General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Sep 28, 2024

Union Textiles Minister Giriraj Singh Unveils Commemorative Coin to Celebrate Platinum Jubilee of...

Union Minister of Textiles, Giriraj Singh unveiled the Commemoratory coin, celebrating the Platinum Jubilee of the Central Silk Board (CSB) at Mysuru. The Central Silk Board proudly marked 75 years of dedicated service to advancing India's silk industry.
The Central Silk Board was set up based on the recommendations of the Silk Panel by the Imperial Govt. on March 8, 1945 to examine the development of silk industry; the Government of Independent India enacted the CSB Act 1948 on September 20, 1948. Accordingly, the Central Silk Board (CSB) a statutory body was set up under an Act of Parliament (LXI) of 1948 to shape the Sericulture Industry on April 9, 1949.
The Central Silk Board (CSB) is the sole organisation for comprehensive sericulture Research &Development (R&D) and coordinates development programs across 26 States/UTs. The mandated activities of CSB are Research and Development, maintenance of four tier silkworm seed production network, leadership role in commercial silkworm seed production, standardizing and instilling quality parameters in the various production processes, and advising the Government on all matters concerning sericulture and silk industry. These mandated activities of the Central Silk Board are being carried out by the 159 units of CSB located in different States.

CAG of India Assumes Chairmanship of ASOSAI for 2024-2027

The Comptroller and Auditor General (CAG) of India, Girish Chandra Murmu, officially took over the chairmanship of the Asian Organisation of Supreme Audit Institutions (ASOSAI) for the term 2024-2027. This significant transition was highlighted during the 16th Assembly of ASOSAI, which has expanded its membership to include 48 Supreme Audit Institutions (SAIs) across Asia.
CAG Murmu announced that the institution is in the process of developing its own Artificial Intelligence (AI) protocol to expedite the writing of audit reports. He emphasised that the current data collection involves field auditors, who will subsequently clean and classify the data according to specific requirements. The aim is to minimise algorithm biases during data analysis, ensuring more accurate and efficient auditing processes.
The 16th ASOSAI Assembly approved various strategic and financial reports, including a mid-term review of ASOSAI's Strategic Plan for 2022-2027 and the outcomes of the Bangkok Declaration from 2021. Discussions also focused on enhancing collaborations among member SAIs, particularly through capacity-building initiatives and the development of IT audit frameworks. Bilateral dialogues between SAI India and SAI Malaysia, as well as cooperation with the International Organisation of Supreme Audit Institutions (IDI), were also conducted.

Sep 27, 2024

UPI Now Mandatory for Bids Up to Rs. 5 Lakh in Public Debt Issues

The Securities and Exchange Board of India (SEBI) implemented new guidelines requiring retail investors to use the Unified Payments Interface (UPI) to block funds when applying for public issues of debt securities amounting up to Rs. 5 lakh.
This regulation aims to streamline the application process for individual investors engaging with public debt issues, including non-convertible redeemable preference shares, municipal debt securities, and securitised debt instruments. The new rule will take effect on November 1, 2024, and is part of SEBI's effort to enhance efficiency and align the process with equity share applications.

Axis Bank and Mastercard Launch MyBiz Credit Card for Small Business Owners

Axis Bank, a leading private sector bank in India partnered with Mastercard, a global payments technology firm, and launched the MyBiz credit card, specifically designed for sole proprietors and small business owners. This premium World Mastercard® offers a comprehensive suite of business and travel benefits tailored to meet the diverse needs of small and medium-sized enterprises (SMEs).
The MyBiz card provides numerous premium features, including airport lounge access, comprehensive travel insurance, and various business-related services aimed at enhancing productivity, marketing, online readiness, security, and compliance through Mastercard Easy Savings Specials. Cardholders can also take advantage of exclusive experiences curated for Indian customers via priceless.com, which encompasses opportunities in culinary arts, wellness, sports, and more.

Sep 26, 2024

Tata Steel Commissions India's Largest Blast Furnace in Kalinganagar

Tata Steel successfully commissioned India's largest blast furnace at its Kalinganagar facility in Odisha, marking a significant milestone for the steel sector. With a total investment of Rs. 27,000 crore, this Phase II expansion will increase the plant's capacity from 3 million tonnes per annum (MTPA) to 8 MTPA. The new facility is designed to meet the growing demands of various industries, including automotive, infrastructure, shipbuilding, defence, and oil and gas. Over the last decade, Odisha has become the largest investment destination for Tata Steel, with a cumulative investment exceeding Rs. 100,000 crore.

Bank of Baroda and EaseMyTrip Launch Co-Branded Travel Debit Card

Bank of Baroda, in collaboration with EaseMyTrip.com, has introduced the Bank of Baroda EaseMyTrip Co-branded Travel Debit Card, aiming to cater to frequent travelers and those with a penchant for entertainment and lifestyle. This initiative marks the first co-branded travel debit card launched by a public sector bank in India, reflecting the growing trend towards customised financial products.
The new debit card offers a plethora of attractive features, including significant discounts on travel and hotel bookings, complimentary annual memberships to OTT streaming platforms, and vouchers for popular e-commerce sites. These benefits ensure substantial savings for users, setting a high standard in customer satisfaction. Notably, there is no minimum order value required for travel bookings, enabling cardholders to enjoy perks year-round without having to wait for specific discount days.

Rahul Dravid, Zaheer Khan, Karan Johar Invest in Swiggy

Celebrities from entertainment, sports, and business are backing food and grocery delivery platform Swiggy in the unlisted market as it approaches its IPO, despite facing stiff competition from rivals such as Zomato and Zepto.
Cricketers Rahul Dravid and Zaheer Khan, tennis player Rohan Bopanna, filmmaker Karan Johar, and actor-entrepreneur Ashish Chowdhry have invested in Swiggy.
Earlier, Swiggy attracted investments from Bollywood actors and entrepreneurs, including Madhuri Dixit Nene, Amitabh Bachchan, and Ritesh Malik, the founder of Innov8, during its pre-IPO funding rounds via the secondary market.

Sep 25, 2024

FCRA Licence of International Cooperative Alliance Cancelled

The Foreign Contribution Regulation Act (FCRA) licence of the International Cooperative Alliance (ICA) was cancelled by the Union Home Ministry for alleged rule violations. The ICA, established in 1895, is an apex body representing cooperatives worldwide and has over 1 billion members.
The MHA placed 10 foreign donors from Australia, America, and Europe on its watchlist, resulting in the Reserve Bank of India instructing banks not to clear funds without MHA permission. These donors work in fields like climate change, environment, and child rights.

Sep 24, 2024

KVS Manian Assumes Office as Federal Bank CEO

KVS Manian has officially taken charge as the Managing Director and CEO of Federal Bank, effective September 23, 2024. He succeeds Shyam Srinivasan, who retired after successfully leading the bank since 2010. Manian joins Federal Bank following a distinguished career at Kotak Mahindra Bank, where he worked for over 25 years and played a key role in its transformation from a non-banking financial company to one of India's leading private sector banks.
An electrical engineer from IIT (BHU) Varanasi, he also holds a postgraduate degree in Financial Management from Jamnalal Bajaj Institute of Management Studies and is a qualified Cost and Works Accountant.

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