General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

Oct 09, 2024

India, UAE to Interlink UPI & AANI for Seamless Cross-border Transactions

Union Commerce Minister Piyush Goyal informed that the Indian and UAE governments are working on interlinking of UPI of India and the AANI of UAE. It will facilitate seamless cross-border transactions between two countries. This will benefit over 3 million Indians residing in the UAE enabling them to use the power of UPI and AANI. Goyal was addressing a press conference after the 12th meeting of the India-UAE high-level joint task force on investment in Mumbai. The meeting was co-chaired by the Managing Director of Abu Dhabi Investment Authority HH Sheikh Hamed bin Zayed Al Nahyan.

HDFC Bank Divests 100% Stake in HDFC Education

HDFC Bank announced the divestment of its entire 100% stake in HDFC Education and Development Services Pvt. Ltd (HDFC Edu) to Vama Sundari Investments for Rs. 192 crore. This all-cash transaction aligns with the bank's strategy to comply with regulatory requirements and streamline its operations following the merger with e-HDFC Ltd.
The divestment will occur in two phases: the sale of 91% of HDFC Edu's shares is expected by October 31, 2024, while the remaining 9% must be sold by June 30, 2025. This move comes in response to a directive from the Reserve Bank of India (RBI), mandating that HDFC Bank fully divest from HDFC Edu within two years of the merger.

Global Skincare Sensation Augustinus Bader Arrives in India through Reliance's Tira

Reliance's beauty platform Tira announced the launch of globally luxury skincare and haircare brand Augustinus Bader for the Indian Market. Known for its scientifically advanced and award-winning formulas, Augustinus Bader products are now available exclusively on Tira.
At Tira Reliance aims to bring the best of global and home-grown brands to the Indian consumer.
The introduction of Augustinus Bader in India is yet another step in our endeavour to offer luxury, high-performance skincare that resonates with India's growing community of beauty connoisseurs.
The Augustinus Bader brand is the brainchild of Professor Augustinus Bader, a world-renowned expert in stem cell research and regenerative medicine, whose scientific background informs the brand's unique approach to skincare.

Central Bank Keeps Key Interest Rates Unchanged

Reserve Bank of India Governor Shaktikanta Das said that the monetary policy committee decided to keep key policy rates unchanged for a tenth consecutive meeting amid inflationary pressures and announced change in policy stance to 'neutral' from 'accommodation', thus opening the door for rate cuts.
The central bank kept the repo or short-term lending rate unchanged at 6.5 per cent since February 2023, and experts think some easing could only be possible in December.
The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remains at 4 per cent with a margin of 2 per cent on either side.

Oct 08, 2024

IFC Partners with Axis Bank for India's First Blue Loan of $500 Million

In a landmark move, the International Finance Corporation (IFC) has partnered with Axis Bank to provide a $500 million loan aimed at scaling up blue finance and green projects in India. This is IFC's first blue investment in the country and the largest climate finance initiative by IFC in India to date. Blue loans focus on funding water and wastewater management, reducing ocean plastic pollution, restoring marine ecosystems, and promoting offshore renewable energy, among others.
The partnership marks a significant step toward fostering sustainable development in India. With rapid urbanisation, India has immense potential for water efficiency, wastewater treatment, and green infrastructure, projected to grow into a $3 billion market by 2029. The blue loan aims to attract private sector investment to boost India's climate resilience, particularly in sectors like green buildings, which could see a $1.4 trillion investment opportunity by 2030.

BoB to Sell Oman Operations to Bank Dhofar

State-owned Bank of Baroda (BoB) has announced its decision to sell its Oman operations to Bank Dhofar as part of a broader strategy to rationalise its foreign business footprint. This acquisition will take place on a going concern basis, pending approval from regulatory authorities. The total business of BoB's Oman operations is valued at 113.35 million Omani Rials, with a net worth of 25.54 million Omani Rials.
Established in 1990, Bank Dhofar is one of the leading commercial banks in Oman. It is located in Muscat, Oman.
It is a publicly traded company on the Muscat Stock Exchange, with a diverse shareholder base, which offers a wide range of banking services, including personal banking, corporate banking, investment services, treasury operations, and Islamic banking products.

RBI Deputy Governor M. Rajeshwar Rao's Tenure Extended for One Year

The government has approved a one-year extension for M. Rajeshwar Rao as Deputy Governor of the Reserve Bank of India (RBI), effective October 9, 2024. This decision was made by the Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, following a notification dated October 4. Rao's tenure was initially set for three years starting from October 2020, and this marks his second consecutive one-year extension.
Rao is an accomplished central banker, holding an economics degree and an MBA from the University of Cochin. Since joining the RBI in 1984, he has gained extensive experience across various departments within the bank. Before becoming Deputy Governor, he served as an executive director since November 2016.

India's E-commerce Market Set to Reach $325 Billion by 2030: Deloitte Report Analysis

The Indian e-commerce landscape is undergoing a transformative evolution, with Deloitte's latest report forecasting a monumental growth trajectory. The projection of reaching $325 billion by 2030 represents not just a number, but a fundamental shift in how India conducts commerce.
This 21% Compound Annual Growth Rate (CAGR) signifies a digital revolution that's reshaping the retail ecosystem.

Oct 07, 2024

NCRTC Launches Co-branded Namo Bharat NCMC for Seamless Connectivity, Integration

The National Capital Region Transport Corporation (NCRTC) launched co-branded Namo Bharat national common mobility cards (NCMC) for passengers, which will provide seamless connectivity and integration between RRTS and other modes of public transport.
The NCRTC collaborated with Airtel Payments Bank and introduced co-branded NCMC. These cards include debit, prepaid, and prepaid payment instruments for mass transit solutions (PPI- MTS) options.
Exclusively issued by Airtel Payments Bank, the Namo Bharat NCMC cards are equipped with tap-and-pay technology, allowing quick and secure transactions at transit terminals, retail outlets and other locations.

Oct 06, 2024

Adani and Google Partner to Boost Clean Energy in India

In a new partnership aimed at enhancing sustainability, the Adani Group will supply renewable energy from its upcoming solar-wind hybrid project in Khavda, Gujarat, to Google starting in 2025. The Khavda project, located in the world's largest renewable energy facility, is set to begin commercial operations in Q3 2025. With a strong track record in large-scale renewable projects, Adani will provide tailored energy solutions to support Google's carbon-free energy goal and help reduce the carbon footprints of industrial clients.
This collaboration aligns with Google's target of achieving 24/7 carbon-free energy across its global operations and its commitment to reducing 50% of Scope 1, 2, and 3 emissions by 2030.

Federal Bank Teams Up with Bhashini to Add Vernacular Support to Chatbot Feddy

Federal Bank signed an MoU with Bhashini, an AI-powered language translation platform, to integrate vernacular language support into its AI chatbot, Feddy. This collaboration, inspired by the Reserve Bank Innovation Hub's (RBIH) initiative for local language banking, aims to make banking services more inclusive and accessible across India. The enhancement allows Feddy to assist users in 14 Indian languages, including Hindi, Bengali, Tamil, and Marathi, among others. This move is seen as a crucial step toward bridging language barriers in financial services.
The partnership between Federal Bank and Bhashini boosts Feddy's capabilities, enabling it to handle queries in multiple Indian languages, which is expected to improve customer experience.

RBI Appoints Aviral Jain as New Executive Director

The Reserve Bank of India (RBI) appointed Aviral Jain as the new Executive Director (ED).
Prior to being promoted as the ED, Jain was serving as Regional Director for Maharashtra. The new ED has experience of more than three decades in areas of supervision, currency management, foreign exchange regulation and human resource management.
Executive Director, Jain will look after Legal Department, Premises Department and Right to Information Act (First Appellate Authority).

Oct 05, 2024

ICICI Bank and MakeMyTrip Launch a Co-branded Credit Card for Travel Enthusiasts

ICICI Bank partnered with MakeMyTrip to launch a 'premium' co-branded credit card, especially curated for the 'aspirational travellers' of the country.
According to the companies, the card offers myCash (MakeMyTrip's reward currency), where 1 myCash is worth Rs. 1 in spendable money. It offers 6% myCash on hotel bookings, 3% myCash on flights, holidays, cabs, and buses, and 1% on other retail spends in addition to applicable MakeMyTrip discounts.

Reliance Group Collaborates with Bhutan on Renewable Energy

Reliance Group entered into a strategic partnership with Druk Holding and Investments Ltd. (DHI), the commercial arm of Bhutan's government, to develop significant renewable energy projects in the country. The agreement, signed includes plans for a 500 MW solar plant and a 770 MW hydropower project.
The solar plant, to be built in Gelephu Mindfulness City, will be developed in two 250 MW phases over the next two years. Once completed, it will be Bhutan's largest solar installation. Simultaneously, Reliance Power Ltd. and DHI will jointly develop the 770 MW Chamkharchhu-1 hydro project, classified as a run-of-the-river facility.
To spearhead these initiatives, Reliance Group has established Reliance Enterprises, a new company dedicated to promoting and investing in Bhutan's clean and green energy sector. This venture is jointly promoted by Reliance Infrastructure Ltd. and Reliance Power Ltd.
The partnership marks one of the largest foreign direct investments in Bhutan's renewable energy sector by an Indian private company. It aligns with Bhutan's net-zero goals and aims to enhance the country's sustainable energy solutions.

PM Modi Inaugurates GAIL's First CBG Plant in Jharkhand

Prime Minister Narendra Modi inaugurated GAIL's first CBG Plant in Ranchi, Jharkhand, through a virtual ceremony. This 12,500 m³ per day capacity plant is designed to process 150 tonnes of Municipal Solid Waste to produce 5,000 kg Bio-CNG and 25 tonnes of fermented bio manure per day.
The plant is built in an area of 7.86 acres at Ranchi Jharkhand, Jhir Dumping Site Mouza Jhiri. The biogas generated in this facility is to be supplied to nearby CNG stations which can fuel over 600 vehicles per day in the region, contributing to the Atmanirbhar Bharat initiative and promoting the use of clean and green fuel.

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