General Awareness

BUSINESS AND ECONOMY - January 2016

Jan 2016

Jun 13, 2023

Deepika Warrier Steps Down as Diageo CMO

Deepika Warrier, Chief Marketing Officer (CMO) of Diageo India, is moving on from her current role.
Ruchira Jaitly is expected to succeed Warrier. Jaitly is currently the executive vice-president of marketing at Diageo.
Warrier joined Diageo as its CMO in July 2020. She managed a portfolio of 22 brands for PepsiCo for nearly two decades, including eight brands with annual sales exceeding Rs. 2,000 crore.
She also served as MD and CEO of NourishCo, a joint venture between PepsiCo and Tata Global Beverages, in her last position with the beverage giant.

UAE Emerges as Fourth Largest Investor in India in FY23

The United Arab Emirates (UAE), with which India implemented a comprehensive free trade agreement in May 2022, emerged as the fourth largest investor in India during 2022-23, according to government data.
In the last fiscal, foreign direct investment (FDI) from the UAE to India jumped over three-fold to USD 3.35 billion from USD 1.03 billion in 2021-22, the data of the Department for Promotion of Industry and Internal Trade (DPIIT) showed.
Singapore was the largest investor in India with USD 17.2 billion investment in FY23, followed by Mauritius (USD 6.1 billion) and the US (USD 6 billion).

MRF Creates History on Dalal Street

Tyre manufacturer MRF created history on Dalal Street by becoming the first Indian company to hit a share price of Rs. 1 lakh apiece.
While MRF is India's costliest stock on paper, it is not the most expensive when it comes to metrics such as price-to-earnings (P/E) or price-to-book value (P/BV).
Madras Rubber Factory, commonly known as MRF or MRF Tyres, is an Indian multinational tyre manufacturing company and the largest manufacturer of tyres in India. It is headquartered in Chennai, Tamil Nadu, India. It was founded in 1946.

Indian Overseas Bank Launches 'My Account My Name' Feature

Indian Overseas Bank (IOB) introduced a scheme that lets customers choose any name as their savings account number with the Chennai-based lender.
As per IOB, the scheme is the first in the banking industry to let a customer choose his or her name or any name as an account number that can be used for all transaction purposes. The bank's managing director and chief executive officer launched the scheme called 'My Account My Name' virtually from its Central Office in Chennai. The scheme will be available at all 49 regional offices of the IOB in India.
As per the scheme, the account name can be a combination of seven letters, or seven numbers, or seven alphanumeric only like AJIT007, PRADHAN, or 2424707 etc. Customers will not be required to remember their 15 digits account numbers.

Jun 12, 2023

Star Health Founder Venkatasamy Jagannathan Resigns from Company's Board

In May 2006, when Venkatasamy Jagannathan started Star Health and Allied Insurance Company (Star Health), he and his 12 employees were sitting in a dingy room on Madha Church Road in Chennai with a monthly rent of about Rs. 30,000. Today when he resigned as the non-executive chairman and director, the market capitalisation of Star Health was close to Rs. 30,100 crore with over 14,000 employees, scripting an unparalleled growth story for the country's first standalone health insurance company.
For the 79-year-old industry veteran, this is not the first retirement in his 53-year stellar career. Before Star Health, he had scripted a real turnaround saga with state-run United India Insurance Company (United India). When he took over as chairman and managing director (CMD) of United India in 2001, the company was ratcheting up losses of Rs. 50 lakh. When he retired in October 2004, it chalked up a profit of over Rs. 400 crore.

Colliers Appoints Ramaiy Kapoor as MD for its Data Centre Business in India

Commercial real estate company Colliers announced the appointment of Ramaiy Kapoor as the Managing Director for Data Centre for its India business. This came at a time when the company has been increasing its focus on the data centre business in the country.
Kapoor joined Collies from CapitaLand, where he was heading the investment and commercials division for their India Data Centre business. According to the company, Ramaiy will work closely with the top India leadership to capture a higher market share and drive profitability for the firm's Data Centre business.

India Tops World Ranking in Digital Payments

According to data from MyGovIndia, India with 89.5 million digital transactions in the year 2022 topped the list of five countries in digital payments.
As per the data, India in the year 2022 accounting for 46 per cent of the global real-time payments, adding that the digital payment transactions in India is more than the other four leading countries combined.
Second, on the list is Brazil which amounted to 29.2 million transactions followed by China with 17.6 million transactions. Fourth was Thailand with 16.5 million digital transactions followed by South Korea with 8 million worth of transactions, the data from MyGovIndia stated.
MyGovIndia is a citizen engagement platform of the Government of India, giving people the opportunity to work towards Surajya with their ideas and grass root level of contribution.

Anantharaman is New TransUnion Cibil Chairman

V. Anantharaman, a seasoned banker with extensive experience in the banking industry, was appointed as the non-executive chairman of credit bureau TransUnion CIBIL. Anantharaman has held leadership positions in corporate and investment banking teams at renowned international firms such as Standard Chartered Bank, Credit Suisse, Deutsche Bank, and Bank of America.
TransUnion CIBIL Limited is a credit information company operating in India. It maintains credit files on over 600 million individuals and 32 million businesses. TransUnion is one of four credit bureaus operating in India and is part of TransUnion, an American multinational group.
TransUnion CIBIL was founded in 2000 and is headquartered in Mumbai, India. The company's mission is to "provide accurate and comprehensive information to help businesses make informed decisions and consumers build their financial future."
TransUnion CIBIL collects data on credit accounts, loans, and other financial information from lenders and other financial institutions. The company then uses this data to create credit reports and scores for individuals and businesses. Credit reports and scores are used by lenders to assess the risk of lending money to borrowers.

FSIB Announces New Leadership for GIC Re and NIC

The Financial Services Institution Bureau (FSIB) selected N. Ramaswamy, General Manager, General Insurance Corporation of India (GIC Re), as the next Chairman and MD (CMD) of the company, while M Rajeswari Singh, General Manager & Director (GMD), United India Insurance, was selected as the CMD of National Insurance Company (NIC).
After due approval of the Appointments Committee of Cabinet (ACC), Ramaswamy will get a two-year term. The post of CMD at GIC Re will fall vacant after Devesh Srivastav completes his four-year tenure in September-end after reaching 60 while NIC CMD post will be filled up after Suchita Gupta leaves in August end. FSIB chose Sat Pal Bhanoo and R. Doraiswamy as new Managing Directors of Life Insurance Corporation.
The Financial Services Institution Bureau (FSIB) is an autonomous body of the Government of India. It was established in 2017 with the objective of improving the governance and performance of financial institutions in India. The FSIB has the following powers and functions:
To recommend persons for appointment as whole-time directors and non-executive chairpersons on the boards of financial institutions
To advise on certain other matters relating to personnel management in financial institutions
To monitor the performance of financial institutions and to take appropriate action, if necessary
To promote good governance practices in financial institutions

Jun 11, 2023

Federal Bank Launches 'I am Adyar, Adyar is me' Campaign in Chennai

The Federal Bank initiated a unique campaign in Chennai, titled 'I am Adyar, Adyar is me,' to celebrate the rich culture and stories of the local community. The campaign transforms an entire bank branch into a museum of local stories, showcasing the struggles and triumphs of individuals who make Adyar special. With vibrant paintings adorning the walls and an exclusive exhibition featuring 40 compelling stories, the campaign aims to capture the essence of Adyar.
The Federal Bank's Adyar branch has undergone a remarkable transformation for the 'I am Adyar, Adyar is me' campaign. The branch was converted into a living museum, showcasing the soul of Adyar through art and stories. Vibrant paintings now adorn the walls, reflecting the lively spirit of the locality.

Jun 10, 2023

LIC Raises Stake in Tech Mahindra

Life Insurance Corporation of India (LIC) increased its equity shareholding in IT services provider Tech Mahindra through a series of open market transactions over a period of more than six months. LIC's stake in Tech Mahindra rose from 6.869 per cent to 8.884 per cent, with an increase of 2.015 per cent during the period from November 21, 2022, to June 6, 2023. This move demonstrates LIC's confidence in Tech Mahindra's prospects and highlights the growing importance of the IT sector in India's financial landscape.

RBI Updates 'Alert List' of Entities Not Authorised to Deal in Forex Trading

The Reserve Bank updated its 'Alert List' for the public on unauthorised forex trading platforms by adding eight more entities taking the total to 56. In September 2022, the central bank had come out with an 'Alert List' of unauthorised forex trading platforms containing the names of 34 entities.
The list was updated in February 2023 also. Now there are 56 entries in the list.
The eight new entities added are: QFX Markets, WinTrade, Guru Trade7 Limited, Bric Trade, Rubik Trade, Dream Trade, Mini Trade, and Trust Trade.

Jun 09, 2023

India Emerges as the World's 2nd Largest Producer of Crude Steel

Union Minister of Steel and Civil Aviation, Jyotiraditya M. Scindia stated that India has moved from 4th largest producer of crude steel to the second largest producer of crude steel from 2014-15 to 2022-23 standing just behind China which is the largest exporter of crude steel in the world. India reported a hike of 42% in Crude steel production from 88.98 MT(Metric ton) in 2014-15 to 126.26 MT in 2022-23.
The National Steel Policy formulated by the Government of India in 2017 to promote the growth and development of the steel industry in the country has set the targets of achieving the total crude steel capacity of 300 MTPA(Million Tonnes Per Annum) and total crude steel demand/production of 255 MTPA by 2030-31. By 2030-31, it is also envisaged to enhance the operational capacity of crude steel production of SAIL from existing 19.51 MTPA to around 35.65 MTPA tentatively.

RBI Monetary Policy 2023, Repo Rate Unchanged,

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) announced its policy decision. The 2nd bi-monthly monetary policy meeting of FY24 was held from June 6 to 8 and its outcome was announced on June 8. The next meeting of the MPC is scheduled during August 8-10, 2023. All members of the MPC – Shashanka Bhide, Ashima Goyal, Prof. Jayanth R. Varma, Rajiv Ranjan, Michael Debabrata Patra, and Shaktikanta Das – unanimously voted to keep the policy repo rate unchanged at 6.50 per cent.

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