General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Feb 14, 2024

Visa Appoints Shruti Gupta as Vice President, Head of Commercial and Money Movement Solutions

In a move reflecting its commitment to the India and South Asia markets, Visa, the global leader in digital payments, appointed Shruti Gupta as Vice President and Head of Commercial & Money Movement Solutions (CMS). This announcement signals a new chapter in Visa's regional operations.
Shruti Gupta, an industry veteran with over two decades of experience in commercial solutions, risk management, and strategy, will be spearheading Visa's CMS division. Her role will encompass overseeing business and corporate solutions, including Commercial Solutions, Integrated Money Movement, and Visa Government Solutions.

India Signs MoU to Interlink UPI with UAE's Instant Payment Platform AANI

In a significant move towards enhancing bilateral ties and fostering economic cooperation, India and the United Arab Emirates exchanged multiple memoranda of understanding (MoUs). Among these agreements was a notable MoU on linking the instant payment platforms of both nations, namely India's UPI and UAE's AANI.
The exchange ceremony took place in the presence of Indian Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan, underscoring the importance of the collaborations between the two nations.

JSW Steel Forms JV with Japanese Firm to Produce Steel Variety in India

JSW Steel established a 50:50 joint venture (JV) with JFE Steel Corporation Japan for producing in India a kind of steel used in the production of energy-efficient transformers.
The new company, JSW JFE Electrical Steel Private Limited, will have its manufacturing base in Bellary, Karnataka. It will be set up with a planned investment of Rs. 5,500 crore. The JV will meet the surging domestic demand for grain-oriented electrical steel.

Wipro Acquires Aggne to Boost Capabilities in Insurance Sector

IT major Wipro acquired a 60 per cent stake in US-based insurtech Aggne Global for $66 million to strengthen its competitive advantage in the insurance sector, particularly in the property and casualty (P&C) insurance space.
Founded in 2019, Aggne is incorporated in the US and India, with offices in Tampa, Florida, and Hyderabad, India.

Feb 13, 2024

Independent Director Manju Agarwal Quits Paytm Payments Bank Board

Paytm's parent One97 Communications (OCL) confirmed that Manju Agarwal, an independent director at Paytm Payments Bank (PPBL), resigned from its board citing 'personal commitments'.
There were four independent directors at the payments bank. These include Manju Agarwal, Shinjini Kumar, a seasoned banker, Ramesh Abhishek, a former bureaucrat, and Pankaj Vaish, who is a start-up mentor and former Managing Director of Accenture.

Feb 12, 2024

RBI to Introduce Offline Capability for E-rupee Transactions

The Reserve Bank of India plans to introduce additional additional functionalities of programmability in CBDC retail payments to facilitate transactions for specific/targeted purposes, and allow offline capability to enable these transactions in areas with poor or limited Internet connectivity.
Currently, the CBDC Retail (CBDC-R) pilot also allows Person to Person (P2P) and Person to Merchant (P2M) transactions using Digital Rupee wallets provided by pilot banks.
Programmability will permit users like, for instance, government agencies, to ensure that payments are made for defined benefits. Similarly, corporates will be able to programme specified expenditures like business travel for their employees. Additional features such as validity period or geographical areas within which CBDC may be used can also be programmed.
For offline functionality, multiple offline solutions (proximity and non-proximity based) across hilly areas, rural and urban locations will be tested for this purpose, the central bank said, adding that these functionalities will be introduced through the pilots in a gradual manner.

Sri Lanka, Mauritius Get UPI Services

India's flagship instant payment system, the Unified Payments Interface (UPI), along with RuPay card services, was launched in Sri Lanka and Mauritius. Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe, and Mauritius Prime Minister Pravind Jugnauth oversaw the launch, marking a significant milestone in digital financial integration.
UPI services were extended to Sri Lanka and Mauritius, facilitating seamless digital transactions for Indian nationals visiting these countries and Mauritian nationals travelling to India.
In addition to UPI, RuPay card services were introduced in Mauritius, allowing Mauritian banks to issue cards based on the RuPay mechanism.
RuPay cards can be utilised for settlements both within India and Mauritius, bolstering economic ties and facilitating smoother financial transactions for travellers.
UPI was first launched on April 11, 2016 by Raghuram G Rajan, the then RBI Governor, in Mumbai.

Feb 10, 2024

SBI Partners Flywire to Modernise International Education Payments for Students

State Bank of India (SBI) teamed with Flywire Corporation to revolutionise the landscape of international education payments for Indian students.
This strategic partnership aims to simplify the traditionally complex payment process, offering students a seamless and fully digital experience.
Integrated directly into SBI's platform, Flywire's technology would enable Indian students to complete their international education payments effortlessly in Indian rupees.
The collaboration also allows automatic capturing of relevant student information, ensuring accuracy and traceability in transactions. It aligns with the Reserve Bank of India's Liberalised Remittance Scheme (LRS) guidelines, enhancing transparency and compliance.

Ravi Kumar Jha Named MD & CEO of LIC Mutual Fund

LIC Mutual Fund Asset Management Limited announced the appointment of Ravi Kumar Jha as its Managing Director and Chief Executive Officer.
Jha, with a distinguished career and prior association with LIC, comes with a track record of over 30 years in handling diverse positions.
His previous roles include Executive Director Corporate Strategy – LIC Mutual Fund Asset Management and various positions at LIC of India.

NPCI Appoints Ajay Kumar Choudhary as Non-executive Chairman of Board

The National Payments Corporation of India (NPCI) announced the appointment of Ajay Kumar Choudhary as non-executive chairman of the Board and independent director for a period of three years.
Choudhary succeeded Biswamohan Mahapatra who was appointed non-executive chairman in 2018.
Ajay Kumar Choudhary is a distinguished central banker with an illustrious career spanning over three decades at the Reserve Bank of India (RBI). He concluded his dedicated service to the institution as its Executive Director in October 2023.
Dilip Asbe is the Managing Director (MD) and Chief Executive Officer (CEO) of NPCI.
Venkatraman Srinivasan, Rishikesha Krishnan, D. Manjunath, and Padmini Khare Kaicker are independent directors at NPCI, an umbrella organisation handling retail payments and settlement systems in India.

Feb 09, 2024

ONGC in Joint Venture Agreement with NTPC Green for Renewable Energy

ONGC and NTPC Green Energy Limited (NGEL) signed a Joint Venture Agreement (JVA) to focus on offshore wind energy projects. The agreement signed at India Energy Week in Goa, was witnessed by Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs Hardeep Singh Puri. This collaboration aims to lead renewable energy initiatives, both domestically and internationally.
Besides offshore wind projects, the agreement extends to ventures in storage, e-mobility, carbon credits, and green hydrogen business, including derivatives like Green Ammonia and Green Methanol.
Earlier, ONGC had entered into a Memorandum of Understanding (MoU) with NGEL in September 2023, emphasising the advancement of renewable energy objectives across sectors.

RBI Keeps Lending Rate Unchanged at 6.5%

The Reserve Bank of India (RBI)-led Monetary Policy Committee (MPC) retained the key interest rate repo at 6.5 per cent signalling that the central bank's long battle against persistently high inflation is not over yet.
The decision to maintain the key repo rate at 6.5 percent marked the sixth time the 6-member Monetary Policy Committee (MPC) opted to keep the interest rates unchanged.
The standing deposit facility (SDF) rate stands at 6.25 per cent and the marginal standing facility (MSF) rate and the bank rate stand at 6.75 per cent.
The MPC also decided to remain focused on 'withdrawal of accommodation' to ensure that inflation progressively aligns with the target while supporting growth.

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