General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Dec 28, 2023

L&T Wins Upward of Rs. 5,000 cr Order for Saudi Arabia's Amaala Project

Larsen & Toubro (L&T) bagged an EPC contract worth more than Rs. 5,000 crore to establish various systems related to renewable energy generation and power utilities for an ultra-luxury tourism destination in the Red Sea region in Saudi Arabia.
Larsen & Toubro was chosen as the turnkey Engineering, Procurement and Construction (EPC) contractor to establish various systems for the Amaala project, a 4,155 square kilometres ultra-luxury resort destination set in the Prince Mohammed bin Salman Natural Reserve along Saudi Arabia's north-western coast. Powered by solar energy, it features hotels, residential properties, pristine landscapes and diverse natural ecosystems, coupled with unique and intriguing heritage and local culture.

RBI Proposes Framework to Rationalise Money Changers' Authorisation

The Reserve Bank of India (RBI) proposed draft norms aimed at rationalising the authorisation of money changers in view of the widespread availability of banking services to the public and to explore alternative models for facilitating foreign exchange-related services.
The authorisation framework under the Foreign Exchange Management Act (FEMA) was last reviewed in March 2006.
The RBI has reviewed the extant authorisation framework under FEMA with an objective to further improve the ease with which foreign exchange transactions can be undertaken by users, and at the same time, strengthen the regulatory oversight/framework governing authorised persons (APs).
This is in view of the accelerated universal reach of financial services due to financial inclusion initiatives, increasing integration of the Indian economy with the global economy, digitisation of payment systems, evolving institutional structure, etc., over the past two decades.
The norms proposed a new category of money changers who may conduct money changing business through an agency model by becoming forex correspondents (FxCs) of category-I and category-II authorised dealers. Such entities will not be required to seek authorisation from the RBI.

RBI Approves C. S. Rajan's Appointment as Kotak Mahindra Bank Chairman

The Reserve Bank of India (RBI) approved the appointment of C. S. Rajan, an independent director of Kotak Mahindra Bank, as its part-time chairman for a period of two years.
Rajan's appointment follows the retirement of the incumbent non-executive independent part-time chairman, Prakash Apte.
Rajan is a successful leader with over 40 years of experience across significant government portfolios. An IAS officer of 1978 batch, he was appointed as an Independent Director on the Board of Kotak Mahindra Bank, in October 2022.

Dec 27, 2023

IndusInd Bank Launches 'eSvarna', first RuPay Corporate Credit Card

IndusInd Bank launched 'eSvarna', the country's first corporate credit card on the RuPay network, enabling the private sector lender to become the first to integrate UPI functionality with a corporate credit card.
The card facilitates smooth transactions at merchant outlets and allows users the flexibility to make UPI payments by linking the card with UPI-enabled apps. It also comes with an array of exclusive perks and rewards.
The launch of 'eSvarna,' the country's inaugural corporate card on RuPay, represents a significant step for corporate clients to access unique corporate offerings, benefits, and seamless UPI-enabled payments.

India Makes First-ever Rupee Payment for the Purchase of Crude Oil from UAE

India, the world's third-largest energy consumer, made its first-ever payment in rupees for crude oil purchased from the United Arab Emirates (UAE), signalling what could be a strategic push to promote the local currency globally. The move is part of India's broader efforts to diversify oil suppliers, cut transaction costs, and establish the rupee as a viable trade settlement currency. This initiative aligns with the Reserve Bank of India's move on July 11, 2022, allowing importers to pay in rupees and exporters to receive payments in the local currency.

Dec 26, 2023

MedTech Mitra: Health Minister Launches Online Portal for Medtech Start-ups

Union Minister of Health and Family Welfare Mansukh Mandaviya launched MedTech Mitra, an online portal that aims to assist medtech innovators in clinical evaluation, regulatory facilitation, and uptake of new products.
The portal will be coordinated collaboratively by the Indian Council of Medical Research (ICMR) and the Central Drugs Standard Control Organisation (CDSCO), under the guidance of NITI Aayog's Atal Innovation Mission.
The launch of a separate portal for medtech start-ups came months after the government launched the National Medical Device Policy and a scheme worth Rs. 5,000 crore for the promotion of research in pharma and medtech sectors.

S. K. Kalra is Interim MD & CEO of North East Small Finance Bank

Satish Kumar Kalra was appointed interim Managing Director and Chief Executive Officer of the merger-bound North East Small Finance Bank (NESFB). The Reserve Bank of India and the board of NESFB granted approval to the appointment of S. K. Kalra, a former Managing Director of Andhra Bank.

Maruti Suzuki Signs MoA with Haryana Government to Set up Fourth JIM

Maruti Suzuki India signed a memorandum of agreement (MoA) with the government of Haryana to set up its second Japan-India Institute for Manufacturing (JIM) in the state.
Spread over five acres, the existing ITI Kansala (in Rohtak, Haryana) will be upgraded to a JIM with an investment of Rs. 5.8 crore as a corporate social responsibility (CSR) activity of Maruti. This would be the carmaker's fourth JIM overall in India.

India Skills Report Finds Kerala the Most Preferred State to Work

Kerala emerged the most preferred State to work in the India Skills Report 2024.
The report, which surveyed 3.88 lakh youths through a National Employability Test conducted across the country, indicated the employability in India has improved with 51.25% of the assessed youths found to be employable with the required skills.

Innovative All-in-One Insurance Product, Bima Vistaar, to Debut in Q1 FY25

Bima Vistaar, a groundbreaking all-in-one insurance product encompassing life, health, and property coverage, is poised for launch in the first quarter of the upcoming financial year.
As per Insurance Regulatory and Development Authority of India (IRDAI), the product design and crucial rollout aspects are nearing completion, with a keen focus on leveraging technology for a seamless launch.
Bima Vistaar holds strategic importance as part of the "Insurance Trinity," a trio featuring Bima Sugam (a digital platform), Bima Vistaar, and Bima Vahak (a women-led field distribution force). Aligned with IRDAI's vision to achieve universal insurance coverage by 2047, these components aim to address existing gaps in product design, pricing, and distribution.

Dec 25, 2023

Kotak Mahindra Bank Shareholders Approve Vaswani's Appointment as MD & CEO

Shareholders of Kotak Mahindra Bank approved the appointment of Ashok Vaswani as Managing Director (MD) & Chief Executive Officer (CEO) of the bank and his remuneration.
In October 2023, the Reserve Bank of India cleared Vaswani's appointment as MD & CEO of the bank for a period of three years.
A graduate in Commerce, Economics, and Accountancy from the Sydenham College of Commerce and Economics, Mumbai, Vaswani has a proven track record of building and growing businesses at scale. He was initially with Citigroup and then with Barclays.

Dec 24, 2023

Ministry of Rural Development Collaborates with JioMart

The Ministry of Rural Development (MoRD) entered into a Memorandum of Understanding (MoU) with JioMart. This partnership aims to amplify the reach of products crafted by Self-Help Groups (SHGs) associated with the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM), empowering rural artisans.
The MoU facilitates the on boarding of SHGs as sellers on the JioMart e-commerce platform.
The collaboration aligns with MoRD's SARAS collection initiative, ensuring a broader consumer base for SHG products.

BEL Bags Rs 2,673 crore Order from Goa Shipyard, Garden Reach Shipbuilders

Bharat Electronics Limited (BEL) received an order of Rs. 2,673 crore from Goa Shipyard Limited and Garden Reach Shipbuilders & Engineers for the supply of 14 types of sensors for use on Next Generation Offshore Patrol Vessels (NGOPV).
With this, BEL has bagged cumulative orders of worth Rs. 25,935.15 crore till now in the current financial year (2022-2023).

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