General Awareness

BUSINESS AND ECONOMY - September 2017

Sep 2017

Oct 22, 2024

Adar Poonawalla Acquires 50% Stake in Karan Johar's Dharma Productions

In a development within the Indian entertainment industry, Adar Poonawalla, CEO of the Serum Institute of India, entered into a binding agreement to acquire a 50% stake in Karan Johar's renowned production house, Dharma Productions, and its digital arm, Dharmatic Entertainment. The deal, valued at Rs. 1,000 crore, represents a landmark partnership between two major entities from vastly different industries: cinema and pharmaceuticals.
Dharma Productions had been actively seeking investments and engaged in talks with several large conglomerates. The company posted a fourfold surge in revenue to Rs. 1,040 crore in FY23, from Rs. 276 crore the previous year however net profit fell 59% to Rs. 11 crore due to a 4.5-times rise in expenses at Rs. 1,028 crore. In FY23, the company earned Rs. 656 crore from distribution rights, Rs. 140 crore from digital, Rs. 83 crore from satellite rights, and Rs. 75 crore from music.

Oct 21, 2024

Maldivian President Mohamed Muizzu Decides To Introduce India's UPI in Maldives

Maldivian President Mohamed Muizzu decided to take the necessary steps to introduce India's Unified Payment Interface (UPI) in the Maldives.
The move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and enhanced digital infrastructure.
The decision was made after the Cabinet thoroughly discussed a paper submitted by the Minister of Economic Development and Trade at a cabinet meeting, ensuring a comprehensive understanding of the matter.

Abhyuday Jindal New President of Indian Chamber of Commerce

Abhyuday Jindal was named president of Indian Chamber of Commerce (ICC) an industry body founded in 1925 that has its headquarters in Kolkata.
Jindal who graduated from Boston University with a degree in Economics and Business Management is the Managing Director of Jindal Stainless, a stainless steel manufacturer with annual turnover of Rs. 38,000 crore.
Jindal took over at a ceremony in Delhi, which was attended by Commerce and Industry Minister Piyush Goyal.
Brij Bhushan Agarwal assumed the role of Senior Vice President of ICC. Agarwal brings over three decades of experience in the steel and ferroalloys industry.
Parthiv Vikram Neotia assumed the role of Vice President of ICC. He is the Executive Director of Ambuja Neotia, a conglomerate with interests in real estate, healthcare, hospitality, and education.

Oct 20, 2024

Jio Payments Bank Secures Mutual Funds Distribution License from AMFI

Jio Payments Bank, a subsidiary of Jio Financial Services, successfully obtained a mutual fund distribution license from the Association of Mutual Funds in India (AMFI). This Category 1 Execution-only Platform (EOP) license enables Jio Payments Bank to distribute the direct plans of various mutual fund schemes, marking a significant step in its expansion within the financial services sector.
The entry of Jio Payments Bank into the mutual fund distribution space is expected to enhance competition, particularly in the direct plan segment, providing more options for investors.

Oct 19, 2024

RBI Bars Navi Finserv, 3 NBFCs for Lending Violations

The Reserve Bank of India (RBI) barred four non-banking financial companies (NBFCs), including Sachin Bansal's Navi Finserv, from sanctioning and disbursing loans starting October 21, 2024. The ban affects Navi Finserv, Asirvad Microfinance, Arohan Financial Services, and DMI Finance, which were found guilty of charging exorbitant interest rates and failing to comply with regulatory pricing policies. The move is part of the RBI's ongoing crackdown on excessive interest rates and non-compliance with guidelines.
The RBI's decision follows detailed inspections revealing that the NBFCs charged excessively high Weighted Average Lending Rates (WALR) and interest spreads, violating the Master Directions on Microfinance Loans and Scale-Based Regulations. These NBFCs were also found to be non-compliant with guidelines on assessing household income, loan repayment capabilities, and asset classification, leading to loan ever greening and improper management of gold loan portfolios.

Oct 18, 2024

HDFC Opens First Singapore Branch to Expand Global Presence

HDFC Bank officially opened its first branch in Singapore as part of its strategy to expand its international operations. Granted a wholesale banking license by the Monetary Authority of Singapore (MAS), the bank aims to offer a variety of financial products and services to residents of Singapore.
The branch was inaugurated by Rakesh Singh, Group Head of International Banking, in the presence of Gaurav Khandelwal, CEO of HDFC Bank Singapore, and senior management officials.
With the addition of Singapore, HDFC now operates five international branches: Hong Kong, Bahrain, Dubai, Singapore, and an IFSC Banking Unit in Gujarat International Finance Tech City (GIFT City).

Aditya Birla Housing Finance Partners BharatPe to Revolutionise Secured Lending

Aditya Birla Housing Finance (ABHFL), a wholly-owned subsidiary of Aditya Birla Capital Ltd, entered into a strategic partnership with BharatPe, a fintech company, to facilitate access to home loans and loan against property for latter's merchant partners.
ABHFL is the first housing finance company to partner with BharatPe, offering streamlined access to secured lending through advanced digital solutions, significantly enhancing the user experience.

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