General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Apr 22, 2025

Coal India Signs Pact with DVC for Power Project in Jharkhand

Coal India Limited (CIL) signed a Memorandum of Understanding (MoU) with Damodar Valley Corporation (DVC) to set up a coal-fired 2×800 MW Ultra Supercritical Power Plant in Jharkhand.
DVC is the power generator that operates in the states of West Bengal and Jharkhand. This would be a brownfield project — an expansion of the existing Chandrapura Thermal Power Station (CTPS), which has a capacity of 2X250 MW.

RBI Permits Minors above 10 to Operate Bank Accounts Independently

The Reserve Bank of India (RBI) announced new rules that allow children above the age of 10 years to open and operate their own savings or term deposit bank accounts independently. This rule applies to all commercial banks and cooperative banks, including primary (urban) cooperative banks, state cooperative banks, and district central cooperative banks.
This move came after a review of the older guidelines, which were first issued many years ago. The RBI has now simplified and combined the rules for opening and running deposit accounts for minors.
Banks have been given the flexibility to set the rules for these accounts based on their own risk management policies. This includes setting limits on the amount of money that can be kept in such accounts and deciding on the terms and conditions. These terms must be clearly shared with the young account holder.

Infosys Expands GCC Practice, Rpoes Shah as New GCC Head

Infosys is bolstering its presence in the rapidly growing Global Capability Centre (GCC) market by launching a full-fledged GCC practice and appointed Deval Shah to head the division. Shah is the former Managing Director and Country Head for Danske IT. His new role is part of the company's broader strategy to drive growth through the GCC segment.

Klaus Schwab Steps Down from World Economic Forum Board of Trustees

The World Economic Forum announced that its founder Klaus Schwab stepped down as Chairperson and member of its board of trustees with immediate effect.
Schwab has been synonymous with the Geneva-based organisation he has headed since it was founded 55 years ago.

Apr 21, 2025

SECL Pioneers Paste Fill Technology for Sustainable Coal Mining in India

South Eastern Coalfields Limited (SECL) made history in India's mining sector by becoming the first coal PSU to implement paste fill technology for underground coal mining. This groundbreaking initiative represents a significant advancement in sustainable and environmentally responsible mining practices within the country's coal industry. The adoption of this innovative approach promises to transform how coal is extracted in areas with surface constraints while minimising environmental impact.
To implement this cutting-edge underground mining technology, SECL entered into a substantial agreement with TMC Mineral Resources Private Limited, valued at Rs. 7040 crore. This partnership demonstrates SECL's commitment to incorporating advanced technologies that align with modern environmental standards while ensuring continued coal production to meet energy demands.

Apr 20, 2025

SBI Reviving the 'Amrit Vrishti' FD Scheme with New Rates

The State Bank of India (SBI) reintroduced its special Fixed Deposit (FD) scheme called 'Amrit Vrishti' from April 15, 2025, with revised interest rates. Initially launched in July 2024, the scheme concluded on March 31, 2025, after multiple extensions. Now, SBI has brought back this scheme with a modified structure to cater specifically to senior and super-senior citizens, offering them competitive interest rates on their fixed deposits. The scheme aims to mobilise deposits by attracting elderly investors with favourable returns, promoting their long-term financial security.

Apr 19, 2025

SBI Card and Tata Digital Launch Co-branded Tata Neu SBI Card

SBI Card, the largest pure-play credit card issuer in India, partnered with Tata Digital and launched a co-branded credit card aimed at enhancing customer experiences through rewards and exclusive benefits. The Tata Neu SBI Card is available in two variants – the Tata Neu Infinity SBI Card and the Tata Neu Plus SBI Card. Both cards offer a premium shopping experience with significant rewards, lounge access, and various other lifestyle benefits, making it a convenient and rewarding option for consumers.

Former Navy Captain Jagmohan News CMD of Mazagon Dock Shipbuilders Limited

Former Navy captain Jagmohan was appointed as Chairman and Managing Director of Mazagon Dock Shipbuilders Limited, according an order from the ministry of personnel. He is currently the director of corporate planning, projects and business development at Goa Shipyard Limited.
The Appointments Committee of the Cabinet approved Captain Jagmohan's appointment at Mazagon Dock Shipbuilders for a period extending from the date of his assumption of charge till his superannuation in September 30, 2029.
Captain Jagmohan had served for over 25 years in the Indian Navy, during which he held several important assignments in the Directorate of Naval Design and at Naval Dockyard in Mumbai. Prior to joining Goa Shipyard, he worked with Garden Reach Shipbuilders and Engineers Limited (GRSE) in Kolkata as its chief general manager (design).

Apr 18, 2025

Tata Inks $990.79 Million Loan to Fund Britain's Biggest Battery Plant

A unit of Tata Sons signed a £750 million ($990.79 million) loan, to build what could be Britain's largest battery making facility.
About 15 banks have signed the two-year bridge loan deal this month for Agratas Energy Storage Solutions Pvt. The deal is among the three largest foreign currency loans for an Indian company this year (2025).
The two-year loan has been priced at a spread over the Sterling Overnight Index Average, or SONIA, and the deal has been signed.

Santosh Kumar Named Deputy CFO of IndusInd Bank

IndusInd Bank named Santosh Kumar as its Deputy Chief Financial Officer (CFO). This move came following the end of Deputy CEO Arun Khurana's tenure as acting CFO. The bank has been facing mounting challenges due to elevated bad loans in the microfinance sector and accounting discrepancies in its derivative transactions, leading to considerable financial impact and regulatory scrutiny.

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