General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

Jan 10, 2023

Meta Appoints former Tata CliQ CEO as Global Business Head in India

Vikas Purohit will head Facebook parent Meta's global business group in India, said the social media platform.
Purohit, the former CEO of Tata CLiQ, will lead Meta's strategic relationship with brands and agencies to drive revenue growth across key channels. He will partner with the media and others for accelerating the adoption of digital tools by advertisers and agencies.
Purohit has more than 20 years of experience in senior business, sales and marketing roles at major fashion and retail companies. An alumnus of Indian Institute of Management (IIM) Bangalore and Indian Institute of Technology (Varanasi), Purohit has headed business for Tommy Hilfiger, Reliance Brands Limited, Amazon Fashion, and Aditya Birla Fashion & Retail. His last stint was at Tata CLiQ, where he joined as COO and later became the CEO.

Anurag Kumar New CMD of ECIL

Anurag Kumar was appointed Chairman and Managing Director of Electronic Corporation of India Limited (ECIL).
Kumar was present ECIL's Executive Director.
The Appointments Committee of the Cabinet (ACC) approved Kumar's appointment to the post till the date of his superannuation, i.e 31.01.2026.

ICICI Prudential Life Insurance Ropes in Suryakumar Yadav for New Campaign

ICICI Prudential Life Insurance announced the launch of its '360° Financial Protection with ICICI Prudential Life Insurance' digital-first campaign featuring cricketer Suryakumar Yadav. According to the company, Yadav has emerged as a consistent and dependable batter in the white ball format since his international debut.
The campaign's central message is how ICICI Prudential Life Insurance offers a comprehensive suite of protection products providing all-around life cover that offers 360-degree financial protection in any critical situation.

Jan 09, 2023

India Surpasses Japan to Become 3rd Largest Auto Market Globally

India's sales of new vehicles totalled at least 4.25 million units, based on preliminary results, topping the 4.2 million sold in Japan. New vehicles delivered in India totalled 4.13 million between January and November 2022, according to the Society of Indian Automobile Manufacturers. Adding December's sales volume reported on Sunday by Maruti Suzuki, India's largest carmaker, brings the total to roughly 4.25 million units.

RBI Allows Six Entities to Test Fintech Products to Deal with Financial Frauds under Sandbox Scheme

Six entities, including HSBC and Creditwatch, were allowed to test their fintech products to prevent and mitigate financial fraud as part of the fourth cohort under the RBI's regulatory sandbox scheme. Regulatory sandbox refers to the live testing of new products or services in a controlled/test regulatory environment for which the regulators may permit certain relaxations.
The Reserve Bank had announced the opening of the fourth cohort under the regulatory sandbox in June 2022 for the prevention and mitigation of financial fraud.
The RBI had received nine applications under the fourth cohort, of which six entities were selected for the 'test phase'.
The six entities are -- Bahwan Cybertek, Crediwatch Information Analytics, enStage Software (Wibmo), HSBC in collaboration with Wibmo, napID Cybersec and Trusting Social.
The selected entities would commence testing their products in February.
The regulatory sandbox allows the regulator, innovators, financial service providers and customers to conduct field tests to collect evidence on the benefits and risks of new financial products.
The objective of the regulatory sandbox is to foster responsible innovation in financial services, promote efficiency and bring benefits to consumers.

Gem and Jewellery Domestic Council Elects Saiyam Mehra as Chairman

The All India Gem and Jewellery Domestic Council (GJC) its members elected Saiyam Mehra as Chairman and Rajesh Rokde as Vice Chairman of the industry body for a period of two years (2023-24). GJC represents over 6,00,000 industry players comprising manufacturers, wholesalers, retailers, distributors, laboratories, gemologists, designers and allied services providers. GJC is constantly creating newer and better platforms for the industry and his focus will be on connecting with the maximum number of people creating a synergy for development of the industry.
All India Gem and Jewellery Domestic Council is a national trade federation established with the objective to address the industry, its functioning and its cause with a 360° approach to promote and progress its growth, while protecting the industry's interests. As a self-regulated trade body, GJC, since the last 15 years, has been serving as a bridge between the Government and the trade as well as undertaking various initiatives on behalf of and for the industry. GJC represents various industry segments such as Manufacturers, Retailers, Wholesalers, Allied, gold, silver, platinum, diamonds, Gem stones, machinery, etc. including the entire industry value chain from bullion to retail.

Paytm Payments Bank Appoints Surinder Chawla as MD, CEO

Paytm Payments Bank received banking regulator RBI's nod to appoint Surinder Chawla as its Managing Director and CEO.
The RBI, however, continues to bar Paytm Payments Bank from on-boarding new customers.
Before joining PPBL, Chawla was working with RBL Bank, where he served as Head - Branch Banking and focused on expanding the CASA base, fee revenue, and cross-selling across channels.

Kerala Becomes Country's First Fully Digital Banking Service

Chief Minister Pinarayi Vijayan declared Kerala as the first state in the country to go fully digital in its banking service and said this recognition would boost the state economy.
As per Vijayan, this achievement was possible due to social interventions through local self-government institutions along with infrastructure development and technological advances in the banking sector.
The Chief Minister also said that the ambitious Kerala Fibre Optic Network (K-FON) project of the state government, which was almost 90 per cent completed, will reduce the digital divide.

Axis Bank Partners with OPEN to Launch a Fully Digital Current Account

Axis Bank partnered with OPEN to provide a fully native digital current account journey for its customers including SMEs (small and medium enterprises), freelancers, homepreneurs, influencers and more. This is the bank's first-ever partnership with a fintech player to launch a fully digital current account. Using this account, customers can avail 250+ banking services and claim up to 50 per cent cashback through grab-deals. With this partnership, all existing Axis Bank account holders also get access to OPEN's all-in-one digital banking platform that is used by over 30 lakh businesses currently.
The partnership aims to offer access to Axis Bank's holistic banking services coupled with OPEN's end-to-end financial automation tools for business management like payments, accounting, payroll, compliance, expense management and several other services to a larger business community.

Jan 08, 2023

Chennai, Southern Cities Top in Terms of Women Employment: Report

According to a report by Avtar, a firm specialising in workplace inclusion, Chennai is India's best city for women's employment and it is followed by Pune, Bengaluru, Hyderabad and Mumbai.
The report ranked 111 cities on parameters nurturing a conducive ecosystem for women's employment. Ahmedabad, Visakhapatnam, Kolkata, Coimbatore and Madurai form the rest of the top 10 cities, each has a population of more than one million, in terms of women's employment.
Metros like Delhi and Kolkata have fallen behind in terms of social inclusion due to lower standards of safety and poor enablers for women to pursue employment.

L&T Realty Developers to Sell Its Entire Stake in Think Tower Developers

L&T Realty Developers Ltd, a subsidiary of L&T, agreed to sell its complete stake in Think Tower Developers Pvt Ltd.
The agreement is expected to complete by January end, which is subject to the completion of closing conditions.
TTDPL will cease to be a subsidiary company, the filing added.
The entire stake held by L&T Realty Developers Ltd in the company is being sold to Pratik Harshad Kalsariya, who does not belong to the promoter group.

Allegis Group Names Venkat Shastry as New India Managing Director

Allegis Group, an international talent solutions company, appointed Venkat Shastry as its new India regional Managing Director effective January 5.
Shastry will focus on revenue, profit, and customer excellence. He will strengthen partner relationships and work with the local ecosystem.
Shastry succeeded Pravin Tatavarti, who stepped down from the role at the end of 2022.
Allegis Group is headquartered in Hanover, Maryland, USA.

Jan 07, 2023

Microsoft, NIELIT Team up to Train Youth in Cybersecurity Skills for Jobs

Tech titan Microsoft and National Institute of Electronics and Information Technology (NIELIT) announced a collaboration to increase access to skills for jobs through Cyber Shikshaa and Ready4Cybersecurity programmes. Nearly 3,500 learners will undergo training and receive internship or employment opportunities for in-demand cybersecurity jobs.
NIELIT and Microsoft will deploy Cyber Shikshaa and Ready4Cybersecurity programmes in 30 training centres of NIELIT in Tier 2 and Tier 3 towns, with a special focus on Jammu and Kashmir, Ladakh and states in the North-East region of India.
NIELIT and Microsoft have collaborated to train youth in cybersecurity skills for jobs, a release said, adding these programmes would be scaled in subsequent years to integrate cybersecurity training programmes in all the training centres of NIELIT.

ICICI Bank Launches Digital Solutions for Exporters

ICICI Bank announced the launch of digital solutions for exporters, a comprehensive set of banking and value-added services on a single platform. The suite of solutions digitises the entire export life-cycle - from discovery of export markets, export finance, foreign exchange services to receipt of export incentives.
The initiative aims to simplify the journey of exporters by decongesting the current time-intensive manual procedures, thereby significantly improving their operational efficiency.

Prasanna Kumar Motupalli New Chairman and MD of NLC India Ltd

Prasanna Kumar Motupalli was appointed as Chairman and Managing Director (CMD) of the state-run NLC India Ltd (NLCIL).
The Appointments Committee of the Cabinet approved Motupalli's appointment till the date of his superannuation that is June 30, 2026.
NLC India Limited (NLC) (formerly Neyveli Lignite Corporation Limited) is a central public sector undertaking under the administrative control of the Ministry of Coal, Government of India.
It was incorporated in 1956 and was wholly owned by the Government of India.

Jan 06, 2023

RBI Lifts Ban on M&M Finance for Outsourcing Recovery, Repossession Agents

The Reserve Bank of India (RBI) lifted the ban on Mahindra & Mahindra Finance for outsourcing recovery and repossession agents with immediate effect.
On September 22, 2022 the regulator barred Mahindra Finance from carrying out any recovery or repossession activity through outsourced agents, after reports that a woman was crushed to death in Jharkhand's Hazaribagh district, while she was trying to stop a loan recovery agent working on the company's behalf from seizing her father's tractor over loan dues.
Mahindra Finance said the ban was lifted after the company assured the RBI to strengthen recovery practices and outsourcing arrangements.

Aegon Life Insurance Launches iTerm Prime Insurance Plan

Aegon Life Insurance launched a new term plan named 'iTerm Prime Insurance plan' for the self-employed sector. The minimum sum assured is Rs. 25 lakh. It also offers a special discount of 10 per cent on the first-year premium.
The policy also offers special add-on features like critical illness cover and accidental death.
The minimum entry age is 18 years. The maximum age is 65 years for regular pay, and 50 years for limited pay.

Sundararaman Ramamurthy Takes Charge as Managing Director, CEO of BSE

Sundararaman Ramamurthy assumed charge as Managing Director and Chief Executive Officer of leading stock exchange BSE.
Market regulator SEBI approved the appointment of Ramamurthy as its Managing Director & Chief Executive Officer.
The appointment came after BSE's erstwhile MD & CEO Ashishkumar Chauhan resigned from the bourse in July 2022 and moved to NSE.
Ramamurthy has previously served as the senior member of the National Stock Exchange (NSE) since its inception. However, after serving this role, he took up the position of MD and Chief Operating Officer at the Indian arm of Bank of America.

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