General Awareness

BUSINESS AND ECONOMY - November 2016

Nov 2016

Nov 11, 2024

Finance Minister Launches Union Bank's Nari Shakti Branches to Empower Women Entrepreneurs

Union Finance Minister Nirmala Sitharaman inaugurated five specialized "Nari Shakti" branches of Union Bank of India in Bengaluru, Chennai, Visakhapatnam, and Jaipur. These branches aim to boost financial inclusion and support for women entrepreneurs, especially in the manufacturing and service sectors. By launching these branches, the government and Union Bank emphasise empowering women through accessible finance, skills training, and advisory services, strengthening India's goal of gender-focused economic growth.

NTPC Celebrates 50th Raising Day

NTPC Ltd, India's largest integrated power utility, celebrated its 50th Raising Day, marking five decades of remarkable growth, innovation, and contribution to India's power sector. Gurdeep Singh, CMD hoisted the NTPC flag at the Engineering Office Complex (EOC), Noida in the presence of Directors on the Board and senior officials. Employees from all locations joined the celebrations via video conferencing.
During the occasion, CMD NTPC virtually launched the Hydrogen-fuel buses which are set to operate at Leh. The hydrogen buses represent a significant leap in NTPC's commitment to advancing clean and green technologies.
Additionally, he announced a major groundbreaking achievement — the successful synthesis of CO2 captured from flue gas with hydrogen produced from a PEM electrolyzer, which was then converted into methanol at NTPC's Vindhyachal plant.

Nov 10, 2024

Ministry of Labour & Employment and Cygnus Ujala Group Sign MoU (10)

Ministry of Labour & Employment and Cygnus Ujala group signed a Memorandum of Understanding (MoU) in New Delhi, marking a significant step toward enhancing employment accessibility in healthcare sector. The MoU was signed in the presence of Union Minister of Labour & Employment and Youth Affairs & Sports, Mansukh Mandaviya and Secretary, MoL&E, Ms. Sumita Dawra. This highlights a joint commitment to leveraging the National Career Service (NCS) portal for boosting job opportunities. This is the first healthcare group which is directly getting associated with NCS & it will provide a boost to the healthcare job opportunities on NCS.

Nov 09, 2024

Govt Eases Norms for Customs Cargo Service Providers to Boost Global Trade

The Central Board of Indirect Taxes and Customs (CBIC) introduced key relaxations for Customs Cargo Service Providers to promote ease of doing business and cut logistics costs in order to facilitate global trade.
The key relaxations include a reduction in the number of days for insurance of stored goods. Customs Cargo Service Providers (CCSPs) were required to insure goods stored in Customs areas for a period of 10 days in terms of Handling of Cargo in Customs Areas Regulations, 2009.
It has now been decided to reduce it to 5 days as a trade facilitation measure. This will enhance the cash flow for the entities by reducing the cost.
The new notification issued also withdrew the Licence Renewal Process. In a move to acknowledge well-established and compliant business entities, CCSPs who meet international operational standards (AEO) will no longer be required to undergo the renewal process of their licenses for handling goods under the Handling of Cargo in Customs Areas Regulations, 2009.

Nov 08, 2024

SBI Unveils Innovation Hub at Singapore Fintech Festival

State Bank of India (SBI), in partnership with APIX—a global collaborative platform for financial institutions and FinTechs launched the 'SBI Innovation Hub' at the Singapore Fintech Festival from November 6-8, 2024. The hub provided a dedicated space for global FinTechs, start-ups, and innovators to create next-generation financial solutions that meet the digital needs of SBI's diverse customer base. This initiative underlined SBI's commitment to driving financial innovation, accelerating digital transformation, and promoting financial inclusion.

Deutsche Bank Infuses Rs. 5,113 Crore to Boost India Operations

Deutsche Bank injected Rs. 5,113 crore into its Indian operations, marking its largest capital infusion into the country in recent years. This move, aimed at funding growth and expanding services across corporate, investment, and private banking, demonstrates the bank's long-term commitment to India. With this fresh capital, Deutsche Bank's regulatory capital for its India branches increased by 33% to nearly Rs. 30,000 crore, tripling in the last decade. The bank plans to leverage India's strategic position in global trends like digital transformation and infrastructure development to drive future growth.
The bank is focusing on sectors like digital transformation, sustainable finance, and infrastructure development as part of its growth strategy in India. As India is considered one of the most important markets for Deutsche Bank globally, its expanded capital will help enhance services and support India's economic growth trajectory.

Nov 07, 2024

Xiaomi India Head Muralikrishnan. B Resigns

Chinese smart devices firm Xiaomi's India head Muralikrishnan. B resigned from the company to pursue his interest in academic research.
He will continue to support Xiaomi India as an independent Strategic Advisor.
As per Xiaomi, Muralikrishnan played a pivotal role in enhancing Xiaomi India's brand presence, leading strategic direction across teams, and steering critical public affairs efforts.

SC Orders Liquidation of Jet Airways

The Supreme Court of India ordered the liquidation of Jet Airways, invoking its extraordinary powers under Article 142 of the Constitution, following the failure of the airline's resolution plan to be implemented over a span of five years.
The Court set aside the NCLAT Order which allowed the cash-strapped Jet Airways' ownership transfer to the Successful Resolution Applicant (SRA) without complete payment in accordance with the resolution plan.
The Court directed the NCLT Mumbai Bench to appoint a liquidator forthwith.

IFC Invests $400 Million in Bajaj Finance for Climate and Women Empowerment

The International Finance Corporation (IFC) announced a strategic partnership with Bajaj Finance Ltd. (BFL), committing $400 million as part of a $1 billion fundraising initiative to enhance access to climate finance in India. This investment is aimed at expanding financing for electric vehicles (EVs), energy-efficient consumer goods (EECG), and women-owned micro-enterprises, aligning with India's climate goals and promoting financial inclusion.

SBI Appoints Debasish Mishra as Chief General Manager of its New Delhi Circle

State Bank of India (SBI) appointed Debasish Mishra as the Chief General Manager of its New Delhi Circle.
Mishra has experience across Credit, Operations, Forex, IT, HR, and MSME sectors, both in India and overseas.
A Certified Financial Planner and Chevening Gurukul Scholar, Mishra's appointment came at a time when SBI's New Delhi Circle, comprising over 1,700 branches, aims to reinforce its market position in alignment with the nation's growth.

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