General Awareness

BUSINESS AND ECONOMY - November 2017

Nov 2017

Oct 22, 2022

India Post Payments Bank, RBIH Join Hands for Financial Product, Services

India Post Payments Bank and Reserve Bank Innovation Hub joined hands to focus their efforts on enhancing the reach of financial solutions to large sections of society across India and enabling frictionless finance to a billion Indians. Under the arrangement India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) will plan, design and execute innovative products and offerings to bridge the existing gap by bringing digitalised services at the customer's doorstep.
The collaboration between IPPB and RBIH will explore projects which shall have impact on the masses by leveraging the deep rural reach of IPPB-Department of Posts (DoP) to take rural finance to a billion Indians.
Both entities will jointly work to enabling access to sustainable and secure finance services to every segment of the society, through research and innovation.

Mahindra & Mahindra Financial Services Partners with India Post Payments Bank

To enhance credit access to larger customer base Mahindra & Mahindra Financial Services Limited announced a strategic partnership with India Post Payments Bank (IPPB) to further enhance credit access to a larger customer base. As a part of this alliance, India Post Payments Bank (IPPB) would provide Lead referral services to MMFSL for Passenger Vehicles, 3-Wheeler, Tractor and Commercial Vehicle Loan categories and provide cash EMI deposit facility to existing MMFSL customers at Post Offices.

Oct 21, 2022

Paytm Payments Bank Appoints Deependra Singh Rathore as Interim CEO

Paytm Payments Bank appointed Deependra Singh Rathore as the interim Chief Executive Officer (CEO), in addition to his role as Chief Product & Technology Officer. The bank also appointed Sunil Chander Sharma, a former IRS officer as Chief Operating Officer (COO). As the COO, he would oversee the functions of customer support, retail operations, legal and Law Enforcement Agencies (LEA) and Human Resources and Administration.
Paytm Payments Bank (PPBL) is an Indian payments bank, founded in 2015 and headquartered in Noida. In the same year, it received the license to run a payments bank from the Reserve Bank of India and was launched in November 2017. In 2021, the bank received a scheduled bank status from the RBI.

Oct 20, 2022

Nestle Enters into D2C Space, Launches Online Platform

FMCG major Nestle India launched its own Direct-to-Consumer (D2C) platform, foraying into the fast-growing online channel.
The company launched its D2C platform MyNestl in Delhi-NCR and will expand to other parts of the country, said Nestl India Chairman and Managing Director Suresh Narayanan.
This has been created specifically keeping the consumer needs in mind.

Yubi Appoints Atanu Chakraborty as Independent Chairman of its Board

Yubi, formerly CredAvenue, announced the appointment of the retired civil servant and current Chairman of the Board of HDFC Bank Atanu Chakraborty as the Independent Chairman of its Board.
Chakraborty has held prestigious positions as the Joint Secretary of the Ministry of Finance and part of the Central Board of Directors of the Reserve Bank of India.

LIC Launches New 'Dhan Varsha' Plan

Life Insurance Corporation (LIC) launched a new scheme 'LIC Dhan Varsha.' This is a non-linked, non-participating, individual, savings life insurance plan which offers a combination of protection and savings.
This plan provides financial support for the family in case of unfortunate death of the life assured during the policy term. It also provides guaranteed lump sum amount on the date of maturity for the surviving life assured.
This is a close ended plan and would be available for sale till March 31, 2023.

Vedanta Arm Balco Wins Bid for 900 mn Tonne Coal Block in Chhattisgarh

Vedanta Ltd's arm Balco won the bid for a coal block in Chhattisgarh.
The company emerged as successful bidder for the mine during the fourth round of commercial coal mine auction conducted by the government.
The coal block is an optimal fit for Balco, given its logistical location.
Once operational, the mine will provide fuel security, enhance power availability, and further strengthen Balco's operations and performance.
The block has estimated reserves of 900 million tonnes.
Balco was incorporated in 1965 as the first public sector undertaking in the country.

Oct 19, 2022

Adani Airports Appoints Ericsson Veteran Arun Bansal as CEO

Adani Airport Holdings again rejigged its top management, naming Ericsson veteran Arun Bansal its Chief Executive Officer. Bansal, who spent 25 years at the Swedish telecom network company, was most recently its president for Europe and Latin America. The appointment would help strengthen digital transformation and the business growth agenda.
Adani's airports account for 25% of airport footfalls and 40% of air cargo in India.

Tata Motors Bags Order for 200 E-buses

Tata Motors received an order for 200 electric buses which would be deployed in Jammu and Srinagar.
The Mumbai-based auto major won the tender of 200 electric buses floated by Jammu Smart City Ltd.
The automaker would supply 150 units of 9-metre and 50 units of 12-metre Starbus electric buses,
As part of the contract, Tata Motors would operate and maintain the buses for a period of 12 years.
Since 2019, Tata Motors' 40 electric buses have been plying in Jammu and Kashmir along with a cumulative supply of 715 electric buses across multiple cities in India.

Adani Group Buys Air Works, Forays into Aircraft Maintenance Business

Adani Group acquired Air Works, India's second oldest maintenance repair and overhaul unit, for an enterprise valuation of Rs. 400 crore.
The group controls seven airports and the latest acquisition would give it maintenance capabilities in all three aircraft maintenance verticals — airline, business jets and defence.
Set up in 1951 by two friends P. S. Menon and B. G. Menon, Air Works has presence in 27 cities, including hangars in Mumbai, Hosur, and Kochi. Indamer Aviation, the oldest private MRO in the country, was set up in 1947.
D. Anand Bhaskar, MD & CEO of Air Works Group, said that the government's policy measures and initiatives, including convergence of civil and defence MRO, will create economies of scale and huge employment opportunities.
India's MRO market is expected to grow three times from $1.7 billion to $5 billion by 2030. Currently, Air Works and Boeing are undertaking heavy maintenance checks on three P-8I aircraft that are operated by the Indian Navy.
Earlier this year, Air Works partnered with UAE-based Mach Technik to offer line maintenance services to airlines in Dubai.

Oct 18, 2022

Ex-Infosys President Ravi Kumar to Join as President for Cognizant Americas

Former Infosys president Ravi Kumar is joining Cognizant as President Americas. He would take on the position from January 16, 2023. Kumar would be reporting directly to Brian Humphries, CEO Cognizant.
Infosys last week, had shared that Kumar had resigned. Kumar also has served as Chairman of the Board of Infosys Business Process Management, and brings more than 20 years of experience in consulting and industry sales, incubating new practice lines and driving large transformational programs.
Kumar takes over from Surya Gummadi, who will take over leading the $5 billion Health Sciences Business of Cognizant.
Cognizant also announced the appointment of Prasad Sankaran who will be heading the software and platform engineering (SPE) services. He joins from Bain & Company.

Committed to COP27 Success under Egyptian Presidency: Jaishankar

External Affairs Minister S. Jaishankar held discussions with Egyptian President Abdel Fattah El-Sisi and highlighted India's commitment to the success of COP27 under the Egyptian presidency.
Jaishankar underscored that India values the participation of Egypt in the G20 during its chairship. He further underlined that India is fully committed to the success of COP27 under the Egyptian presidency.
The EAM deeply appreciated President Sisi's guidance in further developing various dimensions of the India-Egypt relationship. He briefed the President on his discussions with Finance Minister Sameh Shoukry.
Jaishankar said that he would talk to the Union Minister for Education, Skill and Entrepreneurship Dharmendra Pradhan on collaborating with Egypt on premier higher educational institutes, like the Indian Institute of Technology (IIT).

JPMorgan Names Former Reliance M&A Head as India Investment Banking Chief

JPMorgan Chase & Co named former Reliance Industries executive Navin Wadhwani as the head of its Indian investment banking business, under a slew of management changes for the Asia-Pacific region.
Wadhwani has headed M&A for oil-to-retail conglomerate Reliance for the past 10 years and was previously a senior managing director at Rothschild India.
JPM also appointed Kaustubh Kulkarni as senior country officer for India from Nov. 1. He would continue in his role as vice chair of Asia Pacific. Kulkarni succeeded Madhav Kalyan, who would now head the U.S. banking giant's Asia Pacific Payments.
Vineet Mishra became sole head of Investment Banking for Southeast Asia.

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