General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

Jul 25, 2024

Hardik Pandya Teams up with FanCode Shop to Launch his Brand

Allrounder Hardik Pandya inked an exclusive licensing pact with FanCode Shop, the online merchandise store of Dream Sports-owned FanCode, to launch his own performance wear range.
As part of the deal, FanCode Shop will design, manufacture, and market the products under the Hardik Pandya brand name in a revenue-sharing partnership.
The initial product lineup includes t-shirts, vests, polos, shorts, and jackets, with prices ranging from Rs. 999 to Rs. 2299.

RBI Tightens Norms for Cash Pay-outs at Banks

The RBI tightened norms related to cash pay-out service at banks, making it mandatory for lenders to keep a record of recipients. Cash pay-out refers to arrangements for amounts being transferred out of bank accounts to beneficiaries not having a bank account.
The Reserve Bank of India (RBI) has revised its October 2011 framework related to 'Domestic Money Transfer'.
The new norms will come into effect from November 1, 2024.
In case of cash pay-in service, the RBI said that remitting banks/ business correspondents (BCs) will register the remitter based on a verified cell phone number and a self-certified 'officially valid document (OVD)' as per the know your customer direction.

Paytm Partners with Axis Bank to Offer POS Solutions, Card Payment Devices

Fintech firm One 97 Communications, which owns the brand Paytm, partnered with Axis Bank to provide point of sales solutions and card payment machines to the bank and its merchant network.
Through this partnership, Paytm expects its technology to reach a wider merchant base via Axis Bank, thereby enhancing the capabilities of both entities.
For Axis Bank, this collaboration strengthens its merchant acquiring portfolio, enabling them to offer payment solutions.

Bibhuti Bhusan Nayak Elected New President of ICMAI

CMA Bibhuti Bhusan Nayak, a Fellow Member of the Institute of Cost Accountants of India (ICMAI) and a member of the Bhubaneswar Chapter, was unanimously elected as the 67th President of ICMAI for the 2024-2025 term. Nayak brings over 30 years of professional experience in finance and cost accountancy to the position. He is Odisha's third Cost Accountant to hold this esteemed role.
Nayak retired as Deputy General Manager (Finance) from Odisha Power Transmission Corporation Limited (OPTCL) and is currently a practicing Cost Accountant. His extensive experience includes serving as Chairman of the Bhubaneswar Chapter (2015-16) and as Chairman of the Eastern India Regional Council (EIRC) of ICMAI (2022-2023). He was also elected as a Council member for the 2023-27 term and served as Vice President for the 2023-24 term.

'Angel Tax' Abolished for All Classes of Investors

The Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman announced the abolition of 'angel tax' for all classes of investors, while presenting the Union Budget 2024-25 in Parliament. She added that this move is aimed to bolster the Indian start-up eco-system, boost the entrepreneurial spirit and support innovation. She also reduced the corporate tax rate for foreign companies from 40% to 35% to attract foreign capital for India's development needs.

Jul 24, 2024

K. V. Subramanian Appointed as Federal Bank MD & CEO

The Reserve Bank of India (RBI) approved the appointment of Krishnan Venkat Subramanian as Managing Director & Chief Executive Officer of Federal Bank. Subramanian's three-year term will commence from September 23, 2024, immediately following the conclusion of the current MD & CEO, Shyam Srinivasan's tenure on September 22, 2024.
Subramanian has previously served as the Joint Managing Director of Kotak Mahindra Bank Limited until April 30, 2024, having led various critical divisions including Corporate Banking, Commercial Banking, Private Banking, and Asset Reconstruction.

Govt. of India Upgrades IRCTC to 'Schedule A' CPSE

The Indian Railway Catering and Tourism Corporation (IRCTC), a Mini-Ratna PSU under the Ministry of Railways, achieved a notable milestone by advancing to the Schedule 'A' category of Public Sector Undertakings (PSUs). This upgrade from 'Schedule B' was announced by the Ministry of Railways in an office memorandum.
Sanjay Kumar Jain, chairman and MD of IRCTC, praised the promotion as a significant recognition of the corporation's strong performance. This achievement underscores IRCTC's effectiveness in management and operations within the hospitality, travel, and tourism sectors.

India Stuns China in Bangladesh, Wins Rights to Operate Terminal of Mongla Port

In a major strategic victory over China, India secured operational rights of a terminal of Bangladesh's Mongla Port in the Indian Ocean. The operational rights will give a major boost to India's maritime race to gain quasi-control of foreign ports, especially in its neighbourhood where China has sought to expand its influence.
As per media reports, the terminal at the Mongla port will be managed by Indian Port Global Limited (IPGL).

Union Budget 2024-25

The Budget 2024-25 outlined a total expenditure of Rs. 48.21 lakh crore and receipts (excluding borrowings) of Rs. 32.07 lakh crore, with net tax receipts estimated at Rs. 25.83 lakh crore. The fiscal deficit is projected at 4.9% of GDP. Key initiatives under the "Viksit Bharat" theme include developing twelve industrial parks, providing internships for 1 crore youth in top companies, promoting rental housing with dormitory-type accommodations for industrial workers, and setting up Bharat Small Reactors for energy security. These efforts aim to boost economic opportunities, support youth employment, enhance housing, and secure clean energy sources.
The budget theme is 'Roadmap for the pursuit of 'Viksit Bharat'.
Focus on four major groups: Mahilayen (Women), Garib (Poor), Yuva (Youth) and Annadata (Farmer).

Jul 23, 2024

Airbus and Tata to Debut India's First H125 Helicopter by 2026

Airbus and Tata joined forces to manufacture India's first H125 helicopter, which is set to roll out by 2026. This partnership aligns with India's Atmanirbhar Bharat initiative and reflects Airbus's commitment to investing in the Indian aerospace market despite regulatory challenges.
India is projected to become a significant market for helicopters, with Airbus estimating a demand of up to 500 H-125 units in India and neighbouring countries. The company views India as a future leader in the commercial helicopter sector, comparable to the United States in market importance.

Bank of Baroda Celebrates 117th Foundation Day

Bank of Baroda (Bank), one of India's leading public sector banks, celebrated its 117th Foundation Day. The theme for the Bank's 117th year is "Trusted Today, Transforming Tomorrow", outlining the Bank's vision to be a world-class financial services institution, built on the foundation of the trust of its customers for well over a century.
On the occasion, the Bank launched a range of digital and technology-led initiatives aimed at further enhancing the payments and banking experience for customers.

Jul 22, 2024

OVL Hikes Stake in Azerbaijani Oilfield with $60 Million Investment

ONGC Videsh Limited (OVL), a subsidiary of ONGC, acquired Norwegian firm Equinor's stake in Azerbaijan's offshore Azeri Chirag Gunashli (ACG) oil field and an associated oil pipeline for $60 million. This increases OVL's stake in the oil field to 2.95% and in the Baku-Tbilisi-Ceyhan (BTC) pipeline to 3.097%.
State Oil Company of Azerbaijan Republic (SOCAR) holds 25%, BP operates the field with a 30.37% stake, and other shareholders include Japanese firms and ExxonMobil.
ONGC Videsh Limited (OVL) established in 1965 is a wholly-owned subsidiary of ONGC to explore and develop petroleum and gas fields outside India.
OVL is the second-largest petroleum company in India by reserves and production, with stakes in 32 oil and gas projects across 15 countries.

Sanjeev Krishan Re-elected for Second Term as PwC India Chairperson

PwC India announced that Sanjeev Krishan was re-elected for a second term as Chairperson of PwC in India, for a four-year period beginning on April 1, 2025.
As Chairperson, Krishan will continue to lead PwC in India, representing them externally and internally. He will also continue to serve on the PwC Global Strategy Council.
Krishan, whose first term as Chairperson started on January 1, 2021, joined PwC in 1991 as an articled trainee.

CBDT Awards Taxnet 2.0 Project to Bharti Airtel

The Central Board of Direct Taxes (CBDT) awarded the Taxnet 2.0 project to Bharti Airtel Ltd. This project aims to provide advanced network connectivity, facility management services, and video conferencing services to the Income Tax Department (ITD). Bharti Airtel was chosen through an open tender process for this critical project, which marks a significant advancement over the current Taxnet 1.0 project. The new system aims to enhance the digital infrastructure of the ITD by providing secure, reliable, and seamless connectivity services.

Jul 20, 2024

ESAF SFB Gets RBI Nod for Re-appointment of K. Paul Thomas as MD & CEO

ESAF Small Finance Bank received the Reserve Bank of India's (RBI's) nod for re-appointment of K. Paul Thomas as its Managing Director & CEO for another three years. This approval was communicated via the RBI's letter, granted under the Banking Regulation Act, 1949.
Additionally, Paul Thomas is the Chairman of the Board of Sa-Dhan, the association of microfinance and impact finance institutions.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

July GK, June GK, May GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26