General Awareness

BUSINESS AND ECONOMY - October 2017

Oct 2017

Oct 26, 2024

JP Morgan Chase India Appoints Pranav Chawda as New CEO

Pranav Chawda was appointed as the new Chief Executive Officer (CEO) of JP Morgan Chase India for a term of three years. Previously heading the commercial banking unit of the US-based JP Morgan, Chawda's appointment came after receiving the necessary approval from the Reserve Bank of India (RBI). His leadership is expected to drive the bank's growth and strategic initiatives in the Indian market.
Chawda has over 20 years of experience in the banking sector, including various roles in credit, product, business development, and sales.

Oct 25, 2024

HDFC Life's Commitment to DEI: A Dual Recognition Triumph

HDFC Life Insurance Co. Ltd., a prominent player in India's insurance sector, earned dual accolades for its commitment to Diversity, Equity, and Inclusion (DEI) by Avtar and Seramount. Recognised among the Best Companies for Women in India (BCWI) and as 'Exemplars of Inclusion' in the Most Inclusive Companies Index (MICI), HDFC Life stands out for its supportive ecosystem not only for women but also for people with disabilities, the LGBTQ+ community, and diverse cultural backgrounds. This recognition reflects the company's ongoing efforts to create an environment that fosters equality and empowers all employees.
The recognition underscores HDFC Life's belief in equal opportunities, continuously striving to address challenges that hinder individual expression and growth.

Neowise Launches India's First AI-Driven Debt Collection SaaS Tools

With a mission to enable lenders to engage with borrowers more effectively, Neowise unveiled two industry-first transformative products powered by generative AI: NeoBot, the Debt Collection VoiceBot, and NeoSight, the AI Call Analytics Tool. Neowise is India's fastest-growing debt recovery solutions provider and a Decentro Group subsidiary that contributes to the overarching lending infrastructure.
Developed in close collaboration with Bangalore-based generative AI start-up Sarvam AI, these solutions, powered by advanced large language models (LLMs), transform the way lenders approach debt recovery by improving efficiency by around 15% and reducing costs by 33%.

Oct 24, 2024

Pam Kaur is HSBC's First Female CFO in 160 Years

HSBC named Indian-origin Pam Kaur as its new Chief Financial Officer (CFO), the first woman to hold this position in its 160-year history. She is replaced Georges Elhedery, who took over as CEO earlier this year (2024).
Pam Kaur has a long history with HSBC. She joined the bank in 2013 as the Group Head of Internal Audit and steadily rose through the ranks. She has extensive experience across risk management, compliance, and finance.

Bihar Gets Its First Dry Port

Bihar Industry Minister Nitish Mishra inaugurated the state's first dry port at Bihta, a town near state capital Patna. The dry port is being seen as the state's big initiative to boost export of goods being produced in Bihar, in collaboration with a private company.
The Bihta dry port is spread over seven acres. It is being run in a Public-Private Partnership (PPP) mode by Pristine Magadh Infrastructure Private Limited and the state industry department.

Freo Secures IRDAI License to Expand Insurance Offerings

Freo, the digital finance application, received a corporate agent license from the Insurance Regulatory and Development Authority of India (IRDAI), allowing it to offer a range of customised insurance products to its 25 million users. This initiative came amid India's low insurance penetration rate of approximately 4.2%, which is significantly below the global average of 7%. With a commitment to "Insurance For All By 2047," Freo aims to provide affordable and intuitive insurance solutions to address the needs of its diverse user base, particularly in Tier II and III cities.

RBI Updates Alert List of Unauthorised Forex Trading Platforms

The Reserve Bank of India (RBI) expanded its 'Alert List' of unauthorised forex trading platforms by adding 13 new entities, bringing the total to 88. This list includes names of entities not authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) or to operate electronic trading platforms (ETPs) for forex transactions. Some notable additions to the list include TDFX, Inefex, and Ranger Capital. The RBI emphasised that this Alert List also includes entities promoting unauthorised platforms through advertisements or claiming to offer training/advisory services.

Oct 23, 2024

Finance Minister Approves Creation of Chief General Manager Posts in 5 More Nationalised Banks

The Finance Minister approved the creation of Chief General Manager post (CGM), below board level, in five more nationalised banks (i.e.), Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank and UCO Bank.
Prior to this, CGM posts were available in six out of eleven nationalised banks. While creating the said post, the Finance Minister also approved the increase in the existing number of CGMs in the banks that already have CGM level posts. This step will significantly enhance the administrative structure and efficiency of banks.

Paytm Receives NPCI Approval to Onboard New UPI Users

Paytm received approval from the country's payments authority to onboard new unified payment interface (UPI) users, providing some relief for the financial services firm after a central bank-ordered ban on its banking unit.
The National Payments Corporation of India (NPCI) granted its approval following a request by the company in August.

Adani Group's Ambuja Cements Acquires 47% Stake in Orient Cement

Ambuja Cements, the cement and building material company of the diversified Adani Group, announced to acquire Orient Cement Ltd (OCL) at an equity value of Rs. 8,100 crore.
Ambuja Cements will acquire 46.8 per cent shares of OCL from its current promoters and certain public shareholders and the acquisition will be fully funded through internal accruals.

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.

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