General Awareness

BUSINESS AND ECONOMY - November 2017

Nov 2017

Jan 07, 2025

FIU-IND and IRDAI Sign MoU for Enhanced Coordination and Information Exchange

The Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (IRDAI) signed a Memorandum of Understanding (MoU) as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering Act and Rules framed thereunder, in New Delhi.
The MoU was signed by Vivek Aggarwal, Director, FIU-IND and Satyajit Tripathy, Member (Distribution), IRDAI.
According to the MoU, FIU-IND and IRDAI will cooperate with each other in the areas of mutual interest.

India Becomes Second Largest Buyer of Gold after Poland in 2024

Global central banks remained active in the gold market in November 2024, collectively adding 53 tonnes of the precious metal to their reserves, according to the World Gold Council.
India's year-to-date purchased 73 tonnes of gold with total gold reserves of 876 tonnes as on November end, making it the second-largest buyer of 2024 after Poland, the WGC said.
The Central Bank of Uzbekistan also made significant additions, increasing its reserves by 9 tonnes after a hiatus since July.
The People's Bank of China (PBoC) resumed gold buying after a six-month pause, adding 5 tonnes and bringing its total holdings to 2,264 tonnes, representing 5 per cent of its reserves.

Empowering Women Entrepreneurs: 'Faral Sakhi' Initiative

The Mira Bhayandar Municipal Corporation (MBMC) introduced its flagship initiative, 'Faral Sakhi,' to support women entrepreneurs in Mira Bhayandar, Maharashtra. This programme aims to empower women engaged in traditional snack production by providing comprehensive training and resources to scale their ventures sustainably. Launched in collaboration with the Women Entrepreneurship Platform (WEP) of NITI Aayog, 'Faral Sakhi' is part of WEP's Award to Reward initiative.
WEP, established by NITI Aayog in 2018 as an aggregator platform, transitioned into a public-private partnership in 2022. It supports women entrepreneurs by addressing information gaps and offering assistance in areas such as finance, market linkages, training, mentoring, compliance, and business development.
The 'Faral Sakhi initiative represents a significant step toward the holistic development of women entrepreneurs.

Jan 06, 2025

EPFO's New Centralised Pension Payments System

Retirement fund body Employees' Provident Fund Organisation (EPFO) completed the Centralised Pension Payments System (CPPS) rollout in all its regional offices across the country that will benefit over 68 lakh pensioners, the labour ministry said.
The CPPS is a paradigm shift from the existing pension disbursement system that is decentralised, with each zonal/regional office of EPFO maintaining separate agreements with only 3-4 banks, the ministry explained.
Under CPPS, a beneficiary will be able to withdraw pension from any bank and there will be no need for to visit the bank for verification at the time of commencement of pension, and the amount will be immediately credited upon release.

BharatPe to Sell 25% Stake in Unity Small Finance Bank

India's leading fintech company BharatPe is planning to sell up to 25% of its 49% stake in Unity Small Finance Bank (Unity Bank). The move is aimed at raising around $800 million (approximately Rs. 6,500 crore) and is part of the company's plan to meet RBI's regulatory requirements. BharatPe has appointed Rothschild & Co to oversee the stake sale.

Jan 05, 2025

RBI Clears National, Cosmos Co-operative Bank Merger

The Reserve Bank of India (RBI) approved the merger of National Co-operative Bank with Cosmos Co-operative Bank, effective from January 6, 2025.
The branches of The National Co-operative Bank, Bangalore (Karnataka), will function as branches of Cosmos Co-operative Bank Limited (Maharashtra).
National Co-operative Bank has 13 branches. In FY24, Maratha Sahakari Bank and Sahebrao Deshmukh Sahakari Bank also merged into Cosmos Bank.

Govt. Sets Up Working Group to Revise Wholesale Price Index Base Year From 2011-12 to 2022-23

The government constituted an 18-member working group, under the chairmanship of NITI Aayog Member Ramesh Chand, to revise the Wholesale Price Index (WPI) base year from 2011-12 to 2022-23.
The revision of the base year helps in presenting a more realistic picture of the price situation in the country.
As per the Terms of Reference (ToR) of the group, it will suggest the commodity basket of WPI and Producer Price Index (PPI) with the base year 2022-23 in the light of structural changes in the economy; review the existing system of price collection and suggest changes for improvement; and decide on the computational methodology to be adopted for WPI / PPI.

Jan 04, 2025

SBI Introduces 'Har Ghar Lakhpati' and 'SBI Patrons' Deposit Schemes

The State Bank of India (SBI) has launched two innovative deposit schemes: 'Har Ghar Lakhpati' and 'SBI Patrons,' aiming to enhance financial inclusion and cater to diverse customer needs.
'Har Ghar Lakhpati' is a pre-calculated recurring deposit designed to help customers accumulate Rs. 1 lakh or multiples thereof. This scheme simplifies the process of achieving financial goals, allowing customers to plan and save effectively. It is also available to minors, encouraging early financial planning and savings habits.
The minimum tenure for recurring deposits is 12 months (one year), and the maximum is 120 months (10 years). The interest rates for this scheme are aligned with those offered on fixed deposits.
SBI has introduced 'SBI Patrons,' a specialised fixed deposit scheme tailored for senior citizens aged 80 years and above. This product offers enhanced interest rates, recognising the long-standing relationship many senior customers have with the bank. SBI Patrons is available to both existing and new term deposit customers.
Depositors under this scheme would earn an additional 10 basis points higher interest rate than what is offered to senior citizens.
The current fixed deposit rates for senior citizens are: above 1 year tenure: 6.80%, above 2 years: 7%, above 3 years to less than 5 years: 6.75%, for 5-10 years: 6.5%.

SBI Introduces TAB-based Digital NRI Account Onboarding Journey

State Bank of India (SBI) launched the TAB-based end-to-end digital onboarding process for Non-Resident Indians (NRIs) to streamline the opening of NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts.
The new TAB-based process offers real-time account activation. The initiative eliminates the need for physical documentation, allowing for faster account openings at branches and during customer visits by digitally authenticating documents, making the process more efficient and easy.

Axis Max Life Insurance Launches Sustainable Wealth 50 Index Fund

Axis Max Life Insurance Ltd, formerly known as Max Life Insurance Company Ltd, announced the launch of Axis Max Life Sustainable Wealth 50 Index Fund. This customised Index Fund, computed and maintained by NSE Indices Limited, aims to invest in cash flow-generating companies to fuel their growth.
The Axis Max Life Sustainable Wealth 50 Index Fund invests in 50 top-performing stocks. These are selected using a proprietary, equal-weight, factor-based quantitative index. Stocks are identified from the NSE 500 universe based on free cash flow yield (FCF Yield) for non-financial companies and dividend yield for financial companies.

DFS Secretary Launches 'Baanknet' Portal as a One-stop Property E-auction Hub

Department of Financial Services (DFS) secretary M. Nagaraju launched a revamped e-auction portal 'Baanknet' in Delhi.
It significantly aids the recovery process of public sector banks (PSBs), thereby improving the balance sheet of banks and enhancing credit availability to businesses and individuals.
According to a finance ministry statement, this platform consolidates information on e-auction properties from all PSBs and offers a one-stop destination for buyers and investors to discover a wide range of assets.

Jan 03, 2025

Abu Dhabi's Mubadala Tops Global Sovereign Investments with $29.2 Billion in 2024

Mubadala Investment Company, Abu Dhabi's sovereign wealth fund, claimed the title of the world's leading sovereign investor in 2024, deploying an impressive $29.2 billion across 52 deals. This marks a significant achievement, as it surpassed Saudi Arabia's Public Investment Fund and accounted for approximately 20% of the $136.1 billion in total sovereign wealth fund spending globally last year (2024).

Amit Ganorkar new CEO & MD of TATA AIG General Insurance Company

TATA AIG General Insurance Company appointed Amit Ganorkar as its Chief Executive Officer and Managing Director.
Ganorkar succeeded Neelesh Garg after the approval of the Board of Directors.
Ganorkar has more than two decades of experience in the general insurance industry, especially in key sectors such as sales and distribution, as well as product development. He previously served as the Managing Director of Royal Sundaram General Insurance. Ganorkar has also served as the Chief Operating Officer at TATA AIG.

Manish Singhal New Secretary General of ASSOCHAM

The Associated Chambers of Commerce and Industry of India (ASSOCHAM), one of the country's oldest business chambers, appointed Manish Singhal as its new Secretary General. Singhal brings over 35 years of experience in both corporate India and chambers of commerce, having previously served as the Deputy Secretary General of the Federation of Indian Chambers of Commerce and Industry (FICCI).
His extensive career includes stints with major Indian transnational companies such as Tata Motors, Eicher (Volvo), Tata Auto Comp Systems, Moser Baer India, and BEML. Singhal succeeds Deepak Sood, who led ASSOCHAM for the last five years, steering the chamber to success and establishing a solid financial foundation.
ASSOCHAM, established in 1920, plays a crucial role in policy advocacy and strengthening India's economic ecosystem.

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