General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Feb 02, 2025

IRDAI Limits Senior Citizens' Health Premium Hike to 10% Annually

The Insurance Regulatory and Development Authority of India (IRDAI) took a crucial step to protect senior citizens from sharp increases in health insurance premiums. The new directive mandates that insurers cannot raise premiums for individuals aged 60 and above by more than 10% per year without prior approval from IRDAI. This move, effective immediately, aims to keep health insurance affordable and accessible for the elderly, who often rely on fixed incomes.
IRDAI's decision comes after reports showed that health insurance premiums for senior citizens were rising significantly upon renewal, sometimes exceeding 10% in a single year. Such steep increases made it difficult for many elderly individuals to continue their health coverage. Given that senior citizens often face higher medical expenses and limited income sources, the regulator found it necessary to intervene. The goal is to prevent sudden financial strain on older policyholders and ensure stability in their healthcare expenses.

Sony Names Hiroki Totoki as CEO for Entertainment Growth

Sony Group Corporation named Hiroki Totoki as its new Chief Executive Officer (CEO), reinforcing the company's commitment to expanding its entertainment business. A longtime finance chief, Totoki has played a key role in steering Sony's strategic shift toward content-driven growth.
Alongside Kenichiro Yoshida, the outgoing CEO who will remain as chairman of the board, Totoki has helped position Sony as a powerhouse in entertainment.
Hiroki Totoki, who has been with Sony since 1987, has held various key positions within the company, including Executive Deputy President and Chief Financial Officer. Totoki has been instrumental in shaping Sony's growth strategies, particularly in the areas of content intellectual property and semiconductors.

Feb 01, 2025

Maruti Suzuki Re-Appoints Hisashi Takeuchi as MD and CEO

Maruti Suzuki India Limited, the country's largest automobile manufacturer, announced the re-appointment of Hisashi Takeuchi as its Managing Director (MD) and Chief Executive Officer (CEO). Takeuchi's term was extended for a period of three years, effective from April 1, 2025, to March 31, 2028. This decision underscores the company's confidence in Takeuchi's leadership and his ability to steer Maruti Suzuki through the evolving automotive landscape in India.
Hisashi Takeuchi took charge as Maruti Suzuki's MD and CEO on April 1, 2022, succeeding Kenichi Ayukawa, who completed his term on March 31, 2022. Takeuchi's association with the Suzuki Motor Corporation (SMC) group spans over three decades, beginning in 1986 when he joined the company's overseas marketing department in Europe. His extensive experience in international markets and strategic roles within the Suzuki group has been instrumental in shaping his leadership at Maruti Suzuki.

Tata Steel Develops India's First Hydrogen-Transport Pipes

Tata Steel, one of India's leading steel manufacturers, announced a groundbreaking achievement in the country's clean energy sector. The company claims to be the first Indian company to develop hydrogen-compliant pipes designed specifically for transporting hydrogen, a critical step in supporting India's transition to clean energy. This innovation aligns with the global push for sustainable energy solutions and India's ambitious National Hydrogen Mission.
The newly developed API X65 pipes, processed at Tata Steel's Khopoli plant using steel produced at its Kalinganagar facility, meet all critical requirements for hydrogen transportation. This development underscores Tata Steel's commitment to innovation and its role in building essential infrastructure for the energy sector.

Jan 31, 2025

India's MobiKwik and Cred Launch e-Rupee wallets

Fintech platforms MobiKwik and CRED became the first non-banking entities to offer the Central Bank Digital Currency (CBDC) – e-Rupee (e₹) wallet – for users.
The product was developed in alliance with the Reserve Bank of India (RBI) and Yes Bank, which will act as the sponsor bank for CBDC issuance.
CBDCs are digital currencies issued by central banks.
The e₹ wallet functions like physical cash and users can store e₹ in their wallets to send, receive, and make payments.

SEBI Introduces iSPOT Portal to Streamline Reporting of Technical Glitches

The Securities and Exchange Board of India (SEBI) unveiled a new initiative aimed at simplifying the process of reporting technical glitches within India's financial markets. Known as the Integrated SEBI Portal for Technical Glitches (iSPOT), this portal will replace the outdated email-based system, bringing a more structured, efficient, and transparent way for Market Infrastructure Institutions (MIIs) to report issues. The iSPOT portal is set to go live on February 3, 2025, offering significant improvements in how glitches are reported and managed.
This move is a part of SEBI's ongoing commitment to modernize the financial market infrastructure and ensure smoother operations. MIIs, which include stock exchanges, clearing corporations, and depositories, will now be able to submit detailed reports of technical issues, including the root cause analysis (RCA). SEBI's new system will centralize these reports, making it easier to track and resolve technical issues in real time, benefiting the entire securities market ecosystem.

Vedanta Resources Names Deshnee Naidoo as First CEO

Vedanta Resources Ltd (VRL), the parent company of Mumbai-based mining conglomerate Vedanta Ltd, appointed Deshnee Naidoo as its first Chief Executive Officer (CEO) to spearhead its fresh growth phase.
Deshnee Naidoo brings over two decades of experience in the resources industry across various geographies and diversified metals and minerals. This marks her second tenure with Vedanta; from 2014 to 2020, she held senior leadership roles, including CEO of Africa Base Metals and CEO of Vedanta Zinc International. In her most recent role, Naidoo served as CEO of Vale Base Metals, a nickel and copper firm.

HDFC Life and SATYA MicroCapital Ltd. Collaborate to Strengthen Financial Inclusion with Life Ins...

HDFC Life became the preferred life insurance partner of SATYA MicroCapital Ltd. which will help in improving access to life insurance in underserved areas. This collaboration underscores the importance of partnerships in addressing the financial security needs of diverse population and expanding access to life insurance in regions where it is most needed.
SATYA MicroCapital Limited operates across 26 states and nearly 350 districts with a network of over 830 branches. The organisation has been working towards bridging the financial inclusion gap by supporting a significant number of rural women entrepreneurs and fostering local economies. The partnership seeks to build on SATYA's existing efforts by introducing life insurance as an additional layer of financial security.

Jan 30, 2025

Shailesh Kumar Davey: The New CEO of Zoho Corporation

Sridhar Vembu stepped down as Zoho Corporation's CEO and took on the role of Chief Scientist, focusing on research and development. In his place, Shailesh Kumar Davey, a co-founder of Zoho Corporation was appointed as the new group CEO.

HP India Launches South India's First HP SMB Connect Centre in Kochi

HP India launched South India's first HP SMB Connect Centre in Kochi, Kerala. Shailesh Tripathi, Director, Commercial Channel, HP India Sales Pvt. Ltd, along with Ashish Agarwal, Country Manager, Commercial Channel, HP India Sales Pvt. Ltd, inaugurated the experience centre.

Cabinet Approves Rs. 16,300 Crore National Critical Mineral Missio

The Union Cabinet approved the National Critical Mineral Mission (CMM) with an outlay of Rs. 16,300 crore. This initiative is aimed at addressing the critical need for minerals that are essential for key technologies and defence manufacturing. The CMM seeks to boost the domestic production of critical minerals, reduce dependence on imports, and enhance India's resource security by fostering both onshore and offshore mining activities.
The mission will address the entire value chain of critical minerals, from exploration and mining to beneficiation, processing, and recovery from end-of-life products. With a focus on critical minerals like lithium, cobalt, copper, nickel, and rare earth elements, the mission also aims to streamline regulatory processes, incentivise exploration, and develop a national stockpile of these minerals. By promoting both public and private sector participation, the mission is poised to make India self-reliant in critical mineral resources.

Jan 29, 2025

PM Modi Inaugurates 'Utkarsh Odisha' Business Conclave

Prime Minister Narendra Modi inaugurated the 'Utkarsh Odisha – Make in Odisha Conclave 2025' at Janata Maidan in Bhubaneswar. The event, attended by Odisha CM Mohan Charan Majhi, Union Ministers Dharmendra Pradhan and Ashwini Vaishnaw, and business leaders from across India, is Odisha's largest business event to date. The two-day conclave aimed to promote investment, boost industrial growth, and position Odisha as a key economic hub in Eastern India.
Business delegates from 16 countries participated.

CheQ Unveils Wisor: India's First AI-Powered Credit Card Expert

CheQ, a leading Indian fintech company founded by former Flipkart executive Aditya Soni, introduced Wisor, India's first AI-driven credit card expert. This innovative tool aims to transform credit card management by providing personalised insights, seamless management, and maximising rewards for users.
Wisor offers an intuitive Q&A chat interface, delivering instant, human-like responses to all credit card-related inquiries, eliminating the need to search through multiple sources.

Government Approves Rs. 500 crore Capital Infusion into IFCI for FY 2024-25

The Government of India sanctioned a Rs. 500 crore capital infusion into the Industrial Finance Corporation of India (IFCI) for the financial year 2024-25. This strategic move aims to bolster IFCI's financial health ahead of its planned restructuring and consolidation.
The capital infusion was approved through the first Supplementary Demand for Grants for 2024-25 in the Lok Sabha. The allocation includes Rs. 499.99 crore for 'Subscription to the Share Capital of IFCI'. Additionally, savings of Rs. 50.07 crore from the same section and Rs. 449.92 crore from the capital section of Demand No.30-DEA will be utilised, ensuring no additional cash outflow.

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