile App 'Matsya Setu'

Union Fisheries, Animal Husbandry and Dairying Minister Giriraj Singh launched a mobile app 'Matsya Setu' to disseminate the latest freshwater aquaculture technologies to the country's aqua farmers.
The app has been developed by the ICAR-Central Institute of Freshwater Aquaculture (ICAR-CIFA), Bhubaneswar, with the funding support of the National Fisheries Development Board (NFDB), Hyderabad.
Matsya Setu app has species-wise/ subject-wise self-learning online course modules, where renowned aquaculture experts explain the basic concepts and practical demonstrations on breeding, seed production and grow-out culture of commercially important fishes like carp, catfish, scampi, murrel, ornamental fish, and pearl farming.

Jul 08, 2021

Dept. of Public Enterprises Brought under Finance Ministry

Central government has decided to bring Department of Public Enterprises (DPE) under Finance Ministry.
DPE was earlier under Ministry of Heavy Industries and Public Enterprises.
It has been brought under Finance Minister in a bid to ease coordination regarding future disinvestment plans.
Finance Ministry now comprises of the following six departments: DPE, Department of Economic Affairs, Department of Expenditure, Department of Revenue, Department of Investment & Public Asset Management and Department of Financial Services.

PNB Advises Housing Arm to Rejig Carlyle Deal as Per SEBI Order

Punjab National Bank (PNB) has advised its housing finance arm to restructure its fundraising deal with investors, led by the Carlyle Group, in accordance with the recent directive by the Securities and Exchange Board of India (Sebi). However, PNB Housing Finance has decided to wait for the Securities Appellate Tribunal's (SAT) order.

Moglix Acquires Used Machinery E-commerce Firm Vendaxo

Moglix in its quest to build the operating system for the manufacturing sector has acquired Vendaxo, an e-commerce platform for buying and selling of used machinery. This move by Moglix, the industrial business-to-business unicorn for manufacturing, is a step towards creating a sustainable and capital-efficient manufacturing ecosystem. Through the acquisition, Moglix wants to provide access to high value capital goods at economical prices to manufacturers.
Founded in 2017, Vendaxo is a B2B e-commerce platform that provides used machinery liquidation solutions to MSMEs (micro, small and medium enterprises) and large manufacturing enterprises such as Siemens, Arvind India, Marico, Raymond, and Torrent Pharma. The used machines and equipment marketplace enables 40 thousand users to buy and sell from its verified listings of 31 thousand SKUs (stock keeping units) through its digitally enabled and secured escrow process. India's used machinery market is close to Rs. 64,000 crore and is a critical lever for driving sustainable manufacturing in the country.

Jul 07, 2021

Razorpay, Mastercard Launch MandateHQ for Recurring Payments

Fintech unicorn Razorpay and payments technology major Mastercard have launched Mandate HQ, a platform, which is a safe and secure recurring payment interface. To further the adoption of digital payments in a safe and secure manner, the Reserve Bank of India (RBI) has issued a framework for processing of e-mandates on recurring online transactions.
RBI has made AFA (Additional Factor of Authentication) mandatory for all recurring transactions below Rs. 5000 on debit cards, credit cards, even UPI and other Prepaid Payment Instruments (PPIs). All stakeholders are required to ensure full compliance with the framework by September 30, 2021.

Sumitomo Mitsui Financial Group to Acquire Stake in FICC

Japan's Sumitomo Mitsui Financial Group (SMFG) is set to acquire a 74.9 per cent stake in Fullerton India Credit Company (FICC), a non- banking finance company that offers credit to retail as well as small businesses, for about $2 billion. The transaction is contingent upon regulatory approvals.
SMFG has plans to eventually acquire 100 per cent in FICC — a wholly-owned subsidiary of Fullerton Financial Holdings (FFH), which, in turn, is a wholly-owned entity of Singapore-based investment company Temasek Holdings. The acquisition would mark a big Asian push by SMFG towards consumer and MSME lending.
Through this investment, SMFG will gain a retail finance platform in India, which is essential for its Asia franchise, and will strive to contribute to further develop India's financial industry as a whole.

Tata Power to Re-appointment N. Chandrasekaran as Director

Tata Power said that its shareholders have approved the re-appointment of its Chairman Natarajan Chandrasekaran as director of the firm.
The shareholders approved the resolution to reappoint N. Chandrasekaran as director in its annual general meeting (AGM).
Chandrasekaran was appointed as non-independent non-executive director of the firm in February 2017.

TCS Enters Strategic Partnership with OTT Streaming Platform SonyLIV

IT services major Tata Consultancy Services (TCS) entered into a strategic partnership with India's premier OTT streaming platform, SonyLIV, to help create an innovative business model enabled by digital technologies, enhance customer experience, and pave the path to future growth.
The partnership will leverage TCS' next-gen digital capabilities, global expertise, domain knowledge and innovation ecosystem to define SonyLIV's platform transformation roadmap for India and global markets. TCS will help enhance its core OTT platform to leverage AI and machine learning to provide personalized experiences to subscribers across devices. It will also help SonyLIV use data and insights to monetize content and create new revenue streams.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

September GK, August GK, July GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26