General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

May 01, 2022

Pencilton Introduces Contactless RuPay Card in the form of Keychain

Pencilton, a teen-focused fintech start-up, launched PencilKey, a National Common Mobility Card (NCMC) compliant RuPay contactless keychain, in partnership with the National Payments Corporation of India (NPCI) and Transcorp. Users can activate and manage their PencilKey through the Pencilton app which is also used to load money, check spends, block/unblock the account, set limits, etc.
PencilKey is linked to the PencilCard which is an all-in-one prepaid card, metro card, and bus card. PencilKey is equipped with the benefits of NCMC which works at the Delhi Airport Metro line and Goa's buses currently.
It is also scheduled to be accepted for metro travel in Pune, Chennai & Mumbai as well as in BEST buses in Mumbai. According to Pencilton, the virtual PencilCard comes for free.
Users can buy their PencilKey for Rs. 150 and PencilCard for Rs. 100, but as part of the company's launch offer, users can also buy a PencilKit (combo) which includes both PencilCard and PencilKey for Rs. 200.

JM Financial Elevates Sonia Dasgupta as CEO of Investment Banking

JM Financial, a diversified financial services group, elevated Sonia Dasgupta as Chief Executive Officer of Investment Banking. In the new role, she will lead the strategic initiatives and accelerate growth for the business.
Dasgupta succeeded Adi Patel and Atul Mehra who were Co-Heads of Investment Banking business till date.

IDBI Bank Board Approves Appointment of Two Govt. Nominee Directors

IDBI Bank's board approved the appointment of two government nominee directors with immediate effect.
The government nominee directors are Manoj Sahay, Joint Secretary and Financial Advisor, and Sushil Kumar Singh, Director, Department of Financial Services, Ministry of Finance.
Sahay, a 1994 batch IA&AS officer, presently handles six departments -- revenue, expenditure, economic affairs, financial services, DIPAM and public enterprises.
Singh is an officer of 2006 batch of Indian Defence Accounts Service.

Bruce de Broize Appointed as CEO of Future Generali India Life Insurance

Generali Asia appointed Bruce de Broize as MD and CEO of Future Generali India Life Insurance (FGILI). He takes over from Miranjit Mukherjee who served as interim CEO since September 2021. He was the Regional Head of Distribution for Generali Asia based in Hong Kong for over five years. In March, Generali became the majority shareholder of the Indian life insurance joint venture after getting all regulatory approvals.
Broize has a career spanning over 34 years of life and P&C insurance experience. He has also held a range of senior leadership roles to drive strategic initiatives across Asia. Prior to this, Broize was the regional head of distribution for Generali Asia based in Hong Kong where he oversaw life, health and p&c distribution for Generali's operations across China, Hong Kong, Thailand, Indonesia, India, Vietnam, Malaysia and the Philippines.

Apr 30, 2022

Maruti Suzuki Joins Hands with Indian Bank for Car Loans

Maruti Suzuki India (MSI) joined hands with Indian Bank to facilitate easy finance for customers. As part of the partnership, the company's customers can avail the loan benefits in over 5,700 plus branches of Indian Bank at metro, urban, semi-urban and rural locations.
Maruti Suzuki customers, under this exclusive scheme, can avail loans up to 90 per cent of the on-road price of the car besides getting benefits of zero processing charges, free accidental insurance cover up to Rs 30 lakh, free fastag and repayment tenure up to 84 months on their loans.
The country's largest carmaker has a vast network of 3,357 new car retail outlets across 2,156 cities and towns. With this partnership, Maruti Suzuki now has retail finance tie-ups with 37 financial institutions including all 12 public sector banks, 11 private banks, 7 NBFCs and 7 regional rural banks.

PVR Ties up with Oma Cinema of France; to Introduce 'Cinema Pods' at Theatres

Film exhibition company PVR Cinemas entered into a tie-up with Oma Cinema of France to introduce the concept of "cinema pods" in the Indian market. Through its vertical architecture, Oma provides the audience with an intimate cinematic experience with tiered balconies, or "pods", enabling viewers to enjoy a sociable cinema experience whilst enjoying a perfect view of the screen. Having "an option to have a private movie party with friends and family, OMA pods shall be your own space offering an unmatched bespoke experience of watching a film on a very large screen alongside specially-crafted F&B options.
Oma Cinema was created by renowned French architect Pierre Chican who has designed some of the most cutting-edge cinemas in France over the last 30 years.

Reliance Industries Becomes First Indian Firm to Hit Rs. 19 lakh crore Market Valuation Mark

Reliance Industries Limited became the first Indian company to hit the Rs. 19 lakh crore market valuation mark. The market heavyweight stock jumped 1.85 per cent to its record high of Rs. 2,827.10 during the day on the BSE. It finally settled flat at Rs. 2,777.90, up 0.08 per cent.
In March 2022, the company's market valuation had gone past Rs. 18 lakh crore. Last year on October 13, the company's market valuation went past Rs. 17 lakh crore mark.

Apr 29, 2022

ICICI Bank Launches India's 'Open-for-all' Digital Ecosystem for MSMEs

ICICI Bank launched a digital service for Micro, Small and Medium Enterprises (MSMEs) that customers of other banks can use as well. The "digital ecosystem" offers enhanced banking services, banking services to MSMEs who are customers of other banks, and a range of value-added services for all. Anyone can avail of the benefits of digital solutions by downloading the new version of the InstaBIZ app.
MSMEs, who are customers of other banks, can avail of a host of services by logging in as a 'Guest' in the app. One of the services it provides is sanction of instant and paperless overdraft facility up to Rs 25 lakh through 'InstaOD Plus', which enables customers of any bank to avail of an overdraft instantly. Customers of ICICI Bank can activate the overdraft into their current account instantly while customers of other banks can do so after opening of a current account with the bank digitally through Video KYC.

Michelin Becomes First Tyre Maker in India to Get BEE Accreditation

French tyre major Michelin became the first tyre brand in India to be accredited with star labelling programme which is aimed at improving sustainability and newly introduced performance standards for tyres. Michelin X Multi Energy Z tyre was awarded the industry's first fuel savings label with a 4-star rating by the Bureau of Energy Efficiency (BEE).
The tubeless truck and bus tyre is manufactured and designed by Michelin in India and offers robust fuel savings, longevity with multiple re-treads and safety on Indian terrain.

Reliance Inks Pact for UAE Chemical Project

Billionaire Mukesh Ambani's Reliance Industries signed a shareholder agreement for the $2 billion TA'ZIZ chemical joint venture in the UAE and inked a pact to collaborate with ADNOC in finding and producing conventional and unconventional resources.
The TA'ZIZ EDC & PVC joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride and Polyvinyl Chloride production facility, with an investment of over $2 billion. These chemicals will be produced in the UAE for the first time, unlocking new revenue streams and opportunities for local manufacturers to 'Make it in the Emirates'

Apr 28, 2022

ONGC Inks MoU with Norway's Equinor

Oil and Natural Gas Corporation (ONGC) signed a memorandum of understanding (MoU) with Equinor ASA, the Norwegian state-owned multinational energy company. Equinor is the leading operator on the Norwegian continental shelf, present in around 30 countries worldwide.
As per the agreement, both ONGC and Equinor will collaborate with each other in the field of upstream oil and gas, midstream, marketing and trading, besides exploring further options in low carbon fuel, renewables, carbon capture storage (CCS) as well as carbon capture utilization and sequestration (CCUS) opportunities in India. The MoU is valid for two years under which both companies have agreed to work together in the areas identified.

TVS Motor, Rapido Sign Pact to Strengthen Hyper-local Mobility

TVS Motor Company announced a strategic partnership with auto and bike taxi aggregator Rapido to leverage synergies of their respective businesses in the fast moving mobility market. Hyper-local mobility, buoyed by an increasing urban population with ready access to smartphones and increasing penetration of e-commerce and on-demand services, had boomed into a potential $158 billion opportunity.
This comprehensive partnership would cover both two-wheeler and three-wheelers and extend across ICE and EV segments. Further, the MoU is in line with TVS Motor's expansion of electric product portfolio ranging from 5-25kW for two-and three-wheelers. These are expected to be unveiled by mid-2023.

Airtel Payments Bank Offers FD Facility with IndusInd Bank

Airtel Payments Bank partnered with IndusInd Bank to offer fixed deposit (FD) facilities to its customers. Customers can now book fixed deposits starting from Rs. 500 up to Rs. 190,000 within minutes through a seamless digital journey on the Airtel Thanks app. With this partnership, Airtel Payments Bank's savings account customers will get an interest rate of up to 6.5 per cent per annum and senior citizens will get an additional 0.5 per cent on all fixed deposits.
Customers can book multiple FDs for a fixed duration of either 1, 2 or 3 years. Customers can dissolve an FD before the maturity date through the Airtel Thanks app, and no penalty or processing fee will be charged on pre-mature withdrawals. The invested amount will be credited back to the linked account within minutes.

NASSCOM Appoints Krishnan Ramanujam as Chairperson for 2022-23

IT industry body NASSCOM appointed Krishnan Ramanujam, a senior executive at Tata Consultancy Services, as its Chairperson for 2022-23. Earlier, Krishnan was the Vice Chairperson of the body. He succeeded Accenture's Senior Managing Director in India Rekha M. Menon, who had served as the Chairperson for 2021-22. NASSCOM (National Association of Software and Services Companies) appointed Anant Maheshwari, President of Microsoft India, as the Vice Chairperson for 2022-23.
The new leadership, along with President Debjani Ghosh, will lead NASSCOM to carry out its diverse array of priorities to achieve the 2025 vision for the industry.
At Tata Consultancy Services, Ramanujam heads the enterprise growth group.

Apr 27, 2022

N. Chandrasekaran Takes Charge as Tata Digital Chairman

Tata Sons executive chairman N. Chandrasekaran formally took charge as chairman of Tata Digital, which launched the super app Tata Neu. Tata Digital is the brainchild of Chandrasekaran, who was reappointed as the chairman of Tata Sons for another five years in February 2022. He has been closely involved in its growth plans from the beginning as the Mumbai-based conglomerate eyes to make a dent in the Indian ecommerce universe.
Chandrasekaran's formal appointment is of significance considering its future plans of raising funds from external investors.

SBI Cards Expands Partnership with TCS to Transform Customer Onboarding Experience

Tata Consultancy Services (TCS) expanded its strategic partnership with SBI Cards and Payments Services, India's largest pure-play credit card issuer, to power the latter's next leg of digital transformation.
The new engagement is built on a decade-long partnership. TCS had helped the company transform its core cards sourcing platform and digitized a significant portion of the process. The future-ready, agile platform personalized customer experience and helped boost sales and retention. TCS will further digitalize and transform the online onboarding processes to enable a faster turnaround and frictionless experience.

At 48 Billion, India Accounts for Largest Number of Real-time Transactions in the World

According to a report by ACI Worldwide, India accounted for the largest number of real-time transactions in the world in 2021, nearly three times that of nearest challenger China (18 billion transactions), and 6.5 times that of the US, Canada, the UK, France, and Germany, combined.
Real-time payments accounted for 31.3% of the overall payments transaction volume in India in 2021, thanks to merchant acceptance of UPI-based mobile payment apps and QR code payments, as well as increased use of digital payments during the Covid-19 pandemic.
In 2021, real-time payments are estimated to have saved Indian businesses and consumers US$ 12.6 billion, resulting in US$ 16.4 billion in economic production, or 0.56% of the country's GDP and the output of about 2.5 million jobs.

RBI Imposes Penalty on Bank of Maharashtra

The Reserve Bank of India (RBI) imposed a penalty of Rs. 1.12 crore on Bank of Maharashtra for non-compliance with certain regulatory directions, including those for know your customer norms. This action is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with customers.
RBI has also imposed a penalty of Rs. 12 lakh on Rajkot Nagarik Sahakari Bank, Rajkot for non-compliance with the direction on Interest Rate on Deposits'.

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