General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Jul 24, 2024

K. V. Subramanian Appointed as Federal Bank MD & CEO

The Reserve Bank of India (RBI) approved the appointment of Krishnan Venkat Subramanian as Managing Director & Chief Executive Officer of Federal Bank. Subramanian's three-year term will commence from September 23, 2024, immediately following the conclusion of the current MD & CEO, Shyam Srinivasan's tenure on September 22, 2024.
Subramanian has previously served as the Joint Managing Director of Kotak Mahindra Bank Limited until April 30, 2024, having led various critical divisions including Corporate Banking, Commercial Banking, Private Banking, and Asset Reconstruction.

Govt. of India Upgrades IRCTC to 'Schedule A' CPSE

The Indian Railway Catering and Tourism Corporation (IRCTC), a Mini-Ratna PSU under the Ministry of Railways, achieved a notable milestone by advancing to the Schedule 'A' category of Public Sector Undertakings (PSUs). This upgrade from 'Schedule B' was announced by the Ministry of Railways in an office memorandum.
Sanjay Kumar Jain, chairman and MD of IRCTC, praised the promotion as a significant recognition of the corporation's strong performance. This achievement underscores IRCTC's effectiveness in management and operations within the hospitality, travel, and tourism sectors.

India Stuns China in Bangladesh, Wins Rights to Operate Terminal of Mongla Port

In a major strategic victory over China, India secured operational rights of a terminal of Bangladesh's Mongla Port in the Indian Ocean. The operational rights will give a major boost to India's maritime race to gain quasi-control of foreign ports, especially in its neighbourhood where China has sought to expand its influence.
As per media reports, the terminal at the Mongla port will be managed by Indian Port Global Limited (IPGL).

Union Budget 2024-25

The Budget 2024-25 outlined a total expenditure of Rs. 48.21 lakh crore and receipts (excluding borrowings) of Rs. 32.07 lakh crore, with net tax receipts estimated at Rs. 25.83 lakh crore. The fiscal deficit is projected at 4.9% of GDP. Key initiatives under the "Viksit Bharat" theme include developing twelve industrial parks, providing internships for 1 crore youth in top companies, promoting rental housing with dormitory-type accommodations for industrial workers, and setting up Bharat Small Reactors for energy security. These efforts aim to boost economic opportunities, support youth employment, enhance housing, and secure clean energy sources.
The budget theme is 'Roadmap for the pursuit of 'Viksit Bharat'.
Focus on four major groups: Mahilayen (Women), Garib (Poor), Yuva (Youth) and Annadata (Farmer).

Jul 23, 2024

Airbus and Tata to Debut India's First H125 Helicopter by 2026

Airbus and Tata joined forces to manufacture India's first H125 helicopter, which is set to roll out by 2026. This partnership aligns with India's Atmanirbhar Bharat initiative and reflects Airbus's commitment to investing in the Indian aerospace market despite regulatory challenges.
India is projected to become a significant market for helicopters, with Airbus estimating a demand of up to 500 H-125 units in India and neighbouring countries. The company views India as a future leader in the commercial helicopter sector, comparable to the United States in market importance.

Bank of Baroda Celebrates 117th Foundation Day

Bank of Baroda (Bank), one of India's leading public sector banks, celebrated its 117th Foundation Day. The theme for the Bank's 117th year is "Trusted Today, Transforming Tomorrow", outlining the Bank's vision to be a world-class financial services institution, built on the foundation of the trust of its customers for well over a century.
On the occasion, the Bank launched a range of digital and technology-led initiatives aimed at further enhancing the payments and banking experience for customers.

Jul 22, 2024

OVL Hikes Stake in Azerbaijani Oilfield with $60 Million Investment

ONGC Videsh Limited (OVL), a subsidiary of ONGC, acquired Norwegian firm Equinor's stake in Azerbaijan's offshore Azeri Chirag Gunashli (ACG) oil field and an associated oil pipeline for $60 million. This increases OVL's stake in the oil field to 2.95% and in the Baku-Tbilisi-Ceyhan (BTC) pipeline to 3.097%.
State Oil Company of Azerbaijan Republic (SOCAR) holds 25%, BP operates the field with a 30.37% stake, and other shareholders include Japanese firms and ExxonMobil.
ONGC Videsh Limited (OVL) established in 1965 is a wholly-owned subsidiary of ONGC to explore and develop petroleum and gas fields outside India.
OVL is the second-largest petroleum company in India by reserves and production, with stakes in 32 oil and gas projects across 15 countries.

Sanjeev Krishan Re-elected for Second Term as PwC India Chairperson

PwC India announced that Sanjeev Krishan was re-elected for a second term as Chairperson of PwC in India, for a four-year period beginning on April 1, 2025.
As Chairperson, Krishan will continue to lead PwC in India, representing them externally and internally. He will also continue to serve on the PwC Global Strategy Council.
Krishan, whose first term as Chairperson started on January 1, 2021, joined PwC in 1991 as an articled trainee.

CBDT Awards Taxnet 2.0 Project to Bharti Airtel

The Central Board of Direct Taxes (CBDT) awarded the Taxnet 2.0 project to Bharti Airtel Ltd. This project aims to provide advanced network connectivity, facility management services, and video conferencing services to the Income Tax Department (ITD). Bharti Airtel was chosen through an open tender process for this critical project, which marks a significant advancement over the current Taxnet 1.0 project. The new system aims to enhance the digital infrastructure of the ITD by providing secure, reliable, and seamless connectivity services.

Jul 20, 2024

ESAF SFB Gets RBI Nod for Re-appointment of K. Paul Thomas as MD & CEO

ESAF Small Finance Bank received the Reserve Bank of India's (RBI's) nod for re-appointment of K. Paul Thomas as its Managing Director & CEO for another three years. This approval was communicated via the RBI's letter, granted under the Banking Regulation Act, 1949.
Additionally, Paul Thomas is the Chairman of the Board of Sa-Dhan, the association of microfinance and impact finance institutions.

Jul 19, 2024

WazirX Experiences Significant Financial Losses Due to Security Vulnerability

WazirX, India's largest cryptocurrency exchange, suffered significant financial losses as a result of compromised two-factor authentication (2FA), with nearly half of its reserves being lost, amounting to close to $250 million
Mumbai-based crypto exchange WazirX has halted withdrawals from the platform after suffering a major hacking attack.
WazirX saw withdrawals in early European hours on Thursday (July 18). WazirX, which popularly calls itself as 'India Ka Bitcoin Exchange', primarily targets the Indian market.

NFDC and Netflix India Collaborate to Train Voice-Over Artists

The government and Netflix India have partnered to create opportunities for voice-over artists, especially women, to enhance their skills and find better opportunities in the media and entertainment sector.
The National Film Development Corporation (NFDC) and Netflix India signed a Memorandum of Understanding (MoU) to launch "The Voicebox," a program to train voice-over artists in multiple languages including English, Hindi, Marathi, Bengali, Malayalam, Tamil, Telugu, and Gujarati.
The Voicebox program will offer Recognition of Prior Learning (RPL) training through structured workshops featuring guest lectures, mentoring sessions, and assessments.
The training will be conducted in seven major cities: New Delhi, Mumbai, Kolkata, Ahmedabad, Hyderabad, Chennai, and Kochi. Each batch will consist of 30 participants, totaling 210 selected candidates through preliminary screening. At least 50% of the participants in each batch will be women.

The Most Valuable Fossil Ever Sold at Auction

A Stegosaurus skeleton has become the most valuable fossil ever sold at auction, being snapped up for $44.6 million in New York.
The dinosaur fossil was sold on Wednesday to an anonymous buyer after it was sought after by seven bidders, according to Sotheby's, the auction house handling the sale.
The fossil, nicknamed "Apex," smashed its pre-sale estimate, which was between $4 million and $6 million.
Apex was discovered on private land in Moffat County, Colorado, by commercial paleontologist Jason Cooper in 2022, Sotheby's said in a press release.
It was preserved in hard sandstone, which protected the bones from becoming distorted, Sotheby's added.

Global Microsoft Windows Outage

The global Windows outage in July 2024, which caused the "blue screen of death" for many users, was triggered by a new Crowdstrike update.
This update led to PCs getting stuck on the recovery screen, impacting various sectors including airports, companies, banks, and government offices.

Adani Ports Gets A Rating Upgrade From ICRA

Ratings agency ICRA has upgraded the rating of Adani Ports and Special Economic Zone (APSEZ) to AAA/Stable from AA+/Stable.
The company's long-term fund based/non-fund based facilities, non-convertible debentures (NCDs) and commercial papers have been upgraded to AAA/Stable.
APSEZ announced the development after market hours and the Adani Ports shares on July 18 ended at Rs 1,491.95 on the NSE, down by Rs 7.10 or 0.47%.
The company planned to ramp up its investment to Rs 100 billion ($1.2 billion) to boost its southern India trans-shipment container port. Citing people with knowledge of the matter, the report said the company is looking to lure some of the world's largest ships.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

July GK, June GK, May GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26