General Awareness

BUSINESS AND ECONOMY - October 2017

Oct 2017

Apr 27, 2024

63% Voting in 2nd Phase, Highest 79.46% in Tripura

A turnout of 63.50 per cent was witnessed in the second phase of voting for the Lok Sabha elections in 88 seats across 13 states amid complaints of EVM glitches and bogus voting in some booths of Kerala and West Bengal.
The highest polling percentage was 79.46 in Tripura's lone seat, followed by 77.32 in ethnic violence-hit Manipur. At 54.85 per cent, UP saw the lowest voting. It was 73.62 per cent and 71.84 per cent in the three constituencies each in Chhattisgarh and West Bengal. Assam saw 71.11 per cent voting, as per the Election Commission's data till 8 pm. The turnout in Maharashtra was 57.83 per cent while it stood at 55.08 per cent in Bihar.
Voters in some villages of Rajasthan's Banswara and UP's Mathura boycotted polls over various issues, but were persuaded by authorities to cast their franchise.

Axis Bank Re-appoints Amitabh Chaudhry as MD & CEO

Axis Bank's board approved the re-appointment of Amitabh Chaudhry as Managing Director & CEO for another three years, effective January 2025, subject to RBI approval. Alongside Chaudhry, Independent Directors Meena Ganesh and Gopalaraman Padmanabhan were also been re-appointed for four years each.
Amitabh Chaudhry, who assumed the role of MD & CEO in January 2019, brings a wealth of experience from his tenure at HDFC Life. His re-appointment signifies continuity and stability in Axis Bank's leadership, bolstering investor confidence amid evolving market dynamics.

India's First Multi-Purpose Green Hydrogen Pilot Project Inaugurated in Himachal Pradesh

India took a significant step in renewable energy with the inauguration of its first multi-purpose green hydrogen pilot project at the 1,500 MW Nathpa Jhakri Hydro Power Station (NJHPS) in Himachal Pradesh's Jhakri. Spearheaded by Satluj Jal Vidyut Nigam (SJVN), the project aims to produce green hydrogen through renewable energy sources.
The project features a 20Nm3/hr electrolyzer and 25kW fuel cell capacity-based green hydrogen pilot system. It is the nation's first multi-purpose green hydrogen generation plant, serving both electricity generation and the high-velocity oxygen fuel (HVOF) coating facility of NJHPS.
Aligned with the National Green Hydrogen Mission of the Government of India, SJVN's initiative accelerates the development of green hydrogen production infrastructure in the power sector. Geeta Kapur, Chairman and Managing Director of SJVN, emphasised the project's role in establishing green hydrogen as a clean energy source.

Apr 26, 2024

SBI Card Introduces Inaugural Travel-centric Core Credit Card 'MILES'

SBI Card introduced its inaugural travel-centric core credit card, 'SBI Card MILES'.
The card promises comprehensive travel benefits, including the conversion of Travel Credits to Air Miles and Hotel Points, enhanced rewards on all travel bookings, and access to airport lounges.
The bank has partnered with more than 20 leading airline and hotel brands such as Air Vistara, Air India, SpiceJet, and IHG Hotels & Resorts.
There are three variants, SBI Card MILES ELITE, SBI Card MILES PRIME, and SBI Card MILES, which have been designed to elevate these experiences through curated travel benefits.

FSIB Recommends Rana Ashutosh for State Bank's MD Post

The Financial Services Institutions Bureau (FSIB), the nodal body to select directors and CEOs in public sector financial institutions, recommended Rana Ashutosh Kumar Singh to take over as Managing Director (MD) at State Bank of India (SBI) when the position becomes vacant later this year (2024).
Separately, Bank of Maharashtra (BoM) executive director Asheesh Pandey was recommended to take over as the CEO of Chennai-based Indian Bank, FSIB said on its website.

Apr 25, 2024

BharatPe Introduces BharatPe One: Revolutionising Payment Solutions

In a significant move, BharatPe unveiled BharatPe One, an innovative all-in-one payment device set to redefine digital transactions. This cutting-edge product integrates POS, QR, and speaker functionalities into a single device, promising unparalleled convenience for merchants and customers alike.
BharatPe aims to roll out BharatPe One across 100+ cities initially, with plans for expansion to 450+ cities within the next six months. This expansion underscores the company's commitment to enhancing payment experiences for millions of offline merchants nationwide.
Designed to simplify transactions, BharatPe One offers a wide array of payment acceptance options, including dynamic and static QR codes, tap-and-pay, and traditional card payments.

PayU Receives RBI's In-principle Approval for Payment Aggregator Role

Fintech firm PayU received an in-principle approval from the Reserve Bank of India to operate as a payment aggregator. With in-principle approval in place, PayU can now on-board new merchants and provide them digital payment services.
This will allow PayU to begin on-boarding new merchants, offering them digital payment solutions.
A payment aggregator is a financial technology company that simplifies the process of accepting electronic payments for businesses. It acts as an intermediary between the business and the financial institutions that handle payment processing, allowing businesses to avoid the complexities of establishing direct relationships with these entities.

Reliance Jio Becomes World's Largest Mobile Operator in Data Traffic

Reliance Jio become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.

RBI Restricts Kotak Mahindra Bank

The Reserve Bank of India, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, directed Kotak Mahindra Bank to cease and desist, with immediate effect, from (i) onboarding of new customers through its online and mobile banking channels and (ii) issuing fresh credit cards. The bank shall, however, continue to provide services to its existing customers, including its credit card customers.
According to the RBI, serious deficiencies and non compliances were found in the bank's IT inventory management, patch and change management, user access management, vendor risk management, data security, and leak prevention strategy, business continuity, and disaster recovery rigor and drill.

Apr 24, 2024

RBI Releases New Guidelines for ARCs Effective April 24, 2024

The Reserve Bank of India (RBI) issued a comprehensive master direction for asset reconstruction companies (ARCs), which came into effect from April 24, 2024. These guidelines aim to enhance the regulatory framework for ARCs and ensure their financial stability and effectiveness in resolving distressed assets.
ARCs are required to maintain a minimum capital of Rs. 300 crore, a significant increase from the previous requirement of Rs. 100 crore set on October 11, 2022. Existing ARCs are given a transition period until March 31, 2026, to meet this new minimum requirement. Non-compliance with these regulations will lead to supervisory actions, potentially including restrictions on conducting further business activities until compliance is achieved.
ARCs with a minimum Net Owned Fund (NOF) of Rs. 1000 crore are eligible to act as resolution applicants. They are permitted to invest in various financial instruments, including government securities, deposits with specified financial institutions, and short-term instruments such as money market mutual funds and corporate bonds, subject to certain limitations and regulations.

Razorpay and Airtel Payments Bank Introduce UPI Switch: Revolutionising Payment Infrastructure

Razorpay and Airtel Payments Bank unveiled the UPI Switch, a cutting-edge cloud-based infrastructure designed to revolutionise the landscape of digital payments. This innovative product promises to enhance success rates by 4-5% and handle an impressive 10,000 transactions per second (TPS), offering businesses unprecedented efficiency and scalability.
Recognising the limitations of existing UPI infrastructure, Razorpay's UPI Switch aims to overcome challenges related to customization, scalability, and performance. By offering accelerated dispute resolution, instant refunds, and a holistic infrastructure solution, it aims to elevate the transaction experience for both businesses and consumers.

Apr 23, 2024

Three Indian Banks in Top 50 Banks in Asia-Pacific by Assets

According to a report by S&P Global, three Indian banks, State Bank of India (SBI), HDFC Bank and ICICI Bank, secured positions among the top 50 banks in the Asia-Pacific region based on their assets.
SBI, India's largest commercial bank, claimed the top spot among Indian banks in the 2023 list.
It improved its ranking from 20 in 2022 to 21 in 2023, with assets reaching $780.05 billion.
HDFC Bank, India's largest private sector bank, saw a significant jump in its ranking from 46 in 2022 to 33 in 2023.
ICICI Bank, the second-largest private sector bank in India, made its debut on the list, securing the 48^th position.

Gajanan S. Kale Takes over as CEO of Tata Power Delhi Distribution

Tata Power Delhi Distribution Ltd. announced the appointment of Gajanan S. Kale as its new Chief Executive Officer.
Before joining Tata Power-DDL, Kale served as the Chief Executive Officer of TP Western Odisha Distribution Limited (TPWODL) since 2021. He also served as the CEO of Tata Power Ajmer Distribution Ltd. (TPADL) from 2018 to 2020.
Kale, an M-Tech in Integrated Power Systems from NIT-Nagpur, has been with Tata Power group since 2003.

IndusInd Bank Successfully Executes RBI's Programmable CBDC Pilot

IndusInd Bank announced the successful execution of the Reserve Bank of India's programmable Central Bank Digital Currency (CBDC) pilot, marking the first such instance by any bank.
The pilot project, done in collaboration with Circularity Innovation Hub India Private Limited (CIH), involved an alternate form of CBDC wherein the bank can program the end use of funds, specifically targeting farmers for carbon credit generation.
As a part of this pilot, IndusInd Bank initiated the programmable CBDC disbursement to 50 farmers in Ratnagiri district of Maharashtra and will cover around 1,000 farmers going ahead, marking a milestone in the adoption of innovative financial solutions for the agriculture sector.

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