General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

Jul 14, 2024

Indians Can Now Pay via UPI in Qatar

Indians in Qatar will be able to scan a QR code and make payments via UPI as NPCI International Payments (NIPL) signed an agreement with QNB, the largest financial institution in the Middle East and Africa, headquartered in Qatar.
This collaboration enables Indian travellers to use their preferred payment methods at retail outlets, tourist spots, leisure venues, duty-free stores, and hotels.
By adopting UPI payments, merchants in Qatar will also be able to offer a faster and more convenient payment and checkout process.

Jio Financial Services Gets RBI Nod to Become Core Investment Company

The Reserve Bank of India approved the conversion of Jio Financial Services from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC).
Jio Financial Services is the demerged entity of energy-to-telecom conglomerate Reliance Industries Ltd (RIL).
In November 2023, Jio Financial Services had submitted an application to the RBI to convert its status from an NBFC to a Core Investment Company.

Jul 13, 2024

PNB Launches 'Safety Ring' to Enhance Internet and Mobile Banking Security

In response to rising cyber fraud incidents, Punjab National Bank (PNB) introduced the 'Safety Ring' security feature. This optional mechanism provides an additional layer of protection against unauthorised access, aimed at minimising potential financial losses for users of its internet and mobile banking services.
The 'Safety Ring' allow customers to set a daily transaction limit for term deposits (TDs), specifically for online closure or overdraft facilities. This limit is defined by the customer and acts as a safeguard across all digital channels, preventing TDs from being closed, withdrawn, or used for overdrafts beyond the set limit.

Punjab National Bank Signs Pact with SAIL to Offer Loans

State-owned Punjab National Bank signed a pact with Steel Authority of India to provide home loan, car loan and education loan to the latter's employees at concessional rates. This strategic partnership aims to enhance the financial well-being of Steel Authority of India Ltd (SAIL) employees while expanding PNB's customer base within the steel sector.
A Memorandum of Understanding (MoU) was signed by PNB General Manager - Business Acquisition and Relationship Management Division Sudhir Dalal and SAIL General Manager - Finance Lavika Jain and SAIL General Manager.

RBI Eases LRS Norms for Investment via GIFT IFSC

The Reserve Bank of India expanded the scope of remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS).
The apex bank allowed authorised persons to facilitate remittances for availing financial services or products as per the International Financial Services Centres Authority Act, 2019 within IFSCs. It also permitted current or capital account transactions overseas (except foreign IFSCs) through a foreign currency account (FCA).
For these purposes, resident individuals can open an FCA at GIFT IFSC.

Jul 12, 2024

Ireland Pips Mauritius to 4th Spot on Preferred FPI Destinations List

Mauritius, once among the leading destinations for foreign portfolio investors (FPIs) routing funds into India, has now slipped to the fifth position, behind Ireland, in terms of assets under custody (AUC) as of June 30.
At the fourth position, Ireland boasted an AUC of Rs 4.41 trillion, slightly more than Mauritius, which recorded an AUC of Rs 4.39 trillion by the end of June 2024, according to data from the National Securities Depository (NSDL).

Jul 11, 2024

India and Russia Aim for $100 Billion Trade

India and Russia have set a target to increase bilateral trade to $100 billion by 2030, emphasizing economic collaboration in energy, trade, manufacturing, and fertilizers. Discussions included balancing trade, reducing non-tariff barriers, and exploring an India-Eurasian Economic Union Free Trade Area.
Prime Minister Narendra Modi raised concerns about civilian casualties in Ukraine and urged for peace efforts, underscoring that dialogue, not conflict, is essential for resolution. He also pressed for the swift discharge of Indian nationals serving in the Russian military.

Rajat Sharma Elected as NBDA President

In a significant development for the Indian media landscape, Rajat Sharma, the esteemed Chairman and Editor-in-Chief of India TV, has been unanimously elected as the President of the News Broadcasters & Digital Association (NBDA). This landmark decision was made during the NBDA's board meeting held on July 9, 2024, marking a new chapter in the organisation's history.
The NBDA stands as the largest organisation of news broadcasters in India, representing a formidable coalition of the country's most influential news networks. Its membership encompasses a wide spectrum of media outlets, ranging from traditional television broadcasters to cutting-edge digital platforms. The association plays a crucial role in shaping the trajectory of news dissemination in India, advocating for the interests of its members and promoting ethical journalism practices.

Jul 10, 2024

RBI Approves Govind Singh's Re-appointment as MD & CEO of Utkarsh SFB

The Reserve Bank of India (RBI) approved the re-appointment of Govind Singh as the Managing Director and Chief Executive Officer of Utkarsh Small Finance Bank (Utkarsh SFB) effective from September 21, 2024.
The present term of Govind Singh is up to September 20, 2024. The board of the SFB had approved his re-appointment in the meeting held on January 27, 2024.
Utkarsh Small Finance Bank incorporated on April 30, 2016, is engaged in providing banking and financial services with a focus on providing microfinance to the underserved and unserved sections of the country.
The Bank is headquartered at Varanasi, Uttar Pradesh.

Govt. Makes ISI Mark Mandatory for Stainless Steel and Aluminium Utensils

The government made it mandatory for stainless steel and aluminium kitchen utensils to conform to national quality standards, the Bureau of Indian Standards (BIS) said, in a move aimed at enhancing consumer safety and product quality. The Department for Promotion of Industry and Internal Trade (DPIIT), under Ministry of Commerce and Industry had issued a Quality Control Order, making the ISI mark compulsory for these kitchen utensils.
Indian Standards Institution (ISI) mark is developed by BIS, assuring of product quality and safety.
According to BIS, the order prohibits the manufacture, import, sale, distribution, storage, or exhibition for sale of any stainless steel or aluminium utensils that do not bear the BIS standard mark.

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