General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

Jun 07, 2023

Wipro Launches Innovation Experience for Financial Services with Microsoft

IT major Wipro Limited launched the Wipro Industry Innovation Experience for Financial Services, featuring a new suite of banking and financial services solutions built on Microsoft Cloud.
The Innovation Experience will bring together Microsoft Cloud capabilities with Wipro FullStride Cloud, as well as leverage Wipro's and Capco's deep domain expertise in financial services.
Microsoft and Wipro will develop new solutions to help financial services clients accelerate growth and deepen client relationships.
The Innovation Experience will allow financial services firms to explore new solutions in an immersive 3D environment. Solutions currently available as part of the experience range from prevention of financial crime and loan origination to those that help transform core banking systems and maximize cloud investments.

Aditya Birla Group to Enter Jewellery Retail Business

Aditya Birla Group announced its foray into the branded jewellery retail business with its new venture Novel Jewels Ltd. The company will invest Rs. 5,000 crore to set up large-format exclusive jewellery retail stores with in-house jewellery brands across the country.
As per Kumar Mangalam Birla, chairman of Aditya Birla Group, this foray is a strategic portfolio choice that allows tapping into new growth engines and expands our presence in the vibrant Indian consumer landscape.
This is the group's third major foray into a new business in the last two years after paints, and business-to-business (B2B) e-commerce for building materials.

RBI Governor Launches Financial Inclusion Dashboard 'Antardrihsti'

RBI Governor Shaktikanta Das launched a financial inclusion dashboard named 'Antardrishti'. As the name suggests, the dashboard will provide the required insight to assess and monitor the progress of financial inclusion by capturing relevant parameters.
This facility will also enable to gauge the extent of financial exclusion at granular levels across the country so that such areas can be addressed.
Presently, the dashboard is intended for internal use in the RBI. It will further facilitate greater financial inclusion through a multi-stakeholder approach.

Nirmala Lakshman New Chairperson of The Hindu Group

Nirmala Lakshman was unanimously appointed Chairperson of the Board of Directors of The Hindu Group Publishing Private Limited (THGPPL) for a term of three years. She succeeded Malini Parthasarathy, who stepped down as Chairperson at the Board's meeting in June 2023 upon nearing the completion of her three-year term.
Nirmala Lakshman holds a Ph.D. in post-modern literature and brings with her more than four decades of experience as an editor, writer, and strategist.

Jun 06, 2023

TCS Bags 10-year Contract for Managing Teacher's Pension Scheme in England, Wales

Tata Consultancy Services (TCS) bagged a 10-year contract from the Department for Education (DfE) to administer and further enhance customer experiences for the Teachers' Pension Scheme in England and Wales.
The Teachers' Pension Scheme is the UK's second largest public sector pension scheme, with over 2 million members. TCS will manage the scheme administration services using a digitally enabled, omnichannel platform powered by TCS BaNCS. This will enable accurate administration of pension records, payment of benefits, effective scheme finance management, proactive member engagement and easy access to information.

Godrej Consumer Products Appoints Aasif Malbari as CFO

Godrej Consumer Products Limited's (GCPL), board of directors approved the appointment of Aasif Malbari as Chief Financial Officer (CFO), effective August 10. 2023.
Aasif was an integral part of the leadership team at Tata Motors since joining in 2018. Prior to that, he worked at Hindustan Unilever Limited. He is a Chartered Account and Company Secretary and secured the All India First Rank in both the CA intermediate and final. He graduated from Sydenham College, University of Mumbai.
Over the 23 years of his career, Aasif has worked in roles ranging from business partnering, buying, planning & logistics, controllership, treasury, investor relations to group performance management, which have provided him with great experience in multiple FMCG segments in India and across the globe.

SBI Bengaluru Circle Launches 'Project Kuber'

To source, facilitate and cater to various banking needs of customers, State Bank of India, Bengaluru Circle launched 'Project Kuber', which will have four Transaction Banking Hubs and One Corporate Salary Package Hub. These hubs will help to increase the market share in liability products of SBI.
Nand Kishore, Chief General Manager, SBI, Bengaluru Circle, inaugurated these hubs. They are located at SBI Administrative Building, in KG Road, and Sampige Road, in Malleswaram.
Transaction Banking Hubs will offer services to corporate/non-corporate clients, from account opening to onboarding them on SBI's digital platforms.

BharatPe Appoints Kohinoor Biswas as Consumer Lending Head

Fintech platform BharatPe appointed Kohinoor Biswas as the Head of Consumer Lending. Biswas will take the helm of the company's 'Buy Now, Pay Later' (BNPL) product postpe and report to BharatPe's CFO and interim CEO, Nalin Negi.
Biswas brings in experience of over 14 years in various aspects of consumer lending, cards portfolio management, business strategy, and digital initiatives and has served in leadership positions at major banking and financial institutions. He has worked with ICICI Bank, HDFC Bank, Intellect Design Arena Ltd, JP Morgan Chase, and American Express.
Biswas' is BharatPe's third appointment for a leadership position. Earlier, the company had announced the appointment of Aparna Kuppuswamy as Chief Risk Officer, BharatPe Group, and Sandeep Indurkar as Chief Business Officer- Banking and Alliances.

Jun 05, 2023

Karbon Card Launches Mobile-based Expense Management Card

Karbon Card launched a mobile-based expense management card for businesses and individuals wherein it offers its users uncapped cashback of up to 1%.
In comparison to other prepaid instruments like UPI and debit cards, which do not offer any cashback, Card ++ differentiates itself by providing interesting cashback offers, incentivizing people for their spending. The unique feature adds value to the card, making it an option for users.
Karbon's Card++ offers an expense management solution, empowering businesses to operate and is gaining popularity among startups and small and medium-sized enterprises as a payment platform that offers uncapped cashback rewards without any charges. Its features include the ability to make payments on various platforms such as Google, Amazon, Swiggy, and Ola.
Since its founding in 2019 by Kartik Jain, Amit Jangir, and Sunil Kumar, Karbon Card has been committed to innovation, releasing products such as corporate cards, payout, and invoice management.

RBI Imposes Rs. 2.20 crore Penalty on Indian Overseas Bank for Rule Violations

The Reserve Bank of India (RBI) imposed monetary penalty of Rs. 2.20 crore on Indian Overseas Bank (IOB) for rule violations.
The penalty on IOB was imposed as bank failed to make minimum mandatory transfer of a sum equivalent to 25 per cent of its disclosed profit for the year 2020-21 to its reserve fund and there was significant divergence between the non-performing assets (NPAs) as reported by it and as assessed by the inspection.

Jun 04, 2023

Sanjay Varma Takes Charge as MRPL Managing Director

Sanjay Varma took over as the Managing Director (additional charge) of Mangalore Refinery and Petrochemicals Ltd (MRPL). Varma has been on the board of MRPL as Director (Refinery) since June 2020. He has also had extensive exposure by being on the boards of ONGC-Mangalore Petrochemicals Ltd and Shell-MRPL Aviation.
Varma joined MRPL in December 1993 and has played a pivotal role in the execution and operation of all three major phases of the refinery and its aromatic complex.
Mangalore Refinery and Petrochemicals Limited (MRPL) is a public sector oil refinery and petrochemical company located in Mangalore, Karnataka, India.
MRPL was incorporated on March 7, 1988, as a joint venture between Hindustan Petroleum Corporation Limited (HPCL) and the government of Karnataka. HPCL held a majority stake of 51%, while the government of Karnataka held a 49% stake.
The construction of the refinery began in 1989, and it was commissioned in 1996. The refinery was designed to process crude oil and produce various petroleum products such as petrol, diesel, liquefied petroleum gas (LPG), kerosene, aviation turbine fuel (ATF), and others.

NGEL, UPRVUNL Collaborate for Development of Renewable Energy Power Parks

NTPC Green Energy Limited (NGEL) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) signed a Memorandum of Understanding (MoU) in Lucknow with an aim to collaborate in the development of Renewable Energy Parks and Projects and to facilitate in Government of India's efforts towards energy transition. The MoU was signed by Mohit Bhargava, CEO (NGEL) and Nidhi Kumar Narang, Director (Finance), UPRVUNL in the presence of P. Guruprasad, MD (UPRVUNL), Praveen Saxena, Regional Executive Director (NR) of NTPC. V. V. Sivakumar, GM (NGEL) and other senior officials of NTPC, NGEL and UPRVUNL were present during the occasion.
The MoU envisages the two organizations to collaborate through setting up of floating and ground mounted Solar Projects in the Rihand reservoir, other water bodies and any available vacant land, development of solar PV Project dedicated for solarization of Ayodhya city and setting up of Renewable energy Parks and Projects wherever land is made available. NGEL and UPRVUNL shall jointly work for formation of Joint Venture Company (JVC) to meet the Renewable Generation Obligation, Flexibility in Generation and Scheduling of Thermal/Hydro Power Stations through bundling with Renewable Energy and Energy Storage.

Jun 03, 2023

TCS, Reliance, Jio Top Best Indian Brands 2023 Ranking

Technology giant TCS and India's most valuable company Reliance Industries topped the list of the country's most valuable brands, according to Interbrand, the renowned global brand consultancy. Tata Consultancy Services (TCS) topped the 2023 50 Most Valuable Indian Brands list with a brand value of Rs. 1.09 lakh crore.
Billionaire Mukesh Ambani's Reliance Industries Ltd is at No.2 spot with a brand value of Rs. 65,320 crore. His group's telecom and digital unit Jio is also in the top 5 with a brand value of Rs. 49,027 crore.
IT company Infosys is at No.3 with a brand value of Rs 53,323 crore.
The top three brands alone account for a staggering 46 per cent of the total value of the top ten brands.
Celebrating its 10th year, the Best Indian Brands report has become a definitive guide to the nation's brand landscape since its inaugural publication in 2014.

Meesho Becomes World's Fastest Shopping App

Bengaluru-based e-commerce firm Meesho emerged as the world's fastest shopping app to cross 500 million cumulative downloads across Google Play and iOS App Store combined, reaching this milestone in six years, according to data.ai (formerly App Annie), the leading mobile data analytics provider.
More than half of these downloads (274 million) came in 2022, with value-seeking consumers across India flocking to the SoftBank-backed e-commerce platform. Meesho competes with players such as Walmart-owned Flipkart, Amazon and Reliance's JioMart.
The entry into the 500 million club came on the back of strong value propositions and unique tech innovations. At just 13.6 MB, Meesho's Android app is the lightest e-commerce app in India on Play Store. This makes it compatible with low-end smartphones and ensures a seamless shopping experience even in areas with low internet bandwidth.

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