General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

May 10, 2022

MG Motor Reaches 1 lakh Customer Base in India, Aims 50% Women Employees by 2023

MG Motor India announced that it has crossed the 1,00,000 sales milestone in India. The British car manufacturer entered into the Indian market in 2019 with the Hector midsize SUV.
Following the same, MG Motor India introduced the ZS EV and India's first Autonomous Level 1 luxury SUV, the MG Gloster and then the Autonomous Level 2 SUV, the MG Astor in the Indian market.
Moreover, the brand has secured the second position among 4-wheeler mass-market vehicles in dealer satisfaction as per the Federation of Automobile Dealers Associations (FADA).
MG Motor India has integrated 37% of women employees into its workforce including the factory.
MG Motors aims to achieve 50% by December 2023.

Finance Minister Launches NSDL's Investor Awareness Programme for Students

Union Finance Minister Nirmala Sitharaman launched the National Securities Depository Limited's (NSDL) investor awareness programme for students. The programme named 'Market Ka Eklavya' is an online investor awareness programme for students in Hindi and other regional languages. The National Securities Depository Limited (NSDL) launched a new investor awareness programme as part of its silver jubilee celebration.
The Finance Minister asked NSDL to take the initiative global by introducing the programme in world languages. 'Market ka Eklavya' programme aims to introduce the basics of the securities market and also impart training on financial markets for students, in online mode.
The NSDL is India's first and one of the leading Central Securities Depositories in the world. It has played a key role in transforming the Indian securities market by facilitating holding and transfer of securities in dematerialised form.

Pushp Kumar Joshi Appointed HPCL Chairman and Managing Director

Pushp Kumar Joshi, who had taken over as the interim chairman and managing director of Hindustan Petroleum Corporation Ltd (HPCL), was appointed to the Board of the nation's third-largest oil refining and fuel marketing company. Joshi is also holding the additional charge of Director-Marketing of HPCL. Prior to this Dr. Joshi was Director-HR of the Corporation from August 01, 2012.
Joshi, the senior-most director on the HPCL board, was in January 2022 picked by the government headhunter PESB to replace Mukesh Kumar Surana. Surana superannuated from services on April 30, 2022, but in absence of a formal order from the Appointments Committee of the Cabinet (ACC) headed by the Prime Minister, Joshi was named interim head.

Indian Bank Launches Digital Broking Solution 'E-Broking'

Indian Bank, a public sector bank, introduced its digital broking solution – 'E-Broking', as a strategic move toward comprehensive digitalisation of its customer products. E-Broking, an instant and paperless demat & trading account opening service, is now available through the bank's mobile banking app, IndOASIS. The product was introduced in collaboration with Fisdom, the bank's financial technology partner.
The E-Broking initiative will assist the bank in increasing its CASA (Current Account Savings Account).
IndOASIS, the bank's mobile banking app, would provide users with a unified experience ranging from Demat and trading account opening to reduced broking services backed by research-based investment in the secondary market, starting with equity, futures, options, and initial public offerings on a single platform.

May 09, 2022

Amazon Stops Selling e-books on Android App amid New Google Play Policy

As Google prepares to require all app developers on Play Store to comply with its new billing policy, Amazon is turning off digital book purchases via its Android app. All app developers selling digital goods and services in Google Play are now required to use Google's billing system and to remove external payment links. Non-complying apps will not be able to offer updates, and will ultimately be removed from the Google Play store starting June 1, according to Google.
Many app developers around the world have used an alternative in-app billing system or directed users to an external link for payment to circumvent Google's billing policy that takes a hefty 15-30 per cent cut of in-app purchases.

RBI Okays Merger between Equitas Holding and Equitas Bank

The Reserve Bank of India cleared the Equitas Holdings and Equitas SFB merger. The scheme of amalgamation between Equitas Holdings Limited (EHL), Equitas SFB Limited (ESFB), and their respective shareholders was submitted to the Stock Exchanges and the RBI for their approval/ no-objection confirmation. ESFBL will also have to obtain the approval of the National Company Law Tribunal (NCLT) for the Scheme of Amalgamation and submit the same to the RBI.
Notably, Equitas Small Finance Bank is bigger than Equitas Holding in terms of total assets, turnover, and net worth, according to stock exchange filings by both the companies. The market capitalisation of Equitas Small Finance Bank was Rs. 6,404 crore on March 31, compared with Rs. 3,643.48 crore for Equitas Holdings.

L&T Infotech, Mindtree Announce Merger to Create Country's Fifth-largest IT Services Provider

L&T Infotech and Mindtree, the two independently listed IT services companies under Larsen & Toubro Group, announced a merger that would create India's fifth-largest IT services provider. The combined entity will be known as "LTIMindtree". The proposed integration will see Mindtree and LTI join strengths to create an efficient and scaled up IT services provider exceeding USD 3.5 billion.
The Boards of Directors of Mindtree and L&T Infotech (LTI) at their respective meetings approved a composite scheme of amalgamation of both these independently listed IT services companies under the Larsen & Toubro Group.
Significant scale benefits are anticipated through Mindtree and LTI's complementary strengths resulting in a stronger portfolio of offerings across verticals. Enhanced customer engagement and delivery model through industrialisation of delivery and streamlined value-enabling processes is expected to result in improvement in large deal capabilities.

May 08, 2022

Future Retail MD Rakesh Biyani Steps Down

Future Retail Managing Director Rakesh Biyani stepped down while officials, including the company secretary of the debt-ridden firm, tendered their resignations.
The Future Group flagship firm is facing an insolvency petition by its lenders before the National Company Law Tribunal.
Rakesh Biyani who was re-appointed as Managing Director for a period of three years effective May 2, 2019, his term of office as Managing Director got completed on 1st May 2022.
Consequently, Biyani also ceased to be a member of various committees of the Board where he was a member.

Central Bank of India to Close 600 Branches by March 2023

As per reports, Central Bank of India, a state-owned commercial bank, plans to shut 13% of its branches to improve its financial health, which has been under pressure for several years.
The bank is looking to reduce the number of branches by 600 by either shutting down or merging loss-making branches by the end of March 2023.
The more than 100-year old lender currently has a network of 4,594 branches.
Central Bank along with a clutch of other lenders was placed under RBI's prompt corrective action (PCA) in 2017 after the regulator found some state-run lenders were in breach of its rules on regulatory capital, bad loans and leverage ratios.
All the lenders except Central Bank have improved their financial health and come off RBI's PCA list.

May 07, 2022

TVS Appoints Sudarshan Venu as MD

Chennai-based automobile major TVS Motor appointed Sudarshan Venu as its managing director effective May 5. He is the son of TVS Motor's chairman emeritus, Venu Srinivasan.
Sudarshan led the company's growth in India and markets in Asia, Africa and Europe. He was appointed the company's joint managing director in September 2014.

India's Largest Lithium-ion Battery Plant Starts Production in Gujarat

Indian battery maker Exide Industries and joint venture partner Switzerland's Leclanche SA began mass production at the nation's largest lithium-ion battery plant in Gujarat.
The plant, with total installed capacity of 1.5 Gigawatt hours (GWh), has six automated assembly lines on which it will produce batteries for automobiles and energy storage applications.

IndiGo Appoints Venkataramani Sumantran as the Chairman of the Board

InterGlobe Aviation appointed Venkataramani Sumantran, an independent non-executive director since May 2020, as chairman of the IndiGo Board, succeeding Meleveetil Damodaran.
Sumantran is an outstanding business leader as well as a highly experienced member of the IndiGo Board, thereby facilitating a seamless transition of the Chairmanship of the Board.
Having worked in the USA, Europe, and Asia, Sumantran currently serves as the chairman and managing Director of Celeris Technologies, a strategic advisory firm. He also serves on the boards of Rane Holdings Limited, and TVS Electronics Limited.

TECHART Forays into Indian Market; Opens First Store in Bengaluru

TECHART, the leading international premium refinement brand for all Porsche vehicles, forayed into the Indian market with the opening of its flagship store in Bengaluru.
The Germany-headquartered firm is known for refining Porsche cars.
TECHART's first flagship store in Bengaluru will provide a complete spectrum of services such as full vehicle conversions, carbon fibre refinement, performance enhancements and handcrafting of individual luxury interiors.
The company plans to expand its presence in the northern and western markets post establishing its base in South India.

Apple Stops Accepting Payments Using Credit Cards Issued by Indian Banks

Tech giant Apple stopped accepting payments via debit and credit cards in India. Apple will also not accept payments for ad campaigns on Apple Search using credit cards issued by Indian banks. All campaigns will be put on hold from 1 June.
The change has come as a result of the new auto-debit rules from the Reserve Bank of India (RBI) that came into force last year and is disrupting recurring online transactions.
In April 2022, Apple had also allowed users in India to make payments using Apple's ID account using UPI and net banking. However, that too had its share of problems.

May 06, 2022

Google India Appoints Archana Gulati as Head of Public Policy in India

Internet major Google appointed former joint secretary at NITI Aayog Archana Gulati as head of public policy in India.
Gulati was looking after digital communications policy matters at the government think tank and took voluntary retirement in April last year.
She was an officer on special duty in the telecom secretary office from May 2017 to August 2019.
Gulati also headed the combinations division at Competition Commission of India and advised the commission on competition issues arising from mergers and acquisitions.

IBM Chairman Elected to Fed Reserve Board

IBM chairman and CEO Arvind Krishna was elected to the Board of Directors of the Federal Reserve Bank of New York.
Arvind was elected as a Class B director and will represent public "with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labour and consumers.
Arvind has a three-year term ending December 31, 2023, as per the New York Fed statement.

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