General Awareness

BUSINESS AND ECONOMY - November 2015

Nov 2015

Dec 18, 2022

Wipro Signs Multi-year Deal with Finastra for Corp Banks in Middle East

IT company Wipro signed a multi-year digital transformation partnership with fintech firm Finastra for corporate banks in the Middle East.
The multi-year engagement will make Wipro the exclusive implementation and go-to-market partner to deploy Finastra's trade finance solutions in the region.
This exclusive partnership with Finastra will enable Wipro help clients transform into truly digital platform players.
Wipro has been operating in Middle East since last several decades. It is one of the six focus regions that comprise Wipro's Asia Pacific, Middle East, India, and Africa (APMEA) Strategic Market Unit.

HDFC Bank Partners with Startup India for Parivartan SmartUp Grants

HDFC Bank announced the launch of its sixth annual grants program for social start-ups in partnership with the Government of India's flagship initiative 'Startup India'. Known as Parivartan SmartUp Grants, the program aims to identify start-ups working in the social impact space and support them through monetary grants to their incubators.
The grants have been offered under the aegis of Parivartan, the umbrella name for the bank's social initiatives. So far, the bank has disbursed over INR 30 crore to more than 45 incubators which supported over 165 start-ups working in areas like environment, agri-business, ed-tech, waste management, healthcare, and skill development sectors.

NITI Aayog, UNDP Launch Fifth 'Youth Co:Lab' for Social Entrepreneurs

NITI Aayog's Atal Innovation Mission (AIM) and UNDP India launched the fifth edition of 'Youth Co:Lab' to support young social entrepreneurs.
The applications for this edition were launched by AIM mission director Chintan Vaishnav and UNDP India Resident Representative Dennis Curry.
Launched in partnership with AIM in 2019, Youth Co:Lab is an UNDP India initiative that aims to establish a common agenda for Asia-Pacific countries to invest in and empower youth to accelerate implementation of the Sustainable Development Goals (SDGs) through leadership, social innovation, and entrepreneurship.
The Prime Minister appoints the Vice-Chairperson of NITI Aayog. NITI serves as a think tank for Government of India. Its objective is to foster Cooperative federalism through the involvement of State Governments.
NITI Aayog is headquartered in New Delhi.

Dec 17, 2022

TMB Ties up with Kotak Mahindra General Insurance Co.

Private sector lender Tamilnad Mercantile Bank Ltd. (TMB) entered into a strategic alliance with Kotak Mahindra General Insurance Co. Ltd., to market the latter's general insurance products.
Since getting listed in the stock exchanges, TMB is adding features to the choice of its customers on various products and services.
In November, Tamilnad Mercantile Bank tied up with Cholamandalam General Insurance and Max Life Insurance Company to offer their insurance products.
Headquartered in Tamil Nadu's Thoothukudi, the bank has a pan India presence with 509 branches and 12 regional offices across 16 states and 4 Union Territories and serves more than 5 million customers.

WhatsApp Pay India Chief Vinay Choletti Quits

WhatsApp Pay India chief Vinay Choletti resigned just four months after he was elevated to the position.
Choletti's resignation is the fourth high-profile exit in about one and half months from Meta in India after its country head Ajit Mohan stepped down in November.
After Mohan, WhatsApp India head Abhijit Bose and Meta India Public Policy Head Rajiv Aggarwal also resigned from the company in November.
He joined WhatsApp from Amazon in October 2021 to head Merchant Payments vertical WhatsApp Pay.

DealShare Appoints Kamaldeep Singh as President of Retail Business

Social e-commerce company DealShare announced the appointment of former Big Bazaar CEO Kamaldeep Singh as its president of retail.
As per DealShare, Singh's deep knowledge of Indian consumer behaviour, building sourcing organization, vast network of brands, and building talent and team fits well for DealShare's next phase of growth.
The move came after DealShare, a Jaipur-based social commerce start-up owned and operated by Merabo Labs Pvt Ltd, raised an additional $45 million from Abu Dhabi Investment Authority (ADIA), as an extension of its Series E round, earlier this year.

Dec 16, 2022

AstraZeneca Pharma India's MD Resigns; Appoints Sanjeev Panchal

AstraZeneca Pharma India said that Gagandeep Singh Bedi resigned from the post of Managing Director.
The drug firm approved the appointment of Sanjeev Panchal as its Managing Director for a period of three years with effect from January 1, 2023.
Panchal had joined AstraZeneca Pharma in February 2003 as Brand Associate and progressed through several positions in India, Indonesia, Asia Pacific and the international region, based in Singapore and the United Kingdom (UK).

Bank of Baroda Board to Divestment Majority Stake in Nainital Bank

Bank of Baroda's board approved the divestment of its majority shareholding in the Nainital Bank.
The board of the Mumbai-based bank authorised issuance of an advertisement inviting expressions of interest (EOI) through a preliminary information memorandum (PIM) from interested parties (IPs).
The government backed lender currently holds 98.57% of the total equity share capital of Nainital Bank.
Nainital Bank NBL) was originally promoted by Late Bharat Ratna Pandit Govind Ballabh Pant and few prominent personalities of Nainital in 1922. In 1974, the Reserve Bank of India (RBI) directed Bank of Baroda to manage the affairs of NBL.

IEX Become India's First Carbon-neutral Power Exchange

India's leading energy trading platform IEX said that it became the country's first carbon-neutral power exchange using market-based tradable instruments to offset its carbon emissions.
To reduce its carbon footprint, the Indian Energy Exchange (IEX) voluntarily cancelled the certified emissions reductions (CERs) from clean projects registered under the Clean Development Mechanism of the United Nations Framework Convention on Climate Change. A CER is a certificate issued by the United Nations to member countries for preventing one tonne of carbon dioxide emissions.

Dec 15, 2022

Pension Fund Regulatory and Development Authority Launches 'NPS Prosperity Planner' to Calculate ...

The Pension Fund Regulatory and Development Authority (PFRDA) launched "NPS Prosperity Planner" which is a personalised calculator for subscribers to calculate their retirement Income (Annuity) as per the annuity options based on their existing contribution under NPS. This initiative is a part of Azadi Ka Amrit Mahotsav (AKAM) and the new calculator will allow subscribers to plan for adequacy retirement income and the NPS Prosperity Planner (NPP) has been made available by the CRAs.
NPS Prosperity Planner is futuristic and offers personalized retirement planning for the subscribers based on their past contribution, expected income rise in the future and their cost of living. The calculator thus can provide the subscriber with the reasonable projections which aid in better retirement planning to ensure adequate and sustainable old age income.

RBI Removes Informal Restrictions on Rupee NDF Trades

The Indian central bank lifted the informal restrictions on rupee non-deliverable forward trades it had placed on local banks in October.
All banks are now back to building positions in this segment.
The central bank had in October informally communicated to banks to halt building new positions in the NDF market to manage the rupee's volatility. The rupee had dropped to record low of 83.29 in October.
NDFs are offshore dollar-settled currency derivatives used by investors with limited access to onshore markets to hedge their exposure or speculate.

Vedanta Emerges as Successful Bidder for Bicholim Mining Block in Goa

In a development paving the way for resumption of iron ore mining in Goa, the state government announced that Vedanta Limited emerged as successful bidder for a mining block auctioned earlier this year.
Chief Minister Pramod Sawant said that Vedanta was the highest bidder with 63.55 per cent revenue for Bicholim Mining Block, spread over 485 hectares. The state government had started the process to auction four mining blocks in the state including the Bicholim one earlier this year.
The existing block was being operated by Vedanta itself before iron ore mining was stopped in the coastal state on the Supreme Court's orders in 2012.

Dec 14, 2022

Vedanta Inks Pacts with 30 Japanese Firms to Develop Semiconductor Manufacturing

Vedanta signed pacts with 30 Japanese technology companies to develop an Indian semiconductor and glass display manufacturing ecosystem.
The pacts were signed at the Vedanta-Avanstrate Business Partners Summit 2022 held last week at Tokyo, Japan. The summit was attended by more than 200 delegates from over 100 global companies.
The company is committed to make India a hub for electronics manufacturing. It is focussed on taking the lead in creating the electronics industry ecosystem rather than just technology transfers.
The summit saw interests from a host of companies eager to be part of the ecosystem for India's semiconductor mission.

Tata Power Gets Shareholder Nod to Appoint Mehrishi as Independent Director

Tata Power received shareholders approval to appoint former Union home secretary Rajiv Mehrishi as an independent director on its board.
The special resolution for the appointment of Mehrishi as an independent director was passed with requisite majority.
Mehrishi is a retired Indian Administrative Service (IAS) officer of the 1978 batch belonging to the Rajasthan cadre and has a wide experience of over 42 years.
He has served in various key posts in Union and Rajasthan governments. Among other positions, he served as Union home secretary, was also the 13th Comptroller and Auditor General of India (C&AG).
In 2022, he was awarded the Padma Bhushan.

PTC India Appoints Mohammad Afzal as Power Ministry Nominee Director

Power trading solutions provider PTC India appointed Mohammad Afzal as power ministry nominee director on its board.
Afzal's appointment was approved by the board in a circular resolution. He is a Joint Secretary (Transmission) in Ministry of Power.
Afzal holds M.E. (First with Honours) in Power System Engg. degree from the then University of Roorkee (Now, Indian Institute of Technology, Roorkee).
He joined Central Electricity Authority in November 1996 and has served in various divisions like System Engg. & Technology Division, Grid Management Division and Fuel Management Division.

Bajaj Capital Appoints Kamayani Aniruddh Nagar as CEO-Wealth

Bajaj Capital Limited appointmented Kamayani Aniruddh Nagar as its Chief Executive Officer to strengthen its Wealth management business. Nagar, whose last stint was with CitiBank, has a background of over 20 years in setting and scaling up business performance, delivering revenue, profitability, operational targets, customer excellence, building and maintaining solid relationships with channels, trade partners, and internal as well as external stakeholders.
She has expertise in setting up and managing large-scale distribution and retail banking operations, helming P&L ownership, optimizing sales of core and fee products, revising/improving processes and policies, enhancing customer relations, and ensuring compliance.

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