General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Aug 13, 2024

Government Restores Diamond Imprest Licence for Gems and Jewellery Sector

Commerce and Industry Minister Piyush Goyal announced the restoration of the Diamond Imprest Licence, a move aimed at revitalising India's gems and jewellery sector. The decision was made during the India International Jewellery Show (IIJS) 2024, organised by the Gem and Jewellery Export Promotion Council (GJEPC). This policy shift is expected to address issues related to diamond imports and enhance India's export competitiveness.
The licence allows eligible exporters to import cut and polished diamonds, including semi-processed, half-cut, and broken diamonds, duty-free up to 5% of their average turnover from the past three years. Exporters are required to add 10% value to these imports, which must be used by the importer and cannot be transferred even after export.

Raj Kumar Chaudhary Takes Helm as Chairman & Managing Director of NHPC Ltd

In a significant development for India's hydroelectric power sector, NHPC Limited announced the appointment of Raj Kumar Chaudhary as its new Chairman & Managing Director. This appointment marks a crucial milestone for the company, bringing on board a leader with extensive experience and a proven track record in hydroelectric power development.
Chaudhary's journey with NHPC began in 1989 when he joined the company as a Probationary Executive (Civil) at the Koel Karo Hydro-Electric Project in Jharkhand. Over the span of more than three decades, he has steadily climbed the corporate ladder, showcasing his expertise and leadership skills across various departments and projects.

RBI Sets Up 10-Member Expert Committee on Benchmarking of Its Statistics

The RBI announced setting up a committee under Deputy Governor Michael Debabrata Patra on benchmarking the statistics regularly disseminated by it against global standards. The 10-member 'Expert Committee on Benchmarking of its Statistics' has been asked to submit report by the end of November 2024.
The panel, chaired by Patra, will also study the quality of other regular data, where such benchmarks do not exist (like sectors of national priority) and provide guidance on the scope for any further data refinement. The other members of the committee are R. B. Barman (former chairman, National Statistical Commission), Sonalde Desai (National Council of Applied Economic Research, New Delhi and University of Maryland, USA), Partha Ray (Director, National Institute of Bank Management, Pune), and Bimal Roy (former chairman, National Statistical Commission; and former director, Indian Statistical Institute, Kolkata).

Maruti Suzuki Commences Export of Made in India SUV Fronx to Japan

Maruti Suzuki India commenced export of its sports utility vehicle Fronx to Japan.
The first consignment of over 1,600 vehicles left for Japan from Gujarat's Pipavav Port, the country's largest carmaker said. Fronx will be the first SUV from Maruti Suzuki stable launched in Japan.

Aug 12, 2024

Ministry of Textiles Empowers Ginners to Produce Kasturi Cotton Bharat Brand

The ministry of textiles empowered cotton ginners across the country to produce Kasturi Cotton Bharat brand, based on the QR code certification technology, as per stipulated protocol.
About 343 modernised ginning and pressing units have so far been registered across the country for participating in the Kasturi Cotton initiative and about 100 bales of Andhra Pradesh cotton have been certified under Kasturi Cotton Bharat brand, minister of state for textiles Pabitra Margherita informed the Lok Sabha in a written reply.
Kasturi Cotton Bharat programmed ensures quality and traceability of cotton, allowing certification and branding of Indian cotton.
Kasturi Bharat initiative, is a collaborative effort among the central government, trade bodies and industry, which was formalised through the signing of a memorandum of understanding (MoU) between Cotton Corporation of India and the Cotton Textiles Export Promotion Council on15 December 2022.

Aug 11, 2024

SEBI Approves Praveena Rai as New MD & CEO of MCX

The Securities and Exchange Board of India (SEBI) approved Praveena Rai's appointment as the Managing Director and CEO of the Multi Commodity Exchange (MCX), India's largest commodity exchange. This decision came after a three-month vacancy in the position.
Praveena Rai, previously the Chief Operating Officer (COO) of the National Payments Corporation of India (NPCI), brings over 20 years of extensive experience in payments and banking to her new role at MCX. Her expertise spans transaction banking, retail banking, cards, and commercial banking. She has held significant positions at Kotak Mahindra Bank, HSBC, and Citi.

Pine Labs-owned Setu Launches UPISetu in Partnership with Axis Bank

Setu, a Pine Labs-owned API infrastructure provider, launched UPISetu in collaboration with Axis Bank. This new platform focuses on Unified Payments Interface (UPI) solutions, catering to businesses and developers with a variety of UPI products and advanced functionalities.
The launch aligns with the growing UPI adoption in India, where the interface has recently surpassed 500 million transactions daily. UPISetu aims to leverage UPI's expanding role in digital payments, enhancing transaction success rates and providing a unified platform for businesses.
B. Amrish Rau, CEO of Pine Labs, emphasized the platform's potential to drive UPI's evolution and address the growing demand for integrated payment solutions.

Wipro Hydraulics Acquires Columbus Hydraulics

Wipro Hydraulics, the hydraulic cylinder and components manufacturing business of Wipro Infrastructure Engineering announced the acquisition with a US-based hydraulic cylinder manufacturer Columbus Hydraulics. The signing and closing of the acquisition were completed on the same day.
This acquisition looks to strengthen position in manufacturing capabilities in North America.
This is the second acquisition by the company in North America. The first was an agreement to acquire Mailhot Industries, a Canadian company. This acquisition paves the way for exciting new opportunities by combining the expertise and resources from Columbus, Mailhot, and JARP.

Aug 10, 2024

Genpact Appoints Sanjeev Vohra as Chief Technology and Innovation Officer

In a bid to increase the focus on delivery of artificial intelligence (AI) solutions, Genpact announced the appointment of Sanjeev Vohra as its first Chief Technology and Innovation Officer (CTIO) with immediate effect.
Vohra, who brings more than 30 years of technology, consulting and industry expertise with him, will report to Balkrishan Kalra, president and CEO, Genpact.
Before Genpact, Vohra served as the global lead of Accenture applied intelligence where he led the company's data and AI business and advised c-suite executives across industries on the strategic application of data, advanced analytics and AI.

RBI Keeps Repo Rate Unchanged at 6.5%

The Reserve Bank of India (RBI) kept the benchmark interest rate and stance unchanged at 6.5 per cent for the ninth straight policy meeting.
Four out of the six Monetary Policy Committee (MPC) members voted in favour of the rate decision. With repo rates unchanged, all external benchmark lending rates (EBLR) that are linked to the repo rate will not increase, giving relief to borrowers as their equated monthly instalments (EMIs) will not increase.

DBS Appoints Tan Su Shan as First Female CEO

Indian-origin top Singapore banker Piyush Gupta is set to step down as the Chief Executive Officer of the DBS Group in March 2025. He will be succeeded by Tan Su Shan, who was appointed Deputy CEO, in addition to being Group Head, Institutional Banking, at DBS.
Tan is Singaporean and an Oxford University graduate. She has 35 years of experience in consumer banking, wealth management and institutional banking. Tan began her career at ING Baring Securities in institutional equity and derivative sales. She joined Morgan Stanley (MS.N), opens new tab in 1997 as an Executive Director before becoming Citigroup's (C.N), opens new tab regional head for Brunei, Malaysia and Singapore in 2005. She then returned to Morgan Stanley in 2008 as head of private wealth management for Southeast Asia. Tan joined DBS in 2010, where she spent the first three years building the bank's wealth management business.

Aug 09, 2024

Top 10 Richest Global Central Banks in 2024

The total wealth of central banks reflects the economic outlook of their respective countries, which is mainly assessed through the central bank's assets, with the balance sheet acting as a crucial indicator of the nation's economic health.
India's Reserve Bank of India ranked 12th around the world. The Reserve Bank of India (RBI) balance sheet grew by 11.08% year on year to Rs. 70.47 trillion as of March 31, 2024, owing to its liquidity and foreign currency (forex) activities, according to date released by Sovereign Wealth Fund Institute (SWFI).
The top 10 wealthiest central banks in the world by total assets are: Federal Reserve System, USA, People's Bank of China, Bank of Japan, Deutsche Bundesbank, Germany, Bank of France, Norges Bank, Norway, Bank of Italy, Bank of England, Bank of Spain and Swiss National Bank.

RBI Shortens Frequency of Credit Reporting to Fortnightly

The Reserve Bank of India (RBI) announced a significant change in the reporting frequency for credit information from monthly to every 15 days. This update, effective immediately, aims to enhance the accuracy and timeliness of credit data available to lenders and borrowers alike.
With the new fortnightly reporting schedule, any changes in a borrower's credit status, such as loan repayments, will be reflected more promptly in their credit report. This allows borrowers to see the positive effects of their financial actions, like debt repayment, more quickly.

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