General Awareness

BUSINESS AND ECONOMY - July 2016

Jul 2016

Aug 15, 2024

NPCI Spins Off BHIM into a Separate Arm; Lalitha Nataraj is CEO

The National Payments Corporation of India (NPCI) spun off its Bharat Interface for Money (BHIM) app into a standalone subsidiary to bolster its presence in the digital payments market. Lalitha Nataraj, previously with IDFC FIRST Bank and ICICI Bank, was appointed as CEO of this new entity.
The separation of BHIM into an independent subsidiary aims to address concentration risks in India's Unified Payments Interface (UPI) sector. Currently, PhonePe and Google Pay dominate the market, processing around 85% of UPI transactions. BHIM, by contrast, handles only 0.16% of total UPI transactions, highlighting the need for diversification.

MoU Signed Between Ministry of MSME and SBA, Government of US

Ministry of Micro, Small and Medium Enterprises, MSME signed a Memorandum of Understanding, MoU with the Small Business Administration (SBA) of the Government of the United States to promote Cooperation on Small and Medium-size Enterprises (SMEs).
The MoU was signed between Secretary, Ministry of MSME S. C. L Das and Administrator, SBA, Government of the United States of America, Isabel Casillas Guzman in New Delhi.
The MoU provides a framework for both sides to discuss issues concerning micro, small and medium enterprises (MSMEs) and explore possibilities of cooperation. It envisages the exchange of expertise between the two sides on issues related to improving MSME participation in the global marketplace through mutual visits as well as webinars and workshops on topics including access to trade and export finance; technology and digital trade; green economy; and trade facilitation.

RBI Tightens Norms for HFCs to Align with NBFCs

The Reserve Bank of India (RBI) introduced stricter regulations for Housing Finance Companies (HFCs) to bring their public deposit norms in line with those for Non-Banking Financial Companies (NBFCs). This move aims to enhance regulatory parity between the two sectors.
Ceiling Reduction: The RBI has halved the ceiling on the quantum of public deposits that HFCs can hold from 3 times to 1.5 times their net owned fund (NoF). HFCs exceeding this limit must cease accepting or renewing public deposits until they comply with the new cap. Existing excess deposits can mature as scheduled.
Maturity Period: The maximum period for which HFCs can accept or renew public deposits has been reduced from 120 months to between 12 and 60 months. Deposits with maturities beyond 60 months can be repaid according to their current terms.
Regulatory Parity: HFCs will now adhere to the same regulations as NBFCs concerning branches and agents collecting deposits.
Investment Limits: HFCs must establish board-approved internal limits for direct investments in unquoted shares of non-subsidiary companies and companies not in the same group.

Aug 14, 2024

Rana A. K. Singh takes charge as MD at SBI

Rana Ashutosh Kumar Singh took over as Managing Director in charge of State Bank of India's (SBI) risk compliance and stressed assets resolution group (SARG) departments, following his nomination by the government.
As per reports, Mumbai Circle's former Chief General Manager Gajendra Singh Rana replaced Rana A. K. Singh as Deputy Managing Director (DMD) of retail and real estate.

BHEL Wins 1,600 MW Thermal Power Project from DVC

State-owned Bharat Heavy Electricals Ltd (BHEL) was awarded a significant contract by Damodar Valley Corporation (DVC) to set up a 1,600 MW thermal power project. This project, known as the Koderma Supercritical Thermal Power Project (STPP), will be implemented on an Engineering, Procurement, and Construction (EPC) basis in the Koderma district of Jharkhand.
BHEL has a longstanding relationship with DVC, having installed over 80% of DVC's coal-based power stations in Jharkhand and West Bengal. For this project, BHEL will be responsible for the supply, erection, and commissioning of key equipment, as well as civil works. The necessary equipment will be sourced from BHEL's own manufacturing units.

PNB Launches Special Braille Debit Card for Visually Impaired Customers

Punjab National Bank (PNB) introduced the PNB ANTAH DRISHTI Braille Debit Card, a new initiative aimed at enhancing financial accessibility for visually impaired individuals. This contactless National Common Mobility Card (NCMC) debit card operates on the RuPay network and is designed to improve financial independence for its users.
The card features raised Braille dots, including the "PNB" brand name, enabling users to identify it easily. The accompanying welcome letter is also provided in Braille.
A rounded notch opposite the chip helps users orient the card correctly while using ATMs or POS terminals.

Aug 13, 2024

Government Restores Diamond Imprest Licence for Gems and Jewellery Sector

Commerce and Industry Minister Piyush Goyal announced the restoration of the Diamond Imprest Licence, a move aimed at revitalising India's gems and jewellery sector. The decision was made during the India International Jewellery Show (IIJS) 2024, organised by the Gem and Jewellery Export Promotion Council (GJEPC). This policy shift is expected to address issues related to diamond imports and enhance India's export competitiveness.
The licence allows eligible exporters to import cut and polished diamonds, including semi-processed, half-cut, and broken diamonds, duty-free up to 5% of their average turnover from the past three years. Exporters are required to add 10% value to these imports, which must be used by the importer and cannot be transferred even after export.

Raj Kumar Chaudhary Takes Helm as Chairman & Managing Director of NHPC Ltd

In a significant development for India's hydroelectric power sector, NHPC Limited announced the appointment of Raj Kumar Chaudhary as its new Chairman & Managing Director. This appointment marks a crucial milestone for the company, bringing on board a leader with extensive experience and a proven track record in hydroelectric power development.
Chaudhary's journey with NHPC began in 1989 when he joined the company as a Probationary Executive (Civil) at the Koel Karo Hydro-Electric Project in Jharkhand. Over the span of more than three decades, he has steadily climbed the corporate ladder, showcasing his expertise and leadership skills across various departments and projects.

RBI Sets Up 10-Member Expert Committee on Benchmarking of Its Statistics

The RBI announced setting up a committee under Deputy Governor Michael Debabrata Patra on benchmarking the statistics regularly disseminated by it against global standards. The 10-member 'Expert Committee on Benchmarking of its Statistics' has been asked to submit report by the end of November 2024.
The panel, chaired by Patra, will also study the quality of other regular data, where such benchmarks do not exist (like sectors of national priority) and provide guidance on the scope for any further data refinement. The other members of the committee are R. B. Barman (former chairman, National Statistical Commission), Sonalde Desai (National Council of Applied Economic Research, New Delhi and University of Maryland, USA), Partha Ray (Director, National Institute of Bank Management, Pune), and Bimal Roy (former chairman, National Statistical Commission; and former director, Indian Statistical Institute, Kolkata).

Maruti Suzuki Commences Export of Made in India SUV Fronx to Japan

Maruti Suzuki India commenced export of its sports utility vehicle Fronx to Japan.
The first consignment of over 1,600 vehicles left for Japan from Gujarat's Pipavav Port, the country's largest carmaker said. Fronx will be the first SUV from Maruti Suzuki stable launched in Japan.

Aug 12, 2024

Ministry of Textiles Empowers Ginners to Produce Kasturi Cotton Bharat Brand

The ministry of textiles empowered cotton ginners across the country to produce Kasturi Cotton Bharat brand, based on the QR code certification technology, as per stipulated protocol.
About 343 modernised ginning and pressing units have so far been registered across the country for participating in the Kasturi Cotton initiative and about 100 bales of Andhra Pradesh cotton have been certified under Kasturi Cotton Bharat brand, minister of state for textiles Pabitra Margherita informed the Lok Sabha in a written reply.
Kasturi Cotton Bharat programmed ensures quality and traceability of cotton, allowing certification and branding of Indian cotton.
Kasturi Bharat initiative, is a collaborative effort among the central government, trade bodies and industry, which was formalised through the signing of a memorandum of understanding (MoU) between Cotton Corporation of India and the Cotton Textiles Export Promotion Council on15 December 2022.

Aug 11, 2024

SEBI Approves Praveena Rai as New MD & CEO of MCX

The Securities and Exchange Board of India (SEBI) approved Praveena Rai's appointment as the Managing Director and CEO of the Multi Commodity Exchange (MCX), India's largest commodity exchange. This decision came after a three-month vacancy in the position.
Praveena Rai, previously the Chief Operating Officer (COO) of the National Payments Corporation of India (NPCI), brings over 20 years of extensive experience in payments and banking to her new role at MCX. Her expertise spans transaction banking, retail banking, cards, and commercial banking. She has held significant positions at Kotak Mahindra Bank, HSBC, and Citi.

Pine Labs-owned Setu Launches UPISetu in Partnership with Axis Bank

Setu, a Pine Labs-owned API infrastructure provider, launched UPISetu in collaboration with Axis Bank. This new platform focuses on Unified Payments Interface (UPI) solutions, catering to businesses and developers with a variety of UPI products and advanced functionalities.
The launch aligns with the growing UPI adoption in India, where the interface has recently surpassed 500 million transactions daily. UPISetu aims to leverage UPI's expanding role in digital payments, enhancing transaction success rates and providing a unified platform for businesses.
B. Amrish Rau, CEO of Pine Labs, emphasized the platform's potential to drive UPI's evolution and address the growing demand for integrated payment solutions.

Wipro Hydraulics Acquires Columbus Hydraulics

Wipro Hydraulics, the hydraulic cylinder and components manufacturing business of Wipro Infrastructure Engineering announced the acquisition with a US-based hydraulic cylinder manufacturer Columbus Hydraulics. The signing and closing of the acquisition were completed on the same day.
This acquisition looks to strengthen position in manufacturing capabilities in North America.
This is the second acquisition by the company in North America. The first was an agreement to acquire Mailhot Industries, a Canadian company. This acquisition paves the way for exciting new opportunities by combining the expertise and resources from Columbus, Mailhot, and JARP.

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