General Awareness

BUSINESS AND ECONOMY - September 2017

Sep 2017

Mar 27, 2023

ICICI Lombard Becomes First to Offer 'Anywhere Cashless' Feature

Private sector general insurer ICICI Lombard launched an 'anywhere cashless' feature for its health insurance policyholders, which allows customers to avail cashless facilities even at non-empanelled hospitals. Under this facility, which the company claimed is an industry-first initiative, customers will not have to bear any out-of-pocket expenses, which has been one of the major pain-points for customers.
However, the company said the 'anywhere cashless' feature is subject to each hospital offering cashless facility and that for one to use this feature the policyholder must inform the company 24 hrs before admission.

Gevra Coal Mine in Chhattisgarh's Korba District Makes History

The Gevra coal mine in Chhattisgarh's Korba district became the country's first coal mine to produce over 50 million tonnes (mt) of dry fuel in a financial year.
Ranked among one of the five largest coal mines in the world, Gevra has a significant place in the business of SECL — an entity of the state-run Coal India (CIL). Along with Dipka and Kusmunda mega projects also located in Korba, it shares two-thirds of the total output of the SECL.

RBI Imposes Rs. 30 lakh Penalty on Karur Vysya Bank

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 30. lakh on Karur Vysya Bank for non-compliance with certain provisions of the Reserve Bank of India (Frauds- Classification and reporting by commercial banks and select FIs) directions 2016. This penalty was imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949.
This action was based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Reliance Industries Appoints Srikanth Venkatachari as CFO

Reliance Industries' board designated Srikanth Venkatachari, joint chief financial officer, as Chief Financial Officer (CFO) of the company with effect from 1 June 2023.The current CFO, Alok Agarwal, will assume a new role as senior advisor to the chairman and managing director of the company assisting him on a wide range of strategic issues with effect from 1 June 2023, after 30 years of service.
Alok Agarwal was appointed as CFO of the company in 2005. He was an accomplished finance professional.

Rittick Roy Burman to Manage the Overall Khadim India Operations

Footwear brand Khadim India Ltd entrusted Rittick Roy Burman, whole-time director, to manage the regular affairs and overall operations. Rittick, who is a member of the promoter group and key managerial personnel of the company, will be reporting to Siddhartha Roy Burman, Chairman and Managing Director of Khadim.
The change in leadership is announced following the resignation of former CEO, Namrata Ashok Chotrani.

Mar 26, 2023

Canara Bank Sells Stake in Russian joint Venture to SBI

Canara Bank sold its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs. 121.29 crore.
CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent).
The Bengaluru-based state-owned bank entered into the agreement for sale on November 11, 2022.
The bank was established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank also has offices in London, Dubai and New York.

Indian Origin Anand Selva New Chief Operating Officer of Citigroup

Indian origin Anand Selvakesari, who is the Chief Executive – personal banking and wealth management -- at Citigroup, was given the additional charge of Chief Operating Officer (COO) of the United States headquartered bank.
Anand Selva will be taking over the role from Karen Peetz, who plans to retire in May.
Selva was heading the Citi's consumer banking business in India between 2011 and 2014. Before that he was heading the same business in China.

Realme to Appoint New India Business Head from China

Global technology brand Realme is set to replace India business head Madhav Sheth with a top executive from its China-based headquarters. Sheth may quit the company once the official statement.
The move does not augur well for the company which cemented its position in a market which is highly-competitive at the mass level, with Sheth, as its India business lead, became the sole face of the company within a short span of time.
Sheth, being a veteran in the field, clearly has a command over the local market dynamics, something that the upcoming Chinese executive may not have in his kitty.

Mar 25, 2023

FSIB Recommends Siddhartha Mohanty for LIC Chairperson's Position

Headhunting agency, Financial Services Institutions Bureau (FSIB), recommended Siddhartha Mohanty for the position of chairperson of India's largest insurer Life Insurance Corporation (LIC).
Mohanty is already serving as the interim chairperson of the insurance behemoth for a period of three months, along with discharging his responsibilities as Managing Director (MD) of the corporation.
Mohanty took over as the MD of LIC in February 2021 from T. C. Suseel Kumar. He is a veteran in the financial services industry with almost four decades of experience. He started his career as a direct recruit officer with LIC in 1985 and rose through the ranks.

Income Tax Department Launches Mobile App AIS for Taxpayers

The Income Tax Department of India launched a new mobile app called ' AIS for Taxpayers' to facilitate taxpayers to view their information as available in the Annual Information Statement (AIS) / Taxpayer Information Summary (TIS). With an aim to provide a comprehensive view of the AIS/TIS to the taxpayer, the AIS app displays information collected from various sources pertaining to the taxpayer.
As per the Income Tax Department, using the new AIS app, taxpayers can easily view information related to their TDS/TCS, interest, dividends, share transactions, tax payments, and Income Tax refunds. This is another initiative of the Income Tax Department in the area of providing enhanced taxpayer services facilitating ease of compliance.

MoU Exchanged for Setting up Nation's First PM MITRA Park in Tamil Nadu

The nation's first PM Mega Integrated Textile Regions and Apparel (PM MITRA) Park is set to be established in Virudhunagar District of Tamil Nadu, and employ an estimated 2 lakh people, the Memorandum of Understanding for which was signed between the Central and State governments.
Giving a big boost to the textile sector, the PM MITRA Parks, in all, would create huge employment opportunities and an estimated 20 lakh people would get 'new work' attracting about Rs. 70,000 crore investment, Union Textiles Minister Piyush Goyal.

Mar 24, 2023

Guruprasad Mudlapur Appointed as Managing Director of Bosch Group in India

Auto components major Bosch Ltd announced leadership changes with Guruprasad Mudlapur appointed as its Managing Director and President of the Bosch Group in India with effect from July 1, 2023.
He will succeed Soumitra Bhattacharya who will be retiring from Bosch India effective June 30, 2023, after 28 years of service in various capacities.
Mudlapur has more than 15 years of experience in the Bosch Group and has held various positions in engineering and business management. Most recently, he was joint managing director and chief technology officer of Bosch Ltd.

Manmeet K. Nanda Gets Additional Charge of MD & CEO of Invest India

The board of Invest India appointed Manmeet K. Nanda as the Managing Director and Chief Executive Officer of the investment promotion and facilitation body under the commerce ministry.
Nanda succeeded Deepak Bagla, who resigned from the post.
Invest India was created under the Prime Minister's vision of a New India, Invest India today is well acknowledged by stakeholders for its tangible contributions and instrumental role in executing the Government's flagship initiatives including Make in India, Start-up India, National Single Window System, Project Monitoring Group, and Prime Minister's Science, Technology and Innovation Advisory Council. Invest India leverages private sector expertise to execute Government's vision, embodying high levels of transparency, ethics and corporate governance.

L&T Signs Agreement with France's McPhy for Electrolyser Technology

Manufacturing major Larsen & Toubro (L&T) signed an agreement with McPhy, a France-based electrolyser technology and manufacturing company, for building a "gigawatt (Gw) scale" manufacturing facility for electrolysers and tapping into the green hydrogen ecosystem in the country.
Under this partnership, McPhy will grant an exclusive license of its pressurised alkaline electrolyser technology to L&T for the manufacturing of electrolysers, including future product upgrades.
L&T plans to set up a Gw-scale manufacturing facility for electrolysers based on McPhy technology in India to serve the domestic requirements, as well as cater to other selected geographies.
This is L&T's second such partnership with an electrolyser maker. In January 2022, it had signed a memorandum of understanding with HydrogenPro AS, a Norway-based electrolyser technology and manufacturing company.

Mar 23, 2023

Ambani among Top 10 Billionaires: M3M Hurun Global Rich List

According to the 2023 M3M Hurun Global Rich List, despite an erosion of 20 per cent or $21 billion in wealth, Reliance Industries' Chairman and Managing Director Mukesh Ambani continues to be at the top 10 wealthiest individuals in the world with a wealth of $82 billion.
For the third consecutive year, Ambani retained the wealthiest Asian title.
With a 35 per cent decrease or $28 billion in wealth to $53 billion, Gautam Adani & family, of Adani Group slipped to 23rd rank in the world's wealthiest from the last year's second rank.
Adani also lost the second richest Asian title in 2023.

Anuj Singh is New CEO and MD Spencer's Retail

Spencer's Retail, which is part of the R. P. Sanjiv Goenka Group, appointed Anuj Singh as its Chief Executive Officer (CEO) and Managing Director (MD).
Singh was appointed CEO and MD for a period of three years.
He has more than two decades of leadership experience in organisations in India, West Asia and Europe. He spent his formative professional years working across sales and marketing roles in the paints, tobacco and beverages sectors. He then spent more than a decade in leadership roles in the beverages and food services industry.

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