General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

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.

Jul 09, 2024

Air India Welcomes First A320 Neo Aircraft

Air India marked a significant milestone in its transformation journey with the arrival of its first Airbus A320neo adorned in a new livery. The aircraft, registered as VT-RTN, touched down at New Delhi's Indira Gandhi International Airport after completing its journey from the Airbus manufacturing facility in Toulouse, France.
This new addition to Air India's fleet signifies a strategic move towards modernization and enhanced passenger experience. The A320neo will feature a three-class configuration, a first for Air India's narrow body aircraft. It includes 8 luxurious Business Class seats, 24 Premium Economy seats offering additional legroom, and 132 comfortable Economy Class seats. Notably, the introduction of Premium Economy cabins on narrow body planes is a first for the airline.

Union Minister Piyush Goyal Announces Concessions in Licensing Fees

In a move to boost entrepreneurship, Union Minister Piyush Goyal announced an 80% reduction in licensing fees for women entrepreneurs and a 50% reduction for MSMEs under the Petroleum and Explosives Safety Organisation (PESO). This initiative aims to encourage greater participation from women and MSMEs in the petroleum and explosives sectors, balancing industry compliance with public safety.
Minister Goyal directed PESO to collaborate with CPCB and MoPNG to establish safety guidelines, facilitating petrol pump operations near inhabited areas. Efforts also include integrating Third-Party Inspection Agencies (TPIAs) into regulatory processes and developing online permission modules for enhanced efficiency and transparency.

ICICI Lombard Introduces 'Elevate': Revolutionising Health Insurance with AI

ICICI Lombard, a leading private general insurer in India, launched 'Elevate', a pioneering health insurance product integrating AI technology. This innovative offering is designed to meet the diverse needs of modern lifestyles and unforeseen medical emergencies, emphasising personalised solutions and comprehensive coverage.
'Elevate' uses AI to interpret customer inputs, recommending optimal coverage tailored to individual needs. It includes 15 built-in covers and options for personalisation, covering critical illnesses, accidents, maternity, travel benefits, and more.

Jul 08, 2024

General Insurance Company Universal Sompo Launches AI-Powered Tools for Faster Motor Claim Settle...

General Insurance company Universal Sompo unveiled two innovative AI-powered tools for a smooth motor claim settlement process. The new solutions, 'Universal i Assess' and 'Universal i Gen' designed to significantly expedite claim assessments and improve customer experience.
'Universal i Assess' utilises advanced technologies including neural network image processing, analytics, machine learning, and natural language processing to enable real-time damage assessments. Surveyors can now simply capture images of vehicle damage using their smartphones, and the AI system will automatically identify the vehicle details, pinpoint damaged areas, and provide an instant claims estimate.

Bandhan Bank Names Ratan Kumar Kesh as Interim Head

Bandhan Bank appointed Executive Director Ratan Kumar Kesh as its interin head to navigate the daily operations as Managing Director and Chief Executive Officer Chandra Shekhar Ghosh is all set to step down.
The board of the Kolkata-based lender took the decision, pursuant to the approval of Reserve Bank of India. Kesh will take charge on July 10 for a period of three months or till a new MD and CEO joins, whichever is earlier.

Jul 07, 2024

RBI Slaps Rs. 1.32 Crore Monetary Penalty on PNB

The Reserve Bank of India (RBI) on July 5 imposed a monetary penalty of Rs. 1.32 crore on Punjab National Bank (PNB) for violations related to loans and advances and Know Your Customer (KYC) norms.
The penalty was imposed due to PNB sanctioning working capital demand loans to two state government-owned corporations against amounts receivable from the government by way of subsidies, refunds, or reimbursements. Additionally, the bank failed to preserve records pertaining to the identification of customers and their addresses obtained during business relationships in certain accounts.

Jul 06, 2024

LIC Launches Agency Transformation Initiative 'Jeevan Samarth'

LIC launched the 'Jeevan Samarth', an initiative aimed at transforming the agency ecosystem. To achieve this, Life Insurance Corporation (LIC) has partnered with a global consulting firm, which will undertake this agency transformation project by reviewing its existing agency framework on an end-to-end basis.
It will also entail revamping the agency operations at the branch, division and zonal level directed towards establishing global best practices in the wake of the fast-changing industry and regulatory landscape of the insurance sector.

Women Entrepreneurship Platform and TransUnion CIBIL Launch SEHER

The Women Entrepreneurship Platform (WEP) and TransUnion CIBIL launched SEHER, a credit education program designed to empower women entrepreneurs in India. SEHER aims to provide financial literacy content and business skills, facilitating access to essential financial tools for growth and employment creation.

Muthoot Finance Selected for FATF Mutual Evaluation Report 2023-24

Muthoot Finance was exclusively selected as the only Indian NBFC for the Financial Action Task Force's (FATF) Mutual Evaluation report for 2023-24. This recognition highlights Muthoot Finance's global trustworthiness and compliance with stringent financial regulations.
The FATF, established in 1989, is a global authority that develops policies to combat money laundering, terrorism financing, and other significant threats to the financial system. The FATF conducted a comprehensive assessment of various entities in India, including law enforcement agencies, industry bodies, banks, and NBFCs, evaluating their efforts in combating financial crimes.

SBI Announces Initiatives to Mitigate Risks in Agriculture Loan Portfolio

The country's largest lender SBI announced 11 new initiatives — including enhancement of its digital banking features and opening of 35 new Agricultural Centralised Processing Cells — to mitigate risks in its agricultural loan portfolio.
On the occasion of the 69th Foundation Day, State Bank of India announced these initiatives to widen the bank's accessibility to address the banking needs of its potential customers.
SBI has enhanced its digital payment experience, with the introduction of two exciting features like tap-and-pay on the BHIM SBI PAY app and end-to-end digital loans against mutual funds on the YONO app.
The bank also announced an initiative, which is a fully digital end-to-end journey for SBI Surya Ghar Loan, it said, adding that the users can opt for credit to install solar rooftops under the central government's PM Surya Ghar Scheme, offering loans for up to 10 KW capacity.
The entire process will be managed on SBI's digital platform from applicant registration on the MNRE/REC portal to loan disbursement.

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