General Awareness

BUSINESS AND ECONOMY - January 2017

Jan 2017

Apr 06, 2023

Karur Vysya Bank Ties Up with SBI Life to Market Insurance Schemes

Karur Vysya Bank Ltd. (KVB) entered into a pact with SBI Life Insurance to market the latter's insurance schemes through its branches.
KVB is a major player in the South with strong presence in urban, semi-urban and rural locations. SBI Life Insurance would leverage the strengths of the bank to market its schemes.
KVB offers the entire range of financial services through tie ups with leading service providers. In an attempt to offer a wider choice to its customers in the life insurance sphere, KVB inked an agreement with SBI Life.

Canara Bank Launches Premium Payroll Account

Canara Bank introduced "Premium Payroll Package" for the salary account holders with competitive features. The product has been designed to meet all banking requirements of salaried customers. The features such as free term life insurance, instant over draft, free Personal & air accident insurance coverage, premium cards are some of the unique features of the product apart of the other various features offered. Account is designed in terms of the whole 360-degree requirement of the salaried class.
Canara Bank's customers can avail this facility across all its branches in India.
Canara Bank was founded by Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalisation in the year 1969.

Kerala Tops GI Tag List in FY 2022-23

As per data shared by the GI Registry, Kerala topped the list of states in the country with the most number of products securing the Geographical Indication (GI) tag in the financial year 2022-23.
Attappady Aattukombu Avara (beans), Attappady Thuvara (red gram), Onattukara Ellu (sesame), Kanthaloor Vattavada Veluthuli (garlic) and Kodungallur Pottuvellari (snap melon) were picked for the GI recognition tag as per the data released by the registry.
Besides the 6 products from Kerala, Mithila Makhana (aquatic fox nut) from Bihar was selected for GI recognition followed by Alibag white onion from Maharashtra. Tandur Redgram from Telangana the local variety of pea, Ladakh Raktsey Karpo Apricot from Ladakh and Gamosa handicrafts from Assam were also chosen for the honours.
The Geogrphical Indication relates to particular location and product manufactured from that region. Accordingly, between April 2022 and March 2023, 12 products were selected for the recognition with two of them from overseas. Brandy De Jerez from Spain, which is locally manufactured, was selected while Provolone Valpadana from Italy also received GI recognition.

China's Yuan Replaces Dollar as Most Traded Currency in Russia

In recent years, there has been a shift in the global currency landscape, with China's yuan steadily gaining ground against the US dollar. This trend is reflected in Russia, where the yuan has overtaken the dollar as the most traded currency.
According to data from the Moscow Exchange, the yuan accounted for 23.6% of Russia's foreign exchange turnover in the first quarter of 2023, while the dollar's share was 22.5%. This marks the first time the yuan has surpassed the dollar in Russia's currency market.
The rise of the Yuan in Russia is part of a broader trend of increasing acceptance of the Chinese currency in international trade and finance. China has been actively promoting the internationalization of the yuan, encouraging its use in cross-border transactions and investing in infrastructure to support its use in global markets.

Mukesh Ambani Becomes Richest Sports Owner in Forbes Billionaire 2023 List

Apart from regaining his spot as Asia's richest person in the Forbes Billionaire 2023 list, Mumbai Indians cricket team owner Mukesh Ambani also became the richest sports owner of all in Forbes billionaire 2023 list, released in April.
Ambani claimed the top spot from Los Angeles Clippers owner Steve Ballmer.
As on March 10, 2023, when Forbes locked in net worth for the 2023 World's Billionaires list, Ambani net worth was $83.4 billion, compared to Ballmer's net worth of to $80.7 billion. Ballmer is now planet's second-wealthiest team owner.
Reliance purchased a franchise in the inaugural Women's Premier League and owns cricket teams in South Africa and UAE.
The following are the 5 richest sports team owners: Mukesh Ambani, Steve Ballmer, Rob Walton, François Pinault & family and Mark Mateschitz.

Apr 05, 2023

Axis Bank Launches Business Management Solution for Merchants

Axis Bank in partnership with Visa launched an app that will empower merchants to accept payments through various digital modes and also enable them to manage their day-to-day business digitally.
The app 'Digital Dukaan' has been specifically designed to address business requirements such as accepting digital payments, inventory management and billing, among others.
Digital Dukaan will also enable merchants to set up an online store and grow their business effortlessly by creating new channels.

Kenichi Umeda New MD of Suzuki Motorcycle India Pvt Ltd

Suzuki Motorcycle India Pvt Ltd appointed Kenichi Umeda as its new Managing Director.
Umeda succeeded Satoshi Uchida, who completed his term as the Managing Director of the company.
He will be responsible for the further growing and strengthening Suzuki Motorcycle India's position in the Indian and overseas markets.
He brings with him over 27 years of valuable industry experience across various global markets.

Isuzu Motors Names Rajesh Mittal as New Head of India Operations

Isuzu Motors India appointed Rajesh Mittal as the new President.
Mittal, the first person of Indian origin to head the country operations, succeeded Wataru Nakano who took over as a Head of Isuzu operations in Vietnam.
Mittal joined the company's top management team as President of Isuzu Engineering Business Centre India (IEBCI) and as Deputy President at Isuzu Motors India (IMI) in February 2022.
Since then, he has focused on consolidating the business and steering key projects while fostering a culture of excellence and collaboration.
Isuzu Motors India also named Yasuhito Kondo as Deputy President.

PhonePe Forays into E-commerce

Fintech major PhonePe forayed into e-commerce with the launch of a shopping app, Pincode, on the government-backed Open Network for Digital Commerce (ONDC) platform. The app will focus on hyperlocal commerce.
The move is expected to help Walmart-owned PhonePe take on players such as Flipkart, Amazon, Reliance's JioMart and Tata-owned BigBasket in the e-commerce space which is forecasted to grow to $350 billion by 2030. Pincode is currently live only for customers in Bengaluru and will launch in other cities very soon.

Apr 04, 2023

Sudha Shivkumar Takes over as FICCI Ladies Organisation President

Chennai-based Sudha Shivkumar took over as the 40th President of FICCI Ladies Organisation (FLO), the oldest women-led and women-centric business chamber of Southeast Asia, at the 39th annual session.
As the 40th National President of FLO, Shivkumar will focus on empowering women by facilitating an enabling environment that promotes entrepreneurship, industry participation and economic development of women.
She is a lawyer and investment banker by profession. At present, she is a director at her family run business focused on auto ancillaries. She was the Chairperson of FLO Chennai Chapter in 2016-17.

RBI Appoints Neeraj Nigam as Executive Director

The Reserve Bank of India (RBI) appointed Neeraj Nigam as executive director (ED) with effect from April 3, 2023.
Prior to being promoted to the position executive director, Nigam was heading the Bhopal regional office of the bank as regional director.
Nigam has, over a span of more than three decades, served in regulation and supervision, human resource management, premises, currency management, bank accounts, and other areas in the RBI.
As executive director, Nigam will oversee the departments of consumer education and protection, financial inclusion and development, besides the legal and secretary units.
Nigam holds a bachelor's degree in civil engineering from Barkatullah University, Bhopal. He also has a professional degree from the Certified Associate of the Indian Institute of Banking and Finance (CAIIB).

Finance Ministry Launches 3-month campaign to Boost Micro-insurance Schemes

To achieve saturation under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), the Finance Ministry launched a three-month campaign.
"A special 3 months campaign has been launched by Department of Financial Services (DFS) at Gram Panchayat Level covering all districts in the country to saturate all eligible persons under the PMJJBY and PMSBY, w.e.f April 1, 2023 to the June 30, 2023.
Under the campaign, camps are going to be organised at the Gram Panchayat level across all districts in the country by the banks with active participation of the State administration and other Ministries of Government of India to ensure that benefits of the two Jan Suraksha schemes reach the masses.

Sheenu Jhawar Becomes the First Woman President of TiE Rajasthan

The Indus Entrepreneurs (TiE) Rajasthan has appointed Sheenu Jhawar as the new President for a term of two years, from 2023 to 2025. This marked a historic moment as Jhawar became the first woman to hold this position in the 21-year history of TiE Rajasthan. She took over from Ravi Modani, who led the chapter effectively since 2021.
TiE Rajasthan is a chapter of TiE Global, and in 2021, it was recognized as the Best Chapter. Since its inception in 2002, TiE Rajasthan has been a leader in the State of Rajasthan, and has contributed significantly to the start-up ecosystem. The founding members, the Governing Council, and past leadership of TiE-R have implemented a strategy that has facilitated access to funding, mentoring, and other resources, thereby making it easier for start-ups to thrive in the state. Over the last two decades, TiE Rajasthan has played a crucial role in supporting start-ups in the region.
The Indus Entrepreneurs (TiE) is a non-profit organization established in 1992 in Silicon Valley, which operates globally with 58 chapters in 14 countries, with a primary goal of promoting entrepreneurship. Through various initiatives such as mentoring, networking, education, incubation, and funding, TiE aims to support and foster the next generation of entrepreneurs worldwide.

Apr 03, 2023

Adani Ports Acquires Karaikal Port

Adani Ports and Special Economic Zone Ltd (APSEZ) completed the acquisition of Karaikal Port Pvt Ltd (KPPL) pursuant to National Company Law Tribunal (NCLT) approval.
Karaikal Port is an all-weather deep-water port in Puducherry with five operational berths, three railway sidings, total land area of over 600 hectares and a built-in cargo handling capacity of 21.5 MMT.
The Karaikal Port was commissioned in 2009 and was developed in the Karaikal District of the Union Territory of Puducherry, around 300 km south of Chennai.
It is the only major port between Chennai & Tuticorin, and its strategic location allows the port easy access to the industrial-rich hinterland of Central Tamil Nadu.

European Commission Grants GI Tag for Himachal's Kangra Tea

The European Commission (EC) awarded protected geographical indication (PGI) status to Kangra tea, a unique variety of tea grown in the Kangra district of India's Himachal Pradesh. This move came at a time when the EC has been delaying granting a similar status to Basmati rice, for which India applied in 2018. However, the EU wants India and Pakistan to hold discussions so that Basmati rice from Pakistan can also be recognised, but Pakistan is currently not meeting the necessary requirements for the recognition.
Grown since the mid-19th Century, Kangra tea is known for its unique flavour and taste. It is available as black and green teas.

India Post Payments Bank Partners Airtel to Launch Banking Services on WhatsApp

India Post Payments Bank partnered with Bharti Airtel to launch banking services through WhatsApp for its customers.
The newly launched IPPB WhatsApp Banking channel will enable IPPB customers to connect with the bank on WhatsApp and effortlessly avail a host of banking services, including doorstep service requests and locating the nearest Post Office.

India, Malaysia Can Now Trade in Indian Rupee

India and Malaysia agreed to settle trade in the Indian rupees, the Ministry of External Affairs announced on April 1, 2023.
The announcement came in the backdrop of ongoing official efforts to Safeguard Indian trade from the impact of Ukraine crisis. The shift away from The U.S. dollar which has been the dominant reserve currency for international trade so far has added significance as it indicates India is willing to take concrete steps towards de-dollarisation of its international trade.
The Union Bank of India became the first bank in India to operationalise this option by opening a Special Rupee Vostro Account through its "corresponding bank" in Malaysia — India International Bank of Malaysia.

Apr 02, 2023

Axis Bank, Shriram Housing Finance Announce Partnership for Co-lending

Private sector lender Axis Bank and Shriram Housing Finance Limited (SHFL) announced partnership under the co-lending model through the Yubi Co.Lend platform.
Through this partnership, both the lenders will offer secured MSME (Micro, Small and Medium Enterprises) loans and home loans to the middle and low-income segment borrowers based in rural and semi-urban regions, a joint statement said.
The partnership will leverage the financial expertise of Axis Bank, and loan processing technology of SHFL to assess the credit profile of borrowers and provide them loans at competitive interest rates.

BharatPe Ties up with NITI Aayog's WEP to Support Women Entrepreneurs

BharatPe under its corporate social responsibility initiative BharatPe Cares partnered with NITI Aayog's Women Entrepreneurship Platform (WEP) to support women entrepreneurs in the country. The core focus area of the company will be to facilitate the development of a first-of-its-kind aggregator platform that gives access to peer support, mentorship, networking channels and learning resources to women entrepreneurs.
The initiative is under BharatPe's company PAYBACK's CSR programme. BharatPe had acquired PAYBACK, a multi-brand loyalty programme in 2021 from American Express and ICICI Investments Strategic Fund.

Chemical Firm Aether Industries Inks Pact with Saudi Aramco Technologies

Specialty chemical manufacturer Aether Industries entered into a pact with Saudi Aramco Technologies Company to manufacture and commercialise the converge polyols technology and product line.
Saudi Aramco Technologies and Aether had previously developed and validated this manufacturing process on a pre-commercial scale.
Aether Industries aims to generate revenue of Rs. 150-200 crore from this agreement.
During the last few years, Aether has been working with Aramco on the CRAMS (Contract Research and Manufacturing Services) business model.

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