General Awareness

BUSINESS AND ECONOMY - February 2016

Feb 2016

Jun 19, 2023

Kerala CM Inaugurate First Infinity Centre of Kerala Start-up Mission in Dubai

Kerala Chief Minister Pinarayi Vijayan inaugurated the first Infinity Centre of Kerala Start-up Mission (KSUM) in Dubai, rolling out his government's ambitious programme of setting up one-stop destinations across the world to strengthen the state's ecosystem for nascent companies.
Chief Secretary VP Joy chaired the ceremony at Taj, Burj Khalifa. The event marked the start of a series of such launch pads for Kerala's start-ups to explore foreign markets by enabling non-resident Indians to help become entrepreneurs in association with KSUM.
The idea of Infinity Centres came in the context of NRIs totalling 3.2 crore, topping India in the global list of hosting the largest number of migrant citizens.
The Start-up Infinity programme aims to unite the NRI population and encourage them to launch their own businesses both abroad and in Kerala.

Axis Bank Ropes in ex-RBI Deputy Governor Vishwanathan as a Part-time Non-Executive Chairman

Axis Bank appointed former Reserve Bank of India (RBI) Deputy Governor N. S. Vishwanathan as a part-time Non-Executive Chairman for a period of three years.
In May 2023, the former RBI Deputy Governor was appointed as an independent director by the Axis Bank. Also, in April 2023 Vishwanathan was roped in as head of the advisory board of Razorpay.
Vishwanathan joined India's central bank, the RBI in 1981 in the position of Direct Recruit Officer and climbed the ladders over the decades and retired as Deputy Governor in March 2020.

RBI Approves P. Vasudevan as MD and CEO of Equitas Small Finance Bank

The Reserve Bank of India (RBI) gave its nod for the re-appointment of P. Vasudevan as Managing Director and Chief Executive Officer of private sector Equitas Small Finance Bank. The tenure of his appointment is for a period of three years.
In December 2022, the bank announced that P. Vasudevan had decided to remain as MD and CEO of the bank in response to the Board's suggestions. This was after Vasudevan announced his intention to step down in May this year to devote his time towards social welfare through his public charitable trust.
He had announced his intention to step down in May 2023 to devote his time towards social welfare through his public charitable trust.
Vasudevan is the founder of Equitas and has been associated with its journey as a microfinance institution dating back to 2007. The entity was converted into a bank, under his leadership, in 2016.

Tamil Nadu Chief Minister Launches Fintech City and Tower Projects

Tamil Nadu chief minister M. K. Stalin laid the foundation for a Fintech City and Fintech Tower in Chennai, targeting an investment of about Rs. 12,000 crore in the sector.
As per Stalin, this will attract Rs. 12,000 crore investments in the Fintech sector and create job opportunities for 80,000 persons. In November 2021, the government had brought out the Tamil Nadu FinTech Policy with sops such as reimbursing 75 per cent of operational expenses and 100 per cent of SGST for three years, apart from repayment of costs incurred for training and marketing. Besides, incentives for fintechs in Tier-3 cities will be twice those in a Tier-1 city while the limits for those setting up in a Tier-2 city will be raised to 1.5 times that of Tier-1.

Jun 18, 2023

Inkle Launches New Platform for Cross-border Payments for Start-ups

Chat-based CPA software-as-a-service (SaaS) start-up Inkle launched a platform, Inkle Transfer Pricing Payments, to allow start-ups to make cross-border payments from the United States of America (USA) to India. The funds can be transferred within one day.
The company launched the platform's beta version last month. Start-ups like GoBillion, Synth and 91SquareFeet have already transferred close to $1 million using the platform.
Customers will be charged a fixed mark-up of up to 0.50 per cent on the mid-market forex rate. Besides, start-ups will get free Foreign Inward Remittance Advice (FIRA) for each transfer on the software.

Kamal Kishore Chatiwal Appointed Managing Director IGL

Kamal Kishore Chatiwal took over as Managing Director of state-run Indraprastha Gas Limited (IGL).
IGL operates City Gas Distribution (CGD) networks across 30 districts in four states including the NCT of Delhi. IGL is a joint venture of GAIL (India) and Bharat Petroleum Corporation (BPCL) with the government of NCT of Delhi holding a 5 per cent stake.
Chatiwal took over the charge from Sanjay Kumar, who took over as Director (Marketing) at GAIL. He has more than 32 years of experience in the Oil & Gas sector particularly in Project Execution and Commissioning of Mega Petrochemical Projects, Operation & Maintenance of Gas Processing units, Natural Gas Compressor Station and cross-country LPG Pipeline.
Before joining IGL, he was working as Executive Director (O&M-JLPL) & Head of Zonal Marketing at GAIL in Jaipur.

Jun 17, 2023

India's First Micro-cap Fund Launched

Motilal Oswal Asset Management Company launched the first-ever passive fund on Nifty Microcap 250 Index. The fund aims to provide investors an opportunity to participate in the growth potential of micro-cap stocks.
The Nifty Microcap 250 Index is designed to measure performance of the top 250 companies excluding those already present in the Nifty 500 constituents. The index is well-diversified, with its top 10 holdings accounting for only 11 per cent against 59 per cent in Nifty 50 Index.
Further, it also provides diversified exposure to sectors like Industrials, Consumer Discretionary, Commodities and Healthcare that are usually underweight in broad-based market indices.
As per Pratik Oswal, Head of Passive Funds, Motilal Oswal AMC, the fund house leads the charge in unlocking the untapped potential and opportunities of this distinctive investment category, which holds immense potential and unique investment opportunities that have been overlooked by many in the industry.

Russia's Sberbank Launches Indian Rupee Accounts for Individuals

Russia's dominant lender said that individuals could now open accounts in Indian rupees, expanding the range of foreign currencies available as Moscow strives to reduce dependency on the U.S. dollar and euro.
As Sberbank has highlighted, the bank supports the trend of de-dollarisation and constantly increases the number of foreign currencies available to clients.
Sberbank has more than 100 million retail clients and already offers deposits in China's yuan and UAE dirhams.

RBI Opens Sub-office at Kohima, to Increase Presence in North-east

The Reserve Bank opened a sub-office at Kohima, and announced its aim to soon have an office in Itanagar to strengthen its presence in north-east India.
Deputy Governor Michael Debabrata Patra inaugurated the office in the capital of Nagaland, which will help expand the central bank's presence in the north-eastern region.
In the north-eastern region, RBI is present in Assam, Manipur, Meghalaya, Mizoram, Tripura and Nagaland.
RBI's Guwahati office will continue to cater to the needs of Arunachal Pradesh till the office in Itanagar is opened.
The Kohima sub-office houses Financial Inclusion and Development Department (FIDD), Consumer Education and Protection Cell (CEPC), Market Intelligence Cell and Human Resource Management Department (HRMD), while the currency management for Nagaland will continue from the Guwahati office.
The newly inaugurated sub-office is headed by General Manager Paresh Chauhan.

Jun 16, 2023

Uttam Lal Takes Over as Director (Personnel), NHPC

Uttam Lal assumed the role of Director (Personnel) at NHPC Limited India, a leading hydropower company in India. Before joining NHPC, Lal held the position of Chief General Manager (HR-CSR/R&R/LA) at NTPC Limited. With an extensive background of over 35 years, he brings immense expertise in Personnel Management, Industrial Relations, and Corporate Social Responsibility. Lal's profound knowledge and extensive experience in the power sector make him a valuable asset, as he aims to effectively leverage the potential of human resources to contribute to the organization's goals and vision.
NHPC Limited is a state-owned enterprise under the Ministry of Power, Government of India. It is the largest hydropower development organization in India, with an installed capacity of over 8,000 MW. NHPC has also diversified into other renewable energy sources, such as solar and wind power. The company was incorporated in 1975 with an authorized capital of Rs. 2,000 million. The first project undertaken by NHPC was the Baira Suil Power Station in Chamba district, Himachal Pradesh.

Indian Oil Corp Partners with LanzaJet to Establish Aviation Fuel Plant in Haryana

Indian Oil Corp (IOC), one of India's largest oil refiners, announced its collaboration with LanzaJet, a leading sustainable fuels technology company, to establish an aviation fuel plant in Haryana. With an investment of approximately 23 billion rupees ($280.1 million), this strategic partnership aims to promote the production of sustainable aviation fuel (SAF) in the country.
The proposed 80,000-tonne aviation fuel plant will contribute to reducing the carbon footprint of the aviation industry by producing sustainable alternatives to traditional jet fuel. SAF, also known as biojet fuel, is produced from renewable sources such as agricultural and municipal waste, non-edible plant oils, and other sustainable feedstocks. By partnering with LanzaJet, which specializes in advanced biofuel technologies, IOC is emphasizing its commitment to sustainable practices and environmental stewardship in the aviation sector.
In addition to its collaboration with LanzaJet, IOC is actively involved in a pilot project for green fuel in partnership with Praj Industries.
The establishment of the aviation fuel plant and the ongoing pilot project highlight IOC's proactive approach in driving the transition towards sustainable energy solutions.

RITES Signs Contract Agreements with National Railways of Zimbabwe

RITES signed Contract Agreements with National Railways of Zimbabwe (NRZ) for supply of rolling stock (3000 HP Diesel Electric Locomotives and High Sided Open Wagons) valuing USD 81,175,500. However, the Contract Agreements are subject to approval of funding by funding agency.
RITES is a Miniratna Central Public Sector Enterprise under the Ministry of Railways. It is a multidisciplinary engineering and consultancy organization.

Jun 15, 2023

Forbes' Global 2000 List: Reliance Rises by Eight Positions

Reliance Industries Ltd (RIL) climbed eight spots to the 45th rank, the highest for an Indian company, on Forbes' latest Global 2000 list of public companies worldwide.
The Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets, and market value.
JPMorgan, America's biggest bank with USD 3.7 trillion in assets, was at the top of the list for the first time since 2011.
Saudi oil behemoth Aramco is at 2nd position followed by three giant-sized state-owned Chinese banks. Technology giants Alphabet and Apple are at 7th and 10th place, respectively.

Fino Payments Bank Partners Hubble for `Spending Account'

Fino Payments Bank entered into a tie-up with Sequoia Capital-backed fintech Hubble to introduce India's first spending account.
As per the bank, customers can park their funds, spend (on categories such as food ordering, shopping, travel, entertainment etc.) and save up to 10 per cent on all purchases made from the account.
Further, users can track spends across categories of over 50 brands that Hubble has partnered with and save up to Rs. 20,000 a year.
"The spending account is integrated with the bank's digital savings account operated through its mobile app FinoPay.

Samsung India Opens its Largest Premium Experience Store in Telangana

Samsung India inaugurated its largest premium experience store in Telangana at Hyderabad's Inorbit Mall.
According to the company, the new store highlights Samsung's entire product ecosystem through exciting zones centred on its connected ecosystem SmartThings, smartphones, laptops, audio, gaming, and lifestyle televisions.
The store, which is spread across 3,500 sq ft, is also said to host a variety of entertainment activities with a special focus on local culture, music, and art, offering a Samsung experience tailored to the city of Hyderabad.

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