General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Nov 09, 2024

Govt Eases Norms for Customs Cargo Service Providers to Boost Global Trade

The Central Board of Indirect Taxes and Customs (CBIC) introduced key relaxations for Customs Cargo Service Providers to promote ease of doing business and cut logistics costs in order to facilitate global trade.
The key relaxations include a reduction in the number of days for insurance of stored goods. Customs Cargo Service Providers (CCSPs) were required to insure goods stored in Customs areas for a period of 10 days in terms of Handling of Cargo in Customs Areas Regulations, 2009.
It has now been decided to reduce it to 5 days as a trade facilitation measure. This will enhance the cash flow for the entities by reducing the cost.
The new notification issued also withdrew the Licence Renewal Process. In a move to acknowledge well-established and compliant business entities, CCSPs who meet international operational standards (AEO) will no longer be required to undergo the renewal process of their licenses for handling goods under the Handling of Cargo in Customs Areas Regulations, 2009.

Nov 08, 2024

SBI Unveils Innovation Hub at Singapore Fintech Festival

State Bank of India (SBI), in partnership with APIX—a global collaborative platform for financial institutions and FinTechs launched the 'SBI Innovation Hub' at the Singapore Fintech Festival from November 6-8, 2024. The hub provided a dedicated space for global FinTechs, start-ups, and innovators to create next-generation financial solutions that meet the digital needs of SBI's diverse customer base. This initiative underlined SBI's commitment to driving financial innovation, accelerating digital transformation, and promoting financial inclusion.

Deutsche Bank Infuses Rs. 5,113 Crore to Boost India Operations

Deutsche Bank injected Rs. 5,113 crore into its Indian operations, marking its largest capital infusion into the country in recent years. This move, aimed at funding growth and expanding services across corporate, investment, and private banking, demonstrates the bank's long-term commitment to India. With this fresh capital, Deutsche Bank's regulatory capital for its India branches increased by 33% to nearly Rs. 30,000 crore, tripling in the last decade. The bank plans to leverage India's strategic position in global trends like digital transformation and infrastructure development to drive future growth.
The bank is focusing on sectors like digital transformation, sustainable finance, and infrastructure development as part of its growth strategy in India. As India is considered one of the most important markets for Deutsche Bank globally, its expanded capital will help enhance services and support India's economic growth trajectory.

Nov 07, 2024

Xiaomi India Head Muralikrishnan. B Resigns

Chinese smart devices firm Xiaomi's India head Muralikrishnan. B resigned from the company to pursue his interest in academic research.
He will continue to support Xiaomi India as an independent Strategic Advisor.
As per Xiaomi, Muralikrishnan played a pivotal role in enhancing Xiaomi India's brand presence, leading strategic direction across teams, and steering critical public affairs efforts.

SC Orders Liquidation of Jet Airways

The Supreme Court of India ordered the liquidation of Jet Airways, invoking its extraordinary powers under Article 142 of the Constitution, following the failure of the airline's resolution plan to be implemented over a span of five years.
The Court set aside the NCLAT Order which allowed the cash-strapped Jet Airways' ownership transfer to the Successful Resolution Applicant (SRA) without complete payment in accordance with the resolution plan.
The Court directed the NCLT Mumbai Bench to appoint a liquidator forthwith.

IFC Invests $400 Million in Bajaj Finance for Climate and Women Empowerment

The International Finance Corporation (IFC) announced a strategic partnership with Bajaj Finance Ltd. (BFL), committing $400 million as part of a $1 billion fundraising initiative to enhance access to climate finance in India. This investment is aimed at expanding financing for electric vehicles (EVs), energy-efficient consumer goods (EECG), and women-owned micro-enterprises, aligning with India's climate goals and promoting financial inclusion.

SBI Appoints Debasish Mishra as Chief General Manager of its New Delhi Circle

State Bank of India (SBI) appointed Debasish Mishra as the Chief General Manager of its New Delhi Circle.
Mishra has experience across Credit, Operations, Forex, IT, HR, and MSME sectors, both in India and overseas.
A Certified Financial Planner and Chevening Gurukul Scholar, Mishra's appointment came at a time when SBI's New Delhi Circle, comprising over 1,700 branches, aims to reinforce its market position in alignment with the nation's growth.

Nov 06, 2024

IREL and Kazakhstan's UKTMP Collaborate for Titanium Slag JV in Odisha

In a significant Indo-Kazakh collaboration, IREL (India) Limited, a CPSU under the Department of Atomic Energy (DAE), and Kazakhstan's Ust-Kamenogorsk Titanium and Magnesium Plant JSC (UKTMP JSC) inked a joint venture agreement to establish IREUK Titanium Limited, aimed at producing titanium slag in Odisha, India.
The agreement formalised by Dr. Deependra Singh, CMD of IREL, and Ms. Assem Mamutova, President of UKTMP, witnessed by Dr. A.K. Mohanty, Secretary of DAE, alongside senior officials from both nations. This venture aims to strengthen India's titanium supply chain, create jobs in Odisha, and bolster foreign exchange reserves.

FSIB Recommends Rahul Bhave as New MD & CEO of IFCI

In a significant development for the financial sector, the Financial Services Institutions Bureau (FSIB) recommended Rahul Bhave, currently the Deputy Managing Director of IFCI Ltd, for the position of Managing Director (MD) and Chief Executive Officer (CEO). This recommendation came after FSIB evaluated four candidates, taking into account their performance, overall experience, and established criteria.
Alongside Bhave, FSIB also put forth Palash Srivastava, the CEO of IIFCL Projects Limited, for the role of Deputy Managing Director at IIFCL. The final appointment decisions will rest with the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi.

Punjab & Sind Bank Launches e-Bank Guarantee Facility with NeSL

Punjab & Sind Bank (PSB) launched of its e-Bank Guarantee (e-BG) facility in collaboration with National e-Governance Services Ltd (NeSL). This innovative service modernises the traditional bank guarantee process, transitioning from paper-based issuance requiring physical stamping and signatures to a fully digital format utilising e-stamping and e-signatures.
The initiative aims to enhance efficiency, reduce time spent on verification, and improve transparency for beneficiaries.

BEML Recognised with 'Self-Certification' Honour

BEML Limited was awarded the prestigious "Self-Certification" status for its defense equipment by the Department of Defence Production (DDP) of the Government of India. The certification was presented by R. A. Govardhana, ADGQA (V&EE), HQ DQAV, to Shantanu Roy, the Chairman and Managing Director of BEML Ltd., during a special event held at the company's headquarters.
Shantanu Roy expressed pride in receiving the certification, reinforcing BEML's commitment to quality and the vision of Aatmanirbhar Bharat (self-reliant India).

Nov 05, 2024

NSE Launches Multilingual Mobile App and Website

The National Stock Exchange of India (NSE) to mark its 30th anniversary, launched its official mobile app, NSEIndia, and expanded its corporate website to support a total of 12 languages. This initiative aims to create a more inclusive financial ecosystem for millions of investors across India, allowing them to access market information in their preferred regional languages.
The launch of the NSE mobile app and the updated website aligns with NSE's commitment to enhancing investor accessibility.
The NSE website now supports eight additional Indian languages: Assamese, Bengali, Kannada, Malayalam, Oriya, Punjabi, Tamil, and Telugu, in addition to English, Hindi, Marathi, and Gujarati. This multilingual approach is designed to help investors from diverse regions better understand market information, fostering greater participation in financial markets.
The newly launched NSE mobile app offers a user-friendly, secure platform for investors to stay updated on market trends.

Itaru Otani New Chairman of India Yamaha Motor

India Yamaha Motor appointed Itaru Otani as its new Chairman, a significant move aimed at enhancing the company's presence in India's dynamic two-wheeler market. With over 30 years of experience at Yamaha Motor Company, Otani brings a wealth of expertise from leadership positions in diverse global markets, including Australia, Brazil, and Japan. His appointment signals a strategic shift to align Yamaha's offerings with the evolving preferences of Indian consumers, focusing on innovative and stylish products that cater to local demands.
Prior to his new role, Otani served as the Chief General Manager of the Land Mobility Business Operations in Japan, where he led crucial initiatives that shaped Yamaha's global strategy in the motorcycle segment.

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