General Awareness

BUSINESS AND ECONOMY - January 2017

Jan 2017

Jun 22, 2024

Nine Major Ports of India Makes It to Global Top 100 by World Bank, First for the Country

In a significant boost to the India's port development programme, as many as 9 ports of India made it to the Global Top 100 in the latest edition of Container Port Performance Index (CPPI), 2023 - a report prepared by the World Bank and S&P Global Marketing Intelligence.
The nine ports are: Govt-owned Visakhapatnam Port, made it to the top 20 ports of the World and secured the 19th spot, Gautam Adani's Mundra Port also climbed up the index and secured 27th place, Port Pipavav was ranked 41st Chennai's Kamarajar Port was placed on the 47th place, Cochin Port was positioned 63rd, Hazira, one of the major ports of India, stood 68th, Krishnapatnam Port was ranked 71st, Chennai Port stood 80th and Jawaharlal Nehru Port Trust (JNPT) also known as Nhava Sheva, was ranked 96th in the index.

India Post Payments Bank Partners with Ria Money Transfer to Revolutionize Rural Remittance Services

India Post Payments Bank (IPPB) teamed up with Ria Money Transfer, a global leader in cross-border money transfers and a business segment of Euronet Worldwide, Inc., to offer innovative remittance services in rural India. This collaboration aims to provide convenient and affordable financial services directly to the doorsteps of customers in remote areas.
The partnership will immediately make international inward money transfer services available at over 25,000 Post Office locations, with plans to expand to more than 100,000 locations. Combining IPPB's extensive postal network with Ria's global reach, customers across India will benefit from fast, convenient, and safe doorstep services.

Cabinet Approves Vadhavan Port Project in Maharashtra

Prime Minister Narendra Modi-led Cabinet approved the development of greenfield deep draft port at Vadhavan in Maharashtra for Rs. 76,200 crore. The port will have nine container terminals, each 1000 meters long, four multipurpose berths, including the coastal berth, four liquid cargo berths, a Ro-Ro berth, and a Coast Guard berth.
Minister Ashiwini Vaishnaw informed that the port will further aid export and import through the India Middle East Europe Economic Corridor and International North South Transportation Corridor. Once completed, will be among the top 10 ports of the world, said the Minister.

RBI Governor Addresses Second Edition of Global Conference on Financial Resilience

RBI Governor Shaktikanta Das emphasized the transformative potential of advanced and emerging technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics in financial institutions. Speaking at the second edition of the Global Conference on Financial Resilience organized by the College of Supervisors (CoS) of RBI in Mumbai, the Governor noted that AI and ML can significantly enhance predictive analytics, enabling banks and NBFCs to identify potential risks and trends more accurately.
Governor Das highlighted the importance of the financial sector adopting an adaptive and forward-looking approach to navigate emerging challenges. He stressed the need to strengthen governance and risk management practices, employ sustainable business models, and embrace technological advances to our advantage. Mr. Das assured that the Reserve Bank will continue to fine-tune the regulatory architecture and supervisory rigour as needed to promote the long-term resilience and stability of the financial system.

Jun 21, 2024

UK Surpasses China to Become India's 4th Largest Export Market

The United Kingdom (UK) overtook China and became India's fourth-largest export market in May 2024, commerce department data showed. The UK was India's sixth-largest export destination in May last year (2023). While exports to the UK grew by a third to $1.37 billion in May, the shipments to China saw 3 per cent growth at $1.33 billion last month.

RBI Grants Payment Aggregator License to SabPaisa

SabPaisa (SRS Live Technologies Private Limited), a payment solutions provider announced that it received final approval from the Reserve Bank of India (RBI) to function as a Payment Aggregator (PA) under the Payments and Settlement Systems Act, 2007.
The license allows SabPaisa to offer comprehensive payment aggregation services to merchants across the country. Since its establishment in 2016, SabPaisa has been offering innovative payment gateway solutions and related products such as Payouts and Subscriptions.

Jun 20, 2024

Axis Bank Acquires Additional Stake in Max Life Insurance Subsidiary

Axis Bank is buying additional stake in Max Life Insurance - a subsidiary of Max Financial - at a cost of Rs. 336 crore.
In continuation of the existing investment, this acquisition would strengthen the bank's position in the life insurance business.
Previously, Axis Bank, along with its subsidiaries Axis Securities and Axis Capital, held a 19.02% stake in the life insurance company.

Paytm Appoints Rajeev Agarwal as Non-Executive Independent Director

Paytm named Rajeev Krishnamuralilal Agarwal, former whole-time director of SEBI, as its non-executive independent director for a five-year term. This change came alongside the resignation of Neeraj Arora, who cited pre-occupation and personal commitments.
Neeraj Arora, known for his pivotal role in negotiating WhatsApp's merger with Facebook, resigned as Paytm's non-executive independent director on June 17, 2024. This marked his second departure from the company's board.
Rajeev Agarwal brings extensive expertise to Paytm's board, with over four decades of experience in securities markets and regulatory affairs. His tenure at SEBI included spearheading significant market policy reforms, such as the revival of the Mutual Fund industry in 2012 and the merger of the Forward Markets Commission with SEBI in 2015.

Namdev Finvest Partners with Bajaj Allianz General Insurance

Namdev Finvest, a Jaipur based NBFC, entered into strategic alliance with Bajaj Allianz General Insurance, a leading insurance platform, to offer comprehensive financial solutions, including insurance and NBFC services, to its customers.
The strategic alliance leverages Namdev's customer network and geographic presence, backed by Bajaj General Insurance's expertise in insurance products. As a result, the integrated products and services are expected to be rolled out in phases, with the initial offerings being available in key markets.

Jun 19, 2024

Dhanlaxmi Bank Appoints Ajith Kumar as MD & CEO

Ajith Kumar was appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Dhanlaxmi Bank for a three-year term. Ajith Kumar brings extensive experience from his tenure at Federal Bank, spanning 36 years across key banking domains including Credit, Human Resources, Business, and Branch Operations.

Jun 18, 2024

RBI Imposes 1.45 crore Fine on Central Bank of India, 96.4 lakh Fine on Bangladesh's Sonali Bank

The Reserve Bank of India (RBI) imposed a fine of Rs. 1.45 crore on the Central Bank of India and Rs. 96.4 lakh on Sonali Bank PLC, Bangladesh for non-compliance issues including loans and advances and Know Your Customer (KYC) norms.
The Central Bank of India was fined Rs. 1.45 crore for sanctioning a working capital demand loan to a corporation against amounts receivable from the government by way of subsidies.
The RBI stated that a penalty of Rs. 96.4 lakh was imposed on Sonali Bank PLC for non-compliance with certain norms, including the KYC Directions, 2016.
Sonali Bank PLC's Indian wing is part of the commercial Bank of Bangladesh.

MEA and SBI Sign MoU to Enhance Digital Payments for Migrant Workers via eMigrate Portal

The Ministry of External Affairs (MEA) and the State Bank of India (SBI) formalized a Memorandum of Understanding (MoU) to integrate SBI's payment gateway, SBIePay, with the eMigrate portal. This collaboration aims to bolster digital payment services for Indian migrant workers, recruiting agents, and users of the portal.
The integration seeks to expand the scope of safe and legal migration for Indian workers by enhancing digital payment options on the eMigrate portal. Launched in 2014, this portal facilitates transparent emigration processes, connecting foreign employers, registered agents, and insurance providers, thereby ensuring seamless migration under regulatory frameworks.

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