General Awareness

BUSINESS AND ECONOMY - December 2015

Dec 2015

Jun 18, 2020

Infosys Signs Climate Pledge with Amazon and Global Optimism

Infosys partnered with Amazon and Global Optimism and signed the Climate Pledge, an initiative by Jeff Bezos, founder of Amazon and Christiana Figueres, founder of Global Optimism and former United Nations Climate chief to become net-zero carbon by 2040, ten years ahead of the Paris Agreement.
Under the Climate Pledge the companies agreed to, measure and report the emission of greenhouse gases on a regular basis, implement decarbonization strategies through changes in business and innovations through renewable energy, materials reductions etc. and neutralize the remaining emissions with additional, real, permanent and socially beneficial offsets to achieve zero carbon emission by 2040.

RBI to Replace NHB Rules with its Own Set

As the new regulator of housing finance companies (HFCs), the Reserve Bank of India (RBI) proposed to modify the rules governing these firms.
The RBI took over the powers to regulate HFCs from the National Housing Bank (NHB) in August 2019.
In the NHB regulations, according to the RBI, there was no formal definition of 'housing finance'. In a draft released on its website, the central bank set a formal definition for the same.
Housing finance would now mean "financing, for purchase/ construction/ reconstruction/ renovation/ repairs of residential dwelling unit.
All other loans, including those given for furnishing dwelling units, loans given against mortgage of property for any purpose other than buying/ construction of a new dwelling unit or renovation of the existing dwelling unit, will be treated as non housing loans.

India's 1st Pay as You Fly Insurance for Drones

HDFC ERGO General Insurance Company, the country's third-largest non-life insurance provider joined hands with UK based tech firm TropoGo Limited to launch India's 1st 'Pay as you Fly' insurance for drone-owners in India.
This policy, which will be offered on-demand to commercial drone owners and operators, give life insurance for Third Party Liability Claims cover for property damage and bodily injuries that may be happened while conducting activities like survey, mapping, monitoring, disaster relief initiatives, civil administration services, use during festivals & events, property management and travel & tourism purposes among others.
Members of this policy can claim an insurance cover of up to Rs. 10 lakh on TropoGo mobile app and they can opt for 4 hours, one-day, or a one-month cover to insure themselves against third-party liabilities.

India 9th Largest Recipient of FDI in 2019

In accordance with the "World Investment Report 2020" by United Nation's (UN) trade body, the UN Conference on Trade and Development (UNCTAD), India has become the 9th largest recipient of foreign direct investment (FDI) in 2019 after receiving $51 billion last year.
This is an increase of 20% from the 42 billion dollars of FDI received in 2018, when India ranked 12 among the top 20 host economies in the world.
India is the largest South Asian recipient of FDI in 2019.
The top three contries in the list are: the US ($246 bn), China ($141 bn) and Singapore ($92 bn).

Great Wall Motor Signs MoU with Maharashtra

Chinese auto major Great Wall Motor (GWM) signed a memorandum of understanding with the Maharashtra government for its manufacturing facility in the state which it had acquired from General Motors (GM).
The company has committed an investment of $1 billion (about Rs. 7,600 crore) in India in a phased manner with estimated employment for over 3,000 people.
This would be a highly automated plant in Talegaon (near Pune) with advanced robotics technology integrated into many of the production processes.
In January this year, GWM had signed an agreement to acquire the plant from GM.

Jun 17, 2020

India's First Gas Trading Platform Launched

Indian Gas Exchange (IGX), first nationwide online delivery-based gas trading platform was launched by Dharmendra Pradhan, Minister of Petroleum and Natural Gas in an e-ceremony, a move that is expected to lead to market-driven pricing and boost consumption by improving availability.
The IGX platform incorporated by Indian Energy Exchange (IEX), India's leading energy market platform commenced the trading on the platform.

India Becomes Founding Member of Global Partnership for Artificial Intelligence

India joined international and multi-stakeholder initiative Global Partnership for Artificial Intelligence (GPAI) on artificial intelligence as its founder member.
GPAI will bring together experts from the industry, civil society, governments, and academia to collaborate to promote responsible evolution of AI and will also evolve methodologies to show how it can be leveraged to better respond to the present global crisis around Covid-19.

CBIC launched 'e-Office' Application in all CGST

The Central Board of Indirect Taxes and Customs (CBIC), Chairman M. Ajit Kumar launched the 'e-Office' application in over 500 CGST and customs offices across India, on 15th June, 2020 at New Delhi.
The e-Office is a Mission Mode Project(MMP) under the e-Governance of India.
e-Office has been developed by the National Informatics Center(NIC), and supported by the Department of Administrative Reforms and Public Grievances (DARPG).
E-Office aims to improve governance by automating the internal processes of handling files and taking decisions within Government.

Jun 16, 2020

Alto Becomes Best-Selling Model for 16th Straight Year

The country's largest carmaker Maruti Suzuki India (MSI) said that its entry level small car Alto has become the best-selling model for the 16th year in a row clocking sale of 148,000 units in 2019-20.
Launched in September 2000, the Alto became India's best-selling car in 2004 for the first time.
As per MSI Executive Director (Marketing and Sales) Shashank Srivastava, the strong customer base of Alto is a testament of customers appreciating the timely upgrades and refreshment in the brand.
Maruti Suzuki has kept a close eye on the evolving customer preferences and aligned its product range to such changes.

Nation's First Gas Trading Platform 'Indian Gas Exchange'

Indian Energy Exchange launched Indian Gas Exchange (IGX), first nationwide online delivery-based gas trading platform. The platform is fully automated with web-based interface to provide seamless trading experience to the customers and is powered by best-in-class technology from GMEX, one of the world's leading digital exchange trading and post trade technology providers. Incorporated as a wholly owned subsidiary of the IEX - India's leading energy market platform, IGX will enable market participants to trade in standardised gas contracts.
The IGX platform incorporated by Indian Energy Exchange (IEX), India's leading energy market platform commenced the trading on the platform.

ICICI Bank Launches 'Insta Flexicash' an Online OD Facility

ICICI Bank has launched 'Insta Flexicash', an online overdraft facility for its pre approved salary account customers, by which these customers can get approval for OD instantly and in a paperless manner. The end-to-end fully digital facility can be accessed with no documentation, using the Bank's internet banking platform without visiting a bank branch.
Few benefits of 'Insta Flexdicash':
The customers can start using the approved overdraft limit within 48 hours.
A credit limit worth up to 3 times their net salary.
The Interest payment must be paid every month only on the actual OD amount utilised and can clear the outstanding limit at their convenience.

GAIL and Petronet Join India's First Gas Trading Exchange

Liquefied natural gas (LNG) terminal owners, state-run GAIL (India) Ltd and Petronet LNG Ltd (PLL), have joined India's first natural gas exchange that went online.
With others such as Manikaran Power, Torrent Power and Adani Gas on board, the exchange will help revive stranded gas fuelled power projects and reduce fertilizer prices and subsidy.
The natural gas trading platform, which has been set up by Indian Energy Exchange (IEX), will also help discover market prices of gas on the exchange, launched by petroleum minister Dharmendra Pradhan.The Indian Gas Exchange will offer six market products beginning from day-ahead market and forward contracts, including daily, weekly, weekday, fortnightly and monthly, at three physical hubs in Dahej, Hazira in Gujarat, and Odoru in Andhra Pradesh to begin with while it plans to add more hubs soon.

Jun 15, 2020

Adani and Tata Vie for Odisha Discoms

The Adani Group, R. P.Sanjiv Goenka group's CESC Ltd and Tata Power Co. Ltd have evinced interest in the three electricity distribution companies (discoms) being privatised by the Odisha government.
The discoms are the Western Electricity Supply Utility of Odisha Ltd (Wesco), North Eastern Electricity Supply Co. of Odisha Ltd (Nesco) and the Southern Electricity Supply Co. of Orissa Ltd (Southco).
"Among those who have evinced interest in placing bids for these discoms are CESC, Tata Power and Adani. All of them have experience in running discom businesses. The privatisation drive of the three discoms is spearheaded by the Odisha Electricity Regulatory Commission (OERC).

Exim Bank Sanctions $215.68 mn LoC to Malawi Govt.

Export-Import Bank of India (EXIM Bank) , a specialised financial institution wholly owned by Government of India (GoI),has provided a line of credit (LOC) of $215.68 million to the Malawi government.
This assistance will be used on drinking water supply schemes and other development projects includes supply of irrigation network, tobacco threshing plant, cotton processing facilities, green belt initiative, sugar processing equipment, fuel storage facility and construction of a new water supply system from Likhubula river in Mulanje to Blantyre.
The LOC Agreement was signed between Mr. Sudatta Mandal, Chief General Manager, Exim Bank, and H.E Mr. George Mkondiwa, High Commissioner, Malawi High Commission in India in New Delhi.

TPG, L Catterton to Buy stake in Jio Platforms

Reliance Industries has raised Rs. 64.4 billion ($847 million) from the sale of two stakes in its digital unit Jio Platforms, making them the tenth deals in less than two months.
The oil-to-telecoms conglomerate said on Saturday global investment firm TPG will buy a 0.93% stake for Rs. 4,546.80 crore ($598 million), while private equity firm L Catterton will pick up a 0.39% stake for Rs. 1894.50 crore ($249 million).
Reliance, which is controlled by India's richest man Mukesh Ambani, has now sold just over 22% of Jio Platforms to investors including Facebook Inc, securing $13.72 billion in eight weeks.
L Catterton, one of the world's largest consumer focused private equity firm.

Jun 14, 2020

RBI Bars People's Co-operative Bank from Granting Fresh Loans

The Reserve Bank of India (RBI) barred Kanpur-based People's Co-operative Bank from granting fresh loans and accepting deposits for six months, due to its weak financial position.
As per the RBI, no withdrawal of amount of a depositor will be allowed from the co-operative bank.
As from the close of business in June 2020, the bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise.
The central bank has barred the co-operative bank from selling, transferring or disposing any of its properties or assets.
These directions will remain in force for six months from the close of business on June 10 and are subject to review.

NHAI Becomes First Construction Sector Organisation to Go 'Fully Digital'

The National Highways Authority of India (NHAI) said that it has gone fully digital with cloud-based 'Data Lake Software', becoming the first such construction sector organisation. With advance analytics, the 'Data Lake' software will forecast the delays, likely disputes and give advance alerts.
At the same time, the software will facilitate in taking correct and timely decisions as the system is likely to predict financial impacts of different alternatives based on the historical data.
The entire project management workflow of NHAI is transformed from manual to online portal based, wherein the complete project execution operations including 'workflow with time lines' and 'alert mechanism' have been configured, the authority said adding, all project documentation, contractual decisions and approvals are now being done through portal only.
Under the software, the complete project documents and correspondences will be stored in Digital format in the cloud-based 'Data Lake' linked with GIS tagging and Unique Project ID, so that the project data can be easily retrieved as and when required from any location.

RBI Sets Up Panel to Review Ownership of Private Lenders

The Reserve Bank of India (RBI) constituted an internal working group to review the existing guidelines on ownership and corporate structure of private sector banks. The group will be headed by RBI executive director P. K. Mohanty.
The group will examine the existing licensing guidelines and regulations on ownership and control of private sector banks. It will also suggest appropriate norms, keeping in mind the issue of excessive concentration of ownership and control. Besides, it will examine and review the eligibility criteria for individuals or entities to apply for a banking license, and review the promoter shareholding norms at the initial licensing stage.
It will also study the current regulations on holding of financial subsidiaries through a non-operative financial holding company (NOFHC) and suggest steps to migrate all banks to a uniform regulation.
The need to examine the current guidelines on ownership comes after large shareholders of private sector banks sought RBI's permission to raise their stakes beyond the permitted 15%.

Mahindra Seeks to Give Up Control of SsangYong

After incurring a substantial loss in the March quarter due to losses at foreign subsidiaries, Mahindra and Mahindra said that it will exit several money-losing businesses, starting with US-based electric bike company GenZe.
The company will also stop further investments in its Korean subsidiary SsangYong and is willing to give up control in the loss-making venture.
The farm equipment and SUV maker reported a loss of Rs. 2,510 crore for the March quarter due to one-time provision of Rs. 2,781 crore made due to impact of the Covid-19 pandemic and write-off on several investments. About 80% of the write-off was on account of SsangYong and GenZe.
Mahindra has been looking for investors in SsanYong after it failed to turn the company profitable.
Not just SsangYong and GenZe, the company has promised to relook all its money-losing ventures and may exit several to reduce expenses.

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