General Awareness

BUSINESS AND ECONOMY - February 2016

Feb 2016

Aug 10, 2022

Finance Ministry Invites Application for Post of PFRDA Chairperson

The government started the search for a successor to Pension Fund Regulatory and Development Authority (PFRDA) chairman Supratim Bandyopadhyay whose term is ending in January 2023.
PFRDA chairperson holds office for five years or till the age of 65 years.
The chairperson is entitled to a consolidated salary of Rs. 4.50 lakh per month without facility of house and car.
Besides senior government officials, private sector employees who have worked at the level of CEO, CFO, COO or equivalent are also eligible to apply for post. The position is also open for persons from academic background.
The appointment would be made by the central government on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC).

HDFC Gets National Housing Bank Nod for Merger with Subsidiary Bank

Mortgage major HDFC received approval from the National Housing Bank (NHB) for its merger with subsidiary HDFC Bank.
The NHB also approved the merger of two wholly-owned subsidiaries -- HDFC Investments and HDFC Holdings Limited -- of the housing finance company with HDFC.
The country's largest mortgage lender by asset size had already received approval from the Reserve Bank, Sebi and the stock exchanges (NSE and BSE) for the proposed merger between HDFC and HDFC Bank.
The merger scheme remains subject to various statutory and regulatory approvals including approvals from the Competition Commission of India, the NCLT and the respective shareholders and creditors of the two companies.

Aug 09, 2022

RBI Prescribes Norms for Small Finance Banks Looking to Deal in Forex

According to the Reserve Bank, small finance banks which have completed two years of operations and have a minimum net worth of Rs. 500 crore can deal in foreign exchange.
The RBI said that this is being permitted with the objective of giving more flexibility to small finance banks (SFBs) to meet their customers' foreign exchange business requirement.
Other criteria for entering the forex business include profit in the preceding two years and net NPAs not being more than 6 per cent in the previous four quarters.

Varun Mehta Inducted into Torrent Power Board

Torrent Power announced the appointment of Varun Mehta as a director on its board. About a week back, the group's pharmaceutical arm had appointed Aman Mehta as a director on its board.
As per reports, with the new generation slowly taking charge, the Group plans to diversify into various sectors.
Varun has worked across different business segments of the company — renewables, thermal generation and distribution.
Varun started his career in the renewables business, where he formulated the entry strategy of the Group into the sector. He even set up the initial set of renewable energy projects, and eventually moved on to the thermal generation business. Here he spearheaded the strategic initiative of importing LNG directly from overseas, and Torrent Power was the first Indian power company to do so.

Aug 08, 2022

Max-life Launches 3 in 1 Protection Plan

Max Life Insurance Company Ltd launched Max Life Smart Secure Easy Solution, a three-in-one protection solution offering benefits of life, critical illness and disability and accidental cover.
Aimed primarily towards self-employed individuals, the solution is available for multiple customer cohorts, including salaried and other professionals to comprehensively guard against life's uncertainties.
The solution is a combination of Max Life's Smart Secure Plus Plan that aims at providing financial protection in case of any uncertainties in life with an accidental cover option and Max Life Critical Illness and Disability Health Rider, which offers an added layer of financial protection in case of critical illnesses, total and permanent disability and provides extra coverage against death due to accident.

SEBI Constitutes Committee to Attract Foreign Investment; Former Chief Economic Advisor K. V. Sub...

The Securities and Exchange Board of India (SEBI) constituted an expert group of Foreign Portfolio Investors (FPIs) to boost overseas flows into the country. The FPI Advisory Committee (FAC) is chaired by former Chief Economic Adviser K. V. Subramanian and consists of 14 other members representing foreign banks, stock exchanges depositories and RBI.
The FAC was tasked with advising on issues related to investments and operations of FPIs in the financial markets, including measures to facilitate ease of doing business by FPIs in India. The committee will review investment avenues available for FPIs and to advise on the feasibility of new investment avenues. It will also suggest measures required to encourage FPI participation in the bond market.

RBI Hikes Repo Rate by 50 bps to 5.40%

The Reserve Bank of India's Monetary Policy Committee (MPC) announced a 50 basis point hike in the repo rate to 5.40 per cent, citing continued upside risks to inflation.
The Standing Deposit Facility (SDF) rate is now at 5.15 per cent, while the Marginal Standing Facility (MSF) Rate stands at 5.65 per cent. The SDF represents the lower band of the interest rate corridor and the MSF the higher.
The latest rate action takes the total tally of rate hikes since May to 140 basis points. Accounting for the introduction of the SDF at a higher rate than the reverse repo rate in April, effective rate hikes stand at 180 bps so far in 2022.

Indian Bank Inks MoU with SRM University in Andhra

Indian Bank collaborated with Hatchlab Research Centre, TBI of SRM University-AP to launch 'IND Spring Board', an initiative for financing start-ups and MSMEs. The bank will extend loans of up to Rs. 50 crore to start-ups incubated at SRM Hatchlab for their working capital requirements or purchase of machinery and equipment. This collaboration is one of its kind in the state of Andhra Pradesh.

Unity SFB Appoints Inderjit Camotra as MD & CEO

Unity Small Finance Bank Limited (Unity Bank) announced the appointment of Inderjit Camotra as the managing director and chief executive officer. A senior banker with over 25 years of experience across India, Camotra held various leadership positions at Standard Chartered Bank, ANZ and Citibank.
Unity Small Finance Bank is a new age, digital first bank which was recently elevated to a 'Scheduled Bank' and was included in the Second Schedule of the RBI Act. The bank is promoted by Centrum Financial Services Ltd and Resilient Innovations Pvt Ltd as a joint investor. The bank commenced its operation in November 2021.

Aug 07, 2022

Sun Pharmaceutical Industries Chairman Israel Makov to Retire

Drug major Sun Pharmaceutical Industries said that its Chairman Israel Makov will retire from the company on August 29, 2022.
Makov is retiring upon the completion of his current term post the company's Annual General Meeting after having led the Mumbai-based company for ten years.
He was appointed a Board member and the Chairman in 2012.

Axis Bank to Wind up UK Subsidiary after Deal with OpenPayd Fails

As per reports, India's third largest private lender Axis Bank is winding up its subsidiary in Britain after a deal with financial firm OpenPayd failed.
Axis Bank first said in 2020 that it will be winding down its UK operations. Currently, the bank's international strategy is to focus on Indian corporates that have global operations, it said in an investor presentation in the results of the quarter ended June.

Aug 06, 2022

Ranjit Rath Takes over as CMD of Oil India Limited

Ranjit Rath took over as new Chairman and Managing Director (CMD) of Oil India Limited (OIL), the country's second-largest public sector exploration and production company.
Before taking over the charge of Oil India Limited, Rath was the Chairman cum Managing Director of Mineral Exploration & Consultancy Limited under the Ministry of Mines.
He also served as Chief Executive Officer of Khanij Bidesh India Limited; Managing Director of Bharat Gold Mines Limited and also held additional charge of the Director General of Geological Survey of India under the Government of India.

Federal Bank Becomes 1st to List Payment Gateway on New Tax Platform

Kerala-based Federal Bank became the first bank to list its Payment Gateway platform on the TIN 2.0 platform of the Income Tax Department.
The TIN 2.0 platform went live on July 1, 2022 and the "Payment Gateway" was enabled, providing one more payment option to taxpayers, who can now make their payments with ease, using modes such as Credit/Debit Card, UPI, NEFT/RTGS and Internet Banking.

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