General Awareness

BUSINESS AND ECONOMY - September 2015

Sep 2015

Sep 26, 2021

Mumbai, Bangalore and London among World's Top Start-up Hubs

London, Mumbai and Bangalore have featured among the world's top start-up hubs, according to a comprehensive ranking of international start-up hubs compiled by Startup Genome for its annual Global Startup Ecosystem Report 2021.
Despite Brexit and the coronavirus pandemic, London maintained its second-place ranking tied with New York for the second year in a row. Bangalore also ranked in the top 30 global tech hubs (#23 globally) and Delhi made it into the top 40 list, coming in at 36th.
Mumbai maintained its first position in the Emerging Ecosystems ranking (ecosystems in earlier stages of growth that have high potential to be global performers in the future), outperforming other fast-growing ecosystems in areas of funding, performance, market research, and talent.

RBL Bank MD Vishwavir Ahuja Gets Nod for Fourth Term

Shareholders of RBL Bank approved the reappointment of Vishwavir Ahuja as the managing director and chief executive for the fourth term.
According to the results of the voting held at the annual general meeting, as much as 99.94% of shareholders who participated in the voting favoured the reappointment of Vishwavir Ahuja as the Managing Director (MD) and Chief Executive oFficer (CEO) for the fourth term beginning June this year.

Sep 25, 2021

Tata Digital Appoints Modan Saha as CEO of Financial Services

Tata Digital Limited, a 100 per cent subsidiary of Tata Sons Private Limited, announced Modan Saha as CEO – Financial Services at Tata Digital. Modan was the CEO of Tata Strategic Management Group (TSMG). In his role, Modan would be responsible for building the Fintech business portfolio. In addition, he shall guide Strategy and Strategic Investments at Tata Digital.
Modan brings deep experience in financial services along with strong strategy capabilities. As a part of the core leadership team at Tata Digital, he will play a key role in building the fintech business and guiding various strategic initiatives.

Adani Enterprises Incorporates Wholly-owned Arm Adani Digital Labs Pvt Ltd

Adani Enterprises announced the incorporation of wholly-owned arm 'Adani Digital Labs Pvt Ltd' (ADLPL).
ADLPL is yet to commence its business operations.
ADLPL is incorporated to transform consumer businesses into digital-first segments by creating an omnichannel, integrated platform enabling the customers to interact with all business-to-consumer businesses of Adani Group.

BPCL, SBI Card Launch Co-branded RuPay Contactless Credit Card

Fuel retailer BPCL and SBI Card announced the launch of a co-branded RuPay contactless credit card, offering fuel and other benefits.
The card will provide rewarding fuel savings and other benefits to the customers, it said.
The card will offer 13X reward points on every Rs. 100 spent on fuel purchases at BPCL petrol pumps and a 1 per cent fuel surcharge waiver on every transaction up to Rs. 4,000, translating to 4.25 per cent value back.

Sep 24, 2021

Automation Anywhere and Indian Oil Ink Five-year Deal

Automation Anywhere, a robotic process automation (RPA) firm, announced a collaboration with Indian Oil Corporation Limited (IOCL), the first oil marketing company in India to speed and scale automation to drive increased innovation across its 30,000 employee-strong organisation.
During the first phase of a five-year plan, IOCL has automated select key processes across departments including Finance, human resources, inventory and so on using Automation 360, Automation Anywhere's artificial intelligence-powered RPA platform.

Federal Bank Partners with OneCard to Launch Mobile-based Credit Card

Federal Bank announced a tie-up with OneCard for a mobile-first credit card that targets the country's young, tech-savvy population.
The mobile-first credit card offers in-app on-boarding, whereby the virtual card can be activated and used instantly, while the metal card is delivered to the customer in three to five days. The cards will be powered by Visa.

Government Launches Single Window Platform for Investors

Commerce and Industry Minister Piyush Goyal launched the National Single Window System for businesses and said that the portal will usher in freedom from the legacy of running to government offices for approvals and registrations.
The portal as of today hosts approvals across 18 central departments and 9 states, and another 14 central departments and 5 states will be added by end-December.
Goyal said that the single window portal will become a one-stop-shop for investors for approvals and clearances.

Sep 23, 2021

Flipkart Launches Marketplace 'Flipkart Xtra' to Onboard Part-time Job Seekers

E-commerce firm Flipkart will introduce a separate marketplace model 'Flipkart Xtra' to give flexible earning opportunities to individuals, service agencies and technicians.
The new platform would also help bolster its supply chain to ensure seamless and faster delivery of shipments and service to consumers across India while creating part-time opportunities for individuals.
Individuals will be able to onboard themselves for various roles, including delivery executives to start with, and service partners or technicians in the coming months.

India, UAE Launch Negotiations for CEPA

India and the UAE have formally launched negotiations on the India-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA).
The UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and Commerce Minister Piyush Goyal held the first round of CEPA negotiations.
According to Union Minister of Commerce and Industry Piyush Goyal, the two countries are aiming to conclude the trade talks by the end of the year and sign a mutually beneficial Comprehensive Economic Partnership Agreement (CEPA) by March 2022, after the completion of the legal paperwork and ratification.

IPPB Ties up with Bajaj Allianz, Tata AIG for Distribution of Non-life Insurance Products

India Post Payments Bank (IPPB) announced strategic alliances with Tata AIG General Insurance Co. Ltd. and Bajaj Allianz General Insurance for distribution of their non-life insurance products across the country. As part of the alliances with both the partners, IPPB will strive to make available affordable insurance products through its network of 650 branches and over 136,000 banking access points to citizens at large.
The scope of products shall include healthcare and mediclaim products, personal accident, and vehicle insurance amongst other innovative tailor made products to address the protection needs of Bharat.

Mindtree Appoints New Leaders to Drive Growth in Europe, Asia-Pacific

Information technology firm Mindtree is expanding in Europe and Asia-Pacific and has appointed key personnel in the regions.
The company has appointed Klaus Seifert as Head of Strategy for Europe and Chief Business Officer for Germany, Austria, and Switzerland (DACH).
Munich-based Seifert has over two decades of experience in sales, business development, and profit and loss management across diverse industry sectors. He was formerly the head of Global Technology Services for DACH at IBM.
Further, Erik Julius Larsen has joined the company as Chief Business Officer for Nordics and Benelux.
Larsen's experience of more than 25 years includes several executive positions in the IT industry across northern Europe. Prior to joining Mindtree, he worked at Cognizant as Country Manager and Head of Sales for Nordics.

RBL Bank and Mastercard Launch Campaign for a Seamless Payment Experience

Leveraging the festive season, RBL Bank and Mastercard launched a new festive campaign 'UseBefikar', which rewards existing cardholders with shopping offers and rewards. Featuring celebrities such as Riteish Deshmukh, Mirabai Chanu and Vikrant Massey, the campaign aims to strike a chord with cardholders at the start of the festive season.

Sep 22, 2021

TRIFED Signs MoU with Bigbasket

The Tribal Cooperative Marketing Development Federation of India Limited (TRIFED) and e-grocery platform Bigbasket entered into a Memorandum of Understanding (MoU) for the promotion and sale of natural Van Dhan products being made available to Bigbasket from Van Dhan production units. With this, Bigbasket will be able to enrich its portfolio through the of hand-made authentic forest products sourced by the tribal population.
The MoU between TRIFED and Bigbasket is for the promotion and sale of the natural Van Dhan products through the Big Basket platform, while MoU between TRIFED and Purty Agrotech will promote the art of growing pearls among other tribal entrepreneurs across India and tap the potential of this market.

Carlyle Sells Stake in SBI Cards

CA Rover Holdings, an affiliate of private equity (PE) firm Carlyle Asia, divested 3.4 per cent stake in SBI Cards and Payment Services in two separate block trades.
As per information disclosed, two tranches of 16 million shares each got executed at around Rs. 1,021 apiece. Societe Generale picked up 8.5 million shares for Rs. 868 crore.

Govt. Extends Uday Kotak's term as IL&FS Non-executive Chairman

The government has extended the term of Uday Kotak as the non-executive chairman of Infrastructure Leasing and Financial Services (IL&FS) by another six months.
Kotak, who is also the managing director and chief executive officer of Kotak Mahindra Bank would continue being the non-executive director on the board of IL&FS until April 2, 2022. His tenure was supposed to expire on October 2.
The Banking Regulation Act, 1949 prohibits a banking company to be managed by an individual who is a director of any other company. However, the provision does not apply for a temporary period not exceeding three months or such further period not exceeding nine months if allowed by the Reserve Bank of India (RBI).

CavinKare Launches of New Brand Biker's

FMCG major CavinKare has announced its entry into the men's grooming segment through the launch of personal care brand Biker's.
The company expects the sector to grow at a rate of 15-20 per cent per annum and touch around $1.2 billion by 2024 and through the foray CavinKare is targeting a significant market presence in a growing category.
The Chennai-based company will be competing with the likes of Procter & Gamble, Hindustan Unilever, Dabur, L'Oreal and Nivea in the segment.
The newly launched Biker's brand has products like 2-in-1 shampoo-conditioners, beard oil, beard cream and shower gel to meet the needs of the urban male.

YES Bank Resumes Credit Card Issuance with Visa Tie-up

Private sector lender YES Bank has resumed issuance of new credit cards under pact with payment network Visa.
Its credit card issuance activity was hit in July after the Reserve Bank of India placed curbs on Mastercards on on-boarding new domestic customers for breaching norms for data storage.

Infosys Ties up with ServiceNow to Offer its Services for Manufacturers

Infosys a global leader in next-generation digital services and consulting, announced its collaboration with ServiceNow, the leading digital workflow company that makes work, work better for people, to provide enterprise-level service management for customers in manufacturing industries.
Through this collaboration, Infosys will leverage its industry cloud blueprints, part of Infosys Cobalt, and deploy ServiceNow Operations Technology Management (OTM), to support manufacturing industries as they digitize their factories, floors, and plant operations.

Torrent Power Acquires 156 Mw Wind Power Plants from CESC Ltd Arm

Torrent Power Limited has entered into a share purchase agreement with CESC Limited and others for 100 per cent acquisition of CESC's wholly-owned subsidiary Surya Vidyut Limited and its 156 Mw wind power plants.
A special purpose vehicle (SPV) of CESC, Haldia Energy Limited and other nominal shareholders, Surya Vidyut operates 156 Mw wind power plants, spread across the states of Gujarat, Rajasthan and Madhya Pradesh (MP).
At an estimated enterprise value of about Rs. 790 crore, subject to closing price adjustments, the acquisition is further subject to customary conditions for transaction closure. The projects have long term power purchase agreements (PPAs) with state discoms of Gujarat, Rajasthan and MP for a period of 25 years.

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