General Awareness

BUSINESS AND ECONOMY - February 2016

Feb 2016

Sep 12, 2022

RBI fines Industrial Bank of Korea for Non-compliance

The Reserve Bank imposed penalties on three entities, including Industrial Bank of Korea, for non-compliance with regulatory norms. A penalty of Rs. 36 lakh was imposed on the Industrial Bank of Korea for non-compliance with certain Know Your Customer (KYC) norms.
A penalty of Rs. 59.10 lakh imposed on Woori Bank for non-compliance with RBI's directions on Creation of a Central Repository of Large Common Exposures – Across Banks'. A fine of Rs. 12.35 lakh was slapped on Indiabulls Commercial Credit Limited, New Delhi for contravention of certain provisions of KYC Directions.

SpiceJet Appoints Ashish Kumar as CFO

Budget carrier SpiceJet appointed Ashish Kumar as its Chief Financial Officer.
Kumar succeeded Sanjeev Taneja, who quit the struggling carrier on August 31.
Before joining the Gurugram-based low-cost airline, Kumar was serving as vice president for corporate finance at Interglobe Enterprises since January 2019.
Previously, he served as Chief Financial Officer at Interglobe Hotels for five years from 2014 to 2018.
"Restructuring SpiceJet and putting it back on a path of rapid growth is the best job in the aviation industry today. Ashish's experience and proven track record will ensure that he can successfully lead this effort," said Ajay Singh, Chairman and Managing Director, SpiceJet.

Sonjoy Mohonty Replaces Abinash Verma as New ISMA Director General

Sonjoy Mohonty was appointed as new Director General of Indian Sugar Mills Association (ISMA), the premier body of private sugar millers in the country. He replaced Abinash Verma, who stepped down a few months back.
Mohonty was secretary general of the International Spirits and Wines Association of India. He has over 35 years of work experience in corporations across oil and gas, micro banking, healthcare, telecom and durables.

Fortune India Rich List 2022: 142 Billionaires Worth $832 Billion

The wealth of 142 billionaires based in India is collectively worth $832 billion (Rs 66.36 trillion), according to a Fortune India's list of 'India's Richest' for 2022.
The maiden list, made in collaboration with wealth management firm, Waterfield Advisors, is primarily based on the wealth of entrepreneurs of listed firms; where the entity is unlisted, the price-earnings (PE) multiple of the sector's index, and, in the absence of an industry index, the PE multiple of the closest-listed company from the same industry was used.

Sep 11, 2022

CBDC to Bring Down Time, Cost for Cross-border Transactions

As per Reserve Bank Deputy Governor T. Rabi Sankar, central bank digital currency (CBDC), to be launched this year, could become a tool for reducing time and cost for cross-border transactions.
The RBI proposed to launch on a pilot basis this year, as announced in the Budget by Finance Minister Nirmala Sitharaman.

Agribazaar Launches Kisan Safalta Card for Agri Financing

Agribazaar is a private sector electronic Agri mandi, launched 'Agribazaar Kisan Safalta Card'. The Agribazaar Kisan Safalta Card is a quick and easy way to help farmers to meet their pre- and post-harvest farm requirements and allied expenses. Farmers can use Agribazaar Kisan Safalta Card to get financing. The funds provided can only be used to buy farm inputs and requirements.
The card has a 12-month repayment period, which provides enough time to pay off the balance.
The crop yield of each farmer determines the card's limit, the financing scale, and maintenance costs.
The amount of the card is adjustable for marginal farmers, which ranges from Rs. 10,000 to Rs. 50,000.

Adani Group to Build Giga Factories as Part of $70 bn Investment in Clean Energy

Asia's richest man Gautam Adani, a ports-to-power conglomerate will build three giga factories for manufacturing solar modules, wind turbines, and hydrogen electrolyzers as part of a USD 70 billion investment in clean energy by 2030. Adani Group is stepping up investments across the green energy value chain as it aims to become the world's top renewable energy producer by 2030.
The new giga factories for power electronics will be in addition to four giga factories announced last year (2021) for making integrated solar PV modules that will produce electricity from sunlight, electrolyzers that produce hydrogen from water, fuel cells and batteries to store energy from the grid as well as 20 GW solar energy capacity by 2025 for captive needs.

Sep 10, 2022

FTA may Boost India's Exports to Bangladesh by $10 Billion in Five Years

India's exports to Bangladesh may increase by additional $10 billion in a time span of five years if both countries sign a free trade agreement (FTA), the joint study conducted by both countries for the proposed Comprehensive Economic Partnership Agreement (CEPA) said.
Due to the possible bilateral trade agreement, there exists a potential of additional export from India to Bangladesh, ranging from $4 billion to $10 billion.
Similarly, for Bangladesh, the potential of additional exports to India could range from $3 billion to $5 billion in a time span of 10 years."

Israel: Adani-led Group Gets Extension to Complete Haifa Port Purchase

A consortium led by India's Adani Group requested and received an extension from the Israeli government to complete its purchase of Haifa Port.
The extension of a month and a half came at the consortium's request and took into account Jewish holidays in Israel. It set a new final date of Nov. 27.
Israel had announced in July it would sell Haifa Port, a major trade hub on its Mediterranean coast, to winning bidders Adani Ports and local chemicals and logistics group Gadot for 4.1 billion shekels ($1.20 billion).

Karnataka Bank Becomes Part of Khajane II IFMS

Karnataka Bank Ltd became part of the Karnataka Government's integrated financial management system (IFMS) – Khajane-II -- for implementing single nodal agency (SNA) account system for Centrally-sponsored schemes.
Now, through this interface with Khajane-II in an automated environment, the bank will be strengthening the Government's efforts in implementing various sponsored schemes for disbursement of cash benefits to the targeted beneficiaries through direct credit to their bank accounts in a safe, secure and speedier manner.
The bank, through its technology and digital led solutions, will continue to engage and partner with the Karnataka government for implementing its various initiatives towards welfare of the public.

Sep 09, 2022

ESAF SFB Launches 'Rainbow Account' For Transgender Community

ESAF Small Finance Bank Ltd, launched a 'Rainbow Savings Account' for the Transgender community offering a hosted feature including high savings rates and advanced debit card facilities exclusively. In 2015, the Reserve Bank of India had directed all the banks to include a separate column 'Third Gender' in all their forms and applications.

India Edges Out China in Creating New Unicorns in H1CY22

India overtook China to add the most number of new unicorns--start-ups valued at $1 billion or more--in the first half of 2022 despite a funding winter haunting entrepreneurs in the south Asian nation.
India added 14 new unicorns in the period (H1 2022) and China had 11, according to the Hurun Global Unicorn Index 2022. The US led the ranking by adding 138 start-ups in the unicorn club. This is not the first time that India managed to add more unicorns in a specific period. According to a PwC report in Q3CY21, India added 10 new unicorns, and China and Hong Kong added seven.

Goyal Launches Initiative to Connect Indian Start-ups with US Investors

Commerce and Industry Minister Piyush Goyal launched an initiative -- SETU (Supporting Entrepreneurs in Transformation and Upskilling) -- to connect start-ups in India to US-based investors.
SETU is designed to break the geographical barriers between mentors based in the US that are willing to invest in entrepreneurship and sunrise start-ups in India.
The programme was launched during an interaction focused on specific issues related to the start-up ecosystem in India.

Centre Announces Constitution of National level Committee for Drafting of National Cooperation Po...

Centre announced the constitution of a national level committee for drafting of the national cooperation policy. The committee under the Chairmanship of former Union Minister, Suresh Prabhu consists of 47 members from all parts of the country. It comprises experts of the cooperative sector, representatives of national, State and district Cooperative Societies, secretaries Cooperation and registrars of Cooperative Societies of States and UTs. The new policy is being formulated to realize the vision of Sahakar Se Samriddhi under the leadership of Prime Minister Narendra Modi. Recently, Union Home and Cooperation Minister, Amit Shah had announced that a national Cooperation policy will soon be prepared which will have a holistic approach from Primary Agricultural Credit Society upwards.
The new policy document is being formulated with a view to fulfilling the mandate given to the new Ministry of Cooperation, which includes realizing the vision of Sahakar se Samriddhi, strengthening cooperative movement in the country and deepening its reach up to the grassroots.

Sep 08, 2022

Axis Bank Ties up with PayNearby

Axis Bank aims to meet its priority sector lending targets in an organic manner, and partnered with technology-based company PayNearby to boost its credit growth in the segment.
The tie-up will be used to set up current and savings accounts for both retail and individual customers in remote areas.
As per Reserve Bank of India guidelines, 40 per cent of net bank credit is to be extended to the priority sector, which includes agriculture and micro, small and medium enterprises.

Mahanagar Gas Ltd Appoints Mahesh V. Iyer as New Chairman

State-run city gas utility, Mahanagar Gas Limited (MGL), appointed Mahesh Vishwanathan Iyer as the company's new Chairman. Iyer was director (Business Development) with GAIL (India) Limited till last month. Gail is the promoter of MGL. Iyer is an electrical engineer with more than 36 years of experience in the execution of projects in the areas of gas pipelines, LNG terminals, city gas distribution projects, renewables etc, amounting to Rs. 40,000 crore.
Iyer was part of the core team of Gail for the implementation of various long-term and short-term strategies and is chairperson of Konkan LNG Limited and Central U.P. Gas Limited in addition to holding directorship in ONGC Tripura Power Company Limited.
Mahanagar Gas Limited (MGL) is an Indian natural gas distribution company, incorporated on 8 May 1995. MGL is an enterprise of GAIL (India) Limited (Maharatna Company of Government of India) and the Government of Maharashtra.

PSU Banks Set to Open about 300 Branches in Unbanked Areas by December 2022

As part of the financial inclusion drive, public sector banks would open about 300 brick-and-mortar branches in the unbanked areas of various states by December 2022. These new branches would cover all remaining unbanked villages with a population of more than 3,000. A Maximum number of 95 branches would be opened in Rajasthan followed by 54 in Madhya Pradesh. The public sector banks would open 38 branches in Gujarat, 33 in Maharashtra, 32 in Jharkhand and 31 in Uttar Pradesh.
Bank of Baroda will open 76 branches, while State Bank of India will establish 60 branches. Financial Inclusion is a national priority of the government as it is an enabler for inclusive growth.

Jubilant FoodWorks Appoints Sameer Khetarpal as CEO and Managing Director

Jubilant FoodWorks Limited appointed of Sameer Khetarpal as its new CEO and Managing Director. Shareholders also approved the appointment in the 27th Annual General Meeting of the Company. The company operates fast-food chains, Domino's Pizza and Dunkin' Donuts. Khetarpal succeeded Pratik Pota.
In a career spanning 25 years, Khetarpal has worked in e-commerce and management consulting. Before joining Jubilant FoodWorks, Khetarpal had worked at Amazon for 6.5 years. At the e-commerce firm, he had conceptualised, launched and scaled several businesses like Amazon Fresh, Amazon Food and Amazon Pharmacy. Prior to this, he had served as a partner at McKinsey and Company and served clients on topics related to business building and transformation and also built data driven service lines used by several Fortune 500 companies. He has also worked with GE Capital and Hindustan Unilever.

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