General Awareness

BUSINESS AND ECONOMY - November 2017

Nov 2017

Aug 11, 2025

GeM Marks 9th Anniversary

Government e Marketplace (GeM) celebrated its 9^th Foundation Day. Launched in 2016 to promote transparent, inclusive and efficient public procurement in line with the Prime Minister's vision of "Minimum Government, Maximum Governance," the platform has grown into a digital procurement system connecting sellers and service providers across the country, including women entrepreneurs, start-ups, micro and small enterprises (MSEs), artisans, self-help groups (SHGs) and Divyangjans. In FY 2024–25, it recorded transactions worth Rs. 5.4 lakh crore in Gross Merchandise Value (GMV).
This year's Foundation Day celebration was held on the theme 'Ease, Access and Inclusion'. Key reforms announced include the elimination of caution money for sellers, rationalisation of vendor assessment fees and a reduction in transaction charges, resulting in exemption for 97 per cent of orders. These measures are aimed at making public procurement more accessible and equitable.

ICICI Bank Records Lowest Attrition Rate among Private Peers for Three Consecutive Years

ICICI Bank reported the lowest employee attrition rate among large private sector lenders in the last three financial years, reflecting higher stickiness due to competitive remuneration and a better working environment.
According to its Business Responsibility and Sustainability Reporting (BRSR) report, the bank's attrition rate fell to 18% in FY25, down from 24.5% in FY24 and 30.9% in FY23.

BEML Bags its First Overseas Rail and Metro Contract, from Malaysia

State-owned firm BEML Limited received its maiden overseas contract in the rail and metro segment from Malaysia valued at USD 1 million.
The work is for the retrofit and reconditioning of the Mass Rapid Transport System.
BEML Limited, a leading multi-technology 'Schedule A' company under the Ministry of Defence, plays a pivotal role in serving India's core sectors, including defence, rail, power, mining, and construction, by offering world-class products.
BEML operates in three verticals: Defence and aerospace, mining and construction, and rail and metro.

Indian Oil's Panipat Refinery Becomes First Sustainable Aviation Fuel Producer in India

Civil Aviation Minister Ram Mohan Naidu Kinjarapu announced that Indian Oil's Panipat Refinery was certified as the country's first Sustainable Aviation Fuel (SAF) producer.
With more such facilities coming up in the country, the country is well on the path to meet the target of 1 per cent SAF blending in all international flights by 2027 and cut our aviation carbon footprint.

Aug 10, 2025

SECI Receives Bid for Supply of Green Ammonia at Rs 55.75/kg

In a boost to India's National Green Hydrogen Mission, the first-ever auction conducted by the Solar Energy Corporation of India (SECI) Ltd for the procurement of green ammonia achieved a record low price discovery of Rs. 55.75 per kg.
This auction covered the supply of 75,000 metric tonnes (MT) per annum of green ammonia to Paradeep Phosphates Limited, Odisha. It is the first in a planned series of 13 auctions over the coming months, under a tender meant for aggregating a cumulative procurement capacity of 7.24 lakh MT per year.
The discovered price Rs. 55.75 per kg translates to approximately $641 per MT, a substantial drop from the previously discovered price of Rs. 100.28 per kg ($1,153 per MT) in the H2Global auction in 2024.

AU Small Finance Bank Becomes First SFB to Get RBI Nod for Universal Bank Status

AU Small Finance Bank (AU) received in-principle approval from the Reserve Bank of India (RBI) to transition into a Universal Bank. This historic development makes AU the first Small Finance Bank (SFB) in the country to receive such a nod, and represents a major milestone in its evolution from a niche financial institution to a full-spectrum banking provider.

Aug 09, 2025

Hinduja Group Appoints Anand Agarwal as Group President - Finance

Hinduja Group appointed Anand Agarwal as Group President – Finance.
Agarwal has nearly three decades of experience and has worked across multiple sectors, including agri inputs, infrastructure (power), FMCG, financial services, cement, metals, and banking payment services.
Agarwal brings significant expertise in corporate finance, treasury, M&A, capital strategy, and investor relations.
Prior to joining Hinduja Group, he served as Chief Financial Officer at Chambal Fertilisers and Chemicals and has held leadership roles at Tata Power, Peepul Capital PE, AGS Transact Technologies, Aditya Birla Group, Reliance Industries, and ITC Limited.

Airbus Appoints Jurgen Westermeier as President, MD for India, South Asia

European aerospace major Airbus appointed Jurgen Westermeier as the President and Managing Director for India and South Asia. He will assume the role on September 1, 2025.
In his new role, Jurgen will spearhead Airbus' business in India and South Asia, across commercial aircraft, defence and space, and helicopters.
He will also be responsible for commercial aircraft sales and for expanding the company's footprint in the region, which includes services, engineering, digital, innovation and training.

Aug 08, 2025

RBI Eases Norms for Trade in Indian Rupee, removes approval requirement for Special Vostro accounts

In a move aimed at further facilitating trade in Indian Rupees, the Reserve Bank of India (RBI) simplified the procedure for opening Special Rupee Vostro Accounts (SRVAs).
As per the revised guidelines issued by the Central Bank, Authorised Dealer (AD) banks will no longer be required to seek prior approval from the Central Bank for opening SRVAs of correspondent foreign banks.
This latest step was taken following a review of the earlier process, which mandated prior approval from the Central Bank for the opening of SRVA.
The SRVA mechanism was first introduced in July 2022 for invoicing and settlement of exports and imports in Indian Rupees.

Paytm Money Partners with JioBlackRock NFOs

Paytm Money, a wholly-owned subsidiary of One97 Communications Limited (OCL) and a wealth-tech platform, partnered with JioBlackRock Asset Management to offer easy access to its five Index Fund New Fund Offers (NFOs), directly through the Paytm Money app.
As a Direct Mutual Fund platform, Paytm Money offers zero commission on mutual fund investments, along with no hidden charges and zero cost on account opening.

Essar Names Amit Bajaj MD, Global Head of Corporate Affairs & Public Policy

The Essar Group hired Amit Bajaj, a former Aditya Birla Group official, as Managing Director, Global Head of Corporate Affairs and Public Policy, marking his return to the group after more than a decade.
Bajaj brings over 25 years of experience in government relations, regulatory strategy and public policy. In his new role, he will oversee global stakeholder engagement and policy advocacy efforts aligned with Essar Group's long-term growth and sustainability goals.

Aug 07, 2025

IDFC FIRST Bank Launches RemitFIRST2India

IDFC FIRST Bank launched RemitFIRST2India, a next-generation digital remittance platform that allows Non-Resident Indians (NRIs) to send money to their families in India quickly, securely, and with zero transfer fees. NRI customers of IDFC FIRST Bank can simply log-in to the Mobile Banking App and make the transaction. For non-IDFC FIRST Bank NRI users, the platform offers a simple, paperless onboarding journey through a dedicated web-portal.
RemitFIRST2 India has been launched in partnership with SingX, a leading remittance provider licensed by Monetary Authority of Singapore, to offer a fully compliant and seamless cross-border payment experience.

IndusInd Bank Appoints Rajiv Anand as New Managing Director and CEO

IndusInd Bank announced the appointment of Rajiv Anand as its new Managing Director (MD) and Chief Executive Officer (CEO). Anand's tenure will begin on August 25, 2025, and continue until August 24, 2028, subject to shareholder approval at the bank's forthcoming general meeting.
The Board of Directors at IndusInd Bank approved the appointment of Rajiv Anand as an Additional Director, designated specifically in the category of MD & CEO for a term of three years.
Rajiv Anand brings significant leadership experience from his prior roles at Axis Bank, India's third-largest private sector bank, Deputy Managing Director, Axis Bank and Led Axis Bank's Wholesale Banking Division, significantly growing its corporate business.

Paytm Goes China-Free as Antfin Fully Exits

In a significant development for India's digital economy and investor sentiment, Jack Ma's Antfin, the Chinese affiliate of Ant Group, completely exited Paytm's parent company One97 Communications. The move eliminates all Chinese ownership from the fintech major, marking a milestone for the company and potentially widening its investor base. Antfin sold its entire 5.84% stake—equivalent to 37.3 million shares—in large bulk deals worth around Rs. 3,803 crore.

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