General Awareness

BUSINESS AND ECONOMY - September 2015

Sep 2015

Oct 22, 2021

IndiaFirst Life Introduces Endowment plan, 'Saral Bachat Bima'

IndiaFirst Life Insurance Company Ltd (IndiaFirst Life), promoted by Bank of Baroda and Union Bank of India, introduced IndiaFirst Life Saral Bachat Bima Plan, a savings and protection cover for the entire family. This non-linked, non-participating, individual, limited premium policy provides a shorter pay commitment of five or seven years while keeping the entire family protected for 12-15 years.
IndiaFirst Life Saral Bachat Bima Plan is a competitively priced plan that helps in saving for your future financial needs. It secures your family's future in case of an unfortunate event. Furthermore, it offers yearly guaranteed additions, additional accidental death benefit in 1st year, funeral cover along with no medical tests, and quick processing all under one roof.

OnePlus Promotes Navnit Nakra as India CEO and Head of India Region

Smartphone maker OnePlus elevated Navnit Nakra as its India CEO and Head of OnePlus India region operations.
As part of this new senior leadership role, Nakra will spearhead the company's business operations and overall strategy for the India region.
Nakra, who was previously serving as the Vice President, Chief Strategy Officer and Head of Sales in India, joined the company in February last year.

Rajeev Mantri Named Chief Financial Officer of Citi India

Citi announced the appointment of Rajeev Mantri as chief financial officer, Citi India, and cluster finance head, South Asia.
He will report to Ashu Khullar, CEO, Citi India and Tim Monger, Asia Pacific CFO, Citi.
He takes on the role from Niraj Parekh, who will move to New York as the head of financial planning and analysis for the institutional clients group.

Oct 21, 2021

AMFI Appoints Balasubramanian as Chairman

A. Balasubramanian was appointed as the new Chairman of the Association of Mutual Funds in India (AMFI). He replaced Nilesh Shah, the Managing Director of Kotak Mutual Fund. Balasubramanian is Chief Executive Officer (CEO) of Aditya Birla Sun Life Asset Management. Meanwhile, Radhika Gupta, the MD and CEO of Edelweiss AMC, was appointed as vice-chair of AMFI.

RBI Penalises Paytm Payment Bank and Western Union Financial Services

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 1 crore on Paytm Payments Bank for submitting information that did not reflect the factual position, which, according to the central bank, is an offence under Section 26 (2) of the Payments and Settlement Act.
The central bank has also imposed a penalty of Rs. 27.78 lakh on Western Union Financial Services for non-compliance with Money Transfer Service Scheme (MTSS) directions.
Paytm Payments Bank is an Indian payments bank, founded in 2015 and headquartered in Noida. In 2015, it received the license to run a payments bank from the Reserve Bank of India. It was launched in November 2017.

Tata AIG Announces Launch of RPAS Insurance and Distribution Tie-up with TropoGo

Tata AIG General Insurance announced the launch of Remotely Piloted Aircraft System (RPAS) Insurance and distribution tie up with TropoGo. Tropogo has successfully established an integrated marketplace providing a one-stop shop for the complete drone ecosystem.
Tata AIG has been at the forefront and has closely engaged with the Drone Federation of India to understand the various types of risks faced by drone owners and operators. Tata AIG's RPAS Insurance is a comprehensive product covering both Hull and Third-Party Liability risks faced by them. Tata AIG's RPAS insurance also provides optional coverage for BVLOS operations, night flying, data loss liability etc.
With the influx of new and exciting drone technologies and the recent policy changes in India, the already highly active community of drone manufacturers, tech start-ups, and enthusiasts are excited to make India a drone hub by 2030. Ministry of Civil Aviation foresees an investment of over INR 5000 crore in the drone manufacturing industry over three years leading to annual sales turnover reaching over INR 900 crores in FY 2023-24.

Oct 19, 2021

RBI Penalises Standard Chartered Rs 1.95 cr for Gaps in Customer Protection

The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs 1.95 crore on Standard Chartered Bank for not complying with various directions issued by the central bank with regard to 'customer protection', 'cyber security framework in banks', 'credit card operations of banks, and 'creation of a central repository of large common exposures'.
Upon carrying out a statutory inspection for supervisory evaluation (ISE) of the bank, RBI found that the bank did not credit amounts involved in unauthorised electronic transactions (shadow reversal) and did not report cyber security incidents within the prescribed time period.
Further, it authorised the direct sales agents (outsourced third party) to conduct KYC verification. Also, it failed to ensure integrity and quality of data submitted in the Central Repository of Information on Large Credits (CRILC).

Tata Punch Launched

Furthering its attempt to dominate the mid-range and compact SUV segments in the Indian market, Tata Motors launched Tata Punch. The Indian automobile manufacturer, launched its much-awaited sub-compact SUV, Punch, at a starting price of Rs 5.49 lakh (ex-showroom Delhi).
With the launch, Punch has now become the country's first sub-compact SUV.
Tata had earlier started taking bookings for Punch. The car is now finally available at all of the company's dealerships and also their official website. The car is being placed below Nexon in the company's product line-up.
According to the Tata motors' website, the Tata Punch price ranges from Rs 5.49 lakh to Rs 8.79 lakh for petrol/manual variants and Rs. 6.99 lakh to Rs. 9.39 lakh for petrol/automatic variants.

RBI Imposes Rs. 1 Crore Penalty On SBI

Reserve Bank of India (RBI) has penalised the country's largest lender State Bank of India (SBI) for not complying with specific directions, and has imposed a fine of Rs. 1 crore on it.
The action against SBI 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 bank with its customers, the RBI said.
SBI has been penalised for violating rules related to frauds classification and reporting by commercial banks and select financial institutions, the RBI said in a statement.

Oct 18, 2021

Power Global to Invest $25 mn to Set up Battery Infra Facility in India

US-based clean energy and mobility products start-up Power Global plans to invest around USD 25 million (around Rs. 185 crore) to set up a lithium-ion battery manufacturing unit and battery swapping infrastructure in India over the next two to three years.
The company, which is setting up a one gigawatt hour capacity battery plant at Greater Noida in Uttar Pradesh, is also targeting to retrofit around 8 lakh existing conventional three-wheelers in India for conversion into electric versions.
It will tap these retrofitted vehicles for its batteries, which would be offered for swapping through a subscription model.

Oct 17, 2021

BPCL Unveils Automated Fuelling System 'U-Fill'

Indian government-owned, Bharat Petroleum Corporation Limited (BPCL) unveiled an automated fuelling technology system, known as U-Fill to ease the customers with a better experience at the outlets. The technology obviates the need for looking at zero or final reading and such offline manual interventions.
According to Bharat Petroleum Corporation Limited, the new automated fuelling technology is secure, fast, and smart. The new U-Fill outlets have been launched in 65 cities and are likely to be launched soon across the country. The customers need not download any app to use the U-Fill technology. When payment is concerned, a customer can use any desired application for payment, such as Google pay, Paytm, and others.

RBI Approves Pankaj Kumar Panja as Karnataka Bank Non-executive Chairman

Karnataka Bank Ltd has received approval from the Reserve Bank of India to appoint Pradeep Kumar Panja, an Independent Director of the bank, as part-time non-executive Chairman with effect from November 14, for a period of three years. He will succeed P. Jayarama Bhat, who will complete his term on November 13.
Pradeep Kumar Panja retired as Managing Director (Corporate Banking) of State Bank of India (SBI). Prior to this, he also held the post of Managing Director of State Bank of Travancore for about a year.

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