General Awareness

BUSINESS AND ECONOMY - November 2015

Nov 2015

Aug 24, 2021

Govt. Launches New Portal to Facilitate Geospatial Planning of MGNREGA Assets

The government launched a new geospatial planning portal, 'Yuktdhara', which as per Union Minister Jitendra Singh will help in facilitating new MGNREGA assets using remote sensing and geographic information system-based data.
He said that the portal will serve as a repository of geotags created under various national rural development programmes.
The 'Yuktdhara' portal was launched by Minister of Rural Development and Panchayati Raj Giriraj Singh.

PayPal Launches Crypto Buying and Selling in the UK

PayPal Holdings Inc has launched crypto buying and selling in the United Kingdom.
PayPal will allow customers in the UK to buy, sell and hold bitcoin and other cryptocurrencies now.
This roll-out marks the first international expansion of cryptocurrencies services of PayPal outside of the United States.
The move will further inspire mainstream adoption of new asset class.
PayPal is having over 403 million active accounts worldwide and is the largest mainstream financial company that offer consumers access to cryptocurrencies.
It launched cryptocurrency buying and selling in United States in the year 2021 and later enabled its customers to use their digital coin holdings in order to shop at millions of merchants on its network.
PayPal's service in the UK will be rival of established cryptocurrency exchanges like Coinbase Global Inc and fintech startups like Revolut. In UK, customers will be able to buy bitcoin, ether, litecoin and bitcoin cash by using the PayPal wallets online or on mobile app.

Govt. to Monetise 25 Airports over Four Years

The government is looking to monetise 25 AAI-managed airports, including Varanasi, Chennai, Nagpur and Bhubaneshwar, over the next four years, which could bring in investments worth Rs. 20,782 crore.
Further, divestment of Airports Authority of India's (AAI) residual stake in four airport JVs has also been considered under the national monetisation pipeline (NMP) unveiled. This includes the private sector operated airports in Mumbai (26 per cent stake), Delhi (26 per cent stake), Hyderabad (13 per cent stake), and Bangalore (13 per cent stake).
Under the ambitious NMP, the government has identified 13 sectors, including airports, which could monetise their brownfield infrastructure assets.
The airports sector contributes 4 per cent to the overall Rs. 6 lakh crore NMP unveiled by Finance Minister Nirmala Sitharaman.

Honda Cars Ties up with Canara Bank

Honda Cars India Ltd (HCIL) has joined hands with Canara Bank to offer retail finance schemes to customers.
The partnership facilitates HCIL customers to avail easy financing options and hassle free car loans from Canara Bank for purchase of models like Amaze, City, Jazz and WR-V.
Special schemes for the auspicious festivities have also been offered to make this buying season even more attractive and rewarding.

LIC Launches Revival Policy

To provide continued risk cover to its policyholders, state-run insurer Life Insurance Corporation of India (LIC) launched a special campaign for the revival of lapsed individual policies.
Under the 'Special Revival Campaign', policies of specific eligible plans can be revived within five years from the date of the first unpaid premium, subject to certain terms and conditions.
The campaign has been launched from August 23, 2021 to October 22, 2021.
The insurer is offering concessions in late fee for plans other than term assurance and high risk plans, depending on the total premiums paid.

World's First Fossil-free Steel Manufactured in Sweden

Sweden's SSAB says it has "produced the world's first fossil-free steel" and has started delivering it to the Volvo Group, its first customer.
Development for the Hybrit project was set up in 2016 and is owned by SSAB energy firm Vattenfall and LKAB, a mining and minerals group. Both Vattenfall and LKAB are owned by the Swedish state. The idea underpinning Hybrit is to use "100% fossil-free hydrogen" rather than coal and coke in steel production.

RBI Appointed Panel Suggests 4-tier Structure for UCBs

A Reserve Bank-appointed committee has suggested a four-tier structure for the urban cooperative banks (UCBs) depending upon the deposits and prescribed different capital adequacy and regulatory norms for them based on their sizes.
According to the committee, UCBs can be split into four categories -- Tier-1 with deposits up to Rs. 100 crore; Tier-2 with deposits between Rs. 100-Rs. 1,000 crore, Tier-3 with deposits between Rs. 1,000 crore to Rs. 10,000 and Tier-4 with deposits of over Rs. 10,000 crore.
It has suggested that the minimum Capital to Risk-Weighted Assets Ratio (CRAR) for them could vary from 9 per cent to 15 per cent and for Tier-4 UCBs the Basel III prescribed norms.
In February, the RBI had the constitution of the Expert Committee on Primary (Urban) Co-operative Banks under the chairmanship of N. S. Vishwanathan, former RBI Deputy Governor.

HCL Tech, Munich Re Sign Pact to Digitalise Workplace Services

HCL Technologies said it has signed a contract with Munich Re, one of the world's leading reinsurers, to create a next-generation digital workplace for its workforce across 40 countries.
Building on its strategic digital transformation partnership with Munich Re, HCL will now modernise and standardise workplace services for more than 16,000 employees in 40 countries. The Noida-based HCL will adopt a "global" strategy to support Munich Re's global workforce in multiple languages, including German, Spanish and Mandarin, from near-shore locations.
Munich Re selected HCL as its preferred partner due to the strength of the existing relationship and its proven track record creating a modern digital workplace for other leading German and global organisations.

Aug 23, 2021

GAIL to Foray into Hydrogen Generation

India's top gas company GAIL will foray into hydrogen generation and take the acquisition route to scale up its renewable energy portfolio as it pivots business beyond natural gas to align with energy transition being witnessed across the globe.
As part of a push to embrace cleaner forms of energy, GAIL will be laying pipeline infrastructure to connect consumption centres to gas sources while also augmenting its renewable energy portfolio.
The firm is laying around 6,000-kilometres of pipeline, including a west coast to east coast pipeline from Mumbai to Jharsuduga in Odisha via Nagpur. It currently has around 13,700-km of natural gas pipeline network.

Adani Total Gas Buys Stake in Smartmeters Technologies Pvt Ltd

Adani Total Gas Ltd - the city gas joint venture of Adani Group and TotalEnergies of France - has acquired 50 per cent stake in a company that manufactures gas meters to aid its gas retailing business.
The firm bought 50 per cent in Smartmeters Technologies Pvt Ltd(SMTPL) for Rs. 1 crore.
Smartmeters, which had a turnover of Rs. 4.83 crore in the year up to March 31, 2021, manufactures gas meters which are used to measure consumption of gas piped into household kitchens.
The objective of the acquisition is "to manufacture gas meters with a focus on prepaid smart meters.

Zetwerk Joins Unicorn Club

Global manufacturing platform Zetwerk has raised $150 million in a Series E funding round led by D1 Capital Part¬ners. The investment has taken the valuation of the firm to over $1 billion, making it the newest member of the coveted uni¬corn club.
This is the second fundraise for the Bengaluru-based company in 2021. In February, Zet¬werk raised $120 million in a Series D round led by US-ba¬sed Greenoaks Capital and Lig¬h¬tspeed Venture Partners, to continue helping customers translate their digital designs into physical products via flexible manufacturing capacity from small manufacturers (SM¬¬Es). Sequoia Capital India and Kae Capital had also participated in the round.
The round has mo¬re than doubled the valuation of Zet¬werk to about $600 million.

USAID, DFC Tie-up with Kotak Bank for $50 mn Loan Guarantee for Women, Small business in India

Two American institutions have jointly sponsored a $50 million (about Rs. 372 crore) loan guarantee for Indian women and small business borrowers by tying up with private sector lender Kotak Mahindra Bank.
This is a loan portfolio guarantee to Kotak Mahindra Bank (KMB) by the United States Agency for International Development (USAID) and the US International Development Finance Corporation (DFC) to support increased access to finance for women borrowers, and micro, small and medium enterprise.
It explained that KMB will be providing loans for on-lending to non-bank lenders operating in the MSME and micro lending space. The programme is likely to benefit 30,000 women borrowers and 7,500 MSMEs.

Kotak Mahindra Bank Launches 'Neo Collections' Digital Repayment Platform

Kotak Mahindra Bank has launched a platform named 'Neo Collections', which is a Do It Yourself Digital Repayment Platform for missed loan repayments. Kotak Mahindra Bank has launched the Neo Collections platform in tie-up with Creditas Solutions. The main objective of this DIY digital repayment platform is to make repayments for outstanding loans more convenient for customers.
Powered by artificial intelligence and machine learning, the 'Neo Collections' platform delivers a personalised and non-intrusive experience thereby enabling customers to manage their dues seamlessly on their own through an intuitive repayment platform.

FM Sitharaman Launches Ubharte Sitaare Fund

Nirmala Sitharaman, the Union Finance Minister, inaugurated the Ubharte Sitaare Fund (USF) for export-oriented small and mid-sized businesses and start-ups in Lucknow. During her Budget speech in 2020, Sitharaman proposed the fund in reference to the challenges experienced by small and mid-sized businesses in fulfilling their export goals.
The fund, co-sponsored by Exim Bank and SIDBI, comprises Rs. 250 crore in total, with a greenshoe option of Rs. 250 crore. The funds will invest in export-oriented businesses in the manufacturing as well as services industries using equity and equity-like products. The fund's goal is to find Indian businesses that have competitive advantages in terms of technology, products, or processes, as well as export potential, but are either underperforming or unable to reach their full potential.

NTPC Commissions 15 MW Floating Solar Capacity at Andhra's Simhadri

NTPC announced commercial commissioning of a 15MW capacity at the floating solar PV project in Simhadri, Andhra Pradesh.
With this, the installed capacity of the floating solar PV project at Simhadri stands at 25 MW.
Consequent upon successful commissioning of 15 MW capacity, Simhadri Floating Solar PV Project at Simhadri, Andhra Pradesh is hereby declared on commercial operation w.e.f. 10:00 Hrs. of 21.08.2021.
With this, the installed capacity of NTPC and NTPC Group stands at 53,475 MW and 66,900 MW, respectively.

Aug 22, 2021

World Bank Launches New Cybersecurity Multi-Donor Trust Fund

The World Bank announced the launch of a new Cybersecurity Multi-Donor Trust Fund under the broader Digital Development Partnership (DDP) umbrella program.
Digital transformation is accelerating in many countries, offering new opportunities for economic growth and enabling low- and medium-income countries to leapfrog development through increased productivity and improved service delivery across key sectors, including finance, health, education, and agriculture.
Embracing technological transformation has increased cyber risks and threats to digital infrastructure, services, and data, which rely on increasingly connected systems.

Wipro, HCL Feature among 12 Indian Firms in Hurun Global 500 List

Wipro, HCL Technologies and Asian Paints were the new Indian entrants among the top 500 companies in the world, as per the latest Hurun Global 500 list.
A total of 12 Indian companies featured in the list, which saw India rise above Australia to the ninth position.
With $188 billion, Reliance Industries (RIL) is the most valuable company, followed by Tata Consultancy Services ($164 billion) and HDFC Bank ($113 billion).
Globally, Apple was ranked the most valuable company, up 15 per cent to $2.4 trillion.
The 'Big 4' -- Apple, Microsoft, Amazon and Alphabet -- doubled in value since Covid, adding $4 trillion to take their combined value to $8 trillion, and making up 14 per cent of Hurun Global 500 Most Valuable Companies.
The US led with 243 companies, followed by China with 47 firms. Japan was third with 30 companies, followed by the UK with 24 companies.

Facebook India Launches Loans Programme for Small Businesses

Facebook India announced a new programme called the "Small Business Loans Initiative", in partnership with online lending platform Indifi, to help small and medium businesses (SMBs) that advertise on Facebook to get quick access to credit through independent lending partners.
India is the first country where Facebook is rolling out this programme. It is open to businesses registered across 200 towns and cities of India.
Indifi is the first lending partner that Facebook has tied up with and the programme is built with the potential to bring more partners on board.

NPCI Global Arm Ties up with Mashreq Bank for UPI Payments in UAE

NPCI's global arm NPCI International Payments Ltd (NIPL) has partnered with UAE-based Mashreq Bank to provide its mobile-based real-time payment system UPI in the gulf nation.
This strategic partnership will be a significant game-changer in the digital payment ecosystem in the UAE.
With this tie-up, more than 2 million (20 lakh) Indians travelling to the UAE are expected to benefit from Unified Payments Interface (UPI) enabled mobile applications to pay for their purchases in a shop or merchant establishment across the country.
Developed by National Payments Corporation of India, UPI facilitates inter-bank transactions.

Ujjivan SFB Likely to Elevate Carol Furtado as Interim MD, CEO

Troubled with huge NPAs and top-level exits, Ujjivan Small Finance Bank is expected to elevate its head of operations Carol Furtado as an interim chief early next week.
The bank's managing director and chief executive Nithin Chugh has resigned, citing personal reasons.
The bank in a concall with analysts, presided by founder Samit Ghosh, hinted about the appointment of Furtado as the interim MD and CEO.
Carol Furtado is the Head of Operations at the bank. She has worked with foreign banks before joining Ujjivan in 2005 and has good experience in the microfinance space.

Aug 21, 2021

Nitin Chugh Resigns as MD & CEO of Ujjivan Small Finance Bank

Nitin Chugh the Managing Director and Chief Executive Officer (MD&CEO) of Ujjivan Small Finance Bank, has resigned from his position sighting personal reasons, effective September 30, 2021.
Further, Chugh will cease to be a director of the bank from the same date. And, he will also cease to be key mana¬gerial personnel of the bank in terms of section 203 of the Companies Act, 2013.
The board of the bank has taken note of the letter it received from Chugh, resigning from his position as the MD&CEO of the bank, and has appreciated his valuable contribution to the board and the bank during his association.
Ujjivan Small Finance Bank Limited is an Indian small finance bank based in Bangalore, which commenced operations on 1 February 2017. Ujjivan Financial Services holds an 80 per cent stake in the bank.

Government Amends FEMA to Enable FDI Hike in Insurance Sector to 74%

The government has amended the Foreign Exchange Management (non-debt instruments) Rules, 2019 to enable the increase in foreign direct investment limit in the insurance sector to 74 per cent.
According to the Foreign Exchange Management (non-debt instruments) (second amendment) Rules, 2021, applications for FDI in private banks having joint ventures or subsidiaries in the insurance sector may be addressed to the Reserve Bank of India for consideration in consultation with the Insurance Regulatory and Development Authority of India to ensure that the limit of foreign investment of 74 per cent for the insurance sector is not breached.
According to the notified rules, if insurance companies--with foreign ownership above 51 per cent--repatriate profit in the form of dividend to their shareholders, but cannot meet the 180 per cent margin requirement, they will have to set aside 50 per cent of their net profit in a general reserve.
The rules also require such insurance companies to have 50 per cent of their directors as independent directors unless the chairperson of its board is herself or himself one. In that case at least one-third of its board should have independent directors. Foreign-owned insurance companies are also mandated to have the majority of its directors and key management persons as resident Indians.
The Foreign Exchange Management Act, 1999 (FEMA), is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.

India Ranks Second in Terms of Crypto Adoption in the World

India has ranked second in terms of crypto adoption worldwide behind Vietnam, but ahead of countries such as the US, UK, and China, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. This comes even as worldwide crypto adoption grew by 880% between June 2020 and July 2021, according to the report.

BARC Appoints Nakul Chopra as CEO

Broadcast Audience Research Council announced the appointment of Nakul Chopra as its chief executive.
Chopra will replace Sunil Lulla, who is leaving the TV audience body to pursue entrepreneurial ambitions.
He has served as the chairman of BARC in FY19, after being appointed to the board in 2016.
The resignation of Lulla, who had joined the body in October 2019, succeeding Partho Dasgupta, had come few days back.

Aug 20, 2021

HCL Tech Appoints Fabiano Funari as the Country Head for Brazil

Technology services firm HCL Technologies said it has appointed Fabiano Funari as the country head for Brazil.
Funari joined the organization to spearhead HCL's growth for all industries and capabilities in Brazil, where HCL employs more than 800 people across its national headquarters in Sao Paulo and delivery centers in Sao Paulo, Sau Leopoldo and Curitiba.
HCL services more than 30 clients across Brazil.
Funari has held leadership positions at various global technology companies.

IFSCA Does Pilot Run of International Bullion Exchange

The International Financial Services Centres Authority (IFSCA) chairperson did the pilot run of the International Bullion Exchange.
Scheduled to go live in October 2021 on the Foundation Day of IFSCA, the exchange falls under the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 which was notified on December 11, 2020 following the announcement by the Finance Minister in Union Budget 2020-21.
The IFSCA has envisioned the International Bullion Exchange as a 'Gateway for Bullion Imports into India', wherein all the bullion imports for domestic consumption shall be channelised through the exchange.

GMR Group Can Operate Nagpur Airport

GMR group will be able to operate the Nagpur airport with the Bombay High Court ruling in its favour in a legal dispute against Mihan India Limited.
The Nagpur bench of Bombay High Court set aside Mihan's March 2020 order to cancel the award letter issued to GMR Group. The court has also ordered it to execute a concession agreement with the GMR Group in six weeks. The group plans to invest over Rs. 1,200 crore to build a new integrated terminal.
The GMR group operates Delhi and Hyderabad airports and is also constructing greenfield airpots in Goa and Bhogapuram in Andhra Pradesh. In October 2018 the group emerged as the highest bidder for operation and management of Nagpur airport for period of thirty years.

Govt. Appoints Shanti Lal Jain as MD and CEO of Indian Bank

The Appointment Appointments Committee of Cabinet (ACC) has appointed Shanti Lal Jain as the Managing Director (MD) and Chief Executive Officer (CEO) of lndian Bank for a period of three years.
Jain is presently the Executive Director of Bank of Baroda. His tenure of three years would start from Sep 1, and will be extendable for another two years or until attaining the age of superannuation, whichever is earlier.
Jain will replace Padmaja Chunduru whose term at the public sector bank would end on August 31.
The Banks Board Bureau (BBB), after interviewing nine candidates, had recommended Jain as the MD of Indian Bank.

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