General Awareness

BUSINESS AND ECONOMY - September 2016

Sep 2016

Nov 01, 2024

TCS Signs Contract with Ireland's Department of Social Protection

IT services major Tata Consultancy Services (TCS) secured a 15-year contract with Ireland's Department of Social Protection (DSP) to implement and support the country's new Auto Enrolment Retirement Savings Scheme, known as the 'My Future Fund.'
This initiative will provide a comprehensive, end-to-end digital solution for the automatic enrolment of nearly 800,000 workers in Ireland. While the financial details of the deal were not disclosed, such long-tenure contracts are typically categorised as large deals.

FSIB Recommends Ashok Chandra as Next MD and CEO of PNB

The Financial Services Institutions Bureau (FSIB) recommended Ashok Chandra as the next Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB). Currently serving as Executive Director at Canara Bank since November 2022, Chandra's banking career began in September 1991 with Corporation Bank. He holds a Master's degree in Economics and is a Certified Associate of the Indian Institute of Bankers. He will succeed Atul Kumar Goel, whose tenure ends on December 31, 2024.
FSIB serves as an autonomous body responsible for recommending candidates for high-level appointments in public sector banks.
Financial Services Institutions Bureau was constituted effective from July 01, 2022, by Central Government for the purpose of recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions.

Oct 31, 2024

Bharti Airtel Announces Shashwat Sharma as New CEO

Bharti Airtel appointed Shashwat Sharma as the new Managing Director (MD) and Chief Executive Officer (CEO), effective January 1, 2026. This decision is part of a structured succession plan, allowing the incumbent MD and CEO, Gopal Vittal, to transition into the role of Executive Vice Chairman.

Jio Payment Solutions Gets RBI Nod to Operate as Online Payment Aggregator

Jio Payment Solutions Limited (JPSL), a wholly-owned subsidiary of Jio Financial Services, informed the exchanges that it received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator, marking a significant step ahead in India's digital payment services.
The certificate of authorisation, effective from October 28, 2024, permits JPSL to manage digital transactions in compliance with Section 7 of the Payment and Settlement Systems Act, 2007.

Oct 30, 2024

Ujjivan Small Finance Bank Receives RBI Approval for Foreign Exchange Services

Ujjivan Small Finance Bank secured approval from the Reserve Bank of India (RBI) for foreign exchange services, marking a significant milestone in its operational capabilities. The bank was granted the 'Authorised Dealer Category 1 licence,' allowing it to offer a comprehensive range of foreign exchange products and services. This development aligns with the bank's strategy to enhance its service offerings and cater to the growing demand for forex solutions among its customers.

Oct 29, 2024

Global Finance Magazine Names SBI Best Bank in India for 2024

State Bank of India (SBI) was awarded the title of Best Bank in India for 2024 by Global Finance Magazine during its 31st Annual Best Bank Awards, held in Washington, coinciding with the Annual Meetings of the IMF and the World Bank. SBI Chairman C. S. Setty accepted the award, highlighting the bank's dedication to exceptional services and its role in promoting financial inclusion across the nation. This recognition underscores SBI's long-standing commitment to winning customer trust and its pivotal role in the evolving Indian banking landscape.
The Global Finance Best Bank Awards are renowned for their credibility, serving as a benchmark for assessing financial institutions worldwide. The awards provide valuable insights for corporate decision-makers, especially amid global economic challenges.

Oct 28, 2024

Nvidia Overtakes Apple as World's Most Valuable Company

Nvidia dethroned Apple as the world's most valuable company, following a record-setting rally in the stock powered by an insatiable demand for its new supercomputing AI chips.
In June 2024, Nvidia had briefly held the title before being surpassed by Microsoft and Apple. The valuations of these tech giants have been closely intertwined, with Microsoft's market value at $3.20 trillion.

Amitabh Chaudhry Re-Appointed as MD and CEO of Axis Bank by RBI

The Reserve Bank of India (RBI) approved the re-appointment of Amitabh Chaudhry as the Managing Director & CEO of the Axis Bank for three more years, effective January 1. This came after the shareholders of the lender approved Chaudhry's re-appointment.
Chaudhary joined Axis Bank on January 2019, before which he was with HDFC Standard Life Insurance Company for over nine years.
Chaudhry is an engineer from Birla Institute of Technology and Science, Pilani and is a post graduate in Business Management from IIM, Ahmedabad. He started his career in 1987 with Bank of America, where he served in various roles such as Head of Technology Investment Banking for Asia, Regional Finance Head for Wholesale Banking and Global Markets, Chief Finance Officer of Bank of America (India) and Relationship Manager in Wholesale Banking for Mumbai and Delhi.

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