General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Nov 10, 2020

NeoBenk Launches Global Partners Program for Innovative Financial Services

NeoBenk, a worldwide digital payment corporation, announced the launch of its Global Partners Program that spurs wider availability and mass adoption of digital assets.
NeoBenk's Global Partners Program is designed to enable a full range of financial solutions and infrastructure that empowers millions of people.
NeoBenk announces a total reward distribution of $1 Million (about Rs. 750 Lakh) for celebrating its official launch on 20th November. Any customer who joins NeoBenk till 20th November will take part in this reward distribution.
NeoBenk Ventures, the strategic investment arm of NeoBenk, last week said it sets up $10 Million (about Rs. 7.5 Crore) for Indian Startups in Digital Payments.

TCS to Acquire Deutsche's Postbank Systems AG

India's largest IT services provider Tata Consultancy Services is acquiring Postbank Systems AG from Deutsche Bank AG.
Postbank Systems AG provides IT services to Deutsche Bank. TCS will acquire 100% of the shares of Postbank Systems and its 1,500 employees will become part of TCS. The technology is based in Germany and will help TCS expand its presence in the region.
Postbank Systems AG provides IT services to Deutsche Bank. TCS will acquire 100% of the shares of Postbank Systems and its 1,500 employees will become part of TCS. The technology is based in Germany and will help TCS expand its presence in the region.

Tata Steel and POSCO Join Forces to Develop Hyperloop Tubes

Tata Steel Europe and South Korea's POSCO will collaborate to develop steel tubes needed for high-speed hyperloop transportation systems.
Richard Branson's Virgin Hyperloop completed the world's first passenger ride on their levitating pod system, which it hopes will transform human and cargo transportation while slashing carbon emissions.
Tata Steel Europe, a unit of India's Tata Steel, in a joint statement with the world's fifth biggest steelmaker POSCO said that they would develop high-quality steel grades needed for the huge vacuum tubes that allow high-speed transport using very little energy.
POSCO has been conducting hyperloop related research such as feasibility, design and structural optimisation of various types of steel tubes for more than 10 years.

RailTel Corporation Gets SEBI's Approval to Float IPO

State-owned RailTel Corporation of India Ltd received capital markets regulator SEBI's go-ahead to raise Rs. 700 crore through an initial share-sale.
The initial public offer (IPO) is entirely an offer-for-sale through which the government will offload 8.66 crore equity shares, according to draft papers filed with SEBI.
The company, which filed its IPO papers in October, obtained the regulator's observation in November.
The regulator's observation is necessary for any company to launch public issues like initial public offering, follow-on public offer and rights issue.

Nov 08, 2020

Industry Asks Govt. to Conduct Overseas Borrowings

At a time when high frequency economic and business indicators have turned positive in recent months, the industry has suggested demand creation measures to sustain this growth trajectory.
According to PHD Chamber of Commerce and Industry president Sanjay Aggarwal, demand creation along with increased spending on infrastructure will have multiplier effects on the economic growth trajectory by boosting private investments, creating new employment opportunities in the country and generating demand for commodities such as steel, cement and power.
To give a fillip to the economy, the financing of the planned Rs 111 lakh crore National Infrastructure Pipeline (NIP), could be through borrowings from overseas markets by issuance of overseas bonds through an SPV, he suggested.

Punjab Steel Firms Hike Prices

Secondary steel producers in Punjab have increased the prices by Rs. 3,000 to Rs. 4,000 per tonne in the past one month. Due to goods trains off track in the state due to farmers' protest, the steel producers are facing shortage of scrap resulting in high prices.
On an average, monthly consumption of steel in Punjab is around 6 lakh tonnes. Out of this, three lakh tonne is imported from primary steel producers. Another two lakh tonne is produced from scrap by steel companies in the state. As much as 70% of the scrap is imported and the rest is sourced from other states. Further, one lakh tonne of scrap is procured from within the state and is converted into steel.

Nov 07, 2020

Saudi's Public Fund Invests in Reliance Retail

Billionaire Mukesh Ambani-run Reliance Industries Ltd's retail arm raised Rs. 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia, taking total fund raise in the last two months to Rs. 47,265 crore.
PIF will take a 2.04% stake in Reliance Retail Ventures Ltd (RRVL). The investment values RRVL at a pre-money equity value of Rs. 4.587 lakh crore. This is second investment by the Saudi Arabian sovereign wealth fund in an Ambani firm. It had previously picked up 2.32 per cent stake in Jio Platforms, the digital and telecom arm of Reliance, for Rs. 11,367 crore.
This investment will further strengthen PIF's presence in India's dynamic economy and promising retail market segment.

Greenko and Snam Enter Agreement to Develop Hydrogen Value Chain

Snam, an Italian energy infrastucture firm, signed an agreement with Greenko, a renewable energy company in India, to develop the hydrogen value chain in the country.
As per Hyderabad based Greenko, under the agreement, the two companies would collaborate on the study of hydrogen production methods from renewables on the design of hydrogen-ready infrastructure and on potential final applications in both industry and transport, including fuel cell mobility.
Hydrogen produced from conventional methods has been used for centuries in various applications, however there is a renewed and rapidly growing attention for green hydrogen globally.

Amazon to Invest Rs. 20,761 cr in India

Amazon Web Services (AWS) announced setting up of its second data centre region in India in Telangana that will be operational by mid-2022, and will see the tech giant investing about Rs. 20,761 crore.
Telangana IT and Industries Minister KT Rama Rao said that this is the largest FDI in the history of Telangana. After a series of meetings, AWS has finalised investment of Rs. 20,761 crore ($2.77 bn) to set up multiple data centres in Telangana.
Amazon Web Services said the new 'AWS Asia Region' will consist of three Availability Zones (AZs) at launch and join the existing nine AWS Regions and 26 AZs across Asia in India, Australia, Greater China, Japan, Korea and Singapore.

Australia Adani Changes Name to Bravus

Indian energy giant Adani Group, which has been at the centre of controversy over its Carmichael mine in central Queensland, changed the name of its Australian mining division to Bravus Mining and Resources.
The rebrand comes as the company readies to ship out its first coal next year.
The company has made a significant investment in Queensland, and we will be here for the long haul employing local people, and doing business in Australia. It will continue to stand up and deliver for the good of the community, no matter how courageous it requires us to be, and Bravus, our new name, reflects this intent.

WhatsApp Gets Nod to Start Payment Services in India

WhatsApp is rolling out its payments services in India after receiving nod from the National Payments Corporation of India (NPCI).
In 2018, the Facebook-owned company had started testing its UPI-based payments service in India, which allows users to utilise the messaging platform to send and receive money. The testing was limited to about a million users as it waited for regulatory approvals.
NPCI — which runs the Unified Payments Interface (UPI) used for real-time payments between peers or at merchants' end while making purchases — allowed WhatsApp to start its payments service in the country in a "graded" manner, starting with a maximum registered user base of 20 million in UPI.
Now, people across India will be able to send money through WhatsApp. This secure payments experience makes transferring money just as easy as sending a message.

RBI Announces Co-lending Scheme for Banks, NBFCs for Priority Sector

The Reserve Bank of India came out with a Co-Lending Model (CLM) scheme under which banks can provide loans along with NBFCs to priority sector borrowers based on a prior agreement.
The CLM, which is an improvement over the co-origination of loan scheme announced by the RBI in September 2018, seeks to provide greater flexibility to the lending institutions.
Under the CLM, banks will be permitted to co-lend with all registered NBFCs (including HFCs) based on a prior agreement; the co-lending banks will take their share of the individual loans on a back-to-back basis in their books.
However, NBFCs shall be required to retain a minimum of 20 per cent share of the individual loans on their books.

Nov 06, 2020

ICICI Bank launches 'Mine' for millennials

ICICI Bank announced the launch of India's first comprehensive banking programme for millennials.
Inspired by 'Millennial Network', the proposition is called 'ICICI Bank Mine' and offers an instant savings account, a feature driven iMobile application that offers investment guidance to suit the demand of millennials, curated credit and debit card, instant personal loans & overdrafts, and even an experiential branch with social engagement space.
Any millennial aged up to 35 years can apply digitally for an 'ICICI Bank Mine' account.

SBI Card Along with Paytm Launch Credit Cards

SBI Cards and Payment Services (SBI Card) has launched credit cards in partnership with the digital payment platform Paytm.
Available in two variants, Paytm SBI Card and Paytm SBI Card SELECT, the product has been launched on the Visa platform.
This launch is in line with SBI Card's endeavour to offer customers tailored products which bring maximum value in line with spending needs and to encourage digital forms of payments for a safe and enhanced customer experience.

RBI Guv Shaktikanta Das chaired SAARC FINANCE Governors' Group

Reserve Bank of India Governor Shaktikanta Das and other central bank governors in the South East Asian nations vowed to work in tandem to fight against the Coronavirus pandemic.
At the 40th meeting of the SAARC FINANCE Governors' Group, they reaffirmed their commitment to continued co-operation and sharing of central bank experiences.
Das chaired the meeting and highlighted the close partnership and co-operation among the member countries.
The group took stock of the macroeconomic situation in the SAARC region; discussed the current initiatives by the member countries.

Nov 05, 2020

Indonesia in Recession for First Time in 22 Years

Indonesia has fallen into its first recession in 22 years as the coronavirus pandemic continues to take its toll.
South East Asia's biggest economy saw growth fall 3.49% in the third quarter of the year, compared to the same period in 2019.
Following a fall of 5.32% in the second quarter of 2020, this has pushed Indonesia into a recession.
The last time this happened was during the 1998 Asian financial crisis.
Authorities in Indonesia have predicted that 3.5m people could lose their jobs due to the coronavirus downturn.
Indonesia has the highest infection rate in the region.

Adani Buys City Gas Licence for Ldh, Jalandhar

Adani Gas announced acquisition of city gas licences for Ludhiana and Jalandhar in Punjab and Kutch (East) in Gujarat from Jay Madhok Energy. It, however, did not disclose the name of the city gas licence holder for the three cities and the acquisition price.
The deal, which adds high potential towns to Adani's kitty, will make it the nation's largest city gas operator.
Jay Madhok Energy has been show-caused by the oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB) over defaulting on timelines and alleged irregularities in acquisition of the city gas licence.

Luhri Stage-I Hydro Power Project Gets CCEA Nod

The government approved the 210 MW Luhri Stage-I Hydro Electric Project in Himachal Pradesh with an approved investment of Rs. 1,810.56 crore.
The project will be implemented by Satluj Jal Vidyut Nigam Limited (SJVNL) on the Build-Own-Operate-Maintain (BOOM) basis in next five years.
The Luhri Stage-I Hydro Electric Project shall be commissioned within a span of 62 months. The power generated from the project will help in providing grid stability and will improve the power supply position.
The construction activities of the project will result in direct and indirect employment to around 2,000 persons and will contribute to overall socio-economic development of the state.

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