General Awareness

BUSINESS AND ECONOMY - July 2016

Jul 2016

May 01, 2023

Govt. Appoints Debadatta Chand as Managing Director of Bank of Baroda

Bank of Baroda said that the government appointed Debadatta Chand, who is currently (as in May 2023) the Executive Director, as the Managing Director (MD) and Chief Executive Officer (CEO).
His appointment to the top post is for a period of three years with effect from the date of assumption of office on or after 01.07.2023, or until further orders, whichever is earlier.
Chand succeeds Sanjiv Chadha, whose tenure was extended by the government for about five months till June 30. Chadha's original tenure was up to January 19. 2023.

Rajneesh Karnatak Selected as MD and Chairman of Bank of India

Rajneesh Karnatak was chosen by government as the Managing Director (MD) of Bank of India (BOI). Karnatak was Union Bank of India's Executive Director. As per repots, he would serve as MD & CEO of Bank of India for a term of three years beginning on the day of assumption of office or until further instructions.

Siddhartha Mohanty is New Chairperson of LIC

The government officially appointed Siddhartha Mohanty as the Chairperson of state-run Life Insurance Corporation (LIC) of India for two years.
Mohanty, who is one of the four Managing Directors at LIC, was already named as interim Chairperson in March 2023 for three months.
The term of M. R. Kumar as Chairperson of LIC of India completed on March 13, 2023.
Mohanty began his career as a direct recruit officer with the LIC of India in 1985 and has since held various senior positions within the company, gradually rising through the ranks.

Apr 30, 2023

Arya.ag Announces Partnership with Shivalik Small Finance Bank

Shivalik Small Finance Bank announced a strategic partnership with Arya.ag, a grain commerce platform, to provide financing to small farmers against warehouse receipts. The collaboration will enable Arya.ag to further its mission of driving financial inclusion for farmers and Farmer Producer Organizations (FPOs) in India. Through the partnership, Shivalik Small Finance Bank will offer loans to farmers and FPOs under Warehouse Receipt Finance, using the stored crops as collateral. The business correspondent model partnership will facilitate loan disbursement, credit assessment, documentation, and recovery. This partnership will help in promoting financial inclusion in rural areas and strengthening the agriculture ecosystem in India.
Under the partnership, Shivalik Small Finance Bank will offer loans to farmers and FPOs through warehouse receipt finance. This means that farmers can use their stored crops as collateral for securing loans from the bank, which can help them in accessing credit and managing cash flow efficiently.

Razorpay Joins Hands with ONDC to Offer Payment Reconciliation Service

Razorpay, a fintech payments and banking platform for businesses, joined the Open Network for Digital Commerce (ONDC), a non-profit company set up by the Department for Promotion of Industry and Internal Trade (DPIIT) as an alternative for internet shopping.
With this, the Tiger Global-backed firm became the first payment gateway to launch a Payment Reconciliation Service for Network Participants (NPs) like buyers, sellers, and logistic partners on ONDC. This will provide them with an integrated single view of all their transactions.
Founded in 2014 by Kumar and Harshil Mathur, Razorpay is backed by the likes of Y Combinator and other marquee investors such as TCV, GIC, Tiger Global, Sequoia Capital India, Matrix Partners, Salesforce Ventures, and MasterCard have invested a total of $741.5 million in the firm. The company is currently valued at around $7 billion.

Embassy REIT CEO Vikaash Khdloya Resigns

Embassy Office Parks REIT's CEO Vikaash Khdloya resigned and the company appointed Aravind Maiya as the new CEO with effect from July 1, 2023.
Maiya has been previously associated with Embassy REIT as its Chief Financial Officer and comes with over 22 years of experience, including in real estate, capital markets, audit and consulting.
Embassy REIT, sponsored by Blackstone and realty firm Embassy Group, is India's first publicly listed Real Estate Investment Trust (REIT).

Apr 29, 2023

Hinduja's Offer to Infuse Rs. 300 cr More in Reliance General Insurance

Reliance General Insurance needs cash injection to maintain solvency levels. Hinduja Group offered to invest an additional Rs. 300 crore in the company, a part of Reliance Capital. It offered another Rs. 50 crore for other expenses.
The Anil Ambani-led Reliance General Insurance had asked lenders for a Rs. 600 crore cash infusion in December 2022 to meet the solvency requirements of the Insurance Regulatory and Development Authority of India (IRDAI). The lenders had rejected this funding call, putting the onus for the private insurance firm on the incoming investor.

Vodafone Appoints Finance Chief Margherita Della Valle as CEO

Vodafone (VOD.L) appointed interim Chief Executive Officer Margherita Della Valle to the role, saying she impressed the company's board with her "pace and decisiveness to begin the necessary transformation" of the mobile operator.
The company, which spans Europe and Africa, conducted a rigorous internal and external search before choosing the insider who has been Chief Financial Officer since 2018.
She stepped into the top role on an interim basis after Nick Read abruptly left in December 2022, when he agreed with the board that it was the right moment for a new leader.

Godrej Consumer Products Acquires Raymond's FMCG Business

Godrej Consumer Products (GCPL) announced the acquisition of the consumer products business of Raymond Consumer Care (RCCL), a subsidiary of BSE-listed Raymond, in an all-cash deal of Rs. 2,825 crore.
With this transaction, Godrej will get Raymond's marquee brands such as Park Avenue (for the consumer products category), KS (deodorants), KamaSutra, and Premium. Park Avenue as a clothing brand will remain with Raymond.
RCCL will be a listed entity with a pure-play consumer-focused lifestyle business and sell the consumer products business to GCPL in a slump sale. This will enable RCCL to be free of net debt.

Apr 28, 2023

Cummins, Tata Motors Sign Deal to Produce Clean Tech Products in India

Global power technology company, Cummins Inc, entered into a definitive agreement with Tata Motors Ltd to manufacture a range of low-to-zero-emissions technology products in India. The two companies established a new business entity, TCPL Green Energy Solutions Private Ltd (GES), a wholly-owned subsidiary under the existing joint venture, Tata Cummins Private Limited (TCPL) in India. The partnership aims to develop and manufacture sustainable technology products, including hydrogen-powered internal combustion engines, fuel delivery systems, battery electric power trains, and fuel cell electric systems, through the Accelera by Cummins brand.
The collaboration further strengthens the 30-year-old partnership between Cummins and Tata Motors, established in 1993 through their joint venture TCPL in India.

Adtech Company Infomo Appoints Himanka Das as Country Director India

Infomo, an advertising technology company, appointed Himanka Das as country director for India and promoted Rohit Verma as its global chief of strategy and new initiatives.
Das has over two decades of experience in advertising. He had leadership roles at Dentsu International for over nine years, which included three years as chief executive officer (CEO) of its group company Vizeum India and an EVP at Carat India. He began his career at Madison World, working at Initiative, Lintas Media Group, FCB Ulka of IPG and Starcom of Publicis Media.
Before joining Infomo, Himanka took an academic sabbatical to earn a postgraduate qualification in data science from International Institute of Information Technology, Bangalore. He also has a Masters in International Marketing and Mass Communication Studies from University of Pune.

RBI Approves Reappointment of N. Kamakodi as MD and CEO of City Union Bank

The Reserve Bank of India (RBI) approved the reappointment of N. Kamakodi as the Managing Director (MD) and Chief Executive Officer (CEO) of City Union Bank.
Kamakodi will be the MD and CEO for three years.
Kamakodi joined the bank as Deputy General Manager in 2003 and was later elevated to General Manager in 2005. In 2006, he was appointed as Executive Director. From May 2011, he was serving the bank as its Managing Director and Chief Executive Officer.

Apr 27, 2023

Amit Shah launches IFFCO's nano DAP fertilizer

Union Home Minister Amit Shah launched IFFCO's liquid nano Di-Ammonia Phosphate (DAP) .The first Nano DAP (Liquid) has been launched in the world . This revolutionary step will not only take Indian agriculture forward in foodgrain production but it will also make India self-reliant in fertilizer production also.
Nano DAP is manufactured by the cooperative major IFFCO. Recently, the Centre had notified the Nano DAP in the Fertilizer Control Order, which regulates the sale, pricing, and distribution of fertilizers in the country.
Discussing the role of the cooperative sector in fertilizer production in the country, Shah said, out of the total fertilizer production of 384 lakh metric tonnes (LMT) in the country, 132 LMT has been contributed by the cooperative societies. Of the 132 lakh metric tonnes, 90 LMT have been produced by IFFCO.

Shreekant Bhandiwad is KVGB chairman

Shreekant M Bhandiwad has taken charge as the new chairman of Karnataka Vikas Grameena Bank (KVGB). Outgoing chairman P Gopikrishna handed over the charge to the new incumbant. Shreekant M Bhandiwad holds a master's degree in agricultue and is also a certified associate of Indian Institute of Bankers. A native of Dharwad, Shreekant carries with him the experience of 29 years in Canara Bank, having worked across India (Haryana, Rajasthan, Bihar and Karnataka) in various capacities. Prior to his joining as chairman of KVGB, Shreekant Bhandiwad was heading the Patna circle of Canara Bank. P Gopikrishna has been repatriated to Canara Bank as circle head, Bengaluru.

Hari Hara Mishra takes charge as CEO of Association of Asset Reconstruction Companies

Hari Hara Mishra has been appointed as the new Chief Executive Officer (CEO) of the Association of Asset Reconstruction Companies (ARCs). The ARCs are the voice of all Asset Reconstruction Companies in India and have been active for over eight years. Currently, there are 28 ARCs registered with the Reserve Bank of India.
Hari Hara Mishra has been appointed as the new Chief Executive Officer (CEO) of the Association of Asset Reconstruction Companies (ARCs). The ARCs are the voice of all Asset Reconstruction Companies in India and have been active for over eight years. Currently, there are 28 ARCs registered with the Reserve Bank of India.

HDFC Bank, Axis Bank to invest in Go Digit Life Insurance; Acquire 9.94% each

According to the regulatory filings, HDFC Bank and Axis Bank signed the definitive agreements to pick up a 9.94% equity stake each for a payment of ₹69.90 crore which will be made in two tranches. Both the banks have already made the first tranche of payment of Rs 10.93 crore each.Two of India's largest private sector banks, HDFC Bank and Axis Bank have signed definitive agreements to pick up a 9.94% equity stake each in the IPO-bound insurtech unicorn Go Digit's life insurance business.The new life insurance firm was incorporated in December, 2021, and was subsequently converted to a public limited company on May 10, 2022.
The company is yet to receive the certificate of registration from Insurance Regulatory and Development Authority of India (IRDAI) to carry out life insurance business.

Rail Vikas Nigam Limited now a Navratana.

The state-owned railway company Rail Vikas Nigam Limited (RVNL) was in focus as the Indian Government upgraded its status to a 'Navratna' Central Public Sector Enterprise (CPSE) from a 'Miniratna' category. The decision to upgrade RVNL was approved by the Finance Minister and is set to take effect from April 26, 2023.
RVNL is a mid-cap company under the Ministry of Railways, with an annual turnover of Rs 19,381 crore and a net profit of Rs 1,087 crore for the year 2021-22. This makes it the 13th Navratna company among the CPSEs in India.

Infosys Partners With Walmart Commerce Technologies To Deliver Omnichannel Solutions To Retailers

Indian IT services company Infosys has joined hands with Walmart Commerce Technologies to help retailers harness technology solutions that simplify customer and store employee experiences.
Infosys will help retailers implement and use Store Assist, which enables them to provide "seamless omnichannel experiences" such as pickup, delivery and ship from store for both employees and customers, the company said in a statement.
It is pertinent to mention that Infosys has a consumer and retail focused practice that has been helping retailers, consumer tech, consumer packaged goods and logistics companies navigate their way through digital and emerging technologies over the last three decades.

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