General Awareness

BUSINESS AND ECONOMY - October 2017

Oct 2017

Dec 01, 2023

RBI Imposes Penalty on HDFC Bank, Bank of America for Violating FEMA Norms

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 10,000 each on HDFC Bank and Bank of America, citing a violation of reporting requirements under the Liberalised Remittance Scheme of the Foreign Exchange Management Act (FEMA).
RBI fined HDFC Bank, a leading private sector bank, for accepting deposits from non-residents and flouting RBI's directions under the Liberalised Remittance Scheme of FEMA, 1999.
The Reserve Bank of India imposed a monetary penalty of Rs. 10,000 (Rupees ten thousand only) on Bank of America, N.A. in exercise of powers vested in the Reserve Bank under the provisions of Section 11(3) of FEMA, 1999, for violation of the Reserve Bank of India's instructions on reporting requirements under the Liberalised Remittance Scheme of FEMA 1999.

Nov 30, 2023

Competition Commission Names Sanjay Pandey as Interim Investigations Head

India's antitrust body appointed Sanjay Kumar Pandey as interim head of its investigations unit at a time when the watchdog is probing big foreign companies.
Pandey has worked at the Competition Commission of India (CCI) for almost 14 years and is also an adviser in its advocacy and international cooperation division.
He now took on additional responsibilities as the Director General of the investigations unit.
The CCI is currently (as in 2023) investigating several high-profile global companies for alleged antitrust violations, including Amazon, Walmart's Flipkart, Google and liquor giant Pernod Ricard.
Pandey took over from Atul Verma, whose tenure ended in November.

Odisha CM Launches 'AMA Bank' for Gram Panchayat Banking

Chief Minister Naveen Patnaik launched the 'AMA Bank' scheme, a historic initiative aimed at providing banking services through CSP Plus banking outlets in all unbanked Gram Panchayats (GPs) of Odisha. This visionary project, unveiled in the first phase, marks Odisha as the pioneer state in India to conceptualise and implement such a comprehensive scheme for financial inclusion.
In the first phase, 750 CSP Plus outlets, strategically spread across all 30 districts, were dedicated to the people of Odisha.
Chief Minister Naveen Patnaik expressed confidence that the innovative CSP Plus model would serve as a blueprint for the entire nation.
This model aims to bridge the gap in financial services accessibility, particularly in rural areas where the geographical penetration of traditional banks has been a longstanding challenge.

Nov 29, 2023

HDFC Securities Launches Mobile Trading App HDFC SKY on AWS Cloud

HDFC Securities, which is among the leading investment service providers in India, launched its mobile trading app, HDFC SKY on the (Amazon Web Services) AWS cloud.
With AWS, HDFC Securities is expected to reduce its annual IT infrastructure and management costs by up to 50 per cent as compared to using on-premises infrastructure.

Adani Total Gas Launches Green Hydrogen Blending Pilot Project in Ahmedabad

Adani Total Gas Ltd (ATGL), co-promoted by Adani Group and TotalEnergies, initiated a green hydrogen production and blending pilot project.
ATGL will employ the latest technologies to blend green hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers at Gujarat's Ahmedabad as part of the project.
The project is expected to be commissioned by FY24-25, and the percentage of green hydrogen will be gradually increased in the blend to up to 8 per cent or more, depending on regulatory approvals.
After successfully completing the pilot, hydrogen blended fuel will be supplied step-wise to larger parts of the city and other license areas of AGTL.

HDFC Bank Appoints Former NABARD Chairman Harsh Kumar Bhanwala as Director

HDFC Bank's board approved the appointment of former NABARD chairman Harsh Kumar Bhanwala as an additional independent director. The board in its meeting also approved the appointment of V. Srinivasa Rangan, Chief Financial Officer of erstwhile Housing Development Finance Corporation Ltd, as Executive Director for three years.
Rangan holds a Bachelor of Commerce degree from the University of Delhi and is a member of The Institute of Chartered Accountants of India (ICAI).
He has vast experience in housing finance and real estate sector.

Nov 28, 2023

RBI Extends Payments Infrastructure Scheme by 2 Years

The Reserve Bank of India (RBI) announced a two-year extension of the Payments Infrastructure Development Fund (PIDF) scheme until December 31, 2025. This move is aimed at promoting digital transactions at the grassroots level and includes an expansion of beneficiaries under the scheme.
The PIDF scheme, operational since January 2021 for three years, initially focused on incentivising the deployment of payment acceptance infrastructure in tier-3 to tier-6 centers, north-eastern states, and Union Territories of Jammu & Kashmir and Ladakh. In August 2021, beneficiaries of the PM SVANidhi Scheme in Tier-1 and 2 centers were included.

Rajat Kumar Jain Appointed As Fino Payments Bank Chairman

Mumbai-based Fino Payments Bank received approval from the Reserve Bank of India (RBI) for the appointment of Rajat Kumar Jain as Part-time Chairman. This move is expected to bring valuable experience and expertise to Fino Payments Bank as it continues to strengthen its digital ecosystem and pursue growth opportunities.
Rajat Kumar Jain, an alumnus of IIT Delhi and IIM Ahmedabad, boasts an impressive background with over three decades of strategic leadership experience. His expertise spans various sectors, including consumer, telecom, media and technology.

DLAI Appoints Hemachandra, Prasad as Independent Directors to Board

The Digital Lenders Association of India (DLAI), appointed Meena Hemachandra, former Executive Director (ED), the Reserve Bank of India (RBI) and Alok Prasad, former Chief Executive Officer (CEO), MFin, as independent directors to its board.
DLAI is an industry body that represents over 90 digital lending firms in India. It was formed in 2016 by digital lending firms to support responsible and inclusive growth of the digital lending sector and make policies and guidelines around the digital lending business.

Nov 27, 2023

RPSG Group's Nature's Basket Adds Luxury Food Retailing to its Cart

From charcuterie to cheese room and white strawberries of Japan to sea asparagus from Holland, the RP-Sanjiv Goenka Group's Nature's Basket stepped into luxury food retailing with large-format artisanal experiential stores modelled on Harrods Food Hall in London.
The first such store from the Goenka stable, spread across 12,500 square feet (sq ft), opened at the Phoenix Palladium Mall in Mumbai.

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