General Awareness

BUSINESS AND ECONOMY - January 2016

Jan 2016

Jul 07, 2023

Sirisha Voruganti New MD & CEO of Lloyds Banking Group's Technology Centre in India

Lloyds Banking Group, one of the leading UK-based financial services groups appointed Sirisha Voruganti as the Chief Executive Officer and Managing Director of its new Lloyds Technology Centre, based in Hyderabad, India. Voruganti, a globally renowned technology and innovation leader joined from JCPenney, where she served as the Managing Director and member of the Board for JCPenney in India.
Voruganti brings extensive experience in IT architecture, data engineering, and fintech innovation and has held several senior technology positions in multiple global firms. She was the first woman Managing Director for JP Morgan Chase in Technology in India and has served as an Executive Vice President of Architecture, Data and Shared Services for Mastercard. Lloyds Technology Centre is part of the Group's 3 billion strategic investment over the next three years to transform its digital offering.
Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank was founded in 1765 but the wider Group's heritage extends over 320 years, dating back to the founding of the Bank of Scotland by the Parliament of Scotland in 1695.

Bihar Surpasses Tamil Nadu as State with Highest Micro Lending Borrowings

Bihar overtook Tamil Nadu and emerged as the state with the highest micro lending borrowings as of March 2023. Bihar achieved the growth courtesy of a 13.5 per cent growth in the gross lending portfolio in the March quarter as compared with the preceding quarter.
The report by Crif High Mark put the overall Microfinance (MFI) borrowings in Bihar at Rs. 48,900 crore as of March 2023, which represented 14.5 per cent of the overall portfolio, while the same in Tamil Nadu stood at Rs. 46,300 crore, representing 13.7 per cent of the overall outstanding.
The top ten states now account for 85 per cent of the outstanding portfolio and also include Uttar Pradesh, Karnataka, West Bengal, Maharashtra, Madhya Pradesh, Odisha, Rajasthan and Kerala.

Jul 06, 2023

FPSB India Appoints Krishan Mishra as its CEO

The Financial Planning Standards Board (FPSB) of India appointed Krishan Mishra as Chief Executive Officer (CEO), effective 1 August 2023.
FPSB India is the Indian subsidiary of FPSB, the global standards-setting body for the financial planning profession and owner of the international Certified Financial Planner (CFP) certification program.
With over 20 years of experience, Mishra has held a variety of leadership positions including Country Head-International Business (India and South Asia) of Becker Professional Education, Head of North and East India of Association of Chartered Certified Accountants, and Regional Head (East) and Business Head-Channel Business at HCL Infosystems.

Bank of India Becomes First Bank to Offer Mahila Samman Savings Certificate

Bank of India, one of the largest public sector banks (PSBs) in the country, became the first bank to officially roll out Mahila Samman Savings Certificate (MSSC) scheme.
The scheme was announced by Union Finance Minister Nirmala Sitharaman during her Budget speech this year (2023). The scheme offers an interest rate of 7.5 per cent per annum, compounded quarterly.
Individual girls or women can open an account under the Mahila Samman Savings Certificate scheme or a guardian can open an account on behalf of a minor girl.
The account will mature after two years from the date of opening. Accounts under this scheme can be opened until March 31, 2025.
While the minimum investment is Rs. 1,000, any sum in multiples of Rs. 100 can be deposited, up to a maximum limit of Rs. 2 lakh.
Account holders can also make partial withdrawals, up to 40 per cent of the eligible balance, after one year from the date of opening the account.

Jul 05, 2023

Axiscades Appoints Former DRDO Chairman S. Christopher as Director

Engineering solutions provider Axiscades Technologies Ltd. onboarded former DRDO Chairman S. Christopher as a director in the company.
Christopher holds an engineering degree from University of Madras, M-Tech in Microwaves and Radar Engineering from IIT, Kharagpur, and PhD in Antenna and Measurement Techniques from IIT Madras.
In his over two decades of career as a scientist, he has earned many recognitions and is also known as the man behind the indigenous Airborne Early Warning and Control (AEW&C) system in defence.
S. Christopher will greatly enhance the company's strategic capabilities and contribute significantly to enhance the company's offerings in advanced defense solutions to global customers and Indian defence.
Bengaluru-based Axiscades is a leading end-to-end engineering and technology solutions provider catering to sectors like aerospace, defence, heavy engineering, automotive, and energy among others.

Debadatta Chand Takes Charge as Bank of Baroda MD

Debadatta Chand took charge as the Managing Director and Chief Executive Officer of Bank of Baroda. He took over from Sanjiv Chadha, whose tenure ended in June 2023.
Prior to his appointment, Chand served as the executive director at Bank of Baroda since March 2021. In his role as executive director, he was overseeing corporate and institutional credit, corporate and institutional banking, treasury and global markets, mid-corporate business, and trade and foreign exchange.
Chand began his career in 1994 as an officer at Allahabad Bank and later worked as a manager at the Small Industries Development Bank of India (SIDBI) from 1998 to 2005.
In 2005, he joined Punjab National Bank as chief manager and was elevated to the position of chief general manager. During his over 15-year tenure at Punjab National Bank, he held various roles, including head of the zonal audit office in Patna, circle head of the Bareilly region, head of integrated treasury operations, and head of the Mumbai Zone.

Bhel Appoints Krishna Kumar Thakur as New HR Director

Bharat Heavy Electricals Ltd (Bhel) appointed Krishna Kumar Thakur as the new Director of its Human Resources (HR) team. He will assume charge as Director (HR) of the public sector engineering and manufacturing enterprise.
Thakur has 25 years of experience in handling HR matters and administration in the Indian Railways as well as other central public sector undertakings (PSUs).
He has a postgraduate degree in literature from Tilka Manjhi University, Bhagalpuras as well as a postgraduate diploma in management with specialisation in human resource (PGDM-HR) from the Tata Institute of Social Sciences (TISS).
Thakur is an officer of the Indian Railway Personnel Service (IRPS) from the 1988 batch.

Jul 04, 2023

Tamil Nadu Overtakes UP and Karnataka to Emerge India's Top Electronics Exporter

Tamil Nadu for the first time overtook Uttar Pradesh and Karnataka to emerge as India's top electronics exporter in the fiscal year ended March 2023 as the global giants Foxconn and Pegatron accelerated iPhone exports last year.
Exports data released by the Central government for FY23 showed that Tamil Nadu's electronics exports almost tripled in the last fiscal and stood at $5.37 billion up from from $1.86 billion in the previous year. This helped TN swiftly climb the ladder from the fourth spot and bag the top spot in FY 23.
A review of data from FY 17-18 to FY 22-23 shows that TN, Uttar Pradesh and Karnataka have been in the top three but the state never made it to the top.

CoinDCX Partners with KoinX to Allow Crypto Tax Tracking on its Platform

Crypto exchange CoinDCX announced a partnership with crypto taxation platform KoinX to provide an infrastructure enabling users to file their crypto taxes on its platform. According to the company's announcement, investors and traders on the CoinDCX platform will have access to KoinX's tax calculation and reporting system.
CoinDCX users will not only be able to track their tax computation on the CoinDCX exchange but also effortlessly connect multiple exchanges and wallets to the KoinX platform. This will enable investors to track all their crypto transactions, including NFTs and DeFi investments, and view the corresponding tax amount in real-time.

Zee Entertainment Clears IndusInd Bank Payment Dues, NCLAT Disposes Appeal

Zee Entertainment and Induslnd Bank announced that all payments due to Induslnd Bank were made by ZEEL in June end. The NCLAT (National Company Law Appellate Tribunal) accordingly disposed off the appeal.
The tribunal asked both parties to pay the cost of the interim resolution professional for the period the case was under the resolution process. The NCLAT also set aside NCLT's order allowing the admission of ZEEL for insolvency.

Jul 03, 2023

SBI opens 34 transaction banking hubs

State Bank of India (SBI) said it has opened 34 Transaction Banking Hubs in top 21 district centres across the country to provide quick and efficient transaction banking solutions to customers. As part of the transaction banking services and current account-related offerings, SBI is planning to meet all customer needs and provide comprehensive solutions for their transaction, payment, and collection requirements under one roof. The newly set-up hubs will be staffed by product specialists who will also assist business customers with their other financial service needs.

Indian Bank rolls out digital services under 'Project WAVE' initiative

Accordingly, the city-headquartered bank in collaboration with National E-Governance Services Ltd, has introduced an electronic bank guarantee (e-BG) service to ease traditional paper-based processes.
This move will also reduce the turn-around time of the bank guarantee issuance and delivery to the beneficiary from an industry average of 3-4 working days to a few minutes, a bank statement said.
Besides, the facility would replace the need for physical stamp paper and physical signatures of customers by replacing them with digital stamping and e-signing making the entire process digital.

Bank of Baroda to divest 49% in credit card arm BOB Financial Solutions

State-owned Bank of Baroda (BoB) plans to sell up to 49 per cent stake in credit card business arm BOB Financial Solutions Ltd.Currently, it is 100 per cent owned by BoB.The bank has floated a Request for Proposal for roping in a strategic investor, and the process is expected to complete in one year, a senior bank official said.
BOB intends to offload up to 49 per cent in a combination of primary and secondary capital from one or multiple investors to create more value in BOB Financial Solutions and take it to the next level of growth, the official said.
BOB Financial doubled the acquisition of new credit cards in FY23 by issuing close to 1.2 million credit cards compared to 0.5 million a year ago.

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