General Awareness

BUSINESS AND ECONOMY - March 2018

Mar 2018

Dec 27, 2022

Kirloskar Systems Announces Appointment of Manasi Tata on Board of JV Firms

Kirloskar Systems appointed Manasi Tata, daughter of late Vikram Kirloskar, as Director on the board of the company's joint-venture firms with immediate effect.
These joint ventures include Toyota Industries Engine India Pvt Ltd, Kirloskar Toyota Textile Machinery Pvt Ltd (KTTM), Toyota Material Handling India Pvt Ltd (TMHIN), and Denso Kirloskar Industries Pvt Ltd (DNKI).
Her appointment as Director came after the untimely passing of her father, late Vikram S Kirloskar, former Chairman & Managing Director, KSPL. His wife, Geetanjali Kirloskar, had already taken charge as the new Chairman & Managing Director at KSPL.

SpiceJet Shareholders Approve Re-appointment of Ajay Singh as Director

Shareholders of SpiceJet approved the re-appointment of Ajay Singh as a director of the no-frills airline.
At the annual general meeting, the shareholders also gave their nod for the adoption of audited financial statements for financial year ended March 31, 2022.
Currently, Singh is the Chairman and Managing Director of the no-frills airline.
Singh was originally appointed as director on November 4, 2004 and subsequently resigned on August 27, 2010. Thereafter, he was appointed as Managing Director of the company on May 21, 2015.

RBI Emerges as the Largest Gold Buyer among the Central Banks across the Globe

With 132.34 metric tonnes (MT) of gold purchase, RBI emerged as the largest buyer of the yellow metal among central banks between April 2020 and September 2022. Also, RBI was the top gold buyer among its peers in 2020 while it stood third in 2021. In 2020, it bought 41.68 MT of gold while in 2021 and 2022 (till September end) it bought 77.5 MT and 31.25 MT, respectively.
Every major central bank keeps a portion of its reserves in gold as it plays a fine hedging instrument in the time of uncertainty and economic turmoil. During the balance of payment crisis in 1990-91, Indian government pledged 67 MT of gold to the Bank of England and Union Bank of Switzerland.

RBI's Revised Bank Locker Rules to Come into Effect from 1st January

The Reserve Bank of India (RBI) said that all leading banks should issue the locker agreement to its holders before January 1, 2023, as the new locker rules will be implemented from that date. Earlier, the RBI had announced revised guidelines on August 8, 2021, which became effective from January 1, 2022. And now, all the locker owners must display their eligibility for a new locker arrangement and sign a renewal agreement prior to January 1, 2023.
The central bank directed all lenders to use the Indian Banks' Association IBA-drafted Model Locker Agreement, in line with the Supreme Court's orders and guidelines. RBI has instructed banks to ensure that any "unfair terms or conditions" are not covered in their locker agreements. The revised guidelines add that the terms of the agreement shall not be more "onerous than required in ordinary course of business" to secure the interests of the bank.
RBI advises the banks to install CCTV camera at entry and exit points of the strong room and the common areas of operation. It mandates to preserve its recording for a period of not less than 180 days.
According to the guidelines, if any customer has complained to the bank that his/her locker is opened without his/her knowledge and authority, or any theft or security breach is noticed/observed, the bank shall preserve the CCTV recording till the police investigation is completed and the dispute is settled.

Dec 26, 2022

Jitendra Agrawal New CEO of Surya Roshni's Lighting, Consumer Durables Business

Surya Roshni appointed Jitendra Agrawal as the CEO of the lighting and consumer durables business. He will be responsible for driving profitable growth in all areas of the lighting business and building of categories within the consumer durable space.
Agrawal joined Surya from Luminous Power Technology Pvt Ltd, (a 100% Subsidiary of Schneider Electric), where he was senior vice president and responsible for the company's home electrical business. Prior to that, he spent 19 years with Philips India Limited, where, in his last role, he was a senior director at Philips Lighting.
Agrawal brings with him a rich experience of 27 years in the field of business and people management, business strategy, multi-sales channels, product marketing, marketing communication, new business, R&D, quality, and sourcing. He is an electrical and electronics engineer from Mangalore University.

The 10th North East Festival Begins with Promise to Boost MSME Sector in Region

The 10^th edition of the North East Festival began at Jawaharlal Nehru Stadium, Delhi with focus on small and medium enterprises as well as the start-up ecosystem in the region.
The cultural event was inaugurated by Minister of Micro, Small and Medium Enterprises (MSME) Narayan Rane, who said that the festival will help create more job opportunities and boost the start-up ecosystem of the northeast.
The primary goal of this festival organised in Delhi was to showcase the best of northeast India's cultural resources and act as an enticing gateway for the exceptional talents of the region.

P. N. Vasudevan to Continue as Equitas Small Finance Bank MD, CEO

After announcing earlier this year (2022) that he would step down from his post, P.N. Vasudevan, founder of Equitas said that he decided to continue as Managing Director and Chief Executive Officer of Equitas Small Finance Bank.
The Board believes that continuity of management and his leadership would help the Bank sustain its growth in a stable, scalable and inclusive manner. Accordingly the present ongoing process of identifying a successor to him stands terminated.

Honda Cars India Ties up with Indian Bank to Provide Vehicle Loans

Honda Cars India (HCIL) tied up with Indian Bank to provide vehicle finance for its customers.
The partnership will offer easy loan disbursement, reasonable interest rates, special offers, flexible policies and simplified process.
The customers can avail financing benefits across over 5,700 branches of Indian Bank and HCIL dealer network across the country.

NSE Gets SEBI Nod to Set up Social Stock Exchange

The National Stock Exchange of India (NSE) received in-principle approval from market regulator Securities Exchange Board of India (SEBI), to set up a Social Stock Exchange (SSE) as a separate segment of the NSE.
First floated by Finance Minister Nirmala Sitharaman in her Budget speech for the financial year 2019-20, SSE is a novel concept in India and the framework for this was notified in July 2022 based on the recommendations of a working group and technical group constituted by SEBI.
It is meant to serve the private and non-profit sectors by availing more capital to them. The union government issued a gazette notification declaring a new security 'zero coupon zero principal'under the Securities Contracts (Regulation) Act, 1956.
An SSE allows the listing of non-profit or non-government organisations on stock exchanges, providing them with an alternative fund-raising structure.
Countries like the UK, Canada and Brazil have SSEs.

JSW Energy Gets Shareholders' Nod to Appoint Parth Jindal as Director

JSW Energy received the shareholders' approval to appoint Parth Jindal as a director on the company's board.
He is the son of the company's Chairman and Managing Director Sajjan Jindal.
The e-voting process for the resolution to appoint Parth Jindal as a director was started on November 23 and ended on December 22.
The resolution to appoint Parth Jindal was with requisite majority.
Presently, he is the Managing Director of JSW Cement Ltd, Managing Director of JSW Paints Pvt Ltd and founder of JSW Sports Pvt Ltd.

Dec 25, 2022

UP Govt. Approves Warehousing Logistics Policy 2022

The Uttar Pradesh Cabinet approved the 'UP Warehousing and Logistics Policy-2022', a move will help it become a USD 1-trillion economy.
The policy's approval comes ahead of the Global Investors' Summit scheduled to be held in Lucknow in February 2023.
The objective of this policy is to create a strong transport infrastructure network, upgrade and improve the existing warehousing and logistics infrastructure.

JK Cement Enters Paint Segment, Acquires 60% Stake in Acro Paints

JK Cement announced its foray into the paints business by acquiring 60 per cent stake in Rajasthan-based Acro Paints in a Rs. 153 crore deal.
Its wholly-owned subsidiary JK Paints and Coatings Ltd entered into a share purchase agreement with Acro Paints Ltd and its shareholders to acquire a 60 per cent controlling stake in the company.
The remaining 40 per cent shall be acquired over a period of 12 months as per the definitive agreement entered between the parties.
Acro Paints is a manufacturer of architectural and high-performance paints and coatings.
This acquisition is a step towards fast-tracking JK Cement's entry into the paints business, expanding its product offerings and potentially forays into new markets.

Flipkart Forays into Home Product Service Business

E-commerce firm Flipkart entered into the home product services domain by launching services like repairs, maintenance, and installation for all appliances on its app.
Leveraging network of its service arm Jeeves, the company had started pilot for home product services few months back. The services will now be available across 19,000 pin codes at the customers' doorstep, including the pick and drop services.
With this, Flipkart will be competing with unicorn Urban Company and startups like Mr Right, OnSiteGo etc.

Dec 24, 2022

Tata Communication to Acquire US-based Switch Enterprises

Tata Communications will acquire New York-based end-to-end live video production company The Switch Enterprises in an all-cash deal for Rs. 486 crore.
With both companies coming together, Tata Communications will support The Switch customers with global reach to over 190 countries and territories and The Switch will bring live production capabilities helping organisations to produce high quality immersive content faster and efficiently.
Tata Communications (Netherlands) B.V., a wholly-owned indirect subsidiary of Tata Communications Limited, will acquire 100 per cent equity stake of Switch Enterprises, LLC, USA and, as part of the transaction.
The company will acquire the assets of the subsidiaries of Switch Enterprises, LLC based out of Canada, the United States of America and the United Kingdom.

Aloke Singh to be Chief of Air India's Low Cost Carrier Business

The Air India management appointed Air India Express CEO Aloke Singh as the chief of Air India's low-cost airline business from January 1, 2023.
The Low Cost Carrier (LCC) business will consist of AirAsia India and Air India Express. In November 2022, Air India signed agreements to complete the acquisition of 100 per cent shareholding in AirAsia India (AAI) and to subsidiarise it under Air India.

SBI Funds Management Appoints Shamsher Singh as New MD, CEO of Company

SBI Funds Management Ltd appointed Shamsher Singh as Managing Director and Chief Executive Officer of the company.
Singh, who was Deputy Managing Director at State Bank of India (SBI), took over the charge from Vinay M. Tonse following his repatriation to the public sector lender.
Singh has more than 32 years of rich experience working with SBI in various verticals, including investment banking, treasury, corporate banking and branch banking. He had joined SBI as probationary officer in June 1990 and moved up the ranks to become deputy MD by successfully managing leadership roles across domains besides serving international stints in the US, Bahrain and UAE.

HPCL Forays into Petrochemical Business, Launches HP Durapol

Maharatna oil company Hindustan Petroleum Corporation made a foray into the petrochemical business through polymer marketing with the launch of polymer brand 'HP Durapol'.
The Secretary for Petroleum and Natural Gas, Pankaj Jain, launched the HPCL's first polymer brand in the presence of HPCL Chairman and Managing Director Push Kumar Joshi and senior officials from the ministry. They inaugurated the brand, logo, product brochure and package for the polymer products.
As per the Ministry of Petroleum and Natural Gas, HP Durapol would cover various grades of high-density polyethylene, linear low-density polyethylene and poly propylene.

Dec 23, 2022

Delhi Leads with Highest Crypto Adoption in India: CoinSwitch

CoinSwitch, a cryptocurrency trading platform in an annual investor report informed that New Delhi had the highest cryptocurrency adoption in India followed by Jaipur, measured in terms of value invested.
According to the report, India's Portfolio 2022, providing an insight into how the country responded to a year of rising inflation, market downturns, and landmark events such as the Ethereum Merge.
An insight from the report was that investing patterns followed by men and women were largely similar in India, though, at 8%, women represent a small albeit growing pie of India's crypto investors.

Worldline ePayments India Receives RBI Nod to Act as Payment Aggregator

Digital payments services platform Worldline ePayments India received in-principle approval from the Reserve Bank of India to act as a payment aggregator (PA).
The authorisation by the RBI was under the provisions of the Guidelines on Regulation of Payment dated March 17, 2020.
Worldline ePayments India, part of Worldline group, offers solutions for all sorts of payment needs offering in-store, online, and omnichannel payments to its customers.

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