General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

Jul 11, 2023

India Overtakes China as Most Attractive Emerging Market for Investing

India overtook China as the most attractive emerging market for investing, according to 85 sovereign wealth funds and 57 central banks representing USD 21 trillion in assets.
India is increasingly viewed positively for its improved business and political stability, favourable demographics, regulatory initiatives, and a friendly environment for sovereign investors, according to a report by global investment management firm Invesco.
The report titled 'Invesco Global Sovereign Asset Management Study' included views from 142 chief investment officers, heads of asset classes along with senior portfolio strategists from 85 sovereign wealth funds and 57 central banks.

Deutsche India Expands Tech Operations in Country

Deutsche India, which houses the largest technology centre of German investment bank Deutsche Bank, is expanding its operations in India and hiring thousands.
As banks undergo digital transformation, Deutsche India is hiring people with skills in cloud migration, artificial intelligence (AI), and machine learning.
The India centre is the largest within Deutsche Bank's global network with other such locations in Europe and the US. It plays a key role in the German bank's technology transformation through emerging technologies to deliver innovative products and services to its clients.

Four Indian-origin Business Leaders on 2023 Forbes' 100 Richest Self-made Women List

Four Indian-origin women made it to the Forbes list of America's 100 most successful self-made women. Building supply distributor Diane Hendricks, with a $15 billion net worth, retained the top spot for the sixth year in a row. This year's (2023) list had eight entrants, including television producer Shonda Rhimes and Insitro CEO Daphne Koller.
The four Indian-origin women are Jayshree Ullal, president and CEO of computer networking firm Arista Networks, ranked 15th on the list, the highest among Indian-origin business leaders.
Neerja Sethi, with a net worth of USD 990 million, was ranked 25th on the list. Sethi along with her husband Bharat Desai, co-founded IT consulting and outsourcing firm Syntel in 1980.
Neha Narkhede, co-founder and former chief technology officer (CTO) of cloud company Confluent, was ranked 50th on the list with a net worth of USD 520 million.
Indira Nooyi, the former chair and CEO of PepsiCo, retired in 2019 after 24 years with the company, half of which she spent in the top job. She has a net worth of USD 350 million and was ranked 77th on the Forbes list.

Jul 10, 2023

Numaligarh Refinery Upgraded to 'Schedule A' CPSE

Numaligarh Refinery Limited (NRL) was upgraded from Schedule B to Schedule A CPSE by the Government of India. This is a significant milestone for NRL. The upgradation to Schedule A was notified by the Ministry of Petroleum and Natural Gas.
This upgradation to Schedule A recognises NRL's strong financial performance and operational efficiency and contribution to the economic development of the Northeast region.
NRL ranks among the top 20 CPSEs in India, both in terms of sales revenue and profitability. Among the Indian PSU refineries, NRL is considered as a high performing model refinery with industry leading figures in terms of distillate yield, specific energy consumption and gross refining margin. Marking its international presence, NRL has commenced export of petroleum products to the neighbouring countries and has acted as a catalyst in promoting the Act East Policy of Govt. of India.
NRL is the largest refinery in Northeast India, with a capacity of 3 million metric tonnes per annum (MMTPA) and is currently implementing a mega refinery expansion project to triple its refining capacity to 9 MMTPA along with laying a trans-national crude oil pipeline from Paradip in Odisha. NRL is currently implementing projects involving investments to the tune of Rs. 35,000 crore in the region and is recognised as one of largest investments in the oil and gas sector.
The upgradation to Schedule A will now make NRL eligible to achieve the status of Navratna which in turn will give higher financial autonomy.

Reserve Bank Holds 33rd Conference of State Finance Secretaries

The 33rd Conference of the State Finance Secretaries was held in Mumbai. The conference, inaugurated by the Governor of the Reserve Bank of India (RBI), focused on the theme of 'Debt Sustainability: States' Perspective.' The event was attended by Finance Secretaries from 23 states, one Union Territory, officials from the Ministry of Finance, Government of India, Controller General of Accounts, and the Comptroller and Auditor General of India.
During the conference, RBI Governor Shaktikanta Das highlighted the significance of fiscal consolidation and improving the quality of expenditure for the states. He emphasized the need for states to prioritize these areas to ensure long-term fiscal health.
The conference reviewed several financial matters related to the states' fiscal health. These included market borrowings by the states, administration of the Consolidated Sinking Fund and Guarantee Redemption Fund, issues pertaining to state government guarantees, and short-term financial accommodation provided by the Reserve Bank to the states.

K. Rajaraman Named IFSCA Chairman

The government appointed Telecom Secretary K. Rajaraman as the Chairperson of the International Financial Services Centres Authority (IFSCA).
A 1989 batch Indian Administrative Service officer, Rajaraman was appointed for a period of three years.
Rajaraman succeeded the first ever IFSCA Chairperson Injeti Srinivas who has led the authority since July 9, 2020.
The IFSCA was set up in April 2020 under the International Financial Services Centres Authority Act, 2019, at the Gujarat International Finance Tech (GIFT) city in Gandhinagar. It is currently being heavily pushed by the government as a global financial services hub.

Microsoft India President Anant Maheshwari Resigns, Irina Ghose Becomes MD

Microsoft India president Anant Maheshwari stepped down from his position to pursue other interest. Maheshwari's announcement came amid rejig within the senior leadership in India.
Microsoft had made changes to its senior leadership. As a part of the rejig, Irina Ghose was elevated to the role of MD, Microsoft India. She was earlier COO. Sashi Sreedharan, who was earlier the MD moved to a role in Asia.
As part of the leadership changes, Navtej Singh Bal was elevated to the COO's role. He was earlier heading the government, public sector and education business for Microsoft in India.
Venkat Krishnan, who was heading partnerships, was promoted to head the government business unit.

Jul 09, 2023

Flipkart Partners with Axis Bank to Facilitate Personal Loans for Customers

Flipkart e-commerce marketplace, entered into a strategic partnership with Axis Bank, one of the largest private sector banks, to facilitate personal loans for its valued customers, adding additional convenience and enhanced benefits to its 450 million customers. The newly introduced personal loan service offers highly competitive loan options, granting access to amounts as high as Rs. 5 lakh, allowing customers flexible repayment cycles ranging from 6 to 36 months. Flipkart's introduction to personal loans demonstrates its commitment to addressing customers' demands in today's financial environment and leveraging the potential of digital lending.

PNB Launches Its Virtual Branch in the Metaverse

State-owned Punjab National Bank (PNB) launched a virtual branch, PNB Metaverse.
It is a virtual branch of the bank, which will deliver a unique experience of banking to existing and new customers who can now explore the bank's products and services such as bank deposits, retail and MSME loans, digital products, women and senior citizens, 'Do It Yourself' and government flagship schemes.
PNB developed the bank's Metaverse branch, where its esteemed customers will get exclusive access to its virtual environment from the comfort of their home or office through their mobile phones and laptops.
In addition, the bank will offer an immersive 3D experience to customers while they perform traditional banking activities through their digital avatars.

Indian Refiners Start Yuan Payments for Russian Oil Imports

Indian refiners started paying for some oil imports from Russia in Chinese yuan, as Western sanctions force Moscow and its customers to find alternatives to the dollar for settling payments.
Western punishments over Russia's invasion of Ukraine have shifted global trade flows for its top export, with India emerging as the largest buyer of seaborne Russian oil even as it casts about for how to pay for it amid shifting sanctions.
The U.S. dollar has long been the main global oil currency, including for purchases by India, but now the yuan is playing an increasingly important role in Russia's financial system.

Jul 08, 2023

RBI Panel Suggests Steps for Internationalisation of Rupee

A Reserve Bank-appointed committee suggested a host of short-term and long-term measures for internationalisation of Indian rupee, including efforts for inclusion of the Indian currency in IMF's Special Drawing Rights (SDR) basket.
SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries. It is a potential claim on the freely usable currencies of IMF members. As such, SDRs can provide a country with liquidity. A basket of currencies defines the SDR: the US dollar, euro, Chinese yuan, Japanese yen, and the British pound.

RBI Permits UBS-owned Credit Suisse to Keep Indian Banking License

The Reserve Bank of India (RBI) granted permission to UBS, the owner of Credit Suisse, to retain the banking license for operations in India. This decision came as UBS intends to reduce more than half of Credit Suisse's workforce. Additionally, UBS has yet to determine the future of the Swiss domestic business acquired from Credit Suisse.
To facilitate the integration of Credit Suisse, UBS has enlisted the help of Tom Wipf from Morgan Stanley, who will play a key role in the tie-up.

Reliance Jio to Sign 5G Equipment Deal with Nokia

Reliance Jio Infocomm is ready to finalise a $1.7 billion deal with Finland-based Nokia to buy 5G network equipment.
The contract is likely to be signed at Nokia's headquarters near Helsinki. Senior executives from the Reliance Group and representatives from the banks that are financing the purchase will be present.
Reliance's purchase from Nokia is in addition to the $2.1 billion worth of 5G equipment that it is already buying from Sweden's Ericsson. The purchases are part of Jio's arrangements as it plans to roll out its 5G services across the country by the end of this year (2023).
Global banks like HSBC, JP Morgan, and Citigroup are among the several banks that will be lending money to Jio to finance this 5 G equipment from Nokia and Ericsson. The total loans stand at around $4 billion.

Jul 07, 2023

Sirisha Voruganti New MD & CEO of Lloyds Banking Group's Technology Centre in India

Lloyds Banking Group, one of the leading UK-based financial services groups appointed Sirisha Voruganti as the Chief Executive Officer and Managing Director of its new Lloyds Technology Centre, based in Hyderabad, India. Voruganti, a globally renowned technology and innovation leader joined from JCPenney, where she served as the Managing Director and member of the Board for JCPenney in India.
Voruganti brings extensive experience in IT architecture, data engineering, and fintech innovation and has held several senior technology positions in multiple global firms. She was the first woman Managing Director for JP Morgan Chase in Technology in India and has served as an Executive Vice President of Architecture, Data and Shared Services for Mastercard. Lloyds Technology Centre is part of the Group's 3 billion strategic investment over the next three years to transform its digital offering.
Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank was founded in 1765 but the wider Group's heritage extends over 320 years, dating back to the founding of the Bank of Scotland by the Parliament of Scotland in 1695.

Bihar Surpasses Tamil Nadu as State with Highest Micro Lending Borrowings

Bihar overtook Tamil Nadu and emerged as the state with the highest micro lending borrowings as of March 2023. Bihar achieved the growth courtesy of a 13.5 per cent growth in the gross lending portfolio in the March quarter as compared with the preceding quarter.
The report by Crif High Mark put the overall Microfinance (MFI) borrowings in Bihar at Rs. 48,900 crore as of March 2023, which represented 14.5 per cent of the overall portfolio, while the same in Tamil Nadu stood at Rs. 46,300 crore, representing 13.7 per cent of the overall outstanding.
The top ten states now account for 85 per cent of the outstanding portfolio and also include Uttar Pradesh, Karnataka, West Bengal, Maharashtra, Madhya Pradesh, Odisha, Rajasthan and Kerala.

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