General Awareness

BUSINESS AND ECONOMY - October 2017

Oct 2017

Aug 05, 2022

Karnataka Bank Forms Co-lending Partnership with Yubi

Karnataka Bank entered into an arrangement with Yubi (formerly known as CredAvenue Pvt Ltd) for co-lending via the Yubi Co.Lend, the latter's co-lending platform.
The collaboration would allow the bank to digitally onboard various NBFCs, lend significant amount of money, and onboard a larger customer base as a result of their better consumer outreach.
The digital co-lending platform would enable Karnataka Bank and the NBFC partners to effortlessly integrate and lend to borrowers with faster turnaround time.

RBI Names Minority-dominated Regions for Banks' Priority Lending Schemes

In a significant move, the Reserve Bank of India released a list of states, Union Territories and districts dominated by different minority communities for extending priority lending schemes implemented by scheduled commercial banks in the country.
Presently, the Union Minority Affairs Ministry classified Sikhs, Muslim, Christians, Zoroastrians, Buddhists, and Jains as minority communities.
The RBI listed 121 districts where the minority population component is at least 25 per cent, plus the states of Punjab, Meghalaya, Mizoram, Nagaland, and the Union Territories of Jammu & Kashmir, Ladakh and Lakshadweep.

Bangladesh Signs MoU with IOCL for Emergency Supply of Petroleum Goods

The Indian Oil Corporation Limited (IOCL) signed an MoU with the Bangladesh Roads and Highways department in Dhaka for the emergency supply of petroleum goods via Bangladesh territory to India.
This is an interim set up to facilitate urgent supply of petroleum products due to damage caused by the flood in Assam this year.
The petroleum tankers would enter from Meghalaya and would go to Tripura crossing through the Bangladesh territory. The IOCL would bear all the administrative fees, charges and local taxes including road usage fee for use of the Bangladeshi territory.
The Ministry of Foreign Affairs (MoFA) of Bangladesh in a statement said that the MoU has been signed in a spirit of good neighbourly relations to allow Indian vehicles for transportation of the fuel from Assam to Tripura by Road which has been severely disrupted due to the recent floods in Assam and Tripura.

Aug 04, 2022

LIC Breaks into Fortune 500 List

Life Insurance Corporation (LIC) broke into the latest Fortune Global 500 list, while Reliance Industries jumped 51 places.
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list.
Reliance Industries jumped 51 places to 104 on the 2022 list.
This is the first outing of LIC on the list, which ranks listed companies by sales.
The list, topped by US retailer Walmart, has nine Indian companies -- five of them state-owned, and four from the private sector.

Online Marketplace Etsy Appoints Pankaj Jathar as VP and Country Head for India

US-Based e-Commerce company Etsy Inc appointed Pankaj Jathar as the Vice President and Country Head for India. He was earlier the CEO of Prione, a joint venture between Amazon and private equity fund, Catamaran, which Infosys founder N. R. Narayana Murthy floated.
Jathar held various senior roles at Amazon between 2011 and 2017 and was part of its Indian operations launch team. An engineer from Mumbai's Bharati Vidyapeeth University with an MBA from Kolkata's Indian Institute of Management, he has also worked with Accenture.
Since its launch in 2005, Etsy has become a niche destination for consumers seeking handcrafted products by local artisans. The online marketplace has been investing in India, which it considers one of its seven core markets globally.

Vodafone Idea (Vi) Appoints Ravinder Takkar as Chairman

Ravinder Takkar, MD and CEO of Vi (Vodafone Idea Limited), will take over as chairman from August 19. He replaces Himanshu Kapania, who stepped down as non-executive chairman of the company. Kapania was appointed non-executive chairman last August. Takkar's three-year term as MD and CEO ends in August and he is being replaced by chief financial officer (CFO) Akshaya Moondra.

Aug 03, 2022

BharatPe Founder Bhavik Koladiya Quits, Months after Ashneer Grover's Exit

BharatPe's founder Bhavik Koladiya resigned from his position at the unicorn fintech company.
The development came a few months after another co-founder and managing director Ashneer Grover's exit, following weeks of dispute between him and the management on alleged misappropriation of funds.
His (Koladiya's) contract tenure ended on July 31, 2022, and he expressed his desire to spend time on other assignments outside BharatPe.
BharatPe said Koladiya had been associated with it as an independent consultant, guiding the firm's product and technology teams.

India Achieves Milestone of 75,000 Recognised Start-ups

The Department for Promotion of Industry and Internal Trade (DPIIT) recognised over 75,000 start-ups. This milestone was achieved at the time when India is celebrating 75th year of Independence and Azadi ka Amrit Mahotsav. Start-up ecosystem in India is picking up through innovation, enthusiasm, and entrepreneurial spirit.
On January 16, 2016, a program was started to put forward an action plan for building a strong start-up ecosystem in India.
January 16 is now celebrated as the National Start-up Day.
Start-up India Program was launched by government to provide an enabling environment for the start-ups. This program has become a launchpad for those start-ups. Under this program, government provides fund to tax incentives, support intellectual property rights in a bid to ease public procurement, and enables regulatory reforms to get access to the international fest & events. Thus, the program has become synonymous with sustainable economic growth.

SIDBI Partners with SVC Bank for Empowering MSMEs

SVC Co-operative Bank Ltd and Small Industries Development Bank in India (SIDBI) announced that they entered into a partnership.
The agreement was signed by Ashish Singhal, MD, SVC Bank and Sanjeev Gupta, GM, SIDBI in Mumbai. As per the agreement, SIDBI will extend refinance facility to SVC Bank to facilitate an improved flow of credit to MSMEs.
As the principal financial institution for promotion, financing and development of the MSME sector as well as coordinator of functions of institutions engaged in similar activities, SIDBI recently decided to extend refinance assistance to eligible scheduled Urban Co-operative Banks (UCBs) and Regional Rural Banks (RRBs).

Private Banks Reported most Data Breaches in 2018-22

As per reports, private banks reported the most data breaches between June 2018 and March 2022 in attacks that stole business and personal information, said a minister on Tuesday.
All banks reported 248 data breaches in the four-year period, Minister of State for Finance Bhagwat Karad told Rajya Sabha. Of those attacks, 205 were in private banks and 41 in state-owned. The remaining two were at foreign banks.
The Reserve Bank of India (RBI) has a Cyber Security Framework for Scheduled Commercial Banks, which requires banks to implement cyber/IT (Information technology) controls to prevent data leakage.

Aug 02, 2022

Godrej Properties Appoints Gaurav Pandey as CEO

Godrej Properties Limited (GPL) appointed Gaurav Pandey as the new Managing Director and Chief Executive Officer, effective from 1 January, 2023.
Gaurav Pandey will replace Mohit Malhotra who resigned from the company.
Gaurav Pandey has been part of GPL for five years. He joined in February 2017 as Business Head and by April 2021 he was appointed as CEO of North Zone of GPL. He has over 17 years of experience in the real estate sector. He is passionate about the sector and believes it will be a key growth driver for the Indian economy.

IRDAI Tightens Anti-money Laundering Rules for Insurance Companies

The insurance regulator stiffened the anti-money laundering rules as part of consolidation of the guidelines for the sector.
The rules issued to consolidate and update guidelines on anti-money laundering replaced the assorted norms issued since 2013. The key change was that exemptions and relaxations from the guidelines for companies were done away with. So, no life, general, or health insurer can claim any relaxations to comply with the money-laundering rules, as set out by the Reserve Bank of India.

Anand Burman Takes Charge as Non-executive Chairman of Eveready Industries

Anand Burman was appointed non-executive chairman of Eveready Industries in the first board meeting since the Burman family, promoters of Dabur India, took control of the company.
The post of chairman in the country's largest dry cell battery maker was vacant since Aditya Khaitan, the younger son of late Brij Mohan Khaitan, stepped down as the non-executive chairman following the announcement of open offer by the Burman family.

Aug 01, 2022

Ujjivan to Enter Gold Loan Segment

With an aim to increase its secured asset portfolio, Ujjivan Small Finance Bank is entering the gold loan segment shortly and also extending auto loan offerings to non-micro borrowers.
Like other small finance banks, currently, as much as 70 per cent of Ujjivan's assets are unsecured/without collaterals, and a vast majority of its customers are micro-loan borrowers. The remaining 30 per cent are under secured loan category. The management has set a target of having half the assets in the secured segment over the next three years.

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