General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Oct 09, 2023

Govt. Clears Appointments of 12 Executive Directors for State-owned Banks

The government approved the appointments of 12 general managers as executive directors (EDs) of various public sector banks (PSBs).
Sanjay Rudra, general manager, Bank of Maharashtra, was appointed ED, Union Bank of India. Another GM from the same bank, Vijaykumar N. Kamble was named as ED of UCO Bank.
Bhavendra Kumar, currently Chief General Manager with Canara Bank, was elevated to become ED of the same bank.
Bibhu Prasad Mahapatra, Chief General Manager of Punjab National Bank, was elevated as ED of the bank, while Ravi Mehra, general manager, was promoted to become ED of Punjab & Sind Bank.
Rajiv Mishra, Chief General Manager with Union Bank of India, was named as ED of Bank of India, and Brajesh Kumar Singh, Chief General Manager of Bank of Baroda, was named as ED of Indian Bank.
Rohit Rishi, Chief General Manager in Indian Bank, was named as ED of Bank of Maharashtra.
In addition, the government approved the appointment of Lal Singh as ED, Bank of Baroda; Shiv Bajrang Singh as ED, Indian Bank; Mahendra Dohare as ED, Central Bank of India; and Dhanaraj T as ED, Indian Overseas Bank.

Axis Bank Launches Its Digital Bank Proposition 'Open by Axis Bank'

Axis Bank announced the launch of 'open by Axis Bank', its digital bank proposition in its latest advertising campaign. The Open 2023 campaign highlights the top 15 features of the bank's digital offerings.
The launch seeks to establish 'open by Axis Bank' as the epitome of digital banking, bringing all the features in a user-friendly, modern interface for both existing and new customers.

UDGAM Portal for Unclaimed FDs, Savings Accounts

The Reserve Bank of India launched a Centralised Web Portal called UDGAM (Unclaimed Deposits - Gateway to Access information) to help and make it simpler for people to search for their unclaimed deposits across different banks at one location. The UDGAM portal was launched in August 2023.
The search feature was initially made available on the portal for seven banks, and it was announced to the public that it will be gradually made available for the remaining institutions by October 15, 2023. Now, the RBI has updated the UDGAM portal with a total of 30 banks.
The term 'Unclaimed Deposits' refers to funds in savings or current accounts that have not been used for 10 years or in term deposits that have not been repaid within 10 years of the maturity date.

RBI Keeps Repo Rate Unchanged at 6.5%

Reserve Bank of India (RBI) Governor Shaktikanta Das announced the bi-monthly monetary policy for the financial year 2023-24.
The central bank maintained the status quo and kept the repo rate steady at 6.5%. This is the fourth time RBI has kept the repo rate unchanged.
This is the fourth time that the central bank has kept the basic rate unchanged. Governor Shaktikanta Das said that the all members of the Monetary Policy Committee (MPC), Dr. Shashanka Bhide, Dr. Ashima Goyal, Prof. Jayanth R. Varma, Dr. Rajiv Ranjan, Dr. Michael Debabrata Patra and Shaktikanta Das, unanimously voted to keep the policy repo rate unchanged at 6.50 per cent. The repo rate was last hiked in February 2023 by 25 basis points (bps).

Oct 08, 2023

Sajjan Jindal's Firm, SAIC Motor to Take over MG Motor India

JSW Group Chairman Sajjan Jindal and China's SAIC Motor Corp finalised an agreement to invest in MG Motor India. The deal is expected to be announced by the end of this month or by Diwali.
Under the terms of the agreement, a private company owned by Jindal will initially acquire a 32-35 per cent stake in MG Motor India, while SAIC will hold 51 per cent ownership. An Indian financial institution will own an 8 per cent stake in the business of MG Motor India. MG India and its local employees will hold the remaining ownership.

L&T's Power Business Wins EPC Orders from West Bengal Power Development Corp

Larsen & Toubro (L&T) announced that its L&T Energy-Power business secured an Engineering, Procurement, and Construction (EPC) order from West Bengal Power Development Corporation Limited. The order is for setting up wet Flue Gas Desulphurisation (FGD) systems at its thermal power plant located in Sagardighi, West Bengal.
The project features include three FGD absorbers catering to four thermal power units (2x300 MW, 2x500 MW). The balance of plant systems to be installed will serve five units of the plant.
For L&T, this marked the first FGD project secured from a state-owned power utility.

Oct 07, 2023

GIC Re appoints Ramaswamy Narayanan as CMD

General Insurance Corporation of India (GIC Re) appointed Ramaswamy Narayanan as Chairman and Managing Director.
He replaced Devesh Srivastava, whose four-year term ended at the close of September 2023 as he attained the age of 60 years.
The appointment came after the Financial Services Institution Bureau (FSIB) had recommended Narayanan as the head of GIC Re in June 2023, following which his position was approved by the Finance Ministry.
Narayanan joined GIC Re has a direct recruit officer in 1988 and has since managed a spectrum of non-life insurance classes, including Fire, Engineering, Miscellaneous, Motor, Liability, Aviation, Marine, and Agriculture.

Government Extends SBI Chief Dinesh Khara's Tenure

The Government of India extended State Bank of India chairman Dinesh Khara's tenure till August 2024. Currently, the retirement age for the SBI chairman is capped at 63. Khara will turn 63 in August 2024. His current term was set to end in October.
This extension aligns with the regulatory provision that permits the SBI Chairman to serve until the age of 63.
Dinesh Khara assumed the role of SBI's Chairman on October 7, 2020, initially appointed for a three-year term.
Khara joined SBI as a probationary officer in 1984. Before assuming the role of SBI chairman, he had served as the managing director of the bank, overseeing global banking and SBI subsidiaries, among other responsibilities.

Oct 06, 2023

RBI Appoints Muneesh Kapur as Executive Director

The Reserve Bank of India announced the appointment of Muneesh Kapur as the Executive Director.
In his new capacity, Kapur will oversee the Department of Economic and Policy Research. Before this role, he acted as the Adviser-in-Charge of the Monetary Policy Department and held the position of Secretary to the Monetary Policy Committee.
With a career spanning three decades at the Reserve Bank, Kapur has significant experience in macroeconomic policy, research, and monetary policy. He also served as an adviser to the Executive Director at the International Monetary Fund between 2012 and 2015.
Muneesh Kapur holds a Master's degree in Economics and is a Certified Associate of the Indian Institute of Bankers (CAIIB).

Google Names Sreenivasa Reddy New Public Policy Head in India

Google named Sreenivasa Reddy as its Government Affairs and Public Policy lead for India, filling the role after a year-long gap, at a time when tech behemoths are under intensified scrutiny over anti-competition and data usage concerns.
Reddy will oversee interactions with governmental bodies, regulators, businesses, and civil society organisations to frame policies and initiatives. Prior to this, he served as the head of XR (extended reality) regulatory affairs for Asia Pacific, Middle East, and Africa at Microsoft for two years. Additionally, he has led the government and regulatory affairs divisions at Apple and Ericsson in India.
This appointment came amidst the revamp of digital regulations in the country. The government is formulating the draft Digital India Bill, which is intended to supersede the Information Technology Act, 2000. Although the Digital Personal Data Protection Act, 2023 has been enacted, discussions regarding its rollout are ongoing.

Oct 05, 2023

IndusInd Bank Launches Digital Banking App

IndusInd Bank unveiled its digital banking application, INDIE, setting a target to onboard 10 million customers within the next three years. Sumant Kathpalia, MD & CEO of IndusInd Bank, highlighted the app's pivotal role in boosting the bank's customer base from 33 million to a projected 45 million.
Kathpalia mentioned that the bank's focus is on acquiring a majority of mass banking customers through INDIE rather than traditional branches. In the next six months, the bank anticipates 70% of its mass banking customers to come onboard through this app.

TCS Signs with Asda in Disinvestment and Digital Transformation Deal

Information technology (IT) major Tata Consultancy Services (TCS) announced a multi-year partnership with British retail firm Asda to implement a new organisation-wide IT operating model. TCS stated that it has expanded its strategic partnership with Asda to transform its technology landscape and operating model for future growth, following Asda's disinvestment from Walmart.
TCS indicated that the partnership will leverage TCS's cloud, artificial intelligence (AI), and security solutions to help Asda carry out the divestiture smoothly and securely. TCS will also assist Asda in enhancing its customer experience and innovation capabilities to help increase its market share and retain price leadership.

Fintech Unicorn Slice Announces Merger with North East Small Finance Bank

Fintech credit and payments start-up Slice and Guwahati-based North East Small Finance Bank (NESFB) announced a merger between the two entities.
The banking regulator, the Reserve Bank of India approved the deal, a first-of-its-kind development in the fintech and banking space.
Slice and NESFB customers will have access to a broad range of products and omnichannel offerings.

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