General Awareness

BUSINESS AND ECONOMY - October 2017

Oct 2017

Jun 06, 2024

Deendayal Port Trust Gets New Chairperson

The Centre appointed Sushil Kumar Singh, an officer from the Indian Railway Service of Mechanical Engineering (IRSME) of the 1993 batch, as the Chairman of Deendayal Port Trust in Kandla, Gujarat. One of the largest state-owned ports in the country, Deendayal Port Trust will be under Singh's leadership until his superannuation in January 2027.
Singh succeeded S. K. Mehta, a forest service officer from the Gujarat cadre, who returned to his parent cadre after completing his central deputation.
Kandla Port Trust was renamed as Deendayal Port Trust in September 2017.

Tata Motors Finance to be Merged with Tata Capital

Tata Motors said that the Board of Directors of Tata Motors, Tata Capital and Tata Motors Finance approved a merger of Tata Motor Finance with Tata Capital through an NCLT scheme of arrangement.
The transaction is in-line with Tata Motors' stated objective of exiting non-core businesses and focus its capital spends on emerging technologies and products.

Bank Clinic: Your Guide to Complaint Resolution

The Bank Clinic, launched in 2024, spearheaded by the All India Bank Employees' Association (AIBEA), aims to empower retail customers by providing guidance on addressing their grievances in the rapidly evolving landscape of banking technology and regulatory standards set by the Reserve Bank of India (RBI).
At banksclinic.com, customers can register complaints, receiving insights into relevant regulatory guidelines within five working days. While the platform does not directly resolve complaints, it serves as a valuable resource, offering information on available remedies according to RBI mandates.
C. H. Venkatachalam, AIBEA's general secretary, clarified the role of the Bank Clinic as a facilitator rather than a problem solver. Its team provides assistance on navigating complaint procedures, recognizing the prevalent lack of awareness regarding complaint mechanisms among customers.

Jun 05, 2024

Ashok Leyland Rolls Out 'Sarathi Suraksha' Policy

Heavy commercial vehicle manufacturer Ashok Leyland launched the 'Sarathi Suraksha' Policy aimed at safeguarding the driver community, which insurance coverage of up to Rs. 10 lakh.
The policy, classified as an 'Unnamed GPA (Group Personal Accident) policy' covers any driver operating an Ashok Leyland vehicle, providing comprehensive protection for the drivers.
The comprehensive insurance policy covers accidental death, permanent and partial disability and also includes a special education bonus for children.
Ashok Leyland is the flagship of the Hinduja Group.

Jun 04, 2024

Gautam Adani Reclaims the Title of Asia's Richest Person

Gautam Adani, the chairman of the Adani Group, regained the title of Asia's richest person, surpassing Mukesh Ambani, the head of Reliance Industries. This milestone was achieved after a surge in the stock prices of the listed companies within Adani's apples-to-airport conglomerate.
According to the Bloomberg Billionaires Index, Adani's net worth stands at an impressive $111 billion, ranking him as the 11th richest person in the world. On the other hand, Ambani's wealth of $109 billion places him at the 12th position globally.

Three GMs to Take Charge of TMB Operations after Sankarasubramaniam's Exit

Tuticorin-based Tamilnad Mercantile Bank (TMB) constituted a three-member Committee of Executives (COEs) to oversee its administration and operations.
The move came after incumbent Managing Director (MD) and Chief Executive Officer (CEO) Krishnan Sankarasubramaniam expressed his desire to be relieved from duties.
Sankarasubramaniam resigned on September 28, 2023, citing personal reasons.
The bank, however, asked him to continue on an interim arrangement until further guidance from the Reserve Bank of India (RBI).

Jun 03, 2024

Adani Ports Secures 30-Year Deal for Tanzania Port Terminal

Adani Ports and Special Economic Zone (APSEZ) clinched a significant 30-year concession agreement with the Tanzania Ports Authority to operate Container Terminal 2 (CT2) at Port of Dar es Salaam. This marks APSEZ's third venture into international ports, signalling its strategic expansion beyond Indian shores.
Through its subsidiary, Adani International Ports Holdings Pte Ltd, APSEZ will manage CT2 in partnership with Abu Dhabi Ports Group and East Harbour Terminals Ltd.

Reliance and Tata Groups Recognized among TIME's World's Most Influential Companies

Reliance Industries Limited (RIL) was named one of the World's Most Influential Companies by TIME magazine, making its second appearance on the prestigious TIME 100 list. This recognition placed Reliance in the 'Titans' category, highlighting its transformative impact across various sectors in India and beyond.
In addition to Reliance, TIME magazine's prestigious list of 100 World's Most Influential Companies of 2024 features two other Indian companies alongside Reliance Industries Limited (RIL). The Tata Group, a stalwart in the Indian business landscape, was included in the list under the 'Titans' category. The Serum Institute of India, known for its pioneering work in vaccine manufacturing, was honoured in the 'Pioneers' category. This year's (20224) TIME 100 Most Influential Companies list, the fourth annual edition, celebrated businesses making extraordinary impacts globally.

Reserve Bank of India Cancels 10-year Green Bond Auction for First Time

In a first, the Reserve Bank of India (RBI) cancelled the auction of 10-year green bonds as traders refused to pay greenium. Greenium signifies the premium investors are willing to pay for green bonds because of their sustainability impact.
Diverging from the pattern of issuing green bonds in the latter half, the government plans to issue green bonds worth Rs. 12,000 crore in the first half of the current financial year. The green bonds were planned to be issued in two tranches of Rs. 6,000 crore each for a period of 10 years.

Jun 02, 2024

Asian Development Bank's $2.6 Billion Sovereign Lending to India in 2023

The Asian Development Bank (ADB) committed $2.6 billion in sovereign lending to India in 2023, aiming to bolster various sectors including urban development, power, industry, horticulture, connectivity, and climate resilience.
The loans target projects fostering India's structural transformation, job creation, infrastructure enhancement, green growth, and socioeconomic inclusiveness, integrating smart technologies and innovations.
Funding includes initiatives such as the Visakhapatnam–Chennai Industrial Corridor, urban service improvement in Uttarakhand, Rajasthan, and Tripura, road connectivity in Madhya Pradesh and Bihar, horticulture development in Himachal Pradesh, and expansion of the Delhi–Meerut rapid rail transit corridor.
India, a member since the ADB's inception in 1966, remains its largest borrower, receiving loans, grants, and technical assistance totalling $55.3 billion. India ranks fourth among ADB shareholders, with the United States, Japan, China, and Australia as the top shareholders.

P. Santhosh Takes the Helm as MD & CEO of NARCL

The National Asset Reconstruction Company (NARCL), India's state-owned bad bank, appointed P. Santhosh as its new Managing Director and Chief Executive Officer. The decision was made by NARCL's board, which recommended Santhosh for a three-year term at the helm of the asset reconstruction company.
P. Santhosh brings a wealth of experience to NARCL, having previously held the position of Chief General Manager at Canara Bank, one of the sponsor institutions of the asset reconstruction company. His familiarity with the banking sector and expertise in stressed asset resolution make him well-suited for the challenging task of reviving distressed assets acquired by NARCL.

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