General Awareness

BUSINESS AND ECONOMY - November 2016

Nov 2016

Dec 14, 2023

Tech Mahindra Launches Populii, Platform for Gig Workers and Companies

Information technology services major Tech Mahindra launched 'Populii', a platform that enables gig workers to collaborate with organisations needing hands for micro jobs.
The crowd-sourcing platform will list jobs for gig workers and equip businesses with reliable data from trained and qualified candidates to build artificial intelligence (AI) algorithms.
Gig jobs on Populii will include content rating, data collection, data transcription, and data annotation. It will support enterprises in creating a production-grade machine-learning model, enabling businesses to instantly access a pool of skilled talent.

Angel One's Asset Management Business Appoints Hemen Bhatia as New CEO

Hemen Bhatia joined leading broker Angel One as Chief Executive Officer (CEO) of Angel One Asset Management Company. The appointment is seen as a strategic move that focuses on the realm of asset management business.
Bhatia was former Head of ETF (Exchange Traded Fund) at Nippon Life India AMC. He played a key role in setting up CPSE ETF at Goldman Sachs AMC and has over 17 years of experience in the asset management industry.

Fiscal Challenges Loom as 12 Indian States Project Debt Exceeding 35% of GSDP by FY24

In the fiscal landscape of India, a concerning trend emerged as twelve states were projected to witness their debt surpassing 35% of their Gross State Domestic Product (GSDP) by the end of the financial year 2023-24. This revelation, detailed in the Reserve Bank of India's (RBI) latest annual publication, points to potential fiscal mismanagement and raises alarms about the fragile fiscal situation of these states.
The states drawing attention from the RBI for fiscal mismanagement include Arunachal Pradesh, Bihar, Goa, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, and West Bengal. The central bank's annual publication cautions against additional allocations for non-merit goods, services, subsidies, transfers, and guarantees, as such moves could jeopardize the hard-won fiscal consolidation achieved over the past two years.

SBI Signs 70 Million Euro LoC with KfW for Solar Projects

In a significant move towards sustainable energy, the State Bank of India (SBI) signed a €70 million Line of Credit (LoC) with the German Development Bank KfW to support solar projects in India. The agreement was inked at SBI's IFSC Gift City Branch in Ahmedabad, marking a pivotal step in fostering solar photovoltaics (PV) initiatives across the country.
The Line of Credit (LoC) is specifically tailored to bolster Solar Photovoltaics (PV) projects in India, aligning with the nation's commitment to clean and renewable energy sources. This collaboration between SBI and KfW reflects a shared vision of promoting sustainable practices and reducing the carbon footprint through solar initiatives.

Dec 13, 2023

Poonawalla HF Gets a New Name, Rebrands as Grihum Housing Finance

Post the acquisition of Poonawalla Housing Finance by TPG Capital Asia, the company got on a new identity 'Grihum Housing Finance'.
The global private equity firm, TPG acquired a 99.02 per cent equity stake in the company, taking over from Poonawalla Fincorp earlier this year (2023).
Speaking on the rebranding, Manish Jaiswal, Managing Director and Chief Executive Officer of Grihum Housing Finance said, "Grihum, a portmanteau of 'Grih' (home) and 'Hum' (togetherness), embodies our essence as a company.

CoinSwitch Unveils Umbrella Brand PeepalCo

As crypto investing platform CoinSwitch moves to diversify into a wealth-tech start-up, it rolled out a new umbrella brand, PeepalCo, to house all its business segments.
This came at a time when the crypto unicorn is in the process of offering various highly-regulated investment products, including fixed deposits, bonds, exchange-traded funds (ETFs), stocks, and mutual funds.
Creating a house of brands will help the start-up stay nimble and navigate the regulatory landscape and uncertainties better in India.

Dec 12, 2023

Tata Power Ties Up with Indian Oil to Set Up over 500 EV Charging Stations

Tata Power EV Charging Solutions Ltd (TPEVCSL) signed a memorandum of understanding (MoU) with Indian Oil Corporation Limited (IOCL) to install over 500 electric vehicle (EV) charging points across the country. Tata Power will set up the stations at IOCL's retail outlets.
This strategic collaboration focuses on building a reliable and expansive intercity charging network, which will help alleviate range anxiety for EV owners travelling between cities.
These EV charging points will be installed in major cities like Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi, as well as across major highways such as the Mumbai-Pune Expressway, Salem-Kochi Highway, Guntur-Chennai Highway and the Golden Quadrilateral.

Infosys Appoints Jayesh Sanghrajka as CFO as Nilanjan Roy Resigns

Infosys appointed Jayesh Sanghrajka as its Chief Financial Officer (CFO) and key managerial personnel of the company.
Sanghrajka was appointed as CFO as Nilanjan Roy, resigned after serving in this role since 2018.
Sanghrajka has over 25 years of work experience and is a chartered accountant by qualification. He has spent over 18 years at Infosys across two stints and has performed various leadership roles.

Vaishali Kasture Resigns as AWS India's Interim Country Head

Vaishali Kasture, Amazon Web Services (AWS) India and South Asia's interim country head for commercial business, resigned from her position.
She had taken over from the former president of commercial business, Puneet Chandok, in July 2023. Her tenure at AWS spanned nearly five years. Before becoming the interim country head, she was the head of top enterprise, mid-market, and global businesses in India and South Asia.

Dec 11, 2023

Bank of India Launches Nari Shakti Savings Account

Bank of India, a leading public sector bank in India, launched its Nari Shakti Savings Account at the hands of MD & CEO, Rajneesh Karnatak, in the gracious presence of the Board of Directors at the Head Office in Mumbai. This exclusive Savings Bank Product is aimed at catering to women aged 18 and above with an independent source of income.
The Nari Shakti Savings Account is conceptualised as a financial savings tool to support working women with an independent source of income, enabling them to become self-reliant and enjoy a higher degree of financial freedom. For each New Nari Shakti Account opened, the bank will make a contribution of Rs. 10 towards the CSR fund, which will be utilised for the socio-economic development of underprivileged women and the girl child.

Bimal Dayal is New CEO of Adani Infra India

Adani Energy Solutions' transmission business Chief Bimal Dayal was appointed as the CEO of Adani Infrastructure India.
Dayal will oversee the implementation of the pipeline of infrastructure projects in thermal, renewable energy and green hydrogen by Adani Infrastructure India.

Dec 10, 2023

RBI Cancels License of UP Based Urban Co-operative Bank

The Reserve Bank of India (RBI) cancelled the license of Urban Co-operative Bank (UCB) located in Sitapur, Uttar Pradesh.
According to the RBI, the primary reason behind the license cancellation was that the Urban Co-operative Bank ceased to carry on its banking business. The central bank expressed concerns about the bank's financial health, leading to the decision to terminate its operations.

IDFC FIRST Bank's ED Madhivanan Balakrishnan Resigns

The Executive Director (ED) and key managerial personnel of IDFC FIRST Bank, Madhivanan Balakrishnan tendered his resignation.
Madhivanan Balakrishnan joined IDFC FIRST Bank in 2019.

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