General Awareness

BUSINESS AND ECONOMY - December 2015

Dec 2015

Nov 14, 2021

NTPC Ties up with Indian Oil to Collaborate in Renewable Energy

State-owned power giant NTPC inked an initial pact with Indian Oil to collaborate in the field of renewable energy.
This is a first-of-its-kind novel initiative by two leading national energy majors of India, to support the country's commitment to achieving renewable energy targets and reduce greenhouse gas emissions.
The MoU was signed in the presence of Gurdeep Singh, CMD-NTPC; Shrikant Madhav Vaidya, Chairman, Indian Oil and other officials of the companies.

Amazon Unifies Grocery Stores into Single Online Store Called Amazon Fresh

E-commerce giant Amazon completed the integration of its grocery stores Fresh and Pantry into a single unified store called Amazon Fresh. The new store, available across over 300 cities in India, continues to offer customers unbeatable savings, a wide selection of products, and fast and convenient delivery options in one single online destination.
Amazon Fresh will offer a selection of perishable products such as fruits and vegetables, frozen and chilled products like dairy and meats, dry grocery items, beauty, baby, personal care, and pet products, across our top 14 cities including Bengaluru, Delhi, Faridabad, Gurgaon, Ghaziabad.

NPCI Bharat BillPay Ties up with ICICI Prudential Life Insurance

NPCI Bharat BillPay Ltd., the wholly-owned subsidiary of National Payments Corporation of India has tied up with ICICI Prudential Life Insurance to provide its marquee offering – ClickPay to the insurer's customers. ICICI Prudential Life Insurance is the first insurance company to offer this facility of ClickPay to its customers empowering them to make renewal premium payments with ease.
To offer an automated and valuable insurance premium payment experience, ICICI Prudential Life Insurance will generate the ClickPay link and share it with the customers which will redirect them to the payment page comprising payment details. This convenient and secure two-step process will help customers pay the bills without the hassle of putting in the premium amount, remembering premium payment dates, and going through arduous steps to make the payment.

Myntra Announces Appointment of Nandita Sinha as CEO

Walmart-owned online fashion retailer Myntra, has announced the appointment of Nandita Sinha as Chief Executive Officer, effective January 1, 2022. Nandita will join Myntra from group company Flipkart, where, as vice president, Customer Growth and Marketing, she is currently leading the overall charter for marketing.
As a seasoned leader in the consumer internet space, Sinha has deep expertise in leading businesses, and driving tech-pivoted growth and innovation.

Nov 13, 2021

Tata Projects Bags $120mn Order for Power Transmission Project in Bangladesh

Tata Projects Limited received an order for a 400kV double circuit transmission line project valued at around $120 million (around Rs. 900 crore) from the Power Grid Company of Bangladesh Limited (PGCB).
This 120-km project from Barapukuria to Bogura has been secured on a turnkey basis. It will be executed in 30 months and the funding shall be done by EXIM Bank India under Indian Line of Credit.

Nykaa Falguni Nayar Becomes India's Richest Self-made Woman Billionaire

Nykaa founder Falguni Nayar became India's seventh woman billionaire and the wealthiest self-made billionaire in an ongoing initial public offering (IPO) boom which saw the e-commerce giant making a blockbuster debut on Dalal Street, its parent company FSN floating on the Mumbai stock exchange. According to the Bloomberg, the market cap of the beauty and fashion retailer hit an overall valuation of 1 trillion rupees ($13.5 billion) in the first five minutes of trade. Within an hour and a half, Nykaa's market cap had already matched industry giants such as Britannia, Godrej, and IndiGo.
Nykaa, India's first unicorn start-up headed by a woman, was founded by Falguni Nayar in 2012, selling beauty and personal care products via its mobile app and website. Eight years later, the 58-year-old Nayar has joined only six other Indian women billionaires, as she joined the ranks as the wealthiest self-made billionaire.

Ashok Leyland Inducts Shom Ashok Hinduja as Additional Director on Board

The board of Ashok Leyland has inducted another Hinduja family member Shom Ashok Hinduja as an additional director on its board. The appointment is seen as a move by the company to focus further on the electric vehicles segment.
The appointment based on the recommendation of the nomination and remuneration committee, is subject to the approval of the shareholders.
Shom drives the execution of Sustainability initiatives globally across various companies of the Group and has led the Group's foray into the alternative energy sector. He serves as the chairman of the Group's renewable energy business. Under his leadership, the Hinduja Group is venturing into next generation transformative spaces like electric mobility, battery technology, and cyber security amongst others, the company said in a statement. He is also leading to transform the group's digital experience for internal stakeholders, offerings for consumers and building a digital ecosystem.

Ashu Suyash Appointed Independent Director on HUL Board

Hindustan Unilever Limited (HUL) appointed of Ashu Suyash as an Independent Director on its Board.
Suyash comes with over 33 years of experience in the financial services and global information services sector. She was until recently the Chief Executive Officer and Managing Director at CRISIL and a member of the Operating Committee of S&P Global. She serves on the advisory boards and committees of several institutions including the Securities and Exchange Board of India (SEBI), the Insolvency and Bankruptcy Board of India, and the National Institute of Securities Markets.

Nov 12, 2021

Shriram Capital Names Ajay Thomas John as Chief Digital Officer

Shriram Capital Ltd announced the appointment of Ajay Thomas John as chief digital officer to lead the digital transformation at the company.
John has 17 years of experience as a business and digital leader in the financial services industry. Before joining Shriram, he headed corporate strategy and fintech at Bajaj Finance Ltd wherein he has played multiple roles in the digital transformation and business innovation space. He has also worked at fin-tech start-ups for close to six years and notable brands like HDFC Bank and CitiFinancial earlier and is an MBA in finance from Anna University.

BSE Joins Hand with All India MSME Association to Promote Listing of MSMEs

Leading stock exchange BSE collaborated with the All India MSME Association (AIMA MSME) to encourage and promote the listing of MSMEs and start-ups.
Through this pact, AIMA MSME will assist BSE in evaluating MSMEs and start-ups for listing on the exchange's SME platform while also sensitising its investor network for investing in listed MSMEs.

UCO Bank Enters Co-lending Agreement with Aadhar Housing Finance

Kolkata-based UCO Bank entered into a co-lending agreement with Aadhar Housing Finance to offer home loans at competitive rates.
The partnership aims at providing easy and convenient home finance solutions to customers from the economically weaker sections of society.
The co-lending framework of the Reserve Bank of India provides a tool for banks and non-banks to collaborate, leverage on their respective strengths to give an affordable solution to the unserved and underserved sections.

Bank of India Holds Loan Outreach Programme

As part of the customer outreach programme, state-owned Bank of India (BoI) disbursed about Rs. 12,500 crore under the special drive.
The credit outreach programme was launched on October 16 by all banks across the country on the advice of Finance Minister Nirmala Sitharaman to expand loan growth to support the economic revival.
Under this programme, banks have been holding special camps across various parts of the country to sanction loans to eligible borrowers as per the prudential norms.

Bajaj Allianz, India Post Payments Bank in Pact to Offer Term, Annuity Products

India Post Payments Bank (IPPB), Department of Posts, and Bajaj Allianz Life Insurance Company (BALIC) announced a strategic alliance to offer term and annuity products to customers through the Bank's extensive network of 650 branches and over 1,36,000 banking access points.
The tie-up will help customers, particularly from weaker sections and living in unbanked and underserved areas, to become financially secure and empowered, and is in line with IPPB's objective of offering value added products and services to its customers.
This partnership will enable customers to manage their financial goals in an all-inclusive manner.

Nov 11, 2021

Junio Ties up with RuPay for Debit Card for Pre-teens, Teenagers

Children-focussed fintech, Junio, has launched a smart multipurpose card for pre-teens and teenagers on the RuPay platform.
The Junio RuPay Card is designed for kids and can function as a debit card for both their online and offline purchases.
Kids and parents can sign up on the Junio app, and use virtual Junio smart cards with zero annual charges. In addition, children can enjoy up to seven per cent cashback and other reward benefits on Junio payments.
"The newly launched Junio Smart Card powered by RuPay will allow youngsters to make online and offline payments with ease. We are already seeing increased acceptance of the card across the merchant network given the robustness of the RuPay platform," said Ankit Gera, Co-Founder, Junio.

Power Grid Corp of India Approves Investment Plans of Rs. 552 crore

State-run Power Grid Corporation of India (PGCIL) has approved investments proposals worth around Rs. 552 crore.
These investment proposals worth Rs. 552 crore include capital expenditure for procurement of telecom equipment and associated power system for augmentation of telecom backbone and access network with an estimated cost of Rs. 429.24 crore based on June 2021 price level with commissioning schedule of 24 months from the date of award.
The company also approved the proposal for a regional system strengthening scheme to mitigate the overloading of 400 kV NP Kunta-Kolar SIC line at an estimated cost of Rs. 122.71 crore including IDC of Rs. 3.39 crore based on June 2021 price level scheduled to be commissioned by October, 2022.
The filing stated that the PGCIL has also approved signing of "Joint Development Agreement" with Africa50 for development of transmission project in Kenya on PPP-JV Model and undertake initial expenditure to the extent of POWERGRID's share for project development activities.

RBI to Hold its First-ever Hackathon, HARBINGER 2021, on Payments System

The Reserve Bank of India (RBI) will be organising its first global hackathon on the theme of digital payments.
"HARBINGER 2021–Innovation for Transformation" with the theme 'Smarter Digital Payments' will see participants identify and develop solutions "that have the potential to make digital payments accessible to the under-served, enhance the ease of payments and user experience, while strengthening the security of digital payments and promoting customer protection.

Nov 10, 2021

GE Will Split into 3 Units, Ending Conglomerate for Good

General Electric Co. will split into three separate companies, breaking up the once-mighty conglomerate into standalone businesses focused on health care, power and aviation.
The health unit will be spun off in early 2023, according to a statement Tuesday. GE will combine its renewable energy, power equipment and digital businesses into a separate unit that will then be spun off in early 2024. The remaining company will consist of GE Aviation, the company's engine-manufacturing operation.
The move ends years of speculation about the future of GE, long one of the most admired U.S. companies but one that's strugged since the global financial crisis more than a decade ago. Since then it's been retrenching from its once sprawling conglomerate structure, including the sale of the bulk of the GE Capital finance arm.

KKR Names K. V. Kamath as Sr Advisor for India Business

Global investment firm KKR appointed eminent banker and former ICICI bank chairman K. V. Kamath as senior Advisor in its Indian operations.
In October 2021, he was appointed the Chairperson of India's newly established National Bank for Financing Infrastructure and Development. The entity has been created to support the development of long-term infrastructure financing in the country.

Indian Bank Launches Video KYC Facility Enabled by VCIP Technology

Public sector Indian Bank launched the Video KYC (know your customer) facility, which allows an applicant to open an account from anywhere by incorporating its Video-Based Customer Identification Process (VCIP) technology, on its web-based platforms.
To begin with the initiative would dispense with the need for a personal visit to any branch of the bank to complete the physical verification process in place, currently.

Rajib Kumar Mishra Given Charge as PTC India's CMD

Rajib Kumar Mishra was given the charge of PTC India's chairman and managing director.
Mishra is an alumnus of NIT, Durgapur; postgraduate from NTNU, Norway, under Norad Fellowship and PhD in Business Administration from AMU. Mishra was granted the visiting scholar status by the University of Texas, Austin, in 2008. He has over 36 years of experience working in the power sector majors like NTPC and PowerGrid before joining PTC.
Mishra joined PTC India in 2011 as executive director and is now a whole-time director since February 2015. Currently, he is director (business development and marketing), in PTC India. Additionally, he is holding the post of managing director of PTC Energy.

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