General Awareness

BUSINESS AND ECONOMY - March 2018

Mar 2018

Aug 22, 2023

India Jumps to 11th Position in Global Direct Selling Ranking

India moved up to 11th position in the ranking of top markets of direct sellers, with retail sales of USD 3.23 billion (around Rs. 26,852 crore) in 2022, according to a report by global industry body WFDSA. Indian direct selling registered a growth of 5.4 per cent over 2021 retail sales.
On a constant dollar basis, the Indian market attained the highest Compounded Annual Growth Rate (CAGR) of over 13.3 per cent during the last three years.
The global direct selling industry reported a decline of 1.5 per cent in 2022 to USD 172.89 billion.
The top market in the list was the US with USD 40.52, with a decline of 5 per cent over 2021, it said. It was followed by Korea, Germany, China, Japan and Malaysia.

Wipro Appoints Brijesh Singh as Global AI Head

Wipro appointed former Deloitte partner Brijesh Singh as senior vice president and global artificial intelligence (AI) head for Wipro Enterprise Futuring.
Singh has over 30 years of experience in the technology consulting space and was responsible for driving AI and data-led transformation at Deloitte. He has over seven years experience at the big four accounting firm.
He will be part of Enterprise Futuring--one of the four global business lines announced by the firm as a part of the restructuring done by the company in February. This business line comprises intelligent insights and data, application platforms, digital operations and cyber security.

Gujarat, UP Rank among Top 5 States in New Investments

Uttar Pradesh (UP) and Gujarat are among the top 5 states in India in terms of new investments in 2022-23. According to a study by the Reserve Bank of India (RBI), these two states together accounted for 57.2% of the total investment proposals made during the year. In 2022-23, UP attracted the highest share of new investments, with a total project cost of Rs. 43,180 crore. This was followed by Gujarat (Rs. 37,317 crore), Odisha (Rs. 11,810 crore), Maharashtra (Rs. 7,900 crore) and Karnataka (Rs. 7,300 crore).
The other states in the top 10 were Tamil Nadu (Rs. 6,100 crore), Telangana (Rs. 5,300 crore), Andhra Pradesh (Rs. 4,900 crore) and Madhya Pradesh (Rs. 4,500 crore).
The RBI study attributed the surge in new investments in these states to a number of factors, including their focus on improving the ease of doing business, their large and growing markets, and their strategic location.

Aug 21, 2023

YES Bank Launches New Mobile Banking App 'iris'

Private lender YES Bank introduced its state-of-the-art mobile banking app 'iris'.
Designed to cater to both existing and new customers, the app offers access over 100 features and services in just a few clicks on a single platform.
The iris app has a sleek and intuitive user interface that aims to offer a simplified banking experience for users of all age groups, and backgrounds.
It also ensures the safety of the customers' financial data by incorporating best-in-class safety features like biometric authentication, SIM binding as well as a two-factor verification.

Godrej Security Gets Central Vista Project

Whether it's scanners, vehicle access control, people access control, or barriers, India's upcoming Central Vista Avenue is set to have the influence of Godrej Security Solutions in ensuring safety and security. The company secured a significant deal to oversee the premises security of this iconic project.
This mega project is anticipated to be a catalyst, boosting the company's revenue by 18 per cent this financial year to Rs. 1,000 crore, up from Rs. 850 crore in the previous financial year. Godrej Security Solutions, one of the largest players in the transition from mechanical locks to technology-led integrated digital security systems, is part of the Rs. 12,000-crore Godrej and Boyce conglomerate.

Aug 20, 2023

RBI Appoints P. R. Seshadri as MD and CEO of South Indian Bank

The Reserve Bank of India approved the appointment of P. R. Seshadri as the Managing Director and CEO of the Thrissur based South Indian Bank.
The appointment will be for a period of three years with effect from October 1.
Seshadri is an accomplished banker with experiences spanning multiple businesses, functional lines and geographies. He has significant experiences in enterprise level management and in the management of all key commercial banking business lines.
He has served as, amongst other positions, MD & CEO of The Karur Vysya Bank Limited (KVB), MD & Regional Sales and Distribution Head, Citibank N.A., Asia Pacific, Singapore and so on.

Aug 19, 2023

Axis Bank Launches Two Products with RBI Innovation Hub to Extend Lending

Private lender Axis Bank launched two lending products powered by the Public Tech Platform for Frictionless Credit (PTPFC), introduced by the Reserve Bank Innovation Hub (RBIH). RBIH is a wholly-owned subsidiary of the Reserve Bank of India (RBI).
Axis Bank will offer Kisan Credit Card (KCC) and unsecured micro, small and medium enterprises (MSME) loans to customers powered by the platform.
Both products will be offered in a completely digital manner and require no submission of documents by customers.

Aug 18, 2023

RBI Launches 'UDGAM', Centralised Web Portal for Unclaimed Deposits

The Reserve Bank of India (RBI) launched a centralised web portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation), to make it easier for the public to search for their unclaimed deposits across multiple banks in one place.
The web portal will help users identify and approach their banks for either claiming unclaimed deposits or making their deposit accounts operative at their banks.
Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have jointly worked to set up the portal. Currently, users will be able to access the details of their unclaimed deposits in respect of seven banks available on the portal. These banks include the State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, DBS Bank India Ltd, and Citibank N A.
RBI said that the search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.

Cabinet Approves Mutual Recognition Arrangement of Authorised Economic Operators between India an...

The Government approved the Mutual Recognition Arrangement of Authorised Economic Operators between India and Australia in a Cabinet meeting. The arrangement is aimed at providing reciprocal benefits to accredited and trusted exporters of both the signatories in the clearance of goods by the Customs authorities of the importing country.
Mutual recognition of Authorised Economic Operators is a key element of the World Customs Organisation's SAFE Framework of Standards to secure and facilitate global trade. This arrangement will benefit exporters to Australia and promote a trade relationship between the two countries.

Cognizant Splits Global Growth Markets by Appointing 2 Internal Leaders

Cognizant Technology Solutions restructured its global growth markets (GGM) by appointing two internal leaders who will now share the responsibility.
The move follows the exit of former GGM leader Rob Walker and is among the slew of leadership changes the company has seen in the recent past.
GGM refers to the company's emerging markets outside of North America.
The two internal leaders, Manoj Mehta and Jane Livesey, will lead the two GGM units and join the Executive Committee, reporting directly to the CEO.

Canara Bank Introduces Canara Jeevan Dhara Savings Bank Account

Canara Bank unveiled a specialised savings account aimed at pensioners and those nearing retirement, designed to provide an array of benefits catering to their unique financial needs. This new offering, known as Canara Jeevan Dhara, extends its advantages to retirees who've opted for voluntary or regular retirement. Through this account, Canara Bank seeks to provide financial security and flexibility to individuals in their post-employment phase.
Canara Jeevan Dhara offers two account variants based on the pension credit:
Diamonds Account: Tailored for individuals with pension credits up to Rs. 50,000.
Platinum Account: Designed for those with pension credits exceeding Rs. 50,000.
Canara Jeevan Dhara presents a comprehensive solution for pensioners and those entering retirement, ensuring financial stability and value-added benefits. With tailored interest rates, loan facilities, healthcare concessions, and enticing FD rates, this account empowers individuals to confidently embark on their post-career journey.

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