General Awareness

BUSINESS AND ECONOMY - September 2017

Sep 2017

Sep 25, 2023

ICICI Lombard General Insurance Appoints Sanjeev Mantri as MD & CEO

ICICI Lombard General Insurance Company appointed Sanjeev Mantri as the Managing Director (MD) and Chief Executive Officer (CEO) of the company.
He will take over from Bhargav Dasgupta, who will be officiating his duties until the close of business hours on November 30, 2023.
Mantri will serve for a period of five years or his date of retirement, whichever is earlier, subject to approval from the IRDAI.
Mantri, who is a cost and chartered accountant, has over 20 years of experience and has held key leadership positions with BNP Paribas and ICICI Bank.

Asian Development Bank Appoints Bhargav Dasgupta as VP of Market Solutions

The Asian Development Bank (ADB) appointed Bhargav Dasgupta as vice-president for Market Solutions for three years. This development follows Dasgupta's resignation as Managing Director and Chief Executive Officer of ICICI Lombard General Insurance Company.
Having joined ICICI Lombard in May 2009 as Managing Director and CEO, Dasgupta served the general insurance company for over 14 years. In his resignation letter, he highlighted his role in increasing the company's revenue sixfold and net profit by 78 times over the years.
Dasgupta also spearheaded ICICI Lombard's initial public offering, making it India's first listed general insurance company.
The Asian Development Bank (ADB) is a regional development bank established on December 19, 1966, which is headquartered in the Ortigas Centre located in the city of Mandaluyong, Metro Manila, Philippines. The bank also maintains 31 field offices around the world to promote social and economic development in Asia.
The bank admits the members of the UN Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE), and non-regional developed countries. Starting with 31 members at its establishment, ADB now has 68 members.

HCLTech Expands Partnership with ANZ Banking Group with a New Deal

IT services major HCLTech extended its decade-old partnership with Australia and New Zealand Banking Group Limited (ANZ) with a new digital transformation deal for the bank's workplace operations across 33 countries.
HCLTech will provide ANZ with digital workplace services and experience management across end-user devices and applications, including laptops, mobile phones, and tablets.
One of Australia's four largest banks and the largest banking group in New Zealand and the Pacific, ANZ Banking Group provides banking and financial products and services to over 8.5 million retail and business customers. It operates in more than 30 markets globally with representation in Australia, New Zealand, Asia, the Pacific, Europe, America, and the Middle East.

Sep 24, 2023

Rupert Murdoch Steps Down as Chairman of Fox, News Corp

Australian-American business magnate and media proprietor Rupert Murdoch stepped down as the chairman of Fox Corp and News Corp, ending a more than seven-decade career during which he created a media empire spanning from Australia to the United States. He will step down as chairman of each board effective as of the upcoming Annual General Meeting of Shareholders of each company in mid-November.
His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox.

TCS and BankAxept AS Partner to Enhance Norway's Payment System

Tata Consultancy Services (TCS) entered into a partnership with BankID BankAxept AS, the provider of Norway's national payment and electronic identity systems. This alliance aims to establish and manage an operations command centre.
BankAxept, the dominant national payment system in Norway, facilitates 80 per cent of card payments in the country. Meanwhile, BankID serves as Norway's primary eID verification solution, relied upon by over 90 per cent of the population, as well as banks, public institutions, and commercial enterprises. New regulations mandate BankID to deliver users a compliant, trustworthy, and secure electronic identity solution, complemented by round-the-clock support.
As per the agreement, TCS will construct and oversee a 24x7 operations command centre in Oslo, Norway, catering to all BankID BankAxept AS users and clients. This facility will ensure responses to any service disruptions, security concerns, or client requests pertaining to Norway's crucial national payments and electronic identity verification systems.

RBI Proposes Lenders Identify 'Wilful Defaulters' Within Six Months

The Reserve Bank of India proposed that lenders should label defaulting borrowers as wilful defaulters within six months of an account turning non-performing.
The central bank identifies wilful defaulters as those who have the ability to pay a bank's dues but do not or divert bank funds. The RBI did not earlier have a specific timeline within which such borrowers had to be identified.
The regulator proposed that non-banking finance companies (NBFCs) should also be allowed to tag accounts using the same parameters.

Sep 23, 2023

RBI Allows HDFC AMC's Stake Acquisition in DCB Bank, Karur Vysya, 2 Others

The Reserve Bank of India (RBI) approved HDFC Asset Management Company (HDFC AMC) acquiring a 9.5 per cent stake each in DCB Bank, Karur Vysya Bank, Federal Bank and Equitas Small Finance Bank.
RBI's approval is valid for one year from the approval date. The central bank also told HDFC AMC that its shareholding in both the private banks should not exceed 9.5 per cent.

Axis Bank Launches 'NEO for Business', a Mobile-first Business Banking Proposition for MSMEs

Axis Bank announces the launch of 'NEO for Business', a distinctive Transaction Banking platform specially curated for the Indian Micro, Small and Medium Enterprises (MSME's). This is first of its kind comprehensive digital proposition that caters to the real, current, and emerging Transaction Banking needs of MSMEs.
Keeping in mind the evolving business needs of MSME's and challenges they face, Axis Bank's NEO for Business platform offers a wide array of Banking and Beyond Banking features.
With the wide array of Banking and Beyond Banking distinctive features, MSMEs can now enjoy enhanced convenience and productivity, as they can complete their banking transactions 'on-the-go', without visiting a bank branch.

Sep 22, 2023

Aparna C. Iyer New CFO of Wipro

Wipro's Chief Financial Officer (CFO) Jatin Dalal resigned with immediate effect to pursue other career opportunities.
It came at a time when the IT firm has been battling several high-level exits in the recent past.
Dalal, a Wipro veteran for 21 years, was replaced by Aparna C. Iyer.
Over the years, Dalal has worked in diverse roles in the finance vertical. He was also on the investment committee of Wipro Ventures – the company's $100 million strategic investment arm that focuses on investing in early to mid-stage start-ups.

PFC Signs MoU with SJVN for Renewable Energy Projects

Power Finance Corporation (PFC) inked a memorandum of understanding (MoU) with state-owned hydro power firm SJVN Ltd, committing to finance the latter's renewable energy and thermal power projects. The deal is valued at Rs. 1.18 trillion and aims to set up 12 gigawatt (Gw) of power generation capacity, predominantly from renewable sources such as solar, wind, and pumped hydro, along with a 660 megawatt thermal power project.

Sep 21, 2023

Cricketer Deepak Chahar Launches New Brand 'DNINE Sports'

Cricketer Deepak Chahar, known for his stellar performances on the cricket field, ventured into the world of sports equipment with the launch of DNINE Sports. With an investment of Rs. 2.5 crore, this sports line promises to revolutionize athletic gear, offering a wide range of products catering to the needs of athletes, including professional cricketers.
DNINE Sports adopts a multi-pronged approach to distribution, both online and offline. It discusses the company's strategy for reaching consumers through various channels and the importance of word-of-mouth marketing in building brand awareness.

Competition Commission of India Gets Three New Members

The government appointed three new members to the Competition Commission of India (CCI). These include a former Indian Police Service (IPS) officer and a lawyer.
Among the new members is Anil Agrawal, a 1988-batch IPS officer of Uttar Pradesh cadre. Agrawal earlier handled ecommerce and start-up policies at the Department for Promotion of Industry and Internal Trade (DPIIT).
The other two members are Sweta Kakkad and Deepak Anurag.
Kakkad is the first member of the CCI purely from the private sector. She is a lawyer, who had served as an interim chief compliance officer at WhatsApp. Anurag is a former Additional Deputy Comptroller and Auditor General (CAG) of India.
The Competition Commission of India (CCI) is the chief national competition regulator in India. It is a statutory body within the Ministry of Corporate Affairs.
The commission was established on 14 October 2003. It became fully functional in May 2009 with Dhanendra Kumar as its first Chairman.

Biocon Appoints Peter Bains as Group CEO

Biocon announced that its Board approved the appointment of Peter Bains as the Group CEO. He will be reporting directly to Biocon Group Chairperson, Kiran Mazumdar-Shaw.
Bains stepped down from his role on the Biocon Board as an Independent Director and assumed this strategic executive responsibility.
As per Shaw, Peter has a unique fit and profile for the role having both extensive global leadership experience and success across the biopharmaceutical field and a comprehensive understanding of the Biocon Group, having led Syngene for 5 years, taking it through its very successful IPO in 2015.

Ujjivan Small Finance Bank Introduces Maxima Savings Account

Ujjivan Small Finance Bank (Ujjivan SFB), a leading small finance bank, announced the introduction of the 'Maxima Savings Account and Business Maxima Current Account for the premium customer segment. These new offerings aim to improve the banking experience for both new and existing customers by providing a variety of services and benefits. The products are designed to provide customers with various benefits, superior features, and a premium experience to meet their various financial and banking needs.

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