General Awareness

BUSINESS AND ECONOMY - January 2016

Jan 2016

Dec 16, 2023

ICICI Pru Life, Ujjivan SFB Enter into Bancassurance Tie-up

ICICI Prudential Life Insurance (ICICI PruLife) and Ujjivan Small Finance Bank (Ujjivan SFB) have entered into a bancassurance partnership for the distribution of life insurance products.
Under the partnership, Ujjivan SFB will offer the entire suite of ICICI PruLife's entire suite of protection, long-term savings and retirement products to its customers through its network of 700+ branches across 26 states and Union Territories.

IDFC First Bank, LIC Cards and Mastercard Collaborate Launch a Co-branded Credit Card

IDFC First Bank, LIC Cards, and Mastercard unveiled two co-branded credit cards — LIC Classic and LIC Select. From low-interest rates to zero-joining fees to reward points to personal accident covers of up to Rs. 5 lakh, both cards have multiple benefits and offers.
Available in two variants – LIC Classic and LIC Select, the credit cards provide more than 27 crore policyholders across the country an opportunity to save in the form of reward points on every LIC insurance premium payment. It will also come with other benefits, including up to Rs. 50,000 cover for lost card liability and a personal accident insurance cover of up to Rs. 5 lakh. Cardholders will also be able to redeem reward points against any online purchase, including upcoming LIC insurance premiums, making it as good as cash.

Zepto Founders top Hurun India's List of 'Top 100 under 30'

The young entrepreneurs Kaivalya Vohra (21) and Aadit Palicha (22), founders of the Quick Commerce app Zepto, claimed the top spots in the Hurun India Top 100 Under 30 List 2023. The list showcased 100 entrepreneurs aged 30 and below who have demonstrated exceptional prowess in their respective fields.
Zepto, the brainchild of Vohra and Palicha, stands out for its commitment to delivering a diverse array of products within minutes. The app caters to a wide spectrum of consumer needs, ranging from online groceries and fresh produce to personal care items and electronics.
Youngest 'Top 100 Under 30 List 2023' Women:
Devanshi Kejriwal: Being just 27 years old, she holds the top seat when it comes to women entrepreneurs who were shortlisted for the Huran India Top 100 under 30 list. She has co-founded Skillmatics, an edtech start-up which has products that focus on reading, logical reasoning, STEM and social-emotional skills in children through games. She ranks 22nd position in overall list.

Dec 15, 2023

Hero MotoCorp Appoints Vivek Anand as CFO; Rachna Kumar as CHRO

Hero MotoCorp appointed Vivek Anand as Chief Financial Officer (CFO) and Rachna Kumar as the Chief Human Resources Officer (CHRO). Vivek and Rachna will report to Niranjan Gupta, Chief Executive Officer, Hero MotoCorp.
Anand, a Chartered Accountant by profession with almost three decades of diverse industry experience across FMCG, Telecom, Consumer Healthcare, and Real Estate, held the position of CFO at DLF Limited for the past four years.
Kumar, a seasoned HR leader across diverse industries, including consumer goods, food and beverages, oil and gas, and retail, joined Hero MotoCorp from Whirlpool Asia where she held the position of CHRO.

Parama Sen Appointed Part-time Member of PFRDA Board

The Centre appointed Parama Sen, Additional Secretary, Department of Expenditure in the Finance Ministry, as a part-time member in Pension Fund Regulatory and Development Authority (PFRDA).
Sen, a 1994 batch Indian Audit and Accounts Services (IAAS) officer, replaced Anne George Mathew, Additional Secretary in Finance Ministry, who demitted office.
PFRDA has a chairman besides three whole-time members and three part-time members. The post of Member (Law), which fell vacant in May 2023, remains to be filled.
Pension Fund Regulatory and Development Authority (PFRDA) is the regulatory body for overall supervision and regulation of pensions in India. It operates under the jurisdiction of Ministry of Finance in the Government of India. It was established in 2003 based on the recommendations of the Indian government OASIS report and was part of the establishment of the Indian National Pension Scheme.

Reliance Teams with DBS Bank For Biogas Initiative

In a significant move towards promoting sustainable and greener energy solutions, Reliance Industries forged a strategic partnership with DBS Bank India to establish a financing program targeting farmers and aggregators. The primary objective of this collaboration is to manage crop residue effectively, utilising it in the production of compressed biogas (CBG).

RBI Grants Authorization to Bandhan Bank for Pension Disbursement to Retired Railway Employees

Bandhan Bank received authorisation from the Reserve Bank of India (RBI) to facilitate pension disbursement through e-Pension Payment Orders (e-PPOs) on behalf of the Ministry of Railways. The bank is in the process of integrating with the Ministry of Railways to streamline and operationalise the pension disbursement process.
Bandhan Bank's newfound authorisation empowers it to disburse pensions to retired employees of the Ministry of Railways, encompassing individuals who have concluded their service with the organisation. This mandate extends the bank's reach to approximately 50,000 average Indian Railways retirees annually, covering all offices, including 17 zonal railways and 8 production units of Indian Railways.

Dec 14, 2023

Tech Mahindra Launches Populii, Platform for Gig Workers and Companies

Information technology services major Tech Mahindra launched 'Populii', a platform that enables gig workers to collaborate with organisations needing hands for micro jobs.
The crowd-sourcing platform will list jobs for gig workers and equip businesses with reliable data from trained and qualified candidates to build artificial intelligence (AI) algorithms.
Gig jobs on Populii will include content rating, data collection, data transcription, and data annotation. It will support enterprises in creating a production-grade machine-learning model, enabling businesses to instantly access a pool of skilled talent.

Angel One's Asset Management Business Appoints Hemen Bhatia as New CEO

Hemen Bhatia joined leading broker Angel One as Chief Executive Officer (CEO) of Angel One Asset Management Company. The appointment is seen as a strategic move that focuses on the realm of asset management business.
Bhatia was former Head of ETF (Exchange Traded Fund) at Nippon Life India AMC. He played a key role in setting up CPSE ETF at Goldman Sachs AMC and has over 17 years of experience in the asset management industry.

Fiscal Challenges Loom as 12 Indian States Project Debt Exceeding 35% of GSDP by FY24

In the fiscal landscape of India, a concerning trend emerged as twelve states were projected to witness their debt surpassing 35% of their Gross State Domestic Product (GSDP) by the end of the financial year 2023-24. This revelation, detailed in the Reserve Bank of India's (RBI) latest annual publication, points to potential fiscal mismanagement and raises alarms about the fragile fiscal situation of these states.
The states drawing attention from the RBI for fiscal mismanagement include Arunachal Pradesh, Bihar, Goa, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, and West Bengal. The central bank's annual publication cautions against additional allocations for non-merit goods, services, subsidies, transfers, and guarantees, as such moves could jeopardize the hard-won fiscal consolidation achieved over the past two years.

SBI Signs 70 Million Euro LoC with KfW for Solar Projects

In a significant move towards sustainable energy, the State Bank of India (SBI) signed a €70 million Line of Credit (LoC) with the German Development Bank KfW to support solar projects in India. The agreement was inked at SBI's IFSC Gift City Branch in Ahmedabad, marking a pivotal step in fostering solar photovoltaics (PV) initiatives across the country.
The Line of Credit (LoC) is specifically tailored to bolster Solar Photovoltaics (PV) projects in India, aligning with the nation's commitment to clean and renewable energy sources. This collaboration between SBI and KfW reflects a shared vision of promoting sustainable practices and reducing the carbon footprint through solar initiatives.

Dec 13, 2023

Poonawalla HF Gets a New Name, Rebrands as Grihum Housing Finance

Post the acquisition of Poonawalla Housing Finance by TPG Capital Asia, the company got on a new identity 'Grihum Housing Finance'.
The global private equity firm, TPG acquired a 99.02 per cent equity stake in the company, taking over from Poonawalla Fincorp earlier this year (2023).
Speaking on the rebranding, Manish Jaiswal, Managing Director and Chief Executive Officer of Grihum Housing Finance said, "Grihum, a portmanteau of 'Grih' (home) and 'Hum' (togetherness), embodies our essence as a company.

CoinSwitch Unveils Umbrella Brand PeepalCo

As crypto investing platform CoinSwitch moves to diversify into a wealth-tech start-up, it rolled out a new umbrella brand, PeepalCo, to house all its business segments.
This came at a time when the crypto unicorn is in the process of offering various highly-regulated investment products, including fixed deposits, bonds, exchange-traded funds (ETFs), stocks, and mutual funds.
Creating a house of brands will help the start-up stay nimble and navigate the regulatory landscape and uncertainties better in India.

Dec 12, 2023

Tata Power Ties Up with Indian Oil to Set Up over 500 EV Charging Stations

Tata Power EV Charging Solutions Ltd (TPEVCSL) signed a memorandum of understanding (MoU) with Indian Oil Corporation Limited (IOCL) to install over 500 electric vehicle (EV) charging points across the country. Tata Power will set up the stations at IOCL's retail outlets.
This strategic collaboration focuses on building a reliable and expansive intercity charging network, which will help alleviate range anxiety for EV owners travelling between cities.
These EV charging points will be installed in major cities like Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi, as well as across major highways such as the Mumbai-Pune Expressway, Salem-Kochi Highway, Guntur-Chennai Highway and the Golden Quadrilateral.

Infosys Appoints Jayesh Sanghrajka as CFO as Nilanjan Roy Resigns

Infosys appointed Jayesh Sanghrajka as its Chief Financial Officer (CFO) and key managerial personnel of the company.
Sanghrajka was appointed as CFO as Nilanjan Roy, resigned after serving in this role since 2018.
Sanghrajka has over 25 years of work experience and is a chartered accountant by qualification. He has spent over 18 years at Infosys across two stints and has performed various leadership roles.

Vaishali Kasture Resigns as AWS India's Interim Country Head

Vaishali Kasture, Amazon Web Services (AWS) India and South Asia's interim country head for commercial business, resigned from her position.
She had taken over from the former president of commercial business, Puneet Chandok, in July 2023. Her tenure at AWS spanned nearly five years. Before becoming the interim country head, she was the head of top enterprise, mid-market, and global businesses in India and South Asia.

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