General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Mar 30, 2024

Nidhu Saxena New MD & CEO of Bank of Maharashtra

The central government approved the appointment of Nidhu Saxena as the Managing Director & Chief Executive Officer (MD & CEO) of the Bank of Maharashtra. This appointment is effective for a period of three years.
Nidhu Saxena took over the top leadership role at the Bank of Maharashtra from A.S. Rajeev, who was selected as the Vigilance Commissioner in the Central Vigilance Commission.
Nidhu Saxena brings with him over 26 years of experience in the banking sector, having worked across diverse areas.
Saxena's banking career commenced at Bank of Baroda, after which he moved to UCO Bank.
Saxena has also served on the boards of Union Bank of India (UK) and Union Asset Management Company, as well as being a member of the Academic Council of the National Institute of Bank Management, Pune, and the Governing Body of the Indian Institute of Bank Management, Guwahati.

Axis Bank Launches Digital US Dollar Fixed Deposits for NRIs at GIFT City

Axis Bank announced the introduction of digital US dollar fixed deposits (FDs) for NRI customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat. The bank became the first to offer a digital journey for opening deposits at GIFT City.
NRI customers of Axis Bank can now open US dollar fixed deposits at GIFT City through the bank's mobile banking application, 'Open by Axis Bank'. This offering provides an end-to-end digital paperless solution, eliminating the need for physical documentation.
According to the bank, this offering simplifies the process of booking US dollar fixed deposits for NRI customers, providing them with a convenient and hassle-free experience.
By introducing digital US dollar fixed deposits at GIFT City, Axis Bank aims to cater to the growing demand for digital banking services among NRI customers, while also leveraging the opportunities presented by the IFSC Banking Unit at GIFT City.

Adani's Mega Copper Plant Begins Operations in Gujarat

The Adani Group announced the start of the first phase of the world's largest single-location copper manufacturing plant at Mundra in Gujarat. The facility, owned by Kutch Copper (a subsidiary of Adani Enterprises Ltd), will help reduce India's dependence on copper imports and support the energy transition.
The first phase will produce 0.5 million tonnes of refined copper annually.
The full-scale capacity of 1 million tonnes is expected by FY29 (March 2029).
India joins nations like China in rapidly expanding copper production, a crucial metal for the transition away from fossil fuels.

Mar 29, 2024

Competition Commission of India (CCI) Approves Acquisition of Lanco Amarkantak Power Limited by A...

The Competition Commission of India (CCI) granted approval to Adani Power Limited, a subsidiary of the Adani Group, for the complete acquisition of Lanco Amarkantak Power Limited. This acquisition involves the transfer of 100% equity share capital of Lanco Amarkantak Power Limited to Adani Power Limited.
Adani Power has been aggressively expanding its capacity. This is the company's second acquisition under the insolvency resolution process in the financial year.
Lanco Amarkantak Power operates two units of 300 megawatt (Mw) of thermal power each in Korba district of Chhattisgarh. The company has a 600 Mw capacity tied up under long-term power purchase agreements with the state distribution companies of Haryana and Madhya Pradesh.

IRDAI Identifies LIC, GIC Re, and New India Assurance as D-SIIs

The Insurance Regulatory and Development Authority of India (IRDAI) designated three insurers as Domestic Systemically Important Insurers (D-SIIs) for the year 2023-24. These insurers, namely Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re), and New India Assurance Co Ltd, retained their D-SII status from the previous year. D-SIIs are insurers of significant size and market importance whose distress or failure could disrupt the domestic financial system.
The continued functioning of D-SIIs is deemed crucial for ensuring the uninterrupted availability of insurance services to the national economy. These insurers are considered 'too big or too important to fail' (TBTF), necessitating additional regulatory measures to address systemic risks and moral hazard issues.
D-SIIs are required to elevate their corporate governance standards to ensure robustness and transparency in their operations.
Given their systemic importance, D-SIIs are subjected to intensified regulatory scrutiny to mitigate risks and ensure compliance with regulatory requirements.

Kotak Mahindra Bank Acquires 100% Stake in Sonata Finance

Kotak Mahindra Bank acquired 100 per cent stake in Sonata Finance Private Limited – a microfinance institution — for Rs. 537 crore. With this acquisition, Sonata became a wholly-owned subsidiary of the private sector bank.
Sonata operates in 10 states through 549 branches and has assets under management worth Rs. 2,620 crore as on December 31, 2023.

Mar 28, 2024

NTPC Secures USD 200 Million Loan from JBIC for Renewable Projects

State-owned power giant NTPC inked an agreement with the Japan Bank for International Cooperation (JBIC) to obtain foreign currency loans totalling USD 200 million (JPY 30 billion or approximately Rs. 1,650 crore). This financing arrangement signifies a significant step in NTPC's endeavour to augment its renewable energy initiatives.
The loan is earmarked to support a portion of NTPC's capital expenditure requirements for renewable energy projects.

Mar 27, 2024

In a First, Amul Launches Fresh Milk in US

For the first time, Amul fresh milk is available outside India, the Gujarat Cooperative Milk Marketing Federation (GCMMF) launched four variants of milk in the US market, to cater to Indian diaspora and Asian population.
GCMMF MD Jayen Mehta said that the GCMMF tied up with 108-year old cooperative organisation Michigan Milk Producers Association (MMPA) and launched fresh milk in the US market," The milk collection and processing is done by MMPA, while GCMMF will do marketing and branding of Amul fresh milk.

Mumbai Surpasses Beijing as Asia's Billionaire Capital

Mumbai emerged as Asia's billionaire hub, surpassing Beijing for the first time, according to Hurun Research's 2024 Global Rich List.
The financial capital of India now boasts 92 billionaires, edging past Beijing's 91, despite China having a higher overall count of 814 billionaires compared to India's 271.
This places Mumbai third globally in terms of billionaires, with New York leading with 119 billionaires, followed by London with 97.
The Maharashtrian city's rise is attributed to the addition of 26 new billionaires over the past year, driving its total billionaire wealth to $445 billion, marking a 47 per cent increase from the previous year. In contrast, Beijing's total billionaire wealth amounts to $265 billion, experiencing a 28 per cent decrease.

LIC World's Strongest Insurance Brand

According to a report by Brand Finance Insurance 100 2024, Life Insurance Corporation of India (LIC) is termed as the strongest insurance brand with a steady brand value of $9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating.
According to the report, Cathay Life Insurance is the second strongest brand, with a 9 per cent increase in brand value to $4.9 billion, followed by NRMA Insurance, which saw an 82 per cent rise in brand value to $1.3 billion.
Allianz from Germany and AXA from France held on to their positions in the top 5 rankings.

Hurun Rich List: Meta's Mark Zuckerberg Biggest Wealth Gainer in 2024

The Hurun Research Institute released the 'Hurun Global Rich List 2024'. Among global billionaires, Tesla CEO, Elon Musk, re-emerged as the richest man, boasting a fortune of $231 billion. Two new entrants, Mark Zuckerberg of Meta, with a fortune of $158 billion, and ex-Google CEO Larry Page, with $123 billion, joined the elite top 10, displacing Bertrand Puech of Hermes and Francoise Bettencourt Meyers of L'Oreal.
The top ten in the list are: Elon Musk ($231 billion), Jeff Bezos ($185 billion), Mark Zuckerberg ($158 billion), Larry Ellison ($144 billion), Warren Buffett ($144 billion), Steve Ballmer ($143 billion), Bill Gates ($138 billion), Larry Page ($123 billion) and Mukesh Ambani ($115 billion).

Modi Government Allocates Rs. 6212.03 Crore for Strengthening Regional Rural Banks

The Modi government allocated Rs. 6212.03 crore to Regional Rural Banks (RRBs) as part of the recapitalisation scheme. RRBs, established in 1975 and owned by the Indian government, function at the regional level across various states. They were set up with the objective of offering fundamental banking and financial services to rural regions, specifically targeting small and marginal farmers, agricultural labourers, artisans, and small entrepreneurs.

Mar 26, 2024

Govind Dholakia New Chairman of Surat Diamond Bourse

The Surat Diamond Bourse (SDB) appointed Govind Dholakia, a Rajya Sabha MP from Gujarat, as its new chairman. This appointment came a day after the previous chairman, Vallabhbhai Patel (Lakhani), resigned from his position.
Surat Diamond Bourse (SDB) is a diamond trade centre located in DREAM City, Surat, Gujarat, India, designed by the architecture firm Morphogenesis. It is the world's largest diamond trading hub with a floor space of 660,000 square metres (7,100,000 sq ft), as well as the world's largest office building, ahead of the Pentagon.
It was inaugurated by Prime Minister Narendra Modi in 2023.

Federal Bank Launches 'Flash Pay' in Partnership with NPCI for Contactless Payments

In a strategic collaboration with the National Payments Corporation of India (NPCI), Federal Bank introduced 'Flash Pay,' a revolutionary RuPay smart key chain facilitating contactless NCMC (National Common Mobility Card) payments. This innovative solution enables users to tap and pay at metro stations and PoS terminals, ensuring swift transactions with enhanced security.
Users can effortlessly make payments up to Rs. 5,000 without requiring a PIN, streamlining the payment process at various locations.
For transactions exceeding Rs. 5,000, PIN authentication is mandatory, ensuring heightened security for higher-value purchases.
A daily cap of Rs. 1 lakh at any PoS terminal has been instituted, offering users flexibility while ensuring prudent financial management.

Hong Kong Regains Fourth-Largest Market Spot

Hong Kong regained its spot as the world's fourth-largest market following a broad market rout in Indian equities. Currently, the Chinese territory's market capitalisation stands at $4.9 trillion versus India's $4.75 trillion, as per data compiled by Bloomberg.

Tech Mahindra Announces Merger of Two Subsidiaries Based in the US

IT services and consultation company Tech Mahindra announced the merger of two of its wholly-owned subsidiary companies -- Born Group and Tech Mahindra Americas (TMA) -- to synergise business operations, optimise operational costs, and reduce compliance risk.
Born Group, incorporated in the US in 2011, specialises in providing brand strategy, visual design, brand identity exploration, and more for digital products, mobile apps, and physical products.
Tech Mahindra Americas (TMA) was started in the US in 1993 and provides computer consulting, programming support services, and IT management & consulting services.

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