General Awareness

BUSINESS AND ECONOMY - November 2017

Nov 2017

Nov 06, 2024

IREL and Kazakhstan's UKTMP Collaborate for Titanium Slag JV in Odisha

In a significant Indo-Kazakh collaboration, IREL (India) Limited, a CPSU under the Department of Atomic Energy (DAE), and Kazakhstan's Ust-Kamenogorsk Titanium and Magnesium Plant JSC (UKTMP JSC) inked a joint venture agreement to establish IREUK Titanium Limited, aimed at producing titanium slag in Odisha, India.
The agreement formalised by Dr. Deependra Singh, CMD of IREL, and Ms. Assem Mamutova, President of UKTMP, witnessed by Dr. A.K. Mohanty, Secretary of DAE, alongside senior officials from both nations. This venture aims to strengthen India's titanium supply chain, create jobs in Odisha, and bolster foreign exchange reserves.

FSIB Recommends Rahul Bhave as New MD & CEO of IFCI

In a significant development for the financial sector, the Financial Services Institutions Bureau (FSIB) recommended Rahul Bhave, currently the Deputy Managing Director of IFCI Ltd, for the position of Managing Director (MD) and Chief Executive Officer (CEO). This recommendation came after FSIB evaluated four candidates, taking into account their performance, overall experience, and established criteria.
Alongside Bhave, FSIB also put forth Palash Srivastava, the CEO of IIFCL Projects Limited, for the role of Deputy Managing Director at IIFCL. The final appointment decisions will rest with the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi.

Punjab & Sind Bank Launches e-Bank Guarantee Facility with NeSL

Punjab & Sind Bank (PSB) launched of its e-Bank Guarantee (e-BG) facility in collaboration with National e-Governance Services Ltd (NeSL). This innovative service modernises the traditional bank guarantee process, transitioning from paper-based issuance requiring physical stamping and signatures to a fully digital format utilising e-stamping and e-signatures.
The initiative aims to enhance efficiency, reduce time spent on verification, and improve transparency for beneficiaries.

BEML Recognised with 'Self-Certification' Honour

BEML Limited was awarded the prestigious "Self-Certification" status for its defense equipment by the Department of Defence Production (DDP) of the Government of India. The certification was presented by R. A. Govardhana, ADGQA (V&EE), HQ DQAV, to Shantanu Roy, the Chairman and Managing Director of BEML Ltd., during a special event held at the company's headquarters.
Shantanu Roy expressed pride in receiving the certification, reinforcing BEML's commitment to quality and the vision of Aatmanirbhar Bharat (self-reliant India).

Nov 05, 2024

NSE Launches Multilingual Mobile App and Website

The National Stock Exchange of India (NSE) to mark its 30th anniversary, launched its official mobile app, NSEIndia, and expanded its corporate website to support a total of 12 languages. This initiative aims to create a more inclusive financial ecosystem for millions of investors across India, allowing them to access market information in their preferred regional languages.
The launch of the NSE mobile app and the updated website aligns with NSE's commitment to enhancing investor accessibility.
The NSE website now supports eight additional Indian languages: Assamese, Bengali, Kannada, Malayalam, Oriya, Punjabi, Tamil, and Telugu, in addition to English, Hindi, Marathi, and Gujarati. This multilingual approach is designed to help investors from diverse regions better understand market information, fostering greater participation in financial markets.
The newly launched NSE mobile app offers a user-friendly, secure platform for investors to stay updated on market trends.

Itaru Otani New Chairman of India Yamaha Motor

India Yamaha Motor appointed Itaru Otani as its new Chairman, a significant move aimed at enhancing the company's presence in India's dynamic two-wheeler market. With over 30 years of experience at Yamaha Motor Company, Otani brings a wealth of expertise from leadership positions in diverse global markets, including Australia, Brazil, and Japan. His appointment signals a strategic shift to align Yamaha's offerings with the evolving preferences of Indian consumers, focusing on innovative and stylish products that cater to local demands.
Prior to his new role, Otani served as the Chief General Manager of the Land Mobility Business Operations in Japan, where he led crucial initiatives that shaped Yamaha's global strategy in the motorcycle segment.

Nov 04, 2024

Coal India Limited Commemorates 50th Foundation Day

Coal India Limited (CIL), under the Ministry of Coal, marked its 50th Foundation Day on November 1 at the CIL Headquarters in Kolkata. The celebration was graced by Union Minister of Coal and Mines, G. Kishan Reddy, as the chief guest, along with Vikram Dev Dutt, Secretary of the Ministry of Coal, as the guest of honour. This significant event not only celebrated CIL's remarkable contributions to the nation's energy sector over the past five decades but also laid the groundwork for its future initiatives and strategic direction.
On this momentous occasion, Union Minister G Kishan Reddy, launched the Golden Jubilee logo and unveiled the mascot "Angara." The logo symbolises CIL's pivotal role as the backbone of India's energy sector, reflecting the company's commitment to innovation, progress, and sustainability. The mascot embodies the strength and resilience of coal miners, highlighting their courage and dedication. The Mascot is inspired by Royal Bengal Tiger.
On November 1, 1975, Coal India Limited (CIL) was formed to enable better organisational and operational efficiency in coal sector.

Praveena Rai Appointed as CEO and MD of MCX

Praveena Rai officially took office as Chief Executive Officer (CEO) and Managing Director (MD) of Multi Commodity Exchange of India (MCX), embarking on a five-year term. Rai brings her extensive experience in banking, payments, and transaction management to lead India's largest commodity derivatives exchange.
Rai's appointment follows the end of tenure of P. S. Reddy, who served as the CEO of MCX for five years until May 2024. With over 20 years of industry experience, Rai is celebrated for her expertise across multiple facets of banking, including payments, cards, retail banking, and transaction banking.
The Multi Commodity Exchange of India (MCX), headquartered in Mumbai, is the country's largest commodity derivatives exchange. Established in 2003, MCX offers an extensive range of commodity derivative contracts and plays a pivotal role in India's financial market.

RBI Brings Back Another 102 Tonnes of Gold from England

The Reserve Bank of India (RBI) revealed that it successfully transported an impressive 102 tonnes of gold from the Bank of England to secure storage facilities in India. This strategic move was part of the RBI's meticulous planning to ensure the safe and discreet transfer of such a significant quantity of gold, reinforcing the nation's reserves while aligning with the festive spirit of the occasion.

This transfer aimed to reinforce India's gold reserves and ensure the safety of the nation's financial assets amid global geopolitical tensions.

Nov 03, 2024

India Rolls Out Its First Made-In-India C295 Aircraft by September 2026

India is set to mark a significant milestone in its aerospace industry with the rollout of the first locally assembled C295 military transport aircraft from the Vadodara facility in September 2026. This initiative, part of the "Make in India" campaign, represents a robust collaboration between Airbus and Tata Advanced Systems. The facility was inaugurated by Prime Minister Narendra Modi and Spanish Prime Minister Pedro Sanchez, highlighting the deepening defense ties between India and Spain.

SBI and India Exim Bank Bridge Trade Financing Gaps in Africa

The State Bank of India and the India Exim Bank are helping businesses in African countries to fill the gap in trade finance, the South African heads of the two organisations said at the India Entrepreneurs Forum (IEF).
The event was initiated by Consul General of India Mahesh Kumar who said that it is the first of a series of ongoing engagements with the IEF.

Jio Financial and BlackRock Form Joint Ventures for Mutual Funds

On October 28, 2024, Jio Financial Services Ltd (JFSL) and BlackRock Inc. officially announced the incorporation of two joint venture companies, Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited, to enter the mutual fund sector in India.
This strategic move follows the Securities and Exchange Board of India (SEBI) granting in-principle approval for the companies to act as co-sponsors and establish a mutual fund. JFSL has invested a total of Rs. 82.9 crore for a 50% stake in both entities, which includes Rs. 82.5 crore for Jio BlackRock Asset Management and Rs. 40 lakh for Jio BlackRock Trustee.

Nov 02, 2024

Slice Completes Merger with North East Small Finance Bank

Fintech firm Slice successfully merged with North East Small Finance Bank over a year after receiving approval from the Reserve Bank of India (RBI). This merger consolidates their operations, assets, and brand identities into one institution, enhancing the bank's footprint in India's north-eastern region.
Rajan Bajaj, CEO of Slice, emphasised the importance of exceptional customer experience and strong governance, while the merged entity plans to introduce various banking products, including savings accounts and credit services. This strategic move aims to streamline operations and leverage the strengths of both organisations.

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