General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

Sep 26, 2023

India Fourth in Number of Start-ups with over $50 mn Funding

According to the first edition of Startup Genome's Scaleup Report, India ranks fourth in the world in the number of scaleups or start-ups that have received over $50 million of disclosed venture capital (VC) investment.
In the survey involving 12,400 startups, India ranked fourth with 429 scaleups, after the US (7,184), China (1,491), and the UK (623). However, India is ahead of the UK in total VC investment that has gone into these scaleups and in cumulative tech value investment of scaleups. The report stated that India recorded 429 scaleups, with a VC investment of $127 billion and a total value of tech investment of $446 billion.
Startup Genome, an innovation policy advisory and research firm, surveyed start-ups in over 80 cities across more than 40 countries and looked at 60-plus metrics.

Utkarsh Small Finance Bank Leads the Way with ICCW

The Bank announces the launch of Interoperable Cardless Cash Withdrawal (ICCW) service that utilises UPI (Unified Payments Interface) on its ATM networks. This is in line with the Reserve Bank of India's directive in May 2022, urging all banks to provide Interoperable Cardless Cash Withdrawal (ICCW) options at their ATMs, and Utkarsh Small Finance Bank took the lead in fulfilling this mandate.
The ICCW service empowers bank customers who are active on UPI to conveniently withdraw cash from Utkarsh Small Finance Bank ATMs designated for UPI-ATM - ICCW transactions, all without the need for a physical debit card.
Notably, this ground-breaking service extends its convenience not only to Utkarsh Small Finance Bank customers but also to customers of other Banks who employ BHIM Utkarsh, BHIM UPI, or any other ICCW-enabled UPI application on their mobile devices. It's an exciting development that underscores our commitment to enhancing customer experiences.

RBI Imposes Monetary Penalty on SBI, Punjab & Sind Bank and Indian Bank

The Reserve Bank of India (RBI) imposed a monetary penalty on the State Bank of India (SBI), Punjab & Sind Bank, and Indian Bank owing to non-compliance with certain regulations.
As per the RBI circular, SBI was penalised with Rs. 1.30 crore due to lack of compliance with directions on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures'.
Meanwhile, Indian Bank was charged with Rs. 1.62 crore for non-compliance with 'Loans and Advances – Statutory and Other Restrictions', along with 'Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016' and 'Reserve Bank of India (Interest Rate on Deposits) Directions, 2016'.
Punjab & Sind Bank paid a fine of Rs. 1 crore for failing to comply with regulations on 'The Depositor Education and Awareness Fund Scheme, 2014–Section 26A of Banking Regulation Act, 1949–Operational Guidelines'.

Sep 25, 2023

ICICI Lombard General Insurance Appoints Sanjeev Mantri as MD & CEO

ICICI Lombard General Insurance Company appointed Sanjeev Mantri as the Managing Director (MD) and Chief Executive Officer (CEO) of the company.
He will take over from Bhargav Dasgupta, who will be officiating his duties until the close of business hours on November 30, 2023.
Mantri will serve for a period of five years or his date of retirement, whichever is earlier, subject to approval from the IRDAI.
Mantri, who is a cost and chartered accountant, has over 20 years of experience and has held key leadership positions with BNP Paribas and ICICI Bank.

Asian Development Bank Appoints Bhargav Dasgupta as VP of Market Solutions

The Asian Development Bank (ADB) appointed Bhargav Dasgupta as vice-president for Market Solutions for three years. This development follows Dasgupta's resignation as Managing Director and Chief Executive Officer of ICICI Lombard General Insurance Company.
Having joined ICICI Lombard in May 2009 as Managing Director and CEO, Dasgupta served the general insurance company for over 14 years. In his resignation letter, he highlighted his role in increasing the company's revenue sixfold and net profit by 78 times over the years.
Dasgupta also spearheaded ICICI Lombard's initial public offering, making it India's first listed general insurance company.
The Asian Development Bank (ADB) is a regional development bank established on December 19, 1966, which is headquartered in the Ortigas Centre located in the city of Mandaluyong, Metro Manila, Philippines. The bank also maintains 31 field offices around the world to promote social and economic development in Asia.
The bank admits the members of the UN Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE), and non-regional developed countries. Starting with 31 members at its establishment, ADB now has 68 members.

HCLTech Expands Partnership with ANZ Banking Group with a New Deal

IT services major HCLTech extended its decade-old partnership with Australia and New Zealand Banking Group Limited (ANZ) with a new digital transformation deal for the bank's workplace operations across 33 countries.
HCLTech will provide ANZ with digital workplace services and experience management across end-user devices and applications, including laptops, mobile phones, and tablets.
One of Australia's four largest banks and the largest banking group in New Zealand and the Pacific, ANZ Banking Group provides banking and financial products and services to over 8.5 million retail and business customers. It operates in more than 30 markets globally with representation in Australia, New Zealand, Asia, the Pacific, Europe, America, and the Middle East.

Sep 24, 2023

Rupert Murdoch Steps Down as Chairman of Fox, News Corp

Australian-American business magnate and media proprietor Rupert Murdoch stepped down as the chairman of Fox Corp and News Corp, ending a more than seven-decade career during which he created a media empire spanning from Australia to the United States. He will step down as chairman of each board effective as of the upcoming Annual General Meeting of Shareholders of each company in mid-November.
His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox.

TCS and BankAxept AS Partner to Enhance Norway's Payment System

Tata Consultancy Services (TCS) entered into a partnership with BankID BankAxept AS, the provider of Norway's national payment and electronic identity systems. This alliance aims to establish and manage an operations command centre.
BankAxept, the dominant national payment system in Norway, facilitates 80 per cent of card payments in the country. Meanwhile, BankID serves as Norway's primary eID verification solution, relied upon by over 90 per cent of the population, as well as banks, public institutions, and commercial enterprises. New regulations mandate BankID to deliver users a compliant, trustworthy, and secure electronic identity solution, complemented by round-the-clock support.
As per the agreement, TCS will construct and oversee a 24x7 operations command centre in Oslo, Norway, catering to all BankID BankAxept AS users and clients. This facility will ensure responses to any service disruptions, security concerns, or client requests pertaining to Norway's crucial national payments and electronic identity verification systems.

RBI Proposes Lenders Identify 'Wilful Defaulters' Within Six Months

The Reserve Bank of India proposed that lenders should label defaulting borrowers as wilful defaulters within six months of an account turning non-performing.
The central bank identifies wilful defaulters as those who have the ability to pay a bank's dues but do not or divert bank funds. The RBI did not earlier have a specific timeline within which such borrowers had to be identified.
The regulator proposed that non-banking finance companies (NBFCs) should also be allowed to tag accounts using the same parameters.

Sep 23, 2023

RBI Allows HDFC AMC's Stake Acquisition in DCB Bank, Karur Vysya, 2 Others

The Reserve Bank of India (RBI) approved HDFC Asset Management Company (HDFC AMC) acquiring a 9.5 per cent stake each in DCB Bank, Karur Vysya Bank, Federal Bank and Equitas Small Finance Bank.
RBI's approval is valid for one year from the approval date. The central bank also told HDFC AMC that its shareholding in both the private banks should not exceed 9.5 per cent.

Axis Bank Launches 'NEO for Business', a Mobile-first Business Banking Proposition for MSMEs

Axis Bank announces the launch of 'NEO for Business', a distinctive Transaction Banking platform specially curated for the Indian Micro, Small and Medium Enterprises (MSME's). This is first of its kind comprehensive digital proposition that caters to the real, current, and emerging Transaction Banking needs of MSMEs.
Keeping in mind the evolving business needs of MSME's and challenges they face, Axis Bank's NEO for Business platform offers a wide array of Banking and Beyond Banking features.
With the wide array of Banking and Beyond Banking distinctive features, MSMEs can now enjoy enhanced convenience and productivity, as they can complete their banking transactions 'on-the-go', without visiting a bank branch.

Sep 22, 2023

Aparna C. Iyer New CFO of Wipro

Wipro's Chief Financial Officer (CFO) Jatin Dalal resigned with immediate effect to pursue other career opportunities.
It came at a time when the IT firm has been battling several high-level exits in the recent past.
Dalal, a Wipro veteran for 21 years, was replaced by Aparna C. Iyer.
Over the years, Dalal has worked in diverse roles in the finance vertical. He was also on the investment committee of Wipro Ventures – the company's $100 million strategic investment arm that focuses on investing in early to mid-stage start-ups.

PFC Signs MoU with SJVN for Renewable Energy Projects

Power Finance Corporation (PFC) inked a memorandum of understanding (MoU) with state-owned hydro power firm SJVN Ltd, committing to finance the latter's renewable energy and thermal power projects. The deal is valued at Rs. 1.18 trillion and aims to set up 12 gigawatt (Gw) of power generation capacity, predominantly from renewable sources such as solar, wind, and pumped hydro, along with a 660 megawatt thermal power project.

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