General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Aug 06, 2018

Post Payments Bank

Prime Minister Narendra Modi will later this month launch the long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas.

IPPB will leverage reach of 1.55 lakh post office branches to provide banking and financial service to people in rural area.

Campus Management Eyes Pacts with States

U.S. based Campus Management Corporation (CMC), a provider of educational technology solutions is planning to work with State governments as part of skilling initiatives in the country.

Its pact with the government of Maharashtra is the latest and follows its work with the Centre to help fulfil the government's vision of Make in India, Skill India and Digital India.

In India, CMC works with the National Skill Development Corporation (NSDC) and helps users of its platform meet their skilling and up-skilling goals that are in line with the vision of the country.

Time for Resolution of Stressed Power Projects

According to a government report, an additional 180 days could be provided for resolution of 34 stressed power projects with a view to avoiding potential value erosion of operating plants.

As per the current RBI norms, banks need to restructure stressed assets within 180 days or six months. If the recommendations of the report, which was in compliance with the Allahabad High Court order are accepted, banks would get about a year for restructuring power sector loans of about Rs. 1.74 lakh crore.

Aug 05, 2018

Nestle India Q2 Net Profit Jumps

FMCG major Nestle India reported a 50% jump in net profit to Rs. 395 crore for the second quarter ended June 30. The company follows January-December financial year.

Total income during the quarter stood at Rs. 2,758.63 crore.

India's Forex Reserves Dip

Foreign exchange reserves declined by $951 million to $404.2 billion in the last week of July, on account of a fall in the foreign currency assets.

The forex kitty is an indicator of the health of the economy as it is the direct cover for imports. The longer the import cover, the better the external health of the economy. At $404 billion, the nation can take care of around ten months of imports.

Aug 04, 2018

Winner of City Gas Licences

Gautam Adani's group emerged as the biggest winner of gas retailing licences, winning rights to sell CNG in 11 cities, including Allahabad.

Adani won the rights to retail CNG to automobiles and piped cooking gas to households in six cities on its own and another five in joint ventures with state-owned Indian Oil Corp (IOC).

Growth of Services Sector

According to a monthly survey, India's services sector activity remained in the growth territory for the second consecutive month in July, as business activity witnessed the strongest growth since October 2016.

The seasonally adjusted Nikkei India Services Business Activity Index rose from 52.6 in June to 54.2 in July, as new business rose at the fastest pace since June 2017.

Investment Potential Index

Haryana has been ranked amongst the four best states for business investment potential, according to the National Council of Applied Economic Research (NCAER), State Investment Potential Index.

According to the index, the key findings of the 2018 index show that Delhi, Tamil Nadu, Gujarat, Haryana, Maharashtra and Kerala are the top six states for business investment potential.

Delhi tops the rankings under the third and fourth pillars on infrastructure and economic conditions in the state.

RBI Consumer Survey

The Reserve Bank of India (RBI) released the results of its latest Consumer Confidence survey earlier this month. These surveys ask questions about current and future (year ahead) perceptions about income, employment and the general economic situation. The difference between future and current perception on improvement can be taken as a good proxy for anti-incumbency, or the lack of it.

Aug 03, 2018

RIL Plans to Merge U.S. Shale Business

Reliance Industries Ltd. (RIL) is planning to merge its loss-making U.S. shale operations and Indian exploration and production (E&P) business to achieve synergies. The move comes at a time when the company is shifting focus towards profitable and scalable consumer businesses.

RIL has submitted an application to RBI for cross-border merger to achieve synergies through integration of resources with Indian E&P business. RIL board will consider the proposal for amalgamation upon receipt of approval of RBI.

ONGC Profit Rises in April-June

State-owned ONGC reported its highest quarterly net profit in over four-and-a-half-years. Its net profit of Rs. 6,143.88 crore in the first quarter of the 2018-19 fiscal was 58.1% higher than Rs. 3,884.73 crore in the year-ago period. The net profit is highest since December 2013 when earnings had hit Rs. 7,126 crore.

SBI, Jio Form Partnership for Digital Platform

SBI, an equity partner in Reliance Jio's payments bank venture, has extended the tie-up to digital platforms, ATMs and point of sale (PoS) terminals. Under the partnership, SBI's mobile banking app Yono will be enabled through the MyJio platform for subscribers, while MyJio, which is Jio's over the-top mobile application will bring in the financial services capabilities of SBI and Jio Payments Bank.

NHAI Gets Unsecured Loan

The National Highways Authority of India (NHAI) got an unsecured loan of Rs. 25,000 crore from State Bank of India. The SBI loan will be for 10 years with 3 years of moratorium on repayments.

There is no principal repayment liability for initial three years. After three years, the repayment would be done in 14 equal half yearly instalments.

Aug 02, 2018

LIC's Stake in IDBI

The Union Cabinet gave its approval to the government's decision to reduce its stake in IDBI Bank below 50%, with Life Insurance Corporation raising stake in the bank to 51%.

It has also approved acquisition of controlling stake by Life Insurance Corporation of India (LIC) as promoter in the bank through preferential allotment / open offer of equity, and relinquishment of management control by the government in the bank.

Hyundai Motor India Director Resigns

Rakesh Srivastava Director for Marketing and Sales of Hyundai Motor India resigned to pursue other interests outside the organisation.

Srivastava joined the company as Vice President and served for six years.

In April last year, he was promoted as Director for Marketing and sales division.

Indian Firms on Fortune 500 List

Seven Indian companies have made it to the latest Fortune 500 list of the world's biggest corporations in terms of revenue, with state-owned IOC continuing to be the highest-ranked Indian firm and Reliance Industries (RIL) jumping 53 places.

The list is topped by retail giant Walmart.

Limit of Free Luggage in Trains

Indian Railways have come up with a structure for carrying luggage in trains. Under the new structure, a certain limit of luggage can be carried free of cost while travelling on train. Beyond the prescribed limit, passengers will have to pay for their luggage.

Passengers are allowed to book and carry excess luggage beyond free allowance, with them in the compartment up to the maximum prescribed class-wise limit on payment of charges at 1.5 times of luggage rate.

Repo Rate Hiked

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.5 per cent.

Consequently, the reverse repo rate under the LAF stands has been adjusted to 6.25 per cent, and the marginal standing facility (MSF) rate and the bank rate to 6.75 per cent.

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