General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Feb 24, 2024

India Surpasses China as HSBC's Third-Largest Profit Hub

In 2023, India surpassed China and became HSBC's third-largest profit hub, showcasing a remarkable surge in profitability. The fiscal year ending December 2023 saw India's profits soar by 25% to reach an impressive $1.5 billion. HSBC's annual report for the fiscal year ending December 2023 unveiled key insights into India's exceptional performance.
Factors Driving India's Profit Surge:
Reduction in Credit Loss Provisions: Anticipated credit loss provisions decreased significantly from $90 million in 2022 to $51 million in 2023, contributing to improved profitability.
Robust Performance in Global Banking and Markets: The segment witnessed a notable 24% increase in profit, reaching $774 million in 2023, up from $622 million the previous year.
Remarkable Growth in Commercial Banking: Catering to SMEs, the commercial banking sector experienced a remarkable 31% surge in pre-tax profit, reaching $398 million.

Grasim Enters Paint Business with Birla Opus

Grasim Industries, the flagship firm of Aditya Birla Group, announced its entry into the decorative paint business in India with the launch of the new brand 'Birla Opus'. The company is aiming for revenue of Rs. 10,000 crore in three years of full-scale operations.
The company has also inaugurated three Birla Opus plants at Panipat (Haryana), Ludhiana (Punjab), and Cheyyar (Tamil Nadu).

Feb 23, 2024

RBI Grants Payment Aggregator License to Mswipe Technologies

Mswipe Technologies, a prominent player in India's digital payments sector, was awarded a Payment Aggregator (PA) license by the Reserve Bank of India (RBI). This significant development follows the company's receipt of an in-principle approval earlier in 2022. Mswipe aims to leverage this license to bolster its range of offerings, providing comprehensive payment technology solutions across various channels.

Gautam Chhaochharia is UBS' Head of Global Markets in India

Gautam Chhaochharia was appointed UBS' head of global markets in India. In this new role, Chhaochharia will head the expansion of UBS Global Market's presence in the Indian market. Earlier, he was the deputy head of APAC Research based in Hong Kong. Chhaochharia began his stint at UBS as an analyst covering midcaps and became the head of research in 2013. Before joining UBS, Chhaochharia worked as a portfolio manager in Singapore. Chhaochharia is a trained chartered accountant with an MBA from Indian Institute of Management, Calcutta.

Feb 22, 2024

Govt. Appoints Non-executive Chairmen in Bank of India, IOB, UCO Bank

The government appointed former Chairman of Life Insurance Corporation of India M. R. Kumar as the non-executive chairman of public sector lender Bank of India.
The government also appointed Srinivasan Sridhar as the non-executive chairman of Indian Overseas Bank on the condition that he resigns from the board of Bank of Baroda where he is shareholder director.
Aravamudan Krishna was appointed non-executive chairman of Kolkata-based UCO Bank on the condition that he resigns from the board of Suraksha Asset Reconstruction Ltd. Krishna will be the first chairman of UCO since the chairman and managing director's post was splitted in PSBs in 2015.

Uttarakhand CM Launches 'Himalayan Basket' to Empowering Local Economy

Uttarakhand Chief Minister Pushkar Singh Dhami unveiled the 'Himalayan Basket' initiative. Initially conceived by local entrepreneurs Sumit and Sneha Thapliyal in 2018, this innovative project aims to harness the agricultural riches of Champawat district, propelling it towards becoming an ideal district through the enhancement of local employment opportunities.
The 'Himalayan Basket' initiative is designed to boost local employment by capitalising on the district's abundant agricultural resources. By focusing on the procurement of milk, turmeric, and mint from local farmers, the project endeavours to produce and export high-demand products such as 'churpi' and ghee. This approach not only supports the local farming community but also taps into a lucrative market, thereby opening new economic avenues for the region's inhabitants.

Fintech Start-up 'Paymart' Partners with Indian Banks for Virtual ATM Service

Paymart, a fintech start-up, announced its partnership with Indian banks to introduce a groundbreaking virtual, cardless, and hardware-less cash withdrawal service. The partnered banks include IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vyasa Bank, with discussions underway with four additional banks for further collaboration.
Paymart boasts future-ready technology and direct connectivity to banks' Core Banking Systems, positioning itself as a versatile Cardless Switch.
Paymart's virtual ATM service aims to empower local shopkeepers by transforming them into essential hubs for cash withdrawals, eliminating the need for traditional ATM machines or additional hardware.

Feb 21, 2024

Kotak Mahindra Bank Announces Changes in Senior Management

The Kotak Mahindra Bank announced changes in the senior management of the company. The bank re-designated KVS Manian as the new Joint MD with effect from March 1, 2024.
Manian was serving as the whole-time Director and a key managerial personnel of the bank.
Shanti Ekambaram was appointed as the Deputy MD with effect from March 1, 2024.
The current Chief Financial Officer (CFO) Devang Gheewalla was appointed as the President and Group Chief Financial Officer with effect from April 1, 2024. This came as a consequence of the superannuation of Jaimin Bhatt.

HDFC Life International Launches Health Plan for Overseas Indian Students

GIFT IFSC based HDFC Life International announced the launch of a comprehensive US Dollar Student Health Insurance Plan, under the plan name 'Global Student Health Care'. The product is designed for students who are currently studying abroad.
The Global Student Health Care plan with cashless facility offers comprehensive coverage, allowing worldwide access to top-notch medical facilities outside the home country, with an extensive network of hospitals, clinics, doctors, and professionals.
The plan enables customers to access top private medical facilities and services while avoiding the conventional hassle of going through lengthy appointment wait times, as seen in various countries. Enhancing the usefulness of this plan is its cashless facility that makes the claims process convenient for the student.

TVS Supply Chain Solutions Extends Contract with Rolls-Royce for 5 Years

TVS Supply Chain Solutions (TVS SCS), one of the largest integrated supply chain solutions providers in India, announced that their contract with Rolls-Royce, a global leader in technology and innovation, was extended for five years until 2029. The partnership extension is for the state-of-the-art Parts Distribution Centre (PDC) in Singapore serving the Asia Pacific markets for Rolls-Royce's Power Systems business unit.
This extension reflects the confidence and trust placed by Rolls-Royce in TVS SCS's service performance and underscores the continued success of the collaborative efforts between the two companies.

Feb 20, 2024

Bandhan Bank Authorised to Collect Revenues on Behalf of West Bengal Govt.

Private lender Bandhan Bank was authorised by the West Bengal government to collect tax and non-tax receipts on its behalf.
The mandate will enable the bank to collect revenues through the Government Receipt Portal System (GRIPS).
By virtue of this mandate, people will be able to pay various taxes like property tax, motor vehicle tax and professional tax using this portal.

India Ranks First in the World in Terms of the Number of IPOs in 2023

According to a report by EY India, a leading global professional services organisation, Indian stock exchanges, including the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), have emerged as global leaders in terms of the number of IPOs in 2023, with no cross-border deals reported.
India's primary markets, comprising BSE and NSE, recorded 31 IPOs (including one InvIT) in the fourth quarter of 2023, marking a significant uptick compared to the same period in 2022 and the third quarter of 2023. This represents a remarkable 72% increase over Q4 2022 and a substantial 41% increase over the third quarter (Q3) 2023.

IEPFA and DBS Bank Collaborate to Enhance Investor Awareness

The Investor Education and Protection Fund Authority (IEPFA), operating under the Ministry of Corporate Affairs, partnered with DBS Bank to bolster awareness regarding investment safety and fraudulent schemes. The Memorandum of Understanding (MoU) between these entities aims to utilise DBS Bank's digital platforms to disseminate crucial messages to investors across India.

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