General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Jan 22, 2025

Alok Kumar Agarwal New MD and CEO of Zurich Kotak General Insurance

Alok Kumar Agarwal was appointed as the Managing Director and Chief Executive Officer of Zurich Kotak General Insurance. He succeeded Suresh Agarwal.
With over 20 years in the insurance industry, Agarwal has previously held senior roles at ICICI Lombard, overseeing diverse segments such as corporate, SME, government, rural, crop, and retail businesses. His last role as Executive Director of the Emerging Market Group saw him managing retail business strategies. This experience positions him to guide Zurich Kotak through its next phase of growth in India's competitive insurance market.

RBI Directs Banks to Use '1600xx' Number Series for Transactional Calls

The RBI asked banks to use only the '1600xx' phone numbering series to call customers for transactional purposes with a view to preventing financial fraud. It further said that for promotional purposes, banks and other regulated entities (REs) should use only the '140xx' numbering series for the prevention of financial frauds perpetrated using voice calls and SMS.
Banks and other regulated entities (REs) have also been asked to monitor and clean their customer database.
To enhance fraud risk monitoring and prevention, the REs have been asked to develop Standard Operating Procedures (SOP) incorporating the required action to be taken.
The Reserve Bank has asked all the REs to ensure compliance with the instructions expeditiously, in any case, not later than March 31, 2025.

Bajaj Finance, Airtel Collaborate to Launch Digital Financial Services Platform

In a collaboration that could transform the last-mile delivery, Bharti Airtel and Bajaj Finance forged a partnership to create one of India's largest digital platforms for financial services.
Airtel's 375 million customers can now access most of Bajaj Finance's retail financial offerings using its 1.2-million-strong distribution network.
The products will be offered first on the Airtel Thanks App and later through its network of stores. In a phased rollout, up to 10 financial products will be offered in the current calendar year.

Jan 21, 2025

India Seventh Largest Coffee Producer in the World: Government

India is now the seventh-largest coffee producer globally with exports reaching $1.29 billion in FY24, almost double the $719.42 million in 2020-21, the commerce and industry ministry said.
India's coffee is primarily cultivated in the ecologically rich Western and Eastern Ghats, areas renowned for their biodiversity. Karnataka leads in production, contributing 248,020 metric tonnes in 2022-23, followed by Kerala and Tamil Nadu. These regions are home to shaded plantations that not only support the coffee industry but also play a vital role in preserving the natural environment, helping to maintain the ecological balance of these biodiversity hotspots.

NCLT Orders Liquidation of Go First Airline

The National Company Law Tribunal (NCLT) ordered the liquidation of Go First, marking a dramatic end to the airline's 17-year legacy in the Indian aviation industry. The decision follows the airline's prolonged financial struggles, which led to the suspension of its operations nearly three years ago. In May 2023, Go First filed for insolvency, citing severe financial distress, and subsequently entered into an insolvency resolution process that ultimately failed to find a sustainable solution.

Jan 20, 2025

HSBC India Gets RBI Approval to Open 20 New Branches in 20 Cities

HSBC India, the Indian arm of London-headquartered HSBC, received approval from the Reserve Bank of India (RBI) to open 20 branches across 20 cities.
This came nearly nine years after the bank decided to close 24 branches in 14 cities as part of its strategy to consolidate its network and shift more retail and wealth management business to the online channel.
With the addition of 20 branches, HSBC India's branches in the country will reach 46.
Opening of new branches is a clear shift in strategy for the bank.

RBI Allows Overseas Banks to Open INR Accounts

In a significant policy shift, the Reserve Bank of India (RBI) authorised overseas branches of authorised banks to open Indian Rupee (INR) accounts for non-residents. This initiative aims to bolster the global use of the Indian Rupee in cross-border transactions and investments.
This policy aligns with the RBI's broader strategy to internationalise the Indian Rupee, reducing reliance on dominant foreign currencies like the US Dollar and strengthening the Rupee's global standing. The introduction of Special Rupee Vostro Accounts (SRVAs) in July 2022 marked a pivotal step in this direction, allowing foreign banks to maintain INR accounts with Indian banks for settling trade transactions.

Jan 19, 2025

Prime Minister Modi Inaugurates Bharat Mobility Global Expo 2025

Prime Minister Narendra Modi inaugurated the Bharat Mobility Global Expo 2025, the largest mobility expo in India, which is expected to witness over 100 new launches across automobiles, component products and technologies.
The five-day expo, which concludes on January 22, is being held across three venues: Bharat Mandapam and Yashobhoomi in the national capital and India Expo Centre and Mart, Greater Noida.
Expo will host over 9 concurrent shows, 20+ conferences and pavilions. In addition, the Expo will also feature states sessions to showcase policies and initiatives in the mobility sector to enable collaboration between industry and regional levels.

Jan 18, 2025

Piyush Goyal Launches PRABHAAV Factbook and Start-up Challenge

The 9th Foundation Day of Start-up India, celebrated in New Delhi, marked a significant milestone in India's journey toward becoming a global leader in innovation and entrepreneurship. Union Minister of Commerce & Industry, Piyush Goyal, launched key initiatives, including the PRABHAAV Factbook and the Bharat Start-up Challenge, while emphasising the transformative role of start-ups in shaping India's economic and social landscape. The event highlighted India's achievements in fostering a thriving startup ecosystem, empowering women entrepreneurs, and supporting Tier II and Tier III city start-ups.
Fund of Funds for Startups (FFS), administered by SIDBI, played a pivotal role in mobilising private capital, especially in Tier II and III cities.
PRABHAAV Factbook is a comprehensive guide to India's startup ecosystem achievements (2016-2024), and highlights regional contributions and the growth trajectory of start-ups.

IREDA Finalises JV with SJVN, GMR, and NEP for Hydropower Project in Nepal

State-owned IREDA finalised a joint venture agreement with SJVN, GMR Energy and the Nepal Electricity Authority to set up a 900 megawatt hydropower project in Nepal. The agreement for the 900 MW Upper Karnali hydro-electric project was formalised in New Delhi, in the presence of senior officials from IREDA, SJVN, and GMR Energy.
The joint venture agreement lays out a comprehensive framework for project development, construction, operation, and maintenance under a Build-Own-Operate-Transfer (BOOT) model, with a 25-year project term from the Commercial Operation Date (CoD).

Punjab National Bank, Indian Bank Get New Chief Executive Officers

The government appointed Ashok Chandra as the Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB) and Binod Kumar as the MD and CEO of Indian Bank.
Prior to these appointments, Chandra was an executive director at Canara Bank, while Kumar was an executive director at PNB.
Chandra, who joined Canara Bank as an executive director in November 2022, oversaw various verticals, including digital banking and information technology, strategy and planning, marketing and public relations, financial inclusion, micro, small, and medium enterprises (MSME), retail assets, agriculture, and priority sectors.
Kumar has held various key positions at PNB, including Chief General Manager (Corporate Credit), Zonal Manager, and CEO of PNB Operations at the Dubai International Financial Centre. Kumar began his banking career at PNB as a management trainee in 1994 and was elevated to the position of executive director in November 2022.

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