General Awareness

BUSINESS AND ECONOMY - October 2015

Oct 2015

Jul 17, 2025

UPI-PayNow Expanded to 13 More Indian Banks Join Cross-Border Remittance Network

National Payments Corporation of India (NPCI) International launched the expanded UPI-PayNow linkage, enhancing cross-border remittance services between India and Singapore. This move is part of a broader initiative supported by the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) to promote secure, real-time, and cost-effective international payments.
In a major step forward, 13 additional Indian banks joined the UPI-PayNow network, taking the total to 19. Banks like HDFC Bank, ICICI Bank, State Bank of India, Bank of Baroda, Punjab National Bank, and Kotak Mahindra Bank are now part of this ecosystem. This expansion allows users from India and Singapore to conduct real-time remittances more broadly and securely.

Revival of Historic Machilipatnam Port

Machilipatnam, an old port city in Andhra Pradesh, is getting a fresh start. A new greenfield port is being built at Manginapudi, and 48% of the construction is already done. The port is expected to start working by the end of 2026, bringing economic growth and job opportunities. This project is important for both Andhra Pradesh and Telangana.
The new port is being built by Megha Engineering and Infrastructure Ltd (MEIL). About 1,250 workers are working day and night in two shifts. According to G. Tulasidas, the project manager, the construction is going well and the port should be ready by late 2026.

Everrenew Energy Appoints Industry Veteran Pankaj Tandon as Chief Executive Officer

Everrenew Energy Private Limited, a leading one-stop project management company for wind, solar, and hybrid projects, including asset management services, announced the appointment of Pankaj Tandon as the Chief Executive Officer, effective immediately. He succeeded Venkatesh R.
With over 30 years of experience in EPC, infrastructure, and international business, Mr. Pankaj has held senior leadership positions at renowned organizations such as Jakson Group, KEC International, and Transrail Lighting. His vast global exposure spans South Asia, Africa, Europe, and Southeast Asia, where he has successfully scaled operations, driven profitability, and built strategic partnerships.

Sabyasachi Couture Appoints Manish Chopra as CEO

Sabyasachi Couture, the iconic Indian luxury fashion house, appointed Manish Chopra, former Shein India executive, as its new CEO. This leadership change came as India's luxury market experiences a strong revival, with domestic labels like Sabyasachi expanding their global presence. The brand, majority-owned by the Aditya Birla Group, is reinforcing its position in the upscale fashion segment through strategic talent acquisition and international growth.

Jul 16, 2025

ACKO Becomes Tesla's Insurance Partner in India

ACKO, one of India's top digital insurance companies, was chosen as the preferred insurance partner for Tesla as the electric carmaker entered the Indian market. The partnership aims to offer a simple, smart, and digital insurance experience for Tesla customers. This step marks a major move in making electric vehicle (EV) ownership easier and more convenient.
The tie-up between Tesla and ACKO brings together two companies that focus heavily on technology and innovation. Insurance for Tesla cars in India will be fully digital, from getting a quote to filing a claim. ACKO will offer specially designed plans for Tesla's high-performance electric cars, with features tailored to meet the needs of EV owners.

Raghavendra S. Bhat Appointed Interim CEO of Karnataka Bank

Karnataka Bank named Raghavendra S. Bhat as its interim Managing Director and Chief Executive Officer (MD & CEO). This move came after a leadership crisis, following the resignation of the previous MD and CEO. Bhat will hold the position for three months or until a new permanent CEO is appointed.
The leadership change follows the resignation of Srikrishnan Hari Hara Sarma, the former MD and CEO, who stepped down in June due to personal reasons. His official term ended on July 15. In addition, Executive Director Sekhar Rao also resigned, citing personal reasons and inability to relocate to Mangaluru. His resignation will take effect from July 31, 2025.
Raghavendra S. Bhat is a long-time employee of Karnataka Bank, having joined as a clerk in 1981.

Sanjay Kaul Appointed CEO of GIFT City, Gandhinagar

Sanjay Kaul, a 2001-batch IAS officer from the Kerala cadre, was appointed as the Managing Director and CEO of GIFT City Company Limited in Gandhinagar, Gujarat. The announcement was made through a government order. He will take charge on deputation for three years, or until further notice.
He has rich administrative experience and has earlier worked in Gujarat as Managing Director of both the Tourism Corporation of Gujarat Ltd and Gujarat Informatics Ltd.
Kaul's new post at GIFT (Gujarat International Finance Tec-City) puts him at the top of India's first smart city focused on international finance. His role as MD & CEO will involve overseeing the growth and management of this global business hub, which plays a major role in India's financial services sector.

R. Doraiswamy Appointed LIC MD and CEO

R. Doraiswamy assumed charge as Chief Executive Officer and Managing Director of Life Insurance Corporation of India (LIC).
This appointment marks a historic transition in the insurance behemoth's leadership structure, as Doraiswamy became the first full-term CEO and MD under the new regulatory framework of the LIC Act that merged the roles of Chairman and Managing Director into a single executive position.

Jul 15, 2025

Hemant Rupani to Take Over as CEO of Hindustan Coca-Cola Beverages in September

Hindustan Coca-Cola Beverages Pvt. Ltd (HCCB), the largest bottling arm of the Coca-Cola Co. in India, announced the appointment of Hemant Rupani as its new chief executive officer, effective September 8, 2025.
Rupani joins HCCB after a nine-year tenure at Mondelez International Inc.
He will succeed Juan Pablo Rodriguez, the current CEO of HCCB, who is transitioning to a new opportunity within the Coca-Cola system.

Tesla Launches First India Showroom at Bandra Kurla Complex, Mumbai

Elon Musk's Tesla finally launched its first showroom in India. The store opened in Mumbai's Bandra Kurla Complex. Tesla's formal entry to the Indian market is a result of strategic negotiations, policy shifts, and market preparation.
This flagship showroom, also referred to as a Tesla Experience Centre, is expected to be followed by more outlets in major metros.

Jul 14, 2025

FundsIndia Names Akshay Sapru as Group CEO

Digital platform for mutual funds and investment solutions provider FundsIndia appointed Akshay Sapru as its Group Chief Executive Officer.
FundsIndia is backed by private equity firm WestBridge Capital, a majority stakeholder in the city-based firm.
With a career spanning over 27 years in the banking, financial services and insurance (BFSI) sectors, Akshay Sapru brings a wealth of domain knowledge and multifaceted leadership skills to FundsIndia.

India Secures 5-Year DAP Fertilizer Agreement with Saudi Firm Maaden

India and Saudi Arabia signed important long-term agreements to boost the supply of fertilisers to India. The agreements were finalised during Union Minister J. P. Nadda's three-day visit to Dammam and Riyadh. These deals aim to secure India's fertilizer needs and strengthen cooperation in health and pharmaceuticals.
Under the new deal, India will receive 3.1 million metric tons of Diammonium Phosphate (DAP) fertiliser annually for five years starting from 2025–26. The deal may be extended for another five years with mutual consent. This is a big rise from the 1.9 million metric tons India imported from Saudi Arabia in 2024–25.

Jul 13, 2025

Priya Nair to Become 1st Woman CEO-MD of Hindustan Unilever

Priya Nair will become the first woman CEO and MD of Hindustan Unilever Ltd (HUL) effective August 1, 2025, with India's largest FMCG firm announcing her appointment.
Ms. Nair, currently President, Beauty & Wellbeing, Unilever, has been appointed for a period of five years.
She replaces Rohit Jawa, who will step down as CEO and MD on July 31, 2025, to pursue the next chapter in his personal and professional journey.
Ms. Nair joined HUL in 1995 and held several sales and marketing roles across home care, beauty and wellbeing, and personal care businesses.

Big Government Payments to Go Through RBI e-Kuber

From July 16, 2025, all Indian government payments above Rs. 75 crore must be made through the RBI's e-Kuber system. This step aims to bring more transparency, faster processing, and quicker tracking of big payments. The system will help in managing funds more smoothly and will shorten the time taken to match records.
The main reason for this move is to make the payment system faster, cleaner, and more accurate. With e-Kuber, it will take just 24 hours to match account details, instead of waiting for many days. It also helps in real-time tracking of how money is being spent by different departments. This improves transparency and ensures there is no misuse or delay in big payments.
e-Kuber is a special online system developed by the RBI. It is used to manage transactions between the government and banks. It helps settle payments quickly and safely. With this rule, the government wants to use technology to streamline fund transfers and reduce mistakes or delays in payments.

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