General Awareness

BUSINESS AND ECONOMY - October 2017

Oct 2017

Jun 21, 2024

UK Surpasses China to Become India's 4th Largest Export Market

The United Kingdom (UK) overtook China and became India's fourth-largest export market in May 2024, commerce department data showed. The UK was India's sixth-largest export destination in May last year (2023). While exports to the UK grew by a third to $1.37 billion in May, the shipments to China saw 3 per cent growth at $1.33 billion last month.

RBI Grants Payment Aggregator License to SabPaisa

SabPaisa (SRS Live Technologies Private Limited), a payment solutions provider announced that it received final approval from the Reserve Bank of India (RBI) to function as a Payment Aggregator (PA) under the Payments and Settlement Systems Act, 2007.
The license allows SabPaisa to offer comprehensive payment aggregation services to merchants across the country. Since its establishment in 2016, SabPaisa has been offering innovative payment gateway solutions and related products such as Payouts and Subscriptions.

Jun 20, 2024

Axis Bank Acquires Additional Stake in Max Life Insurance Subsidiary

Axis Bank is buying additional stake in Max Life Insurance - a subsidiary of Max Financial - at a cost of Rs. 336 crore.
In continuation of the existing investment, this acquisition would strengthen the bank's position in the life insurance business.
Previously, Axis Bank, along with its subsidiaries Axis Securities and Axis Capital, held a 19.02% stake in the life insurance company.

Paytm Appoints Rajeev Agarwal as Non-Executive Independent Director

Paytm named Rajeev Krishnamuralilal Agarwal, former whole-time director of SEBI, as its non-executive independent director for a five-year term. This change came alongside the resignation of Neeraj Arora, who cited pre-occupation and personal commitments.
Neeraj Arora, known for his pivotal role in negotiating WhatsApp's merger with Facebook, resigned as Paytm's non-executive independent director on June 17, 2024. This marked his second departure from the company's board.
Rajeev Agarwal brings extensive expertise to Paytm's board, with over four decades of experience in securities markets and regulatory affairs. His tenure at SEBI included spearheading significant market policy reforms, such as the revival of the Mutual Fund industry in 2012 and the merger of the Forward Markets Commission with SEBI in 2015.

Namdev Finvest Partners with Bajaj Allianz General Insurance

Namdev Finvest, a Jaipur based NBFC, entered into strategic alliance with Bajaj Allianz General Insurance, a leading insurance platform, to offer comprehensive financial solutions, including insurance and NBFC services, to its customers.
The strategic alliance leverages Namdev's customer network and geographic presence, backed by Bajaj General Insurance's expertise in insurance products. As a result, the integrated products and services are expected to be rolled out in phases, with the initial offerings being available in key markets.

Jun 19, 2024

Dhanlaxmi Bank Appoints Ajith Kumar as MD & CEO

Ajith Kumar was appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Dhanlaxmi Bank for a three-year term. Ajith Kumar brings extensive experience from his tenure at Federal Bank, spanning 36 years across key banking domains including Credit, Human Resources, Business, and Branch Operations.

Jun 18, 2024

RBI Imposes 1.45 crore Fine on Central Bank of India, 96.4 lakh Fine on Bangladesh's Sonali Bank

The Reserve Bank of India (RBI) imposed a fine of Rs. 1.45 crore on the Central Bank of India and Rs. 96.4 lakh on Sonali Bank PLC, Bangladesh for non-compliance issues including loans and advances and Know Your Customer (KYC) norms.
The Central Bank of India was fined Rs. 1.45 crore for sanctioning a working capital demand loan to a corporation against amounts receivable from the government by way of subsidies.
The RBI stated that a penalty of Rs. 96.4 lakh was imposed on Sonali Bank PLC for non-compliance with certain norms, including the KYC Directions, 2016.
Sonali Bank PLC's Indian wing is part of the commercial Bank of Bangladesh.

MEA and SBI Sign MoU to Enhance Digital Payments for Migrant Workers via eMigrate Portal

The Ministry of External Affairs (MEA) and the State Bank of India (SBI) formalized a Memorandum of Understanding (MoU) to integrate SBI's payment gateway, SBIePay, with the eMigrate portal. This collaboration aims to bolster digital payment services for Indian migrant workers, recruiting agents, and users of the portal.
The integration seeks to expand the scope of safe and legal migration for Indian workers by enhancing digital payment options on the eMigrate portal. Launched in 2014, this portal facilitates transparent emigration processes, connecting foreign employers, registered agents, and insurance providers, thereby ensuring seamless migration under regulatory frameworks.

Jun 17, 2024

RBI Bags 'Risk Manager of the Year Award 2024' by London's Central Banking Publication

In a remarkable achievement, the Reserve Bank of India (RBI) has been awarded the prestigious "Risk Manager of the Year Award 2024" by Central Banking, a renowned publication headquartered in London. This accolade recognises the RBI's significant strides in cultivating a robust risk culture and heightened awareness, solidifying its essential role in maintaining the stability of India's financial system.
During the recent global economic turbulence, the RBI took a cautious and measured approach to monetary policy. Unlike many other central banks that drastically increased interest rates, potentially stifling economic growth, the RBI maintained a holding stance, keeping rates steady while closely monitoring inflation levels.
This judicious decision aimed to strike a balance between controlling inflationary pressures and supporting economic growth, demonstrating the RBI's effective risk management strategies in navigating challenging economic conditions.

India Surpasses Hong Kong to Reclaim Fourth Spot in Global Equity Market

India's equity market has once again outpaced Hong Kong, securing the position as the world's fourth-largest by market capitalisation. With India's market value soaring to $5.2 trillion, bolstered by a 10% surge following a post-election market rebound, it now leads Hong Kong, which stands at $5.17 trillion after a 5.4% decline from its peak this year. This marks a significant shift in global market rankings, reflecting India's robust economic fundamentals and investor confidence.

ATM Operators Push for Rs. 2 Interchange Fee Hike amid Viability Concerns

ATM operators in India are advocating for an increase in interchange fees by Rs. 2 per transaction, citing financial sustainability challenges. The Confederation of ATM Industry (CATMI) has formally approached the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to raise the current maximum fee from Rs. 21 to Rs. 23 per transaction, as reported by the Economic Times.

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