General Awareness

BUSINESS AND ECONOMY - November 2015

Nov 2015

Oct 10, 2022

RBI to Launch e-rupee on Pilot Basis for Limited Use

The Reserve Bank said that it will soon commence the pilot launch of e-rupee for specific use cases with a view to bolstering India's digital economy, making payment systems more efficient, and checking money laundering.
In a concept note on Central Bank Digital Currency, the RBI said CBDC is aimed to complement, rather than replace, current forms of money and is envisaged to provide an additional payment avenue to users, not to replace the existing payment systems.
Supported by state-of-the-art payment systems of India that are affordable, accessible, convenient, efficient, safe and secure, the Digital Rupee (e-rupee) system will further bolster India's digital economy, make the monetary and payment systems more efficient and contribute to furthering financial inclusion.
CBDC is a digital form of currency notes issued by a central bank. While most central banks across the globe are exploring the issuance of CBDC, the key motivations for its issuance are specific to each country's unique requirements.

A. Balasubramanian Re-elected AMFI Chairman

A. Balasubramanian and Radhika Gupta were re-elected as the chairman and vice-chairperson of the Association of Mutual Funds in India (AMFI).
Vishal Kapoor would continue to helm the industry body's committee of certified distributors, while Nilesh Shah and Navneet Munot would remain the chief of valuation committee and equity CIO committee, respectively.
Sundeep Sikka was elected as the chairman of ETF committee and Radhika Gupta as the chairperson of the committee on operations, compliance and risk.

Suzlon Appoints Vinod R Tanti as Chairman and Managing Director for 3 Years

Suzlon Energy appointed Vinod R. Tanti as its Chairman and Managing Director with immediate effect for the next three years.
The announcement came after demise of Suzlon Energy founder Tulsi Tanti, who was holding the position of Chairman and Managing Director.
The appointment of Tanti would be subject to the approval of the shareholders at the next general meeting of the company.
Consequent to his appointment as the managing director, Tanti resigned as the whole-time director and chief operating officer with immediate effect.

ICICI Bank Launches Smart Wire for Faster SWIFT-based Inward Remittances

ICICI Bank launched a unique solution, Smart Wire, for its customers to help them with SWIFT-based inward remittances in a faster and hassle-free manner. ICICI Bank, which is the first bank in the country to launch such a service, said that the Smart Wire facility will allow both NRIs and resident customers to undertake inward remittance transactions in an online and paperless way.
The Smart Wire facility enables the beneficiary to initiate the wire transfer request, submit online declaration/documents, block the exchange rates in advance and track the status of the transaction. One can log in to ICICI bank's internet banking platform, and avail of the service.
Through this facility, accurate information related to the beneficiary, the purpose of the inward remittance, and declaration, where required, are captured in advance and shared with the remitter instantly.

PNB Housing Finance Appoints Vinay Gupta as CFO, to Succeed Kapish Jain

PNB Housing Finance announced the appointment of Vinay Gupta as the Chief Financial Officer.
The appointment will be effective from October 26.
Gupta's appointment follows the resignation of Kapish Jain as the CFO in April this year (2022). The interim CFO Kaushal Mithani had resigned in August.
Currently, Gupta is associated with SBI Cards and Payment Services. A chartered accountant with over 20 years of experience, he has extensive experience in financial management, financial planning and other areas.

Oct 09, 2022

HDFC Bank Launches SmartHub Vyapar for Merchants

Private lender HDFC Bank launched a new app called 'SmartHub Vyapar' for small and medium merchants. The app has more than 25 features and it aimed to help small and medium merchants to grow business, accept digital payments and avail instant business loans.
Keeping the privacy and security in mind, the app won't share data with third parties. Besides, data is encrypted for high security.
It is a one-stop platform to provide all the banking and business solutions a merchant needs to run a business.
Merchants can get pre-approved loans depending on the requirements like business loan, loan on credit card and overdraft facility.

RBI Governor Das Launches Advanced Supervisory Monitoring System DAKSH

Reserve Bank Governor Shaktikanta Das launched a new 'SupTech' initiative DAKSH - the bank's Advanced Supervisory Monitoring System, which is expected to make the supervisory processes more robust.
DAKSH is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc.
The application will also enable seamless communication, inspection planning and execution, cyber incident reporting and analysis, and provision of various MIS reports, among others, through a platform which enables anytime-anywhere secure access.

NTPC Ropes in GE Gas Power to Reduce CO2 Emissions at Plants in Gujarat

State-owned NTPC roped in GE Gas Power to help it reduce carbon emissions at its 645 MW Kawas gas power plant in Gujarat.
Both companies have entered into a Memorandum of Understanding (MoU) in this regard.
MoU is to demonstrate the feasibility for hydrogen (H2) co-firing blended with natural gas in GE's 9E gas turbines installed at NTPC's Kawas combined-cycle gas power plant in Gujarat, and further implementation at scale across NTPC's installed units in India.
NTPC's MW Kawas gas power plant is powered by four GE 9E gas turbines operating in a combined-cycle mode and has an installed capacity of 645 megawatt.
Under this pact, GE Gas Power will evaluate the possible modifications to the gas turbine unit and auxiliaries required for blending of H2 with natural gas.

Oct 08, 2022

RBI Approves Prashant Kumar's Appointment as Yes Bank MD and CEO

The Reserve Bank of India approved the appointment of Prashant Kumar as MD and CEO of Yes Bank for three years.
Earlier in July this year, the alternate Board of the private sector lender had recommended to the Reserve Bank of India for its approval, the appointment of Kumar as Managing Director & Chief Executive Officer (MD &CEO) of the Bank for a period of three years.
Prior to joining Yes Bank, Kumar was Deputy Managing Director & CFO of India's largest bank SBI, where he served in various capacities.

FinMin Allows Airlines to Avail up to Rs. 1,500 crore Loan under ECLGS

The Union Finance Ministry allowed airlines to avail of up to Rs. 1,500 crore loan under the Emergency Credit Line Guarantee Scheme (ECLGS), to help them tide over their cash flow problems.
Earlier, an airline could avail of a loan of not more than Rs 400 crore under the ECLGS. The Centre had in 2020 started the ECLGS to provide collateral-free and government-guaranteed loans to businesses affected by the Covid pandemic.
The Finance Ministry's decision is likely to benefit financially-beleaguered airlines, such as SpiceJet, which have been looking for the Centre's assistance to run their operations. Last month, the airline took a loan of approximately Rs. 225 crore under ECLGS.

Hero's Vida Electric Scooter India Launch

Hero MotoCorp, India's largest two-wheeler manufacturer, ventured into the electric mobility space. The company launched its first-ever electric scooter in India under its new EV subsidiary – Vida. The company's maiden e-scooters might be called the Vida V1 and it is likely to be sold in two variants: V1 Plus and V1 Pro.
Hero MotoCorp launched the Vida electric scooter at the Hero Global Centre of Innovation and Technology (CIT) in Jaipur, Rajasthan. It is worth mentioning that the company's Vida sub-brand for electric mobility was introduced in March this year. The Indian two-wheeler major calls it a brand new identity for its emerging mobility solutions.

Oct 07, 2022

Bank of India Mutual Fund Appoints Mohit Bhatia as CEO

Bank of India Investment Managers Private Ltd appointed Mohit Bhatia as its Chief Executive Officer.
Bhatia has over 26 years of professional experience in mutual funds and financial services industry in areas of sales and distribution, team building, marketing & branding, building of digital eco-system.
His last assignment was with Canara Robeco Asset Management Company Ltd. as head-sales and marketing. During his tenure, the fund house reached assets under management (AUM) of Rs. 50,000 crore.

India Emerges as the World's Largest Producer, Consumer of Sugar

India emerged as the world's largest producer and consumer of sugar and its second largest exporter.
Brazil is the largest exporter of sugar.
In sugar season (October-September) 2021-22, a record over 5,000 lakh metric tons (LMT) sugarcane was produced in the country, out of which about 3,574 LMT was crushed by sugar mills to produce about 394 LMT of sugar (sucrose). Out of this, 35 LMT sugar was diverted to ethanol production and 359 LMT sugar was produced by sugar mills.

SBI General Insurance Appoints Kishore Kumar Poludasu as its new MD & CEO

SBI General Insurance Company Limited announced the appointment of Kishore Kumar Poludasu as its new Managing Director & Chief Executive Officer. He was nominated by the parent company, State Bank of India.
Kishore Kumar Poludasu has been associated with State Bank of India since 1991 and held several positions with the bank during his tenure. Prior to his current role at SBI General under State Bank Group, he was the Deputy Managing Director, as the Country Head of State Bank of India, Singapore Operations.
He is a seasoned BFSI professional with over 3 decades of experience in commercial banking including large Corporate/Infrastructure Credit, International Banking operations, Enterprise Management, Mergers & Consolidation, etc.

Oct 06, 2022

Sandeep Kumar Gupta Takes Charge as CMD of GAIL

Sandeep Kumar Gupta assumed charge as the chairman and managing director of GAIL (India) Limited. Gupta, who replaced Manoj Jain, has a wide experience of over 34 years in the oil and gas industry. Before joining GAIL, he was working with Indian Oil Corporation (IOC) since 2019. Gupta is a commerce graduate and a fellow of the Institute of Chartered Accountants of India. In June, the Public Enterprises Selection Board (PESB) had selected him for the top role at GAIL after interviewing 10 candidates.
GAIL Limited is a central public sector undertaking under the ownership of the Ministry of Petroleum and Natural Gas, Government of India. It is headquartered in GAIL Bhawan, New Delhi. Its operations are overseen by the Ministry of Petroleum and Natural Gas.

Historic MoU Signed to Launch India's Rupay Debit Card in Oman

The National Payments Corporation of India (NPCI) and the Central Bank of Oman (CBO) signed a landmark MoU to launch the Rupay Debit Card in Oman. This agreement between the two countries has opened the way for a new era of financial connectivity. The MoU was signed in the presence of Minister of State for External Affairs V Muraleedharan. Muraleedharan also met Tahir Al Amri, Executive Chairman of the Central Bank of Oman. The Minister of State for External Affairs arrived in Oman's capital Muscat on Monday for a two-day visit to strengthen ties between the countries.

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