General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Aug 26, 2018

Best Public-sector Bank for Digital Transactions

Punjab National Bank (PNB), which was recently hit by a multibillion dollar fraud by manipulation of its financial messaging -- Swift -- system, has been ranked as the best PSU bank in the overall digital transactions category in India.

DRDO Gets New Chairman

Distinguished aerospace scientist G. Satheesh Reddy has been appointed the Chairman of the Defence Research Development Organisation (DRDO) and Secretary in the Department of Defence Research and Development (DDR&D). Reddy succeeds S. Christopher, who retired in June.

Aug 25, 2018

Ashok Leyland Bags Defence Vehicle Order

Hinduja Group firm Ashok Leyland has bagged a tender in the defence tracked vehicle space, marking its foray into the niche segment.
The company will collaborate with Combat Vehicles Research and Development Establishment (CVRDE), Chennai, for manufacture, assembly and testing of light weight clutch for the design and development of weight-optimised 1500 hp automatic transmission for main battle tanks.

PTC India Begins Supply

Power trading solutions provider PTC India has operationalised the flow of 126 MW inter-state wind power commissioned capacity to beneficiary states. The power will be supplied to Uttar Pradesh, Bihar, Jharkhand and Odisha. The commissioned capacities are part of Ministry of New and Renewable Energy Wind Scheme (tranche-I) of 1050 MW in June 2016.

Reserves Dip

According to RBI data, India's foreign exchange reserves fell by $33.2 million to $400.84 billion in the week to August 17 mainly due to a fall in foreign currency assets.
The reserves have been declining in the past few weeks as the Reserve Bank of India has been selling the U.S. dollar to contain depreciation in the rupee.

Aug 24, 2018

L&T Board Approves Buyback Plan

Larsen & Toubro Board approved the proposal to buy back six crore shares amounting to Rs. 9,000 crore to reward its shareholders.

RPower Arm wins $56 mn In Arbitration

Anil Ambani-led Reliance Power Netherlands BV, a wholly owned subsidiary of Reliance Power Limited, has won an international arbitration award of $56 million (Rs. 390 crore) against Prestige Capital Holdings Ltd. (a Seychelles-based company) and Mr. Kokos Jiang.

RIL's Market Value

Reliance Industries Ltd. (RIL) became the first Indian company to cross the Rs. 8-lakh-crore market capitalisation mark.

On July 13, RIL's market valuation had briefly surged past the Rs. 7-lakh-crore mark, making it the second company after TCS to achieve this milestone.

Aug 23, 2018

Restrictions on Import of Bio-fuels

The Union government has imposed restrictions on import of bio-fuels, including ethyl alcohol and other denatured spirits, bio-diesel, petroleum oils and oils obtained from bituminous minerals other than crude, through an amendment in import policy. The import of these items, which was free earlier, will now be allowed only for non-fuel purpose on actual user basis.

Ujjivan Offers Overdraft

Ujjivan Small Finance Bank, a subsidiary of Ujjivan Financial Services Ltd., has announced the nationwide roll out of overdraft (OD) facility for micro and small enterprise (MSE) customers. An add-on product to the bank's existing MSE term loans, the facility aims to assist businesses having a turnover of Rs. 50 lakh or more with funding to meet their long-term and short-term financing requirements.

Revision in Price of Gas via TAPI Line

India has sought renegotiation of the natural gas price it is to source through a proposed $10 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline due to slump in global energy markets.

The four nations had in 2013 signed a gas sale purchase agreement (GSPA) that bench-marked the price of natural gas that Turkmenistan is to export at 55% of the prevailing crude oil price.

Aug 22, 2018

No GST on Petrol and Diesel

Petrol and diesel will not come under the purview of Goods and Services Tax (GST) in the immediate future as neither the Central government nor any of the states is in favour on fears of heavy revenue loss. When the one-nation-one-tax regime of GST was implemented in July last year, five petro-products - petrol, diesel, crude oil, natural gas, and aviation turbine fuel (ATF) were kept out of its purview for the time being.

Euram Bank Fined

Markets regulator SEBI imposed Rs. 2 lakh fine on European American Bank AG (Euram Bank) as its sub-account failed to satisfy the broad based fund criteria.

Capital Float Acquires Walnut

Digital lender Capital Float acquired Pune-based Walnut (Thumbworks Technologies Pvt. Ltd.), makers of a personal financial management app, in a deal amounting to $30 million.

Walnut is a personal finance management mobile application that helps users to automatically track expenses, bank and credit card balances, bill payments, and split expenses within a group.

The acquisition follows shortly after Capital Float announced its foray into the consumer finance vertical.

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