General Awareness

BUSINESS AND ECONOMY - February 2018

Feb 2018

Jan 29, 2022

SBI Gets All Approvals to Set up Bad Bank

Lenders will transfer 15 large ticket stress loans worth Rs. 50,000 crore in the first tranche to the National Asset Reconstruction Company (NARCL) by the end of March 2022 for resolution.
By current assessment, lenders have a total of 38 accounts involving aggregate loans of Rs. 83,845 crore, which have been identified for transfer, Dinesh Kumar Khara, Chairman, State Bank of India said.
This is scaled down target to compared to Rs. 2 trillion to be given to NARCL, also called as bad bank.

Pushp Kumar Joshi to be New Chairman and Managing Director of HPCL

Pushp Kumar Joshi was picked by government headhunter PESB to be the new chairman and managing director of Hindustan Petroleum Corporation Ltd (HPCL), the nation's third largest oil refining and fuel marketing company.
Joshi, who is currently Director - Human Resources at HPCL - was picked after PESB interviewed 10 candidates.
Joshi has been on the board of HPCL for almost a decade now.
Joshi had missed out on being the head of HPCL on previous two occasions - first in August 2013 when Nishi Vasudeva was picked by PESB and again in October 2015 when Surana was selected.

N. Chandrasekaran Likely to Head New Air India Board

The new board of Air India - which was acquired by salt-to software conglomerate Tata Sons is likely to have an eight member body with Tata Sons chairman N. Chandrasekaran as the chairman.
This will be the first time that Chandrasekaran will be heading a board of the group's aviation ventures and shows the growing importance of the sector in the group's business plan. Chandrasekaran is not part of the board of Tata's other two airlines- Vistara and AirAsia India.

Jet Airways Appoints Priyapal Singh as its Accountable Manager

Grounded carrier Jet Airways appointed Priyapal Singh as its 'accountable manager', replacing Sudhir Gaur who resigned from the company late last year.
Singh, a squadron leader with IAF who has been associated with Jet Airways and JetLite in various capacities prior to its grounding in April 2019, moved back to Jet, which is now owned by the Murari Lal Jalan-Kalrock consortium, from the Nepal Airlines Corporation.

Jan 28, 2022

L&T Signs MoU with HydrogenPro for Manufacturing Hydrogen Electrolysers in India

Larsen & Toubro Ltd (L&T) entered into a Memorandum of Understanding (MoU) with HydrogenPro AS, a Norway-based electrolyser technology and manufacturing company to tap the emerging Green Hydrogen market.
Under this agreement, L&T and HydrogenPro will jointly work towards setting up of a joint venture in India for Gigawatt-scale manufacturing of alkaline water electrolysers based on HydrogenPro technology for Indian market and other select geographies.

Paytm's Madhur Deora Gets Additional Role as CFO of One97 Communications

Paytm, India's leading digital payments and financial services platform, elevated Madhur Deora to take on the additional responsibility as the CFO of One97 Communications Limited. Currently, Deora holds the role of the company's Group President and CFO.
In December 2021, the company, in an exchange filing, had talked about Deora's additional responsibilities, while a recent MCA filing now shows his appointment as the CFO.
Deora has been associated with the company for five years now. He holds a bachelor's degree of science in economics from the Wharton School of the University of Pennsylvania.

Airtel Africa Inducted into London Stock Exchange's FTSE 100 Index

Bharti Airtel's subsidiary Airtel Africa was inducted into the London Stock Exchange's (LSE) FTSE 100 index.
Airtel Africa was listed on LSE in June 2019 and had a market capitalisation of $ 7.5 billion on Wednesday.
This is a significant milestone for Airtel Africa which becomes part of FTSE 100 index in just two and half years of listing. Airtel Africa is a strong player in the continent which has emerged as the next growth frontier globally.

Tata Group Takes over Air India

The process of Air India disinvestment got completed with the government officially handing over the management control of the airlines to Talace Private Limited, a subsidiary of the Tata Group's holding company.
After a competitive bidding process, the government had on October 8 last year sold Air India to Talace Private Limited, a subsidiary of the Tata Group's holding company, for Rs. 18,000 crore.
As a part of the deal, the Tata group has also been handed over Air India Express and a 50 percent stake in ground handling arm Air India SATS.
While this will be the first privatisation since 2003-04, Air India will be the third airline brand in the Tata Group's stable, it holds a majority interest in AirAsia India and Vistara, a joint venture with Singapore Airlines Ltd.

Jan 27, 2022

Allcargo Logistics Appoints V. S. Parthasarathy as Vice-Chairman

Private logistics player Allcargo Logistics announced the appointment of Mahindra Group's former executive board member V. S. Parthasarathy as its vice-chairman with immediate effect.
His role as the company's non-executive non-independent vice-chairman will be to guide, mentor and help drive its transformation along with subsidiaries ECU Worldwide and Gati Limited.
In March last year, Parthasarathy had quit the group after serving it for over 21 years in various capacities.

PMC Bank's Branches Begin Functioning as Unity SFB Outfit

The branches of beleaguered Punjab and Maharashtra Cooperative Bank (PMC) began functioning as branches of Unity Small Finance Bank (Unity SFB).
The Government of India notified the scheme of amalgamation of PMC Bank with Unity Small Finance Bank.
The scheme of amalgamation notified envisages takeover of the assets and liabilities of PMC Bank, including deposits, by the Unity Small Finance Bank in terms of the provisions of the scheme.
Unity SFB, which is a 51:49 joint venture between the Centrum Group and Bharat Pe, is making necessary arrangements to implement the provisions of the scheme.
Unity SFB started its operations in November 2021 after receiving a final nod from the central bank. The promoters of Unity Small Finance Bank along with the joint investor have infused a capital of Rs. 1,105.10 crore in Unity Small Finance Bank as on November 1, 2021.

TCS World's Second most Valuable IT Brand

According to Brand Finance, Tata Consultancy Services (TCS) became the second most valued brand in the information technology (IT) services sector globally, while Accenture retained the title of the world's most valuable and strongest IT services brand.
Infosys emerged as the fastest growing IT services brand following 52 per cent brand value growth since last year and 80 per cent since 2020 to $12.8 billion, earning it third spot, the brand valuation consultancy said in its latest Global 500 IT Services Ranking report.
TCS and Infosys have pushed IBM to fourth spot from second. IBM's brand value now stands at $10.6 billion, a decline of 34 per cent from last year and 50 per cent since 2020. The US technology major's brand value has fallen significantly after the divestment of Kyndryl.

NSE IFSC Appoints Rajiv Mehrishi as Chairman of Governing Board

NSE IFSC, NSE's International Exchange in GIFT City, appointed Rajiv Mehrishi as the chairman of its governing board.
The International Financial Services Centres Authority (IFSCA) had earlier approved his appointment as Public Interest Director (PID) on the Governing Board of NSE IFSC in December 2021.
Mehrishi, a retired IAS officer, was the 13th Comptroller and Auditor General of India and vice-chairman of the United Nations Panel of External Auditors.
Few of his prior roles include being finance secretary, home secretary and the chief secretary at government of Rajasthan.

Naina Lal Kidwai resigns from Cipla Board

Drug major Cipla said that Naina Lal Kidwai resigned as independent director on its board, with effect from March 31, 2022.
In a letter shared by the Mumbai-based drug firm, the veteran banker noted that she has put in her papers to fulfil several other responsibilities and professional commitments.

Amin Lakhani Elevated as CEO Mindshare, Parthasarathy Mandayam CSO GroupM

GroupM, the media investment group of WPP, announced the appointment of Parthasarathy Mandayam (Maps) as the Chief Strategy Officer – GroupM South Asia and Amin Lakhani was elevated to the role of Chief Executive Officer – Mindshare South Asia, which was earlier led by Maps.
With more than 25 years of experience in the advertising & communication industry, Maps has successfully managed multiple leadership roles in Mindshare – across Data, Analytics, Strategy, Client Leadership and Business Unit leadership.

Jan 26, 2022

Birla Corp Inaugurates Mukutban Plant, Takes Group Capacity to 20 mn Tonnes

M. P. Birla Group flagship, Birla Corporation, inaugurated a 3.9 million tonne greenfield plant in Mukutban, Maharashtra, taking the total group capacity to 20 million tonnes.
The Mukutban plant is being set up by RCCPL Private Limited (RCCPL), a wholly-owned subsidiary of Birla Corporation, at an investment of Rs. 2,744 crore, making it the largest greenfield investment in the history of the group.
The plant will be the fourth integrated cement unit of the group and the biggest single line/kiln cement plant in Maharashtra, by capacity. It will be powered by 2 x 20 MW thermal captive power plant, which is based on Air-Cooled Condenser (ACC) technology to minimize water consumption by 90 per cent.

City Union Bank Launches Fitness Watch Debit Card in tie-up with GOQii

City Union Bank, the oldest private sector bank in India, in association with smart-tech-enabled preventive healthcare platform GOQii and powered by National Payments Corporation of India (NPCI), launched a wearable payment solution called CUB fitness watch debit card.
Customers need to hold this wristwatch in front of the PoS device during payment like tapping the card on PoS. For payments above Rs. 5,000, customers need to tap and enter their PIN. The introductory price of a smartwatch debit card is Rs. 3,499, as compared to an actual cost of Rs. 6,499).
Customers can set limits for their payments using Net / Mobile Banking. Payments made using this Debit Card in a Fitness Watch are safe and secure, the bank said in a statement. For each transaction done using the watch, SMS will be sent to the registered mobile number.

Reserve Bank of India Imposes Penalties on 8 Cooperative Banks

Reserve Bank of India (RBI) imposed penalties on eight cooperative banks for deficiencies in their regulatory compliances.
The eight banks are: The Jammu Central Co-operative Bank Ltd, Jammu and the Jodhpur Nagrik Sahakari Bank, Bhadradri Co-operative Urban Bank, Rajkot Peoples Co-operative Bank, Vasai Janata Sahakari Bank, Mogaveera Co-operative Bank Ltd, Varachha Co-operative Bank Ltd and Associate Co-operative Bank Ltd.
The penalities are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their respective customers.

Bhavish Aggarwal-led Ola Electric Valuation Tops $5 bn

Ola Electric, the ride-hailing firm's electric vehicle (EV) arm, raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The latest round values the company at $5 billion, an increase from its previous valuation of $3 billion.
In October last year, Ola Electric, raised over $200 million led by Falcon Edge, Softbank and others, tripling its valuation to $3 billion. In July 2019, Ola Electric raised $250 million from Masayoshi Son's SoftBank. It was just a two-year-old firm at that time. The investment made the fledgling venture a "unicorn", or a start-up valued at more than $1 billion.

Jan 25, 2022

Paytm, Fullerton Announce Partnership to Scale up Digital Lending to MSMEs

Paytm and non-banking financial company Fullerton India have announced a partnership to expand digital lending to MSMEs and consumers from smaller cities and towns.
Fullerton India and One97 Communications Limited, which owns the brand Paytm, India's leading digital payments and financial services platform, have announced a partnership to provide lending products to merchant partners and consumers. With the partnership, the two established institutions will leverage data-driven insights and wide reach to bring credit to new-to-credit users.
With this partnership, the fintech users will get Paytm Postpaid (buy-now-pay-later) feature on the Paytm platform. Besides, the partnership is set to offer lending products like merchant loans.

Ujjivan Small Finance Bank Launches Platina Fixed Deposit

Ujjivan Small Finance Bank launched Platina Fixed Deposit, which offers interest of 15 basis points in addition to the regular Ujjivan SFB term deposit rates.
The general FD for 990 days tenure gives 6.75% for general citizens and 7.50% for senior citizens, but Platina FD offers 15 bps over and above these interest rates, as per the company.
However, it comes with certain conditions. The minimum FD amount is Rs. 20 lakh and the maximum amount is less than Rs. 2 crore.
The Platina FD is a non-callable deposit, partial & pre-mature withdrawal is not applicable to this scheme.
The interest payout options can be availed on the monthly, quarterly and also at the end of the maturity period.
The deposit tenure ranges from one year to a maximum of five years.

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