General Awareness

BUSINESS AND ECONOMY - August 2016

Aug 2016

May 22, 2023

Times Group Splits

India's largest media conglomerate The Times Group finally reached an agreement to split the group's businesses between the two brothers - Sameer Jain and Vineet Jain.
According to reports, the elder brother, Sameer, is slated to get the print businesses of the group along with their digital editions. His share is believed to account for the media conglomerate's highest revenue-grossing business. His younger brother, Vineet, would be getting the digital, TV and entertainment businesses of the media house.

Canara Bank the Largest Buyer from GeM Portal among the State-owned Lenders in 2022-23

India's largest lender SBI was quite slow in procuring goods and services from government-owned GeM portal in 2022-23 and lagged behind smaller counterparts, including Canara Bank and Punjab National Bank, according to the government data.
Canara Bank emerged as the largest buyer among the state-owned lenders in 2022-23, making total purchases of Rs. 592.82 crore from the portal, the data showed.
Punjab National Bank (Rs. 164.57 crore) was the second largest, followed by Indian Overseas Bank (Rs. 159.82 crore), State Bank of India (Rs. 158.22 crore), Indian Bank (Rs. 111.59 crore), Bank of India (Rs. 63.81 crore), Bank of Baroda (Rs. 48.63 crore), Union Bank of India (Rs. 37.03 crore), Bank of Maharashtra (Rs. 10.26 crore), Punjab and Sind Bank (Rs. 9.98 crore), UCO Bank (Rs. 5.30 crore) and Central Bank of India (Rs. 4.54 crore) in 2022-23.
The GeM portal was launched on August 9, 2016, for online purchasing of goods and services by all the central government ministries and departments.

RBI Announces Withdrawal of Rs. 2000 Banknotes from Circulation

The Reserve Bank of India (RBI) made a significant decision to withdraw the Rs. 2000 denomination banknotes from circulation. Although these banknotes will no longer be issued, they will retain their status as legal tender. The move came as the objective of introducing the Rs. 2000 banknotes was fulfilled, and other denominations now adequately meet the currency requirements of the economy.
The introduction of Rs. 2000 banknotes in November 2016 was a response to the withdrawal of legal tender status for Rs. 500 and Rs. 1000 banknotes. This measure aimed to fulfil the urgent currency requirements at the time. However, the printing of Rs. 2000 banknotes was halted in 2018-19 as their purpose was served.
The withdrawal of Rs. 2000 banknotes aligns with the RBI's "Clean Note Policy." This policy aims to maintain the quality of currency in circulation and promote efficiency in the banking system.
While the RBI has initiated the withdrawal process, it emphasizes that the Rs. 2000 banknotes will remain legal tender. Individuals have until September 30, 2023, to exchange or deposit their Rs. 2000 banknotes in their bank accounts. After this date, banks may stop accepting Rs. 2000 banknotes for exchange, although they can still be deposited into bank accounts.

India Plans Start-up Exchange Programmes with Nepal, Bangladesh, Bhutan

India is planning start-up exchange programmes with its neighbours to boost entrepreneurial cooperation in the region.
After developing a framework for exchange with Bangladesh, India is now planning to execute a similar initiative for Bhutan and Nepal.
India in its exchange programme aims to support exchange visits between start-ups from India and the neighbouring countries to facilitate and enhance partnerships, business relations and knowledge exchange. This in turn can help boost the subcontinent's economy through the exchange of ideas in emerging areas of technology and innovation.
Such exchange programmes in the region will not only help MSMEs in the region but also provide support for Global Value Chains (GVC) that are looking to make a shift.

Aditya Birla Capital Launches Udyog Plus

Aditya Birla Capital, the financial services business of the Aditya Birla Group, through its lending arm, Aditya Birla Finance, launched the Udyog Plus, an innovative one-stop business platform, designed for MSME customers. This new B2B digital platform offers a wide range of solutions for MSMEs, including financing, protection, investments, advisory and value-added services for managing and growing their businesses.
Udyog Plus is an open marketplace that can be accessed through the financing section of the Aditya Birla Capital website by both existing as well as new customers of Aditya Birla Finance.

Centre Plans to Make Chhattisgarh's Gevra Asia's Largest Coal Mine

The Centre plans to increase the capacity of the Gevra Mega project in Chhattisgarh of South Eastern Coalfields (SECL) from 50 million tonne of coal production in a year to 70 million tonne, making it Asia's largest coal-producing mine in Asia.
The Gevra Mega project is currently the largest coal-producing mine in the country and is in second position in the Asia-pacific region.
Indonesia's Sangatta Mine in East Kalimantan, was the largest surface coal-producing mine in the Asia-Pacific region, producing approximately 49.2 million tonnes of coal and an estimated 51.4 million metric tons per annum (mmtpa) of Run-of-Mine (ROM) in 2021.

May 21, 2023

Paytm Partners with SBI Card and NPCI to Launch Paytm SBI Card on RuPay

Paytm's parent company One97 Communications Ltd partnered with SBI Card and the National Payments Corporation of India (NPCI) to launch the Paytm SBI Card on the RuPay network. The cardholders will get discounts on transactions through the Paytm mobile app using the card.
Earlier this year, the Reserve Bank of India (RBI) allowed users to link RuPay credit cards to the United Payments Interface (UPI). NPIC later said that it has enabled key aggregators like Paytm, Google Pay, BharatPe, and PayU to help merchants make transactions through RuPay credit cards on UPI in India.

May 20, 2023

Wipro Enters Into a Five-year Business Partnership with ServiceNow

IT major Wipro Limited, entered into a five-year business partnership with ServiceNow to invest in and bring new offerings to market that will empower clients to drive business transformation, overcome business challenges, and deliver greater value.
The agreement expands both the companies' existing partnership and is expected to help accelerate Wipro's goal of building a $1 billion business with ServiceNow by the end of 2026.
As part of the partnership Wipro and ServiceNow will deliver joint clients process consulting, implementation, configuration, and managed services. The partnership will cover all global geographies and will initially focus on four key industries: Financial Services, Healthcare, Manufacturing, and Energy and Utilities.

CCI Approves Proposed Merger of Credit Suisse Group AG with UBS Group AG

Fair-trade regulator Competition Commission of India (CCI) cleared the proposed merger of Credit Suisse Group AG with UBS Group AG.
Both Credit Suisse Group AG (Credit Suisse) and UBS Group AG (UBS) are multinational investment banks and financial services companies founded and based in Switzerland.
The transaction entails UBS' proposed acquisition of Credit Suisse by way of an absorption merger with UBS being the surviving legal entity, according to CCI.
Post transaction, all Credit Suisse's assets, liabilities, and contracts will be transferred to UBS in their entirety.
The proposed transaction was necessitated due to Credit Suisse's financial difficulties.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.

May 19, 2023

HDFC Mutual Fund Launches India's First Defence Fund

HDFC Asset Management Company Ltd launched the country's first mutual fund focussed on defence sector, a move that will provide investors an opportunity to participate in growth potential of this space.
The fund will invest at least 80 per cent of its net assets in defence and allied sector companies. Defence and allied sector stocks include stocks forming part of aerospace and defence; explosives, shipbuilding and allied services.

RBI Allows SBI Funds Management to Acquire up to 9.99% Stake in HDFC Bank

The Reserve Bank of India (RBI) gave approval to SBI Funds Management to acquire up to 9.99% stake in merger-bound HDFC Bank.
The central bank further informed SBI Funds Management to complete the said stake acquisition in bank within a period of six months by November 15, 2023.
The approval granted by the RBI is subject to conditions, including compliance with the relevant provisions of the Banking Regulation Act, RBI's master direction and guidelines on acquisition and holding of shares or voting rights in banking companies and other regulations.

May 18, 2023

Meta India Partnership Head Manish Chopra Resigns

Meta India's director and chief of partnerships, Manish Chopra, resigned from the company after 4.5 years of service.
This follows the exit of former Meta India chief Ajit Mohan, public policy head Rajiv Aggarwal, and WhatsApp India CEO Abhijit Bose. Chopra joined Facebook India in 2019 as the director and head of partnerships.
According to reports, Chopra served as interim head until January 1, 2023, while Sandhya Devanathan was appointed chief following Ajith Mohan's exit.
Chopra's departure from Meta came at a time when the internet behemoth is seeing massive churn at the top in India.

HPCL to Set up Ethanol Plant in Una

Chief Minister Sukhvinder Singh Sukhu announced that Hindustan Petroleum Corporation Limited (HPCL) has committed to setting up a state-of-the-art ethanol plant in Jeetpur Baheri, Una district. With an estimated cost of Rs. 500 crore, this project aims to bolster the production of ethanol in the region and create numerous employment opportunities for local communities.
The proposed ethanol plant will focus on the production of grain-based ethanol, utilizing locally sourced raw materials. This approach will not only promote sustainable agricultural practices but also contribute to reducing carbon emissions and mitigating environmental concerns. The plant's operations are anticipated to support the government's larger vision of achieving energy independence and fostering a greener future.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

August GK, July GK, June 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