General Awareness

BUSINESS AND ECONOMY - September 2017

Sep 2017

Jun 04, 2023

Sanjay Varma Takes Charge as MRPL Managing Director

Sanjay Varma took over as the Managing Director (additional charge) of Mangalore Refinery and Petrochemicals Ltd (MRPL). Varma has been on the board of MRPL as Director (Refinery) since June 2020. He has also had extensive exposure by being on the boards of ONGC-Mangalore Petrochemicals Ltd and Shell-MRPL Aviation.
Varma joined MRPL in December 1993 and has played a pivotal role in the execution and operation of all three major phases of the refinery and its aromatic complex.
Mangalore Refinery and Petrochemicals Limited (MRPL) is a public sector oil refinery and petrochemical company located in Mangalore, Karnataka, India.
MRPL was incorporated on March 7, 1988, as a joint venture between Hindustan Petroleum Corporation Limited (HPCL) and the government of Karnataka. HPCL held a majority stake of 51%, while the government of Karnataka held a 49% stake.
The construction of the refinery began in 1989, and it was commissioned in 1996. The refinery was designed to process crude oil and produce various petroleum products such as petrol, diesel, liquefied petroleum gas (LPG), kerosene, aviation turbine fuel (ATF), and others.

NGEL, UPRVUNL Collaborate for Development of Renewable Energy Power Parks

NTPC Green Energy Limited (NGEL) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) signed a Memorandum of Understanding (MoU) in Lucknow with an aim to collaborate in the development of Renewable Energy Parks and Projects and to facilitate in Government of India's efforts towards energy transition. The MoU was signed by Mohit Bhargava, CEO (NGEL) and Nidhi Kumar Narang, Director (Finance), UPRVUNL in the presence of P. Guruprasad, MD (UPRVUNL), Praveen Saxena, Regional Executive Director (NR) of NTPC. V. V. Sivakumar, GM (NGEL) and other senior officials of NTPC, NGEL and UPRVUNL were present during the occasion.
The MoU envisages the two organizations to collaborate through setting up of floating and ground mounted Solar Projects in the Rihand reservoir, other water bodies and any available vacant land, development of solar PV Project dedicated for solarization of Ayodhya city and setting up of Renewable energy Parks and Projects wherever land is made available. NGEL and UPRVUNL shall jointly work for formation of Joint Venture Company (JVC) to meet the Renewable Generation Obligation, Flexibility in Generation and Scheduling of Thermal/Hydro Power Stations through bundling with Renewable Energy and Energy Storage.

Jun 03, 2023

TCS, Reliance, Jio Top Best Indian Brands 2023 Ranking

Technology giant TCS and India's most valuable company Reliance Industries topped the list of the country's most valuable brands, according to Interbrand, the renowned global brand consultancy. Tata Consultancy Services (TCS) topped the 2023 50 Most Valuable Indian Brands list with a brand value of Rs. 1.09 lakh crore.
Billionaire Mukesh Ambani's Reliance Industries Ltd is at No.2 spot with a brand value of Rs. 65,320 crore. His group's telecom and digital unit Jio is also in the top 5 with a brand value of Rs. 49,027 crore.
IT company Infosys is at No.3 with a brand value of Rs 53,323 crore.
The top three brands alone account for a staggering 46 per cent of the total value of the top ten brands.
Celebrating its 10th year, the Best Indian Brands report has become a definitive guide to the nation's brand landscape since its inaugural publication in 2014.

Meesho Becomes World's Fastest Shopping App

Bengaluru-based e-commerce firm Meesho emerged as the world's fastest shopping app to cross 500 million cumulative downloads across Google Play and iOS App Store combined, reaching this milestone in six years, according to data.ai (formerly App Annie), the leading mobile data analytics provider.
More than half of these downloads (274 million) came in 2022, with value-seeking consumers across India flocking to the SoftBank-backed e-commerce platform. Meesho competes with players such as Walmart-owned Flipkart, Amazon and Reliance's JioMart.
The entry into the 500 million club came on the back of strong value propositions and unique tech innovations. At just 13.6 MB, Meesho's Android app is the lightest e-commerce app in India on Play Store. This makes it compatible with low-end smartphones and ensures a seamless shopping experience even in areas with low internet bandwidth.

Jun 02, 2023

Aegon Life Launches Insurance Cover for Surrogate Mothers, Egg Donors

Aegon Life launched the first life insurance cover for surrogate mothers and egg-donors, effectively backing their financial well-being. This initiative supports the implementation of provisions in the Surrogacy (Regulation) Act, 2021 and the Assisted Reproductive Technology (Regulation) Act, 2021, spearheaded by India's Ministry of Health & Family Welfare.
Notably, the coverage provides a life cover of three years for surrogate mothers and one a year for egg donors to provide protection against any life-threatening complications arising out of the said procedures.
Aegon Life is digital India's life insurance company and claims to have pioneered the online term insurance plan in India.

Ashwani Kumar New MD & CEO of UCO Bank

The Appointments Committee of the Cabinet (ACC) approved the appointment of Ashwani Kumar, Executive Director, Indian Bank as Managing Director and CEO of UCO Bank.
Kumar replaced Soma Sankara Prasad, who superannuated on May 31. Prasad was in December 2021 appointed as MD & CEO of UCO Bank.
Ashwani Kumar will lead the public sector bank for period of three years.
Kumar will also be eligible for extension of the term of office, after a review of his performance, by two years or until further orders, whichever is earlier.
Kumar, a chartered accountant, rose through ranks serving various offices of five public sector banks -- Bank of Baroda, Corporation Bank, Oriental Bank of Commerce, Punjab National Bank and Indian Bank.

Jun 01, 2023

Union Cabinet Approves CITIIS 2.0 with a Focus on Circular Economy

In a push to support projects promoting a circular economy and climate-oriented reform actions, the Union Cabinet approved the City Investments to Innovate, Integrate and Sustain 2.0 (CITIIS 2.0). The scheme will run for a period of four years from 2023 to 2027.
CITIIS 2.0 aims to leverage and scale up the learnings of CITIIS 1.0, which was launched in 2018 by the Ministry of Housing and Urban Affairs with a total outlay of Rs. 933 crore.
Announcing the scheme, Union Minister Anurag Thakur said that the programme would include the construction of a circular economy with related projects such as combined waste management, climate change observatories, and institutional strengthening and knowledge dissemination at the national level. The three components of CITIIS 2.0 include financial and technical support for developing projects focused on building climate resilience, adaptation and mitigation in up to 18 smart cities.
The funding for CITIIS 2.0 would include a loan of 200 million euros or Rs. 1,760 crore with AFD and German development bank KfW contributing 100 million euros each, and a technical assistance grant of 12 million euros or Rs. 106 crore from the EU.

TWE Group GmbH, Obeetee Textiles Set up Strategic JV for Nonwovens

TWE group GmbH, an international nonwoven solutions company, acquired a 50 per cent stake in Obeetee Textiles (OTL), a subsidiary of one of India's oldest and largest carpet makers, as part of a strategic joint venture.
TWE OBT, the 50:50 joint venture (JV), will seek growth in the Indian market for nonwovens, which are engineered fabric products. For the 50 per cent holding in the JV, TWE has invested 11.5 million euros in cash.
The JV will set up a new facility to manufacture nonwoven products for the health and hygiene sector, a fast-growing segment.
TWE was in 2022 the fifth biggest importer of nonwovens for the Indian market and the JV would allow it to enter manufacturing in the country. TWE will provide technical knowledge for the hygiene business to the JV.

Yes Bank Launches New Logo and Campaign

YES Bank unveiled its refreshed brand identity claiming it to resonate with the evolving needs and aspirations of customers.
The bank's new design is with the intent of going beyond just ticking the boxes and enabling people to live each day to the fullest.
During an event to launch the new campaign, "Life Ko Banao Rich," MD and CEO Prashant Kumar explained that the latest identity will be implemented across all client touchpoints of the bank, such as headquarters, branches, products, digital platforms, and communication materials.

May 31, 2023

ADB Launches India Strategy for 2023-27; Focus on Employment Creation, Green Growth

The Asian Development Bank (ADB) rolled out its 2023-27 country partnership strategy for India that identifies accelerating structural transformation and job creation, promoting climate-resilient growth, and deepening social and economic inclusiveness as key focus areas.
India currently ranks amongst the fastest-growing major global economies after it rebounded quickly from the impact of the Coronavirus pandemic. The nation needs to accelerate and sustain inclusive growth by tackling certain crucial challenges in infrastructure and human development, income and regional disparities, and vulnerability to climate change and natural hazards.

RBI Penalises Central Bank of India

The RBI imposed a penalty of Rs. 84.50 lakh on Central Bank of India for non-compliance with certain provisions of norms related to frauds classification and reporting.
The Reserve Bank had conducted statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021.
Examination of the reports revealed that the public sector lender had failed to report as fraud to RBI certain accounts within seven days of decision of Joint Lenders' Forum (JLF) to declare the accounts as fraud.

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