General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Jan 02, 2024

Yes Bank Faces Penalty of Rs. 3 crore by Tamil Nadu GST Department

Yes Bank, the private sector lender, received a tax receipt worth Rs. 3 crore from the Tamil Nadu Goods and Services Tax (GST) department on December 31, 2023, on account of various GST issues.
The bank had received two separate tax notices from the Bihar GST department for Rs. 20,000 and Rs. 1,38,584, respectively, in December .
Yes Bank is an Indian bank headquartered in Mumbai, India and was founded by Rana Kapoor and Ashok Kapoor in 2004.

Jan 01, 2024

RBI Defers Implementation of Norms on Penal Charges Levied by Banks

The Reserve Bank of India (RBI) deferred the implementation of norms regarding penal charges levied by banks and financial institutions to April 1, 2024, for new loans. This decision came after requests from regulated entities.
Initially issued in August, these norms were set to be implemented from January 1, 2024.
According to the norms, a penalty, if charged for non-compliance with the material terms and conditions of the loan contract by the borrower, should be categorized as 'penal charges'. These charges shall not be levied in the form of 'penal interest' added to the interest rate on advances. Furthermore, no additional interest should be computed on such charges.

Dec 31, 2023

Uttar Pradesh Outpaces Gujarat in Registered Investor Numbers

The state of Maharashtra tops the list of highest number of registered investors at 1.48 crore. Uttar Pradesh ascended to the second position, surpassing Gujarat, with 89.47 lakh investors.
Gujarat was in the third position with 76.68 lakh registered investors, recording a growth of 17.2% in the number of registered investors.
Several other states saw a substantial rise in investor participation in the stock market. West Bengal, Karnataka, Tamil Nadu, and Rajasthan emerged as the leading states, each with an investor base of more than 47 lakh registered individuals.

RBI Extends Payments Infrastructure Development Fund Scheme Till 2025

The Reserve Bank of India (RBI) announced its decision to extend the Payments Infrastructure Development Fund (PIDF) for two years up to December 31, 2025. Earlier, the scheme was launched in 2021 for a period of three years.
As part of the announcement, beneficiaries of the PM Vishwakarma Scheme were included as merchants under the PIDF scheme. Similarly, soundbox devices and Aadhaar-enabled biometric devices are eligible to claim subsidy as part of the scheme.
Additionally, the subsidy for special focus areas, such as North Eastern states, Jammu and Kashmir, and Ladakh, was standardised at 90 per cent from 75 per cent of the device cost, irrespective of the device type.

Dec 30, 2023

Reserve Bank of India Approves IDFC-IDFC First Bank Merger

Reserve Bank of India gave its nod for the reverse merger of IDFC Ltd with its banking subsidiary IDFC First Bank. The boards of IDFC First Bank and IDFC had approved the reverse merger in July 2023.
As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd.
The scheme remains subject to other statutory and regulatory approvals, including from the National Company Law Tribunal and the respective shareholders and creditors of the companies involved under the applicable laws.
IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution.
The bank was launched through this demerger from IDFC Limited, and it was officially inaugurated by Prime Minister of India Narendra Modi in October 2015. It is headquartered in Mumbai, Maharashtra.
V. Vaidyanathan serves as the Managing Director and Chief Executive Officer of IDFC First Bank as in December 2023.

Gujarat Emerges as India's 'Petro Capital'

With the world's largest grassroot oil refinery in Jamnagar and OPaL petrochemical complex at Dahej in Bharuch district, Gujarat was recognised as the 'petro capital' of India. Reliance Industries Ltd's (RIL) Jamnagar refinery is the largest and most complex single-site refinery in the world with 1.4 million barrels per day (MMBPD) crude processing capacity.

Central Bank of India Enters in Co-lending Partnership with Kisetsu Saison Finance for MSME Loans

Public sector lender Central Bank of India entered into a strategic co-lending partnership with Kisetsu Saison Finance, India for MSME Loans.
As per reports, the participation by both entities in this co-lending arrangement will result in greater expansion of the portfolio by Central Bank of India and Kisetsu Saison Finance, India.
Co-lending or co-origination is a set-up where banks and non-banks enter into an arrangement for the joint contribution of credit for priority sector lending. To put it simply, under this arrangement, both banks and NBFCs share the risk in a ratio of 80:20 (80 percent of the loan with the bank and a minimum of 20 percent with the non-banks).
Bengaluru-based M/s. Kisetsu Saison Finance is an NBFC with AUM (Assets under management) of the Company as of September 30, 2023, was more than Rs. 8200 crore.

Dec 29, 2023

CEBR Forecasts India as Third-Largest Economy by 2032, Global Economic Leader by Century's End

India is set to become the world's third-largest economy by 2032, and will eventually surpass China and the United States to become the 'world's largest economic superpower' by the end of this century, as per a report released by the Centre for Economics and Business Research (CEBR).
India will sustain "robust economic growth", averaging 6.5 per cent from 2024 to 2028, CEBR stated in its 'World Economic League Table 2024' report. This will result in the country surpassing Germany to become the fourth-largest economy in 2027, and overtaking Japan to become the third-largest economy by 2032.

Françoise Meyers World's First Woman to be Worth over $100 Billion

Francoise Bettencourt Meyers, the heir of the L'Oréal empire, made history by becoming the world's first woman to amass a staggering $100 billion fortune. She is also the richest woman in the world.
According to the Bloomberg Billionaires Index, her wealth crossed $100 billion, as she maintains her position as the world's 12th richest individual, ahead of notable figures like Mukesh Ambani, Amancio Ortega, and Gautam Adani.

HDFC Bank Board Approves Re-appointment of Atanu Chakraborty as Chairman

Private lender HDFC Bank's board recommended the re-appointment of Atanu Chakraborty as the part-time non-executive chairman and independent director, subject to further approval.
The bank further added that the matter is with the Reserve Bank of India for a second term of three years from May 5, 2024, to May 4, 2027 approval.
Chakraborty, a 1985 batch IAS officer of Gujarat cadre, retired as Secretary of Department of Economic Affairs in April 2020.
HDFC Bank (also known as HDFC) is an Indian banking and financial services company headquartered in Mumbai.
The bank was incorporated in August 1994 after its erstwhile parent HDFC received an 'in principle' approval from the RBI to set up a bank in the private sector, as part of its liberalisation of the Indian banking industry, and commenced operations in January 1995.

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