General Awareness

BUSINESS AND ECONOMY - October 2017

Oct 2017

Apr 30, 2023

Arya.ag Announces Partnership with Shivalik Small Finance Bank

Shivalik Small Finance Bank announced a strategic partnership with Arya.ag, a grain commerce platform, to provide financing to small farmers against warehouse receipts. The collaboration will enable Arya.ag to further its mission of driving financial inclusion for farmers and Farmer Producer Organizations (FPOs) in India. Through the partnership, Shivalik Small Finance Bank will offer loans to farmers and FPOs under Warehouse Receipt Finance, using the stored crops as collateral. The business correspondent model partnership will facilitate loan disbursement, credit assessment, documentation, and recovery. This partnership will help in promoting financial inclusion in rural areas and strengthening the agriculture ecosystem in India.
Under the partnership, Shivalik Small Finance Bank will offer loans to farmers and FPOs through warehouse receipt finance. This means that farmers can use their stored crops as collateral for securing loans from the bank, which can help them in accessing credit and managing cash flow efficiently.

Razorpay Joins Hands with ONDC to Offer Payment Reconciliation Service

Razorpay, a fintech payments and banking platform for businesses, joined the Open Network for Digital Commerce (ONDC), a non-profit company set up by the Department for Promotion of Industry and Internal Trade (DPIIT) as an alternative for internet shopping.
With this, the Tiger Global-backed firm became the first payment gateway to launch a Payment Reconciliation Service for Network Participants (NPs) like buyers, sellers, and logistic partners on ONDC. This will provide them with an integrated single view of all their transactions.
Founded in 2014 by Kumar and Harshil Mathur, Razorpay is backed by the likes of Y Combinator and other marquee investors such as TCV, GIC, Tiger Global, Sequoia Capital India, Matrix Partners, Salesforce Ventures, and MasterCard have invested a total of $741.5 million in the firm. The company is currently valued at around $7 billion.

Embassy REIT CEO Vikaash Khdloya Resigns

Embassy Office Parks REIT's CEO Vikaash Khdloya resigned and the company appointed Aravind Maiya as the new CEO with effect from July 1, 2023.
Maiya has been previously associated with Embassy REIT as its Chief Financial Officer and comes with over 22 years of experience, including in real estate, capital markets, audit and consulting.
Embassy REIT, sponsored by Blackstone and realty firm Embassy Group, is India's first publicly listed Real Estate Investment Trust (REIT).

Apr 29, 2023

Hinduja's Offer to Infuse Rs. 300 cr More in Reliance General Insurance

Reliance General Insurance needs cash injection to maintain solvency levels. Hinduja Group offered to invest an additional Rs. 300 crore in the company, a part of Reliance Capital. It offered another Rs. 50 crore for other expenses.
The Anil Ambani-led Reliance General Insurance had asked lenders for a Rs. 600 crore cash infusion in December 2022 to meet the solvency requirements of the Insurance Regulatory and Development Authority of India (IRDAI). The lenders had rejected this funding call, putting the onus for the private insurance firm on the incoming investor.

Vodafone Appoints Finance Chief Margherita Della Valle as CEO

Vodafone (VOD.L) appointed interim Chief Executive Officer Margherita Della Valle to the role, saying she impressed the company's board with her "pace and decisiveness to begin the necessary transformation" of the mobile operator.
The company, which spans Europe and Africa, conducted a rigorous internal and external search before choosing the insider who has been Chief Financial Officer since 2018.
She stepped into the top role on an interim basis after Nick Read abruptly left in December 2022, when he agreed with the board that it was the right moment for a new leader.

Godrej Consumer Products Acquires Raymond's FMCG Business

Godrej Consumer Products (GCPL) announced the acquisition of the consumer products business of Raymond Consumer Care (RCCL), a subsidiary of BSE-listed Raymond, in an all-cash deal of Rs. 2,825 crore.
With this transaction, Godrej will get Raymond's marquee brands such as Park Avenue (for the consumer products category), KS (deodorants), KamaSutra, and Premium. Park Avenue as a clothing brand will remain with Raymond.
RCCL will be a listed entity with a pure-play consumer-focused lifestyle business and sell the consumer products business to GCPL in a slump sale. This will enable RCCL to be free of net debt.

Apr 28, 2023

Cummins, Tata Motors Sign Deal to Produce Clean Tech Products in India

Global power technology company, Cummins Inc, entered into a definitive agreement with Tata Motors Ltd to manufacture a range of low-to-zero-emissions technology products in India. The two companies established a new business entity, TCPL Green Energy Solutions Private Ltd (GES), a wholly-owned subsidiary under the existing joint venture, Tata Cummins Private Limited (TCPL) in India. The partnership aims to develop and manufacture sustainable technology products, including hydrogen-powered internal combustion engines, fuel delivery systems, battery electric power trains, and fuel cell electric systems, through the Accelera by Cummins brand.
The collaboration further strengthens the 30-year-old partnership between Cummins and Tata Motors, established in 1993 through their joint venture TCPL in India.

Adtech Company Infomo Appoints Himanka Das as Country Director India

Infomo, an advertising technology company, appointed Himanka Das as country director for India and promoted Rohit Verma as its global chief of strategy and new initiatives.
Das has over two decades of experience in advertising. He had leadership roles at Dentsu International for over nine years, which included three years as chief executive officer (CEO) of its group company Vizeum India and an EVP at Carat India. He began his career at Madison World, working at Initiative, Lintas Media Group, FCB Ulka of IPG and Starcom of Publicis Media.
Before joining Infomo, Himanka took an academic sabbatical to earn a postgraduate qualification in data science from International Institute of Information Technology, Bangalore. He also has a Masters in International Marketing and Mass Communication Studies from University of Pune.

RBI Approves Reappointment of N. Kamakodi as MD and CEO of City Union Bank

The Reserve Bank of India (RBI) approved the reappointment of N. Kamakodi as the Managing Director (MD) and Chief Executive Officer (CEO) of City Union Bank.
Kamakodi will be the MD and CEO for three years.
Kamakodi joined the bank as Deputy General Manager in 2003 and was later elevated to General Manager in 2005. In 2006, he was appointed as Executive Director. From May 2011, he was serving the bank as its Managing Director and Chief Executive Officer.

Apr 27, 2023

Amit Shah launches IFFCO's nano DAP fertilizer

Union Home Minister Amit Shah launched IFFCO's liquid nano Di-Ammonia Phosphate (DAP) .The first Nano DAP (Liquid) has been launched in the world . This revolutionary step will not only take Indian agriculture forward in foodgrain production but it will also make India self-reliant in fertilizer production also.
Nano DAP is manufactured by the cooperative major IFFCO. Recently, the Centre had notified the Nano DAP in the Fertilizer Control Order, which regulates the sale, pricing, and distribution of fertilizers in the country.
Discussing the role of the cooperative sector in fertilizer production in the country, Shah said, out of the total fertilizer production of 384 lakh metric tonnes (LMT) in the country, 132 LMT has been contributed by the cooperative societies. Of the 132 lakh metric tonnes, 90 LMT have been produced by IFFCO.

Shreekant Bhandiwad is KVGB chairman

Shreekant M Bhandiwad has taken charge as the new chairman of Karnataka Vikas Grameena Bank (KVGB). Outgoing chairman P Gopikrishna handed over the charge to the new incumbant. Shreekant M Bhandiwad holds a master's degree in agricultue and is also a certified associate of Indian Institute of Bankers. A native of Dharwad, Shreekant carries with him the experience of 29 years in Canara Bank, having worked across India (Haryana, Rajasthan, Bihar and Karnataka) in various capacities. Prior to his joining as chairman of KVGB, Shreekant Bhandiwad was heading the Patna circle of Canara Bank. P Gopikrishna has been repatriated to Canara Bank as circle head, Bengaluru.

Hari Hara Mishra takes charge as CEO of Association of Asset Reconstruction Companies

Hari Hara Mishra has been appointed as the new Chief Executive Officer (CEO) of the Association of Asset Reconstruction Companies (ARCs). The ARCs are the voice of all Asset Reconstruction Companies in India and have been active for over eight years. Currently, there are 28 ARCs registered with the Reserve Bank of India.
Hari Hara Mishra has been appointed as the new Chief Executive Officer (CEO) of the Association of Asset Reconstruction Companies (ARCs). The ARCs are the voice of all Asset Reconstruction Companies in India and have been active for over eight years. Currently, there are 28 ARCs registered with the Reserve Bank of India.

HDFC Bank, Axis Bank to invest in Go Digit Life Insurance; Acquire 9.94% each

According to the regulatory filings, HDFC Bank and Axis Bank signed the definitive agreements to pick up a 9.94% equity stake each for a payment of ₹69.90 crore which will be made in two tranches. Both the banks have already made the first tranche of payment of Rs 10.93 crore each.Two of India's largest private sector banks, HDFC Bank and Axis Bank have signed definitive agreements to pick up a 9.94% equity stake each in the IPO-bound insurtech unicorn Go Digit's life insurance business.The new life insurance firm was incorporated in December, 2021, and was subsequently converted to a public limited company on May 10, 2022.
The company is yet to receive the certificate of registration from Insurance Regulatory and Development Authority of India (IRDAI) to carry out life insurance business.

Rail Vikas Nigam Limited now a Navratana.

The state-owned railway company Rail Vikas Nigam Limited (RVNL) was in focus as the Indian Government upgraded its status to a 'Navratna' Central Public Sector Enterprise (CPSE) from a 'Miniratna' category. The decision to upgrade RVNL was approved by the Finance Minister and is set to take effect from April 26, 2023.
RVNL is a mid-cap company under the Ministry of Railways, with an annual turnover of Rs 19,381 crore and a net profit of Rs 1,087 crore for the year 2021-22. This makes it the 13th Navratna company among the CPSEs in India.

Infosys Partners With Walmart Commerce Technologies To Deliver Omnichannel Solutions To Retailers

Indian IT services company Infosys has joined hands with Walmart Commerce Technologies to help retailers harness technology solutions that simplify customer and store employee experiences.
Infosys will help retailers implement and use Store Assist, which enables them to provide "seamless omnichannel experiences" such as pickup, delivery and ship from store for both employees and customers, the company said in a statement.
It is pertinent to mention that Infosys has a consumer and retail focused practice that has been helping retailers, consumer tech, consumer packaged goods and logistics companies navigate their way through digital and emerging technologies over the last three decades.

Apr 26, 2023

IndusInd Bank to Launch Digital Bank 'Indie'

The Mumbai-headquartered IndusInd bank is planning to launch its own digital bank 'Indie' by this quarter. The necessary approvals for all these expansion plans and other logistics by the bank is likely to be completed in about 2 years.
Private sector lender IndusInd Bank on April 24 reported a 46 per cent jump in its March quarter net profit at Rs 2,043 crore on a dip in provisions and stronger core income.
The bank's core net interest income rose 17 per cent to Rs 4,669 crore on a 21 per cent loan growth and a 0.08 per cent expansion in the net interest margin to 4.28 per cent.
Its other income came at Rs 2,154 crore, up by 13 per cent when compared to the year-ago period.

Anant Maheshwari New Chairperson of NASSCOM

NASSCOM, which represents India's IT services sector, announced Anant Maheshwari, Microsoft India's president, its new chairperson for 2023-24.
Maheshwari succeeded Krishnan Ramanujam, president for business & technology services Tata Consultancy Services, who served as chairperson in 2022-23. Maheshwari was previously chairperson of the trade body.
Nasscom, short for National Association of Software and Services Companies, also announced the appointment of Rajesh Nambiar, chairman and MD of Cognizant India, as its vice chairperson for 2023-24.

Indiahandmade: E-com portal launched for sale of handlooms, handicrafts by weavers, artisans

To provide products from more than 35 lakh handloom weavers and 27 lakh handicraft artisans directly to the consumers while eliminating the middlemen, the Ministry of Textiles has developed an e-commerce portal for handicrafts and handloom sector. The Union Minister of Textiles Piyush Goyal launched the portal in Gujarat.
With the help of this virtual Indian store, the artisans will get remunerated fairly with no middlemen to manipulate prices and city dwelling urban Indians will get access to 100 percent authentic and best handcrafts products emerging straight from the heart of India.

Neobank Jupiter secures NBFC licence; will raise debt to push lending business

Neobanking startup Jupiter has secured a non-banking finance company (NBFC) licence from the Reserve Bank of India (RBI), a development that will help it dole out credit from its books.
Jitendra Gupta, founder of Bengaluru-based Amica Financial Technologies Ltd., which runs the startup.The development is significant for Jupiter which otherwise has been scaling its lending operations through partner NBFCs.
Sequoia and Tiger Global backed-Jupiter intends to capitalise the lending business with around Rs 100 crore and raise an additional Rs 100 crore in debt to fund the NBFC's credit operations. It aims to hit annual disbursements of Rs 600-700 crore in short- and medium-term personal loans.
The NBFC will be housed under Amica Finance, a separate entity.

HDFC Bank, Axis Bank Sign Definitive Agreements with Go Digit

HDFC Bank and Axis Bank intimated stock exchanges that they would acquire up to a 9.94 per cent stake in insurtech startup Go Digit Life Insurance.
HDFC Bank said that it has executed definitive agreements to invest Rs. 69.90 crore in the insurtech firm in two tranches and has made the first tranche of payment of Rs 10.93 crore for the acquisition.
Similarly, Axis Bank also executed definitive agreements to invest Rs. 69.90 crore in two tranches and has made the first tranche of payment of Rs. 10.93 crore for acquisition.
The transaction is expected to be completed by 3-6 months from the execution date.
The first tranche investment is subject to IRDAI granting requisite approval to Go Digit Life for the application filed by Go Digit Life.

Tamil Nadu's Manamadurai pottery gets GI tag

The right proportion of mud, clay and heating makes this product very strong. The main raw materials for making these pots are soil and water.
These pots have put this village in Tamil Nadu on the global map. Manamadurai in Sivagangai district is known for pottery making.The Manamadurai pottery recently earned a Geographical Indication (GI) tag.
The Vaigai river enriches the clay used for the Manamadurai pottery. Pot making requires expertise as the bottom has to be perfectly round. The circumference of the pot and the neck should be proportionate so that the pot sits flat on the ground.
The sand, collected from different places of the district, is used for making pottery and dried for two days. The particles of the mud get separated by sieving.
The slurry is mixed with the sand and lead and graphite are added to the mixture to improve the quality. This mixture is now rich in calcium lime, ash, red lead, sodium silicate, manganese, iron, and plasticizing. The pot is also painted in different colours.
A unique type of clay is sourced from water bodies like Nedunkulam, Nathapurakki, Sundaranadappu, Seikalathur to make these pots. While making these pots, the five elements of nature namely earth, water, fire, sun and air are used. The basic material for pottery is mud, which represents the earth. Mud is mixed with water, another element of nature.

Zimbabwe to Introduce Gold-Backed Digital Currency

The Reserve Bank of Zimbabwe will launch a goldpegged digital currency and legalize them in the country.
It is believed that the government took this step for stabilizing the local currency after its continuous devaluation in comparison to the U.S. dollar.
This initiative taken by Zimbabwe will allow the exchange of Zimbabwean dollars with digital gold tokens and secure Zimbabweans against currency volatility.

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