General Awareness

BUSINESS AND ECONOMY - October 2017

Oct 2017

Oct 06, 2023

RBI Appoints Muneesh Kapur as Executive Director

The Reserve Bank of India announced the appointment of Muneesh Kapur as the Executive Director.
In his new capacity, Kapur will oversee the Department of Economic and Policy Research. Before this role, he acted as the Adviser-in-Charge of the Monetary Policy Department and held the position of Secretary to the Monetary Policy Committee.
With a career spanning three decades at the Reserve Bank, Kapur has significant experience in macroeconomic policy, research, and monetary policy. He also served as an adviser to the Executive Director at the International Monetary Fund between 2012 and 2015.
Muneesh Kapur holds a Master's degree in Economics and is a Certified Associate of the Indian Institute of Bankers (CAIIB).

Google Names Sreenivasa Reddy New Public Policy Head in India

Google named Sreenivasa Reddy as its Government Affairs and Public Policy lead for India, filling the role after a year-long gap, at a time when tech behemoths are under intensified scrutiny over anti-competition and data usage concerns.
Reddy will oversee interactions with governmental bodies, regulators, businesses, and civil society organisations to frame policies and initiatives. Prior to this, he served as the head of XR (extended reality) regulatory affairs for Asia Pacific, Middle East, and Africa at Microsoft for two years. Additionally, he has led the government and regulatory affairs divisions at Apple and Ericsson in India.
This appointment came amidst the revamp of digital regulations in the country. The government is formulating the draft Digital India Bill, which is intended to supersede the Information Technology Act, 2000. Although the Digital Personal Data Protection Act, 2023 has been enacted, discussions regarding its rollout are ongoing.

Oct 05, 2023

IndusInd Bank Launches Digital Banking App

IndusInd Bank unveiled its digital banking application, INDIE, setting a target to onboard 10 million customers within the next three years. Sumant Kathpalia, MD & CEO of IndusInd Bank, highlighted the app's pivotal role in boosting the bank's customer base from 33 million to a projected 45 million.
Kathpalia mentioned that the bank's focus is on acquiring a majority of mass banking customers through INDIE rather than traditional branches. In the next six months, the bank anticipates 70% of its mass banking customers to come onboard through this app.

TCS Signs with Asda in Disinvestment and Digital Transformation Deal

Information technology (IT) major Tata Consultancy Services (TCS) announced a multi-year partnership with British retail firm Asda to implement a new organisation-wide IT operating model. TCS stated that it has expanded its strategic partnership with Asda to transform its technology landscape and operating model for future growth, following Asda's disinvestment from Walmart.
TCS indicated that the partnership will leverage TCS's cloud, artificial intelligence (AI), and security solutions to help Asda carry out the divestiture smoothly and securely. TCS will also assist Asda in enhancing its customer experience and innovation capabilities to help increase its market share and retain price leadership.

Fintech Unicorn Slice Announces Merger with North East Small Finance Bank

Fintech credit and payments start-up Slice and Guwahati-based North East Small Finance Bank (NESFB) announced a merger between the two entities.
The banking regulator, the Reserve Bank of India approved the deal, a first-of-its-kind development in the fintech and banking space.
Slice and NESFB customers will have access to a broad range of products and omnichannel offerings.

Oct 04, 2023

PayU India CEO Anirban Mukherjee Elevated to Global CEO Role

Prosus-owned fintech major PayU India's Chief Executive Officer (CEO) Anirban Mukherjee was promoted to the role of global CEO of PayU in a big management rejig.
In his new role, Anirban will join the Prosus leadership team and report directly to Ervin Tu, Prosus and Naspers Interim CEO. He will be responsible for overall business operations of PayU.
This came just two months after Netherlands-based investment firm Prosus announced that the fintech arm PayU is selling a part of its business to Israel's Rapyd for $610 million.

Oct 03, 2023

MyGov Chief Tripathi Takes Over as CEO of India Semiconductor Mission

Akash Tripathi, chief executive of MyGov, is the new Chief Executive Officer (CEO) of India Semiconductor Mission (ISM).
Akash Tripathi succeeded Amitesh Kumar Sinha.
Launched in 2021, ISM's main focus is to establish a semiconductor manufacturing ecosystem in India. It was allocated $10 billion by the Centre. The ISM screens applications received for manufacturing semiconductors in India and shortlists the ones that are eligible for subsidies.

Oct 02, 2023

Ashok Leyland Wins Order for 1,282 Buses from Gujarat State Transporter

Ashok Leyland, the Indian flagship of the Hinduja Group, won an order to build 1,282 buses for the Gujarat State Road Transport Corporation (GSRTC).
This order, one of the largest by a state transport undertaking for a single original equipment maker (OEM), will help Ashok Leyland strengthen its dominant position in the Indian bus market.
Ashok Leyland will deliver 55-seater fully assembled Bharat Stage VI (BS VI) diesel buses in a phased manner.

Saugata Gupta New Chairman of Board of Governors of ASCI

The Advertising Standards Council of India (ASCI) announced the appointment of Saugata Gupta, managing director and chief executive officer (CEO) of Marico Limited, as the new chairman of the ASCI board of governors.
Gupta has served two years on the board of governors and four years as a special invitee on the board of governors.
Partha Sinha, president of response, Bennett Coleman & Company Limited, was elected vice chairman, and Sudhanshu Vats, deputy managing director, Pidilite Industries Ltd, was appointed honorary treasurer.
The Advertising Standards Council of India (ASCI) is a voluntary self-regulatory organization of the advertising industry in India. Established in 1985, ASCI is registered as a non-profit company under section 25 of the Company Act.

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