General Awareness

BUSINESS AND ECONOMY - October 2017

Oct 2017

Sep 06, 2022

Tata Motors Rolls Out India's First CNG-powered Truck in M&HCV Segment

Tata Motors launched the country's first CNG truck in the medium and heavy commercial (M&HCV) vehicle segment in the 28- and 19-tonne nodes.
Most truck makers, including Tata Motors, currently offer CNG only in the small and light commercial vehicle segments. The company also launched a fleet of seven trucks in the intermediary and light commercial vehicle (I&LCV) segment, meant for varied applications.
With the launch of the new advanced trucks that boast a host of features, including the new-age Advanced Driver Assistance System (ADAS), Tata Motors is hoping to create strong differentiation and recoup some market share it has had lost.

Blue Energy Motors Opens India's First LNG Truck Plant

Blue Energy Motors launched India's first Liquified Natural Gas (LNG) fuelled green truck manufacturing plant at Chakan, Pune. The facility was inaugurated by Nitin Gadkari, Union Minister of Road Transport and Highways.
The facility reflects Blue Energy Motors's focus to disrupt the trucking industry in India by manufacturing clean energy, near-zero emissions trucks. Blue Energy Motors' trucks will be LNG-fueled, long-haul, heavy-duty trucks.
Blue Energy Motors has already signed an agreement with FPT Industrial, the global powertrain brand of Iveco Group (MI: IVG) headquartered in Italy, to introduce the first LNG trucks powered by FPT Industrial engines which are BSVI compliant.

Binesh Kumar Tyagi Takes over as CMD Shipping Corporation of India

Binesh Kumar Tyagi took over as Chairman and Managing Director (CMD) of Shipping Corporation of India.
Tyagi was heading the Liner and Passenger Services Division as Director (L&PS) since January 7, 2021 in the company.
Tyagi joined SCI in 1990 as Trainee Nautical Officer (TNOC). He served onboard various ships, in different ranks, including as Master.
In 2004, he was absorbed ashore, wherein he served at various management level positions and performed technical, vetting, chartering, training, marine HR, liner, passenger, inland waterways, offshore, among others.

HDFC Bank, Precision Bio to Test Applications under RBI's Sandbox Scheme

HDFC Bank and Precision Biometric India were selected by the Reserve Bank for testing their 'on tap' retail payments applications under the regulatory sandbox scheme.
Regulatory sandbox (RS) refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain relaxations for the limited purpose of the testing.
The regulatory sandbox allows the regulator, innovators, financial service providers and customers to conduct field tests to collect evidence on the benefits and risks of new products and systems.

Krishnan Sankarasubramaniam Takes over as Tamilnad Mercantile Bank MD & CEO

Tamilnad Mercantile Bank Ltd said that veteran banker Krishnan Sankarasubramaniam took over as its Managing Director and Chief Executive Officer with immediate effect.
Sankarasubramaniam succeeded K. V. Rama Moorthy and his term would be for a period of three years, which was approved by the Reserve Bank of India.
Prior to taking up the new role, Sankarasubramaniam was serving Punjab and Sind Bank as its Managing Director and CEO.

Sep 05, 2022

Karnataka Launches the VentuRISE Global Start-up Challenge

The Government of Karnataka launched – the Global Start-up Challenge – "VentuRISE" to recognise, reward, and support growth stage start-ups in manufacturing and sustainability-related sectors.
"VentuRISE" – is a part of the flagship event Global Investors Meet – "Invest Karnataka 2022″ from 2nd – 4th November 2022 at the Bangalore Palace. The Global Challenge will provide budding entrepreneurs across the globe with a platform to showcase their innovative products/solutions and connect with potential investors.
A cash prize of USD 100,000 is earmarked for the winners. The winners get access to customers, exclusive pitch sessions at Invest Karnataka & curated One on One investor meetings, and mentoring sessions. Marquee PEs, VCs, and Angel Investors are expected to participate.

IndusInd Bank, ADB Partner to Support Supply Chain Financing

IndusInd Bank announced a strategic partnership with Asian Development Bank (ADB) to support and promoter Supply Chain Finance (SCF) solutions in India. The Bank entered into a partial guarantee programme with ADB with an initial outlay of USD 70 million (Rs. 560 crore), exclusively towards promoting SCF solutions in India.
IndusInd Bank aims to grow its presence in MSME financing and this partnership will further strengthen various initiatives of the Bank in this domain.
With SCF being a focus area, the Bank has initiated a host of strategic efforts including the launch of new product structures for SCF. In addition to this, the Bank recently launched a state-of-the-art digital portal for SCF -'earlyCredit' enabling 24*7 seamless processing of SCF transactions for corporates, suppliers & dealers.

RBI Takes Up Project to Digitise Farm Loan Delivery under Kisan Credit Card (KCC) Scheme

The Reserve Bank of India (RBI) would take up a pilot project for end-to-end digitization of Kisan Credit Card (KCC) lending, developed by the central bank and its subsidiary Reserve Bank Innovation Hub (RBIH), aiming to accelerate loan turnaround times
Commencing in September, the project would entail automation of various processes within banks and integration of their systems with the service providers. The proposed digitization aims to make it more efficient and reduce costs for borrowers.
This pilot project on digitization of KCC lending is expected to play a pivotal role in facilitating credit flow to the unserved and underserved rural population by making the credit process faster and more efficient.
The Kisan Credit Card (KCC) scheme was introduced in 1998 to issue such cards to farmers based on their land holdings for uniform adoption by the banks.

India Overtakes the UK as World's Fifth-largest Economy

India became the world's fifth-largest economy after it overtook the United Kingdom in end-March 2022, according to the latest calculations by Bloomberg. While this was anticipated for a while, Bloomberg reached this conclusion by using the IMF database and historic exchange rates.
The news came close on the heels of Prime Minister Narendra Modi urging countrymen to resolve to become a "developed" country by 2047 — the centenary of India's Independence. As such, moving past one of the biggest economies in the world, especially one that ruled over the Indian sub-continent for two centuries, is a major milestone.

Bank of Baroda's Arm Launches Snapdeal BoB JCB RuPay Credit Card

BOB Financial Solutions Ltd (BFSL), the wholly-owned subsidiary of Bank of Baroda (BoB), and Snapdeal in partnership with National Payments Corporation of India (NPCI) and Japan's JCB International Co. Ltd. have launched the "Snapdeal BoB JCB RuPay Credit Card".
Users of the co-branded contactless credit card will receive up to 5 per cent unlimited cashback (accrued as 20 reward points on every Rs. 100 spent) on the Snapdeal app and website.

Sep 04, 2022

Mike Frank Elevated as CEO of UPL Ltd, to be a Member of Board of Directors

Agriculture solutions provider UPL Corporation elevated Mike Frank as the Chief Executive Officer (CEO) of UPL Ltd.
Frank would also be a member of the UPL Crop Protection Board of Directors.
UPL's Global Crop Protection (CP) business manages all CP assets outside of India.
Frank joined UPL Ltd in early 2022 as president and Chief operating officer of UPL's Crop Protection business based out of its London headquarters.

Yamuna Kumar Chaubey Takes over as NHPC CMD

State-owned hydro power giant NHPC said that its Director (Technical) Yamuna Kumar Chaubey was given the charge of Chairman and Managing Director for three months beginning September 1.
Abhay Kumar Singh ceased to be the Chairman and Managing Director (CMD) of the company with effect from August 31, 2022, upon attaining the age of superannuation.
Chaubey is a graduate in Civil Engineering from IIT, Kharagpur. He joined NHPC Limited in 1985 as a Probationary Executive (Civil) at 540 MW Chamera Hydro-Electric Project, now Chamera-I Power Station, Himachal Pradesh.

Department for Promotion of Industry and Internal Trade Develops User-interactive Dashboard for I...

The Department for Promotion of Industry and Internal Trade (DPIIT) developed a user-interactive dashboard for industry associations and trade bodies. This new digital initiative would allow authorised user associations to lodge issues and suggestions for the Government so that their issues related to various departments can be resolved in a transparent manner.
The initiative is expected to help in the identification of procedural issues that lead to lower efficiency in logistics and higher logistics costs. The dashboard is expected to be launched for all authorised associations soon.

RBI Unlikely to Accept NBFCs' Requests for Bad-loan Exemptions

India's central bank is unlikely to give "shadow banks" exemptions from stricter bad-loan rules coming into force, essentially ending an advantage the non-bank financial firms have had over standard banks.
Non-banking financial companies (NBFCs) have asked the Reserve Bank of India to exempt smaller loans from the rules taking effect next month that are in line with those covering banks.
India had 10,000 shadow banks as of March 2021, the latest RBI data available, with assets of Rs. 54 trillion ($680 billion) or about one-fourth that of the banking sector.
Under the new norms, shadow banks will have to recognise bad loans on a daily basis, rather than monthly, as some now do. Non-performing loans can only be upgraded to performing after borrowers have paid all arrears.

Sep 03, 2022

Reckitt Benckiser CEO Laxman Narasimhan Steps Down

Reckitt Benckiser Group announced that its CEO Laxman Narasimhan will step down from his position on September 30, 2022, and would relocate to the United States, for personal and family reasons. He was also approached for a new opportunity. Narasimhan had previously worked at PepsiCo and McKinsey, before joining Reckitt in September 2019.
The maker of Dettol and Lysol disinfectants, in the announcement, said that Nicandro Durante who is the current Senior Independent Director, would step into the role of CEO, as the Board evaluates and selects the future leadership.

Indian-origin Laxman Narasimhan is New CEO of Starbucks

Indian-origin Laxman Narasimhan was named as the new Chief Executive Officer (CEO) of coffee giant Starbucks. Laxman Narasimhan was the CEO of Reckitt, which also makes Durex condoms, Enfamil baby formula and Mucinex cold syrup. The 55-year-old, who previously worked at PepsiCo as its global chief commercial officer, replaced Howard Schultz.
Laxman Narasimhan will join the company on October 1 but will take the helm in April 2023. Until then, interim CEO Howard Schultz will continue to lead the company and Laxman Narasimhan will work closely with Howard Schultz through April 1.

Rajasthan Announces Amnesty Scheme for Mining

The Rajasthan government announced an amnesty scheme for miners.
The mines department's Arrears and Interest Waiver Scheme, 2022, would be applicable to the outstanding dues of those in the business of minor minerals.
This scheme is being implemented on mining leases, quarry licences, dead rent on a temporary work permit for river sand, royalties, penalties, etc up to March 31, 2021.
A maximum relief of 90 per cent and a minimum of 40 per cent on the principal in different slabs would be given in accordance with the outstanding period.

Ashok Leyland Bags Order for Supplying 1,400 School Buses in UAE

Ashok Leyland, the flagship brand of the Hinduja Group, would supply 1,400 school buses in the United Arab Emirates (UAE), the company's largest ever such deal in the West Asian nation.
The 55-seater Falcon and 32-seater Oyster models will be supplied from Ashok Leyland's $50 million manufacturing facility in Ras Al Khaimah, UAE, which is the only certified local bus-making facility in the entire GCC (Gulf Cooperation Council).
The fleet deal was bagged by Ashok Leyland's UAE distribution partners, Swaidan Trading-Al Naboodah Group.

Sep 02, 2022

LIC Not among Top-10 Valued Companies

State-run insurance behemoth Life Insurance Corporation of India (LIC) is no longer part of the top ten companies by market capitalization as it was replaced by Bajaj Finance and Adani Transmission. LIC holds 11th spot in the list, whereas Bajaj Finance and Adani Transmission took 10th and 9th spot, respectively, in the overall ranking.
Adani Transmission entered the coveted list of top 10 most valued companies with a market value of Rs. 4.43 lakh crore on the BSE, higher than Bajaj Finance's total mcap of ₹4.42 lakh crore and LIC's Rs. 4.26 lakh crore.

Kerala's Alappuzha Declared Full Digital Banking District

Alappuzha became the fifth fully digital banking district in the state of Kerala.
A declaration in this regard was made by Reserve Bank of India (RBI) Kerala and Lakshadweep Regional Director Thomas Mathew.
As part of the initiative, at least one digital transaction facility, such as debit-credit card, Internet banking, mobile banking, unified payment interface, and so on, has been enabled in 26 lakh savings/current bank accounts in 29 banks in the district.
Banking services in Thrissur, Kottayam, Palakkad and Kasaragod have already become digital.
The project was initiated by the RBI with the support of the State Level Bankers' Committee (SLBC) and respective district administrations as part of the Union government's Digital India project.

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