General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Apr 05, 2024

Canara Bank Launches Healthcare Loans and Savings Accounts for Women

The state-owned Canara Bank launched a bunch of several new products, including a loan scheme to meet the shortfall of hospital expenses. The new loan scheme is called Canara Heal. This healthcare-focussed loan product is aimed at meeting the shortfall in hospitalisation expenses, while settling health insurance claims of self or dependents. The loan for meeting hospital expenses will be available at 11.55 per cent per annum on a floating basis and 12.30 per cent at a fixed interest rate basis. It is available to customers whose medical expenses exceed the sum insured by the insurance companies.
The bank also introduced a Canara Angel savings account for women. These include a cancer care policy, a pre-approved personal loan (Canara ReadyCash) and online loans against term deposits (Canara MyMoney) as stated in the official statement by the bank. It is free of cost for women while opening a savings account. Existing women customers can upgrade their accounts to avail of these facilities.
The Bank also introduced a user-friendly payment interface 'Canara UPI 123Pay ASI' and 'Canara HRMS Mobile App' for the employees of the Bank. The bank also claimed that it has become the first bank to provide seamless digital services to the homes of Self Help Groups (SHGs) in collaboration with the Reserve Bank Innovation Centre.

SJVN Partners with IIT Patna to Enhance Tunnelling Project Performance

SJVN, formerly Satluj Jal Vidyut Nigam, forged a strategic partnership with the Indian Institute of Technology Patna (IIT Patna) aimed at revolutionising tunnelling project performance through the integration of advanced geological models.
The primary objective of the MoU is to leverage advanced geological models developed by IIT Patna to enhance the efficiency and effectiveness of SJVN's tunnelling projects.
Collaborative efforts will result in the creation of predictive analytics algorithms, utilising integrated geotechnical data to forecast potential risks and provide early warning systems tailored for tunnelling projects.

Star Health Insurance and PhonePe Partnership: Revolutionising Health Insurance Access

PhonePe has announced a partnership with Star Health and Allied Insurance Company Ltd. (Star Health Insurance), India's largest retail health insurance Company, to offer customers health insurance with a monthly and annual payment option. With this partnership, PhonePe users will now be able to avail of 'Star Comprehensive Insurance Policy' on the PhonePe app with coverage up to Rs.1 Crore. Having previously disrupted the market with its motor insurance products, with this launch, PhonePe further expands the options available to its users in the health insurance category
The collaboration aims to provide customers with health insurance options with monthly and annual payment choices, enhancing flexibility and convenience for users.
Through this partnership, for the first time, Star Health Insurance's Comprehensive Health Insurance will be offered to customers with a monthly premium payment plan, pioneered by PhonePe – a first-of-its-kind initiative in the industry. Users can also opt to pay their premium with the UPI AutoPay mandate and enjoy added convenience. This move was driven by a critical insight that smaller monthly payments ease the financial burden for users while empowering and enabling them to opt for more extensive insurance coverage without stretching their finances.
Through this partnership, PhonePe users gain access to Star Health Insurance's Comprehensive Health Insurance policy, with coverage extending up to Rs. 1 crore.

Apr 04, 2024

Forbes Richest List 2024: Bernard Arnault Retains Title as World's Richest Person

Bernard Arnault, the renowned chairman and CEO of luxury conglomerate LVMH Moët Hennessy Louis Vuitton SA, once again secured the top spot on Forbes' World's Billionaires list for the second consecutive year. With an estimated fortune of $233 billion, Arnault maintains a substantial lead of $38 billion over his closest competitor, Elon Musk. This impressive increase in wealth is attributed to another exceptional year for LVMH, which reported a net profit of $16.5 billion on revenues of $94 billion in 2023.

Sandeep Jain New FISME President

Auto-component manufacturer and alumnus of IIT-Kanpur, Sandeep Jain, was unanimously elected president of the Federation of Indian Micro and Small & Medium Enterprises (FISME) for 2024-25.
His name was approved in the meeting of the Central Executive Committee of FISME held in New Delhi. Before moving up to presidentship, he served as vice president of FISME.
The Federation of Indian Micro and Small & Medium Enterprises is an Indian NGO that is the progressive face of Indian MSMEs and is regarded as such by the Government of India. It is a member of the National MSME Board formed under the MSME Act 2006.
It was formed in 1995 and is headquartered in New Delhi.

Tata Tech-BMW Joint Venture for Auto Software and Business IT Solutions

Tata Technologies and BMW Group inked a partnership to establish an automotive software and IT development centre in Chennai, Pune, and Bengaluru. With Chennai's prominence in housing IT solution hubs for auto giants like Visteon, Ford, and Renault Nissan, the focus here will be on business IT solutions.
The BMW-Tata Technologies venture, the first partnership between the two, will develop automotive software for automated driving and the dashboard system among other features.
The BMW Group and Tata Technologies will each hold a 50% stake in the newly-formed company.

Sanjay Nayar Appointed as New ASSOCHAM President

Sorin Investment Fund Chairman Sanjay Nayar took over as president of Associated Chambers of Commerce & Industry of India (ASSOCHAM) for 2024-25. He succeeded SpiceJet Chairman and managing director Ajay Singh, who completed his tenure as the chamber's president.
Sanjay Nayar is a well-known figure in the global financial markets. He was the former Chief Executive of KKR India, a leading investment firm. Nayar brings with him over 40 years of experience in financial and capital markets. He has worked for 25 years at Citigroup and nearly 14 years at KKR, before retiring last year.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is a non-governmental trade association and advocacy group based in New Delhi, India.
ASSOCHAM was established in 1920 by a group of chambers of commerce led by the Calcutta Traders Association.

Apr 03, 2024

ABFRL to Demerge Madura Fashion & Lifestyle into Separate Listed Entity

The Board of Directors of Aditya Birla Fashion and Retail Ltd (ABFRL) authorised the management of the company to evaluate the vertical demerger of Madura Fashion & Lifestyle business from ABFRL into a separate listed company.
The company said that the proposed demerger will enable the creation of two separately listed companies as independent growth engines with distinct capital structures and parallel value creation opportunities.
The Madura Fashion & Lifestyle business segment (MFL), consisting of four brands viz Louis Phillippe, Van Heusen, Allen Solly & Peter England along with casual wear brands viz. American Eagle & Forever 21, sportswear brand Reebok and the innerwear business under Van Heusen will be demerged into a separate listed entity.
Post demerger, the remaining ABFRL will be focused on segments where there are tailwinds from a shift from unbranded to branded, premiumization, rise of super premium & luxury, and rapid growth in Gen Z focused digital first brands.

Paradip Port Emerges as India's Top Cargo-Handling Port in 2023-24

Paradip Port Authority, Odisha, surpassed Deendayal Port Authority, Kandla, and became India's leading cargo-handling major port in the fiscal year 2023-24, handling 145.38 Million Metric Tons (MMT) of cargo, marking a 7.4% growth from the previous year.
Established by the Odisha government in 1962 and was taken over by the Indian government in 1965.
It was declared a major port by the Indian government on April 18, 1966, becoming the 8th major port of India.
It operates as an autonomous body under the Major Port Trusts Act 1963, under the Ministry of Ports, Shipping & Waterways, administered by a Board of Trustees appointed by the Government of India.

SEBI Launches SCORES 2.0 to Strengthen Investors' Complaint Redressal System

The Securities and Exchange Board of India (SEBI) launched the new version of its complaint redress system.
The new version of SCORES (SEBI Complaint Redress System) strengthens the investor complaint redress mechanism in the securities market by making the process more efficient through auto-routing, auto-escalation, monitoring by the designated bodies and reduction of timelines.
The revised version with additional features has been made more user friendly.
SCORES 2.0, introduces auto-routing of complaints to the concerned regulated entity to eliminate time lapses.
It has reduced and uniform timelines for redressal of investors' complaints across the securities market, 21 calendar days from date of receipt of complaint.

Apr 02, 2024

Mahindra Aerostructures Signs $100 Milllion Contract with Airbus Atlantic

Mahindra Aerostructures signed a multi-year contract worth around $100 million with Airbus Atlantic for the manufacturing and delivery of metallic components for the entire Airbus commercial aircraft family, including the A320 family planes.
Under the contract, the company will supply close to 2,300 varieties of metallic components to Airbus Atlantic in France from its manufacturing base in India.
The contract adds to existing MASPL programmes to deliver parts directly to Airbus at their facilities in France and Germany.

Joyshree Das Verma Becomes New President of FICCI Ladies Organisation

Joyshree Das Verma took over as the 41st National President of the FICCI Ladies Organisation (FLO) for the year 2024-25. FLO is the oldest women-led and women-centric business chamber of South-east Asia.
With a 25-year journey in the corporate and entrepreneurial sectors, Joyshree Das Verma has nurtured a diverse professional presence. She holds the position of Honorary Consul of Israel for Northeast India and is the Director of Kaapro Management Solutions Pvt Ltd, her pan-India entrepreneurial HR consulting company where she is a co-promoter.
As the Honorary Consul of Israel to Northeast India, Joyshree Das Verma has been instrumental in advancing and strengthening strategic relations between India and Israel in sectors such as agriculture, water, IT, technology, health, innovation, tourism, trade, and commerce across the 8 Northeastern states of India.

Veteran Dealmaker Atul Mehra Joins Axis Capital as MD & CEO

Axis Capital appointed Atul Mehra as the new Managing Director (MD) and Chief Executive Officer (CEO). Mehra will be overseeing both the investment banking and institutional equities businesses at Axis Capital.
Atul Mehra is an experienced dealmaker with over 30 years of experience in the industry. He was previously the Joint MD at JM Financial.

Apr 01, 2024

RBI to Set up Digital India Trust Agency to Check Illegal Lending Apps

As part of its efforts to curb growing cyber fraud, the Reserve Bank is considering establishing a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps.
The proposed agency will enable verification of digital lending apps and maintain a public register of verified apps.
Apps not carrying the 'verified' signature of DIGITA should be considered unauthorised for the purpose of law enforcement, sources said, adding that this will serve as a pivotal checkpoint in the fight against financial crimes in the digital realm.
DIGITA, once in place, would be entrusted with the responsibility of vetting digital lending apps.

NTPC Shuts Down Operations of 220 MW Barauni Stage-I Project Permanently

State-owned power giant NTPC closed down its Barauni Thermal Power Station, in Begusarai district, Bihar, Stage-I of 220 MW permanently.
NTPC is India's largest power utility with a total installed capacity of 75,418 MW (including JVs).
Operation of NTPC Barauni Thermal Power Station Stage-I (2x110 MW) comprising of two Units (Unit 6 & 7) of 110 MW each (along with all Auxiliary systems except CHP, Switchyard, Ash Dyke and Township) were permanently discontinued, w.e.f. 31^st March, 2024.
Established in 1975, NTPC aims to become a 130 GW firm by 2032.

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