General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Oct 16, 2024

Navi Achieves 5th Spot in UPI Rankings for Second Time

Navi, a fintech company co-founded by Sachin Bansal, made significant strides in the Unified Payments Interface (UPI) landscape, emerging as India's fifth-largest ecosystem player. In September, the company achieved remarkable transaction volumes, processing 120.41 million transactions valued at Rs. 6,549.1 crore.
This growth underscores Navi's expanding presence in the highly competitive UPI market, which is dominated by major players like PhonePe, Google Pay, and Paytm.
PhonePe maintained its position as the leading player with 7.22 billion transactions valued at Rs. 10.3 trillion.
Google Pay followed as the second-largest player, processing 5.62 billion transactions amounting to Rs. 7.46 trillion.

Amit Kumar Appointed Next CMD of AI Assets Holding Limited

Amit Kumar was selected by the Public Enterprise Selection Board (PESB) for the role of Chairman & Managing Director (CMD) of AI Assets Holding Limited (AIAHL), a Schedule 'B' Public Sector Undertaking (PSU). Currently serving as the Executive Director and Asset Manager at ONGC, Kumar was chosen from seven candidates. His appointment awaits necessary clearances and approval from the Appointments Committee of the Cabinet (ACC). This selection highlights ongoing efforts to fill key leadership positions within PSUs, as evidenced by the PESB's recent advertisements for several critical vacancies across various organizations.
AI Assets Holding Limited is a Special Purpose Vehicle (SPV) established by the Government of India to provide unified asset holding services, as outlined in its Memorandum of Association. Kumar's leadership is expected to guide AIAHL towards achieving these objectives effectively.

Firecracker Insurance: PhonePe Launches New Plan for Diwali

PhonePe introduced a new insurance plan offering protection against firecracker-related accidents during the Diwali season. Priced at Rs. 9, the plan provides coverage of up to Rs. 25,000 for a 10-day period, safeguarding users from expenses related to hospitalisation and accidental death due to firecracker accidents.
This short-term insurance covers the policyholder and up to four family members, including their spouse and two children. The plan is available for purchase through the PhonePe app and offers immediate coverage starting October 25, 2024. If purchased after this date, the policy will begin from the purchase date.

Bank of Baroda Introduces Special 'bob Utsav Deposit Scheme' for the Festive Season

Bank of Baroda (BoB) introduced a new 400-day term deposit scheme known as the 'bob Utsav Deposit Scheme', aimed at offering higher interest rates to various categories of depositors during the festive season. This scheme not only provides competitive interest rates for general depositors but also caters specifically to senior and super senior citizens, making it a beneficial investment option for a wide range of customers.
Launched as a limited-period offer, the 'bob Utsav Deposit Scheme' is designed to capitalise on the current interest rate cycle, offering competitive rates for a specific 400-day term. The scheme is applicable to fixed deposits below Rs. 3 crore and presents a lucrative opportunity for both individual depositors and those looking for systematic savings options.

Oct 15, 2024

Manoj Kumar Dubey as New CMD and CEO of IRFC

Manoj Kumar Dubey, a 1993-batch Indian Railway Accounts Service officer, was appointed as the Chairman and Managing Director (CMD) and Chief Executive Officer (CEO) of the Indian Railway Finance Corporation (IRFC). IRFC is a miniratna public sector enterprise under the Ministry of Railways.
Manoj Kumar Dubey previously served as Director (Finance) and Chief Financial Officer at the Container Corporation of India (CONCOR).
He has a strong track record in financial management and strategic operations.
Established in 1986, IRFC mobilises funds from domestic and international markets to meet the Extra Budgetary Resources (EBR) needs of Indian Railways.

L. Satya Srinivas New CEO of GeM Portal

The Indian government appointed L. Satya Srinivas, currently serving as Additional Secretary in the Department of Commerce, as the additional CEO of the Government e Marketplace (GeM). This decision follows the appointment of the previous CEO, P. K. Singh, as secretary of the renewable energy ministry. Srinivas, an officer from the 1991 batch of the Indian Revenue Service (Customs & Indirect Taxes), will oversee online procurement processes for all central government ministries and departments. The GeM portal, launched on August 9, 2016, aims to streamline and enhance the public procurement process.
Since its inception, the GeM portal has revolutionized government procurement, providing a digital platform for the purchase of goods and services, promoting transparency and efficiency in the procurement process for various government entities.

Oct 14, 2024

Noel Tata New Chairman of Tata Trusts

Ratan Tata's successor as Tata Trusts chairman was announced less than 48 hours after the patriarch passed away at the age of 86. Putting an end to all speculation around succession, Noel Naval Tata, half brother of Ratan Tata, was named chairman of Tata Trusts and all trusts covered under it.
The unanimous decision, which came into immediate effect, was made at an hour-long meeting of the trustees of Tata Trusts. There was no discussion on any other contender for the top post at Tata Trusts, which has a 66 per cent stake in Tata Sons, the parent company of the $165-billion salt-to-software conglomerate.

Adani Energy Signs Pact to Operate Electricity Transmission Lines in Kenya

Indian billionaire Gautam Adani-led conglomerate signed a pact to build and operate key electricity transmission lines in Kenya for 30 years.
Adani Energy Solutions Ltd signed a project agreement with the Kenya Electricity Transmission Company Ltd (Ketraco).
This agreement marks the beginning of a transformative initiative to develop, finance, construct, operate, and maintain key transmission lines and substations across Kenya.

HAL Becomes 14th Maharatna Company

Hindustan Aeronautics Limited (HAL) was upgraded to the status of Maharatna, making it the 14th Central Public Sector Enterprise (CPSE) to receive this prestigious classification from the Government of India. This announcement enhances HAL's operational autonomy and financial capabilities, allowing it to invest up to 15% of its net worth in projects and up to Rs. 5,000 crore in foreign ventures without government approval.

Oct 11, 2024

RBI Gives Nod to Appoint Partha Pratim Sengupta as MD & CEO of Bandhan Bank

Private sector lender Bandhan Bank received approval from the Reserve Bank of India (RBI) for the appointment of Partha Pratim Sengupta as Managing Director and Chief Executive Officer (MD & CEO) for a three-year term, w.e.f. November 10, 2024.
Partha Pratim Sengupta has nearly 40 years of banking experience, with leadership roles at State Bank of India (SBI), and Indian Overseas Bank. He has worked in areas focusing on retail, corporate banking, and technology driven growth.

Suzlon Gets Jindal Renewables Wind Plant Deal for Green Steel Production

Suzlon won a 400 megawatt (Mw) order from JSP Green Wind 1, a special-purpose vehicle of Jindal Renewables, to decarbonise steel production. The project is the largest commercial and industrial wind energy order in India.
Suzlon will install 127 wind turbine generators (WTGs) with a rated capacity of 3.15 Mw each, utilising Hybrid Lattice Tubular (HLT) towers in Koppal region in Karnataka.
The power generated will be used for captive consumption at steel plants in Chhattisgarh and Odisha, boosting operational sustainability and contributing to India's broader renewable energy goals. The order raises Suzlon's total order book to nearly 5.4 gigawatt (Gw).

Oct 10, 2024

Manish Tiwary New Managing Director of Nestlé India Limited

Manish Tiwary, former head of Amazon India, was appointed as the Managing Director of Nestlé India Limited. His tenure will begin on August 1, 2025, following the retirement of the company's current Chairman and Managing Director, Suresh Narayanan, who will step down on July 31, 2025. This leadership change marks an important phase for Nestlé India as it moves forward under the guidance of a seasoned business leader with nearly three decades of experience in the consumer goods and e-commerce sectors.
Manish Tiwary's appointment as the Managing Director of Nestlé India is being viewed as a move towards driving digital transformation and supply chain modernization in the FMCG sector. Tiwary brings with him a wealth of experience, having spent the majority of his career leading large-scale operations, both in the consumer goods and e-commerce industries.

Tata Electronics Appoints Bobby Mitra as CIO & prez of AI, Digital Wing

Tata Electronics appointed Bobby Mitra as Chief Information Officer (CIO) and President of AI and Digital Transformation.
In this role, Mitra will drive enterprise-wide initiatives in AI and digital transformation for electronic manufacturing services, semiconductor assembly and test, semiconductor foundry, and design services businesses.
Mitra and his team will be instrumental in advancing Tata Electronics' commitment to AI-led manufacturing excellence, particularly in establishing India's first semiconductor Fab in Dholera, Gujarat and the first indigenous semiconductor assembly and test facility in Jagiroad, Assam.

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