General Awareness

BUSINESS AND ECONOMY - January 2018

Jan 2018

Aug 11, 2024

SEBI Approves Praveena Rai as New MD & CEO of MCX

The Securities and Exchange Board of India (SEBI) approved Praveena Rai's appointment as the Managing Director and CEO of the Multi Commodity Exchange (MCX), India's largest commodity exchange. This decision came after a three-month vacancy in the position.
Praveena Rai, previously the Chief Operating Officer (COO) of the National Payments Corporation of India (NPCI), brings over 20 years of extensive experience in payments and banking to her new role at MCX. Her expertise spans transaction banking, retail banking, cards, and commercial banking. She has held significant positions at Kotak Mahindra Bank, HSBC, and Citi.

Pine Labs-owned Setu Launches UPISetu in Partnership with Axis Bank

Setu, a Pine Labs-owned API infrastructure provider, launched UPISetu in collaboration with Axis Bank. This new platform focuses on Unified Payments Interface (UPI) solutions, catering to businesses and developers with a variety of UPI products and advanced functionalities.
The launch aligns with the growing UPI adoption in India, where the interface has recently surpassed 500 million transactions daily. UPISetu aims to leverage UPI's expanding role in digital payments, enhancing transaction success rates and providing a unified platform for businesses.
B. Amrish Rau, CEO of Pine Labs, emphasized the platform's potential to drive UPI's evolution and address the growing demand for integrated payment solutions.

Wipro Hydraulics Acquires Columbus Hydraulics

Wipro Hydraulics, the hydraulic cylinder and components manufacturing business of Wipro Infrastructure Engineering announced the acquisition with a US-based hydraulic cylinder manufacturer Columbus Hydraulics. The signing and closing of the acquisition were completed on the same day.
This acquisition looks to strengthen position in manufacturing capabilities in North America.
This is the second acquisition by the company in North America. The first was an agreement to acquire Mailhot Industries, a Canadian company. This acquisition paves the way for exciting new opportunities by combining the expertise and resources from Columbus, Mailhot, and JARP.

Aug 10, 2024

Genpact Appoints Sanjeev Vohra as Chief Technology and Innovation Officer

In a bid to increase the focus on delivery of artificial intelligence (AI) solutions, Genpact announced the appointment of Sanjeev Vohra as its first Chief Technology and Innovation Officer (CTIO) with immediate effect.
Vohra, who brings more than 30 years of technology, consulting and industry expertise with him, will report to Balkrishan Kalra, president and CEO, Genpact.
Before Genpact, Vohra served as the global lead of Accenture applied intelligence where he led the company's data and AI business and advised c-suite executives across industries on the strategic application of data, advanced analytics and AI.

RBI Keeps Repo Rate Unchanged at 6.5%

The Reserve Bank of India (RBI) kept the benchmark interest rate and stance unchanged at 6.5 per cent for the ninth straight policy meeting.
Four out of the six Monetary Policy Committee (MPC) members voted in favour of the rate decision. With repo rates unchanged, all external benchmark lending rates (EBLR) that are linked to the repo rate will not increase, giving relief to borrowers as their equated monthly instalments (EMIs) will not increase.

DBS Appoints Tan Su Shan as First Female CEO

Indian-origin top Singapore banker Piyush Gupta is set to step down as the Chief Executive Officer of the DBS Group in March 2025. He will be succeeded by Tan Su Shan, who was appointed Deputy CEO, in addition to being Group Head, Institutional Banking, at DBS.
Tan is Singaporean and an Oxford University graduate. She has 35 years of experience in consumer banking, wealth management and institutional banking. Tan began her career at ING Baring Securities in institutional equity and derivative sales. She joined Morgan Stanley (MS.N), opens new tab in 1997 as an Executive Director before becoming Citigroup's (C.N), opens new tab regional head for Brunei, Malaysia and Singapore in 2005. She then returned to Morgan Stanley in 2008 as head of private wealth management for Southeast Asia. Tan joined DBS in 2010, where she spent the first three years building the bank's wealth management business.

Aug 09, 2024

Top 10 Richest Global Central Banks in 2024

The total wealth of central banks reflects the economic outlook of their respective countries, which is mainly assessed through the central bank's assets, with the balance sheet acting as a crucial indicator of the nation's economic health.
India's Reserve Bank of India ranked 12th around the world. The Reserve Bank of India (RBI) balance sheet grew by 11.08% year on year to Rs. 70.47 trillion as of March 31, 2024, owing to its liquidity and foreign currency (forex) activities, according to date released by Sovereign Wealth Fund Institute (SWFI).
The top 10 wealthiest central banks in the world by total assets are: Federal Reserve System, USA, People's Bank of China, Bank of Japan, Deutsche Bundesbank, Germany, Bank of France, Norges Bank, Norway, Bank of Italy, Bank of England, Bank of Spain and Swiss National Bank.

RBI Shortens Frequency of Credit Reporting to Fortnightly

The Reserve Bank of India (RBI) announced a significant change in the reporting frequency for credit information from monthly to every 15 days. This update, effective immediately, aims to enhance the accuracy and timeliness of credit data available to lenders and borrowers alike.
With the new fortnightly reporting schedule, any changes in a borrower's credit status, such as loan repayments, will be reflected more promptly in their credit report. This allows borrowers to see the positive effects of their financial actions, like debt repayment, more quickly.

Aug 08, 2024

RBI Hikes UPI Limit for Tax Payments to Rs. 5 Lakh per Transaction

In a move aimed at boosting digital payments and facilitating larger transactions, the Reserve Bank of India (RBI) increased the upper limit for tax payments through the Unified Payments Interface (UPI) to Rs. 5 lakh per transaction from the previous limit of Rs. 1 lakh. This decision would provide convenience to taxpayers, especially for high-value transactions, and is part of the RBI's ongoing efforts to promote digital payments and reduce reliance on cash transactions.

Aug 07, 2024

Government Appoints Challa Sreenivasulu Setty as SBI Chairman

The Appointments Committee of the Cabinet (ACC) approved the appointment of Challa Sreenivasulu Setty as the Chairman of the State Bank of India (SBI). Setty, currently the senior-most Managing Director (MD) of SBI, will assume the role on August 28, 2024, succeeding Dinesh Kumar Khara, who will retire upon reaching the age limit of 63 for the position.
Setty's tenure as Chairman will be for three years, beginning from the date he takes office. The ACC's decision follows a recommendation from the Financial Services Institutions Bureau (FSIB), an autonomous body under the Central Government. Setty's extensive experience encompasses corporate credit, retail banking, digital banking, international banking, and banking in developed markets. He began his career with SBI in 1988 as a Probationary Officer and has since led various significant portfolios and task forces.

Capital Small Finance Bank and Edelweiss Life Partner for Bancassurance

Capital Small Finance Bank (CSFB) and Edelweiss Life Insurance have joined forces in a bancassurance tie-up. This strategic partnership allows CSFB's 177 branches to offer Edelweiss Life's insurance products, enhancing CSFB's financial solutions and expanding Edelweiss Life's reach.
CSFB aims to become the primary banker for middle-income customers by offering a wider range of financial products. Edelweiss Life leverages CSFB's extensive network to reach new customers and offer innovative products.
This partnership utilises the bancassurance model, where banks and insurance companies collaborate to distribute insurance products. Banks earn commission on sales, while insurers benefit from the wider distribution network.

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