General Awareness

BUSINESS AND ECONOMY - May 2016

May 2016

May 13, 2025

Sumitomo May Merge India NBFC with YES Bank after Acquiring 20% Stake

Japanese major Sumitomo Mitsui Financial Group (SMFG) may merge its Indian non-bank arm SMFG India Credit with YES Bank after its group entity SMBC completes acquiring 20 per cent stake in YES Bank.
Technically, if Sumitomo wants to increase stake in YES Bank, since they already have a NBFC in India — SMFG India Credit — they may want to merge that NBFC with YES Bank. This is because of the RBI's norms that for lending side businesses, banks should have a single point of presence.

Kotak Mahindra Bank to End Complimentary Debit Card Insurance from July

Kotak Mahindra Bank announced that it will discontinue all the complimentary insurance benefits associated with its debit cards, effective July 20. The bank communicated this change directly to its customers, urging them to review the updated terms and conditions.
Key insurance benefits that will be discontinued
Previously, the bank offered the following insurance benefits to its debit cardholders:
Personal accidental death cover:Coverage up to Rs. 15 lakh, applicable in case of accidental death due to rail or road accidents.
Lost card liability: Protection against unauthorised transactions up to Rs. 6 lakh, depending on the card variant
Purchase protection: Coverage for loss of goods purchased using the debit card, up to Rs. 1.5 lakh, within 60 days of purchase.
Lost baggage insurance: Coverage up to Rs 1 lakh for loss of baggage during travel, provided the travel ticket was purchased using the debit card.
Air accident insurance: Coverage up to Rs. 5 lakh for accidents occurring during air travel.

May 12, 2025

Ajoy Chawla to Succeed C.K. Venkataraman as Titan's MD from January 2026

Titan Company Ltd., a Tata Group enterprise, announced the appointment of Ajoy Chawla as its next Managing Director. Chawla, currently leading Titan's highly successful jewellery division, will assume the role on January 1, 2026, succeeding C. K. Venkataraman, who retires at the end of December 2025.
Chawla has led the jewellery division since October 2019, more than doubling sales and profits during his tenure.
He joined Titan in 1991 and has held pivotal roles across watches, accessories, jewellery, and new ventures like SKINN and Taneira.

Centre Terminates Services of SECI Chairman R. P. Gupta with Immediate Effect

The Union Government terminated the services of R. P. Gupta, Chairman and Managing Director of Solar Energy Corporation of India (SECI), with immediate effect.
Gupta was at the helm of SECI from June 2023 and his tenure was supposed to end next month (June). This abrupt termination came in the wake of several controversies involving SECI and various sector majors. At the same time, the core task of SECI to sell-purchase renewable energy (RE) has come under severe criticism, with the agency facing a major backlog.

India Secures 'BBB' Rating with Stable Outlook from Morningstar DBRS

India's robust economic reforms, consistent fiscal consolidation, and resilient banking system have led global credit rating agency Morningstar DBRS to upgrade the country's sovereign credit rating. As of May 9, 2025, India's Long-Term Foreign and Local Currency Issuer Ratings have been upgraded from 'BBB (low)' to 'BBB' with a Stable outlook. This positive revision signals growing investor confidence and international recognition of India's economic trajectory.
Morningstar DBRS is a leading global sovereign credit rating agency.
Morningstar DBRS uses a rating scale similar to Fitch and S&P (uses "high"/"low" instead of "+"/"-").
Sovereign Credit Ratings assess a country's ability to repay its debts.
'BBB' is considered investment grade, showing moderate credit risk.

May 11, 2025

LG Electronics India Limited Begins Construction of Its Third Manufacturing Plant in India

LG Electronics India Ltd. (LGEIL) announced the commencement of construction of its new manufacturing facility in Sri City, Andhra Pradesh. The new plant is expected to commence operations by the end of 2026.
Strategically located in Sri City's industrial area, the new manufacturing facility will enhance LGEIL's production capacity and also enable local employment in the region. The new facility will be LG Electronics' third plant in India. The other two plants are located in Greater Noida, Uttar Pradesh and Pune, Maharashtra.

Adani Signs MoU for 5,000 MW Hydro Projects in Bhutan

Gautam Adani-led Adani Group signed an agreement with Druk Green Power Corporation (DGPC) of Bhutan to jointly develop hydropower projects totalling 5,000 MW capacity in the neighbouring country.
The agreement was signed in Thimphu by DGPC's MD and Adani Green Hydro Ltd's COO (PSP & Hydro) in the presence of the PM Dasho Tshering Tobgay. This MoU builds on the ongoing partnership for the Wangchhu Hydropower Project, in which DGPC will hold a majority 51 per cent stake.

May 10, 2025

World Bank Unveils $1 bn Support Plan to Boost Sri Lanka's Economy

The World Bank announced a package of USD one billion over three years to support job creation and develop private sector growth in Sri Lanka, a press release said.
The announcement came after a meeting between World Bank President Ajay Banga and President Anura Kumara Dissanayake here.
The initiative aims to expand economic opportunity, strengthen local industry and attract private capital to support long term growth.

May 09, 2025

RBI Grants SRO Status to FIMMDA for Oversight of Financial Markets

The Reserve Bank recognised the Fixed Income Money Market and Derivatives Association of India (FIMMDA) as a Self-Regulatory Organisation (SRO) in financial markets regulated by the central bank.
In August last year, the RBI had issued the framework for recognition of Self-Regulatory Organisations (SROs) in financial markets.
FIMMDA, an association of commercial banks, public financial institutions, primary dealers, and insurance companies was incorporated as a company in May 1998.
FIMMDA is a voluntary market body for the fixed income, money and derivatives markets.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

July GK, June GK, May GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26