General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Aug 29, 2023

Indian Oil, L&T, ReNew form JV for Green Hydrogen Projects

A joint venture of Indian Oil Corporation, L&T and ReNew to focus on green hydrogen projects was incorporated with the three partners investing Rs. 1 crore each in its authorised capital.
The JV company GH4India Private Ltd., incorporated has been formed for the purpose of development of green hydrogen and its derivatives, including green ammonia and methanol, besides production assets and associated renewable assets through any model of ownership and operatorship.

Jharkhand Govt. Inks MoU with TGESPL for India's First Hydrogen Fuel Project

The Jharkhand Government inked a pact with TCPL Green Energy Solutions Private Limited (TGESPL). It is a joint venture between Tata Motors and Cummins Inc, USA to set up the country's first hydrogen fuel project in Jamshedpur at an estimated cost of over Rs. 350 crore. Jharkhand CM Hemant Soren said that for the first time in the country Tata Cummins and Jharkhand government's Industrial department have taken such a step. Now vehicles will work on hydrogen. Its developmental work will be held in Jharkhand. This will be used in the whole country. This decision of Jharkhand is like a milestone for the rising concerns on the environment.

Shriram Finance's Umesh Revankar Takes Charge as Chairman of FIDC

The Finance Industry Development Council (FIDC), the representative body for asset and loan financing of Non-Banking Finance Companies (NBFCs), appointed Umesh Revankar as its new chairman. The managing committee elected Revankar unanimously during a meeting held in Mumbai. Currently serving as the Executive Vice Chairman for Shriram Finance, he brings with him decades of experience and expertise in the financial services industry.

Aug 28, 2023

Akola Merchant Co-operative Bank and Jalgaon Peoples Co-Operative Bank Get Approval for Voluntary...

The Reserve Bank of India (RBI) sanctioned the amalgamation of Akola Merchant Co-operative Bank with Jalgaon Peoples Co-operative Bank.
The branches of Akola Merchant Co-operative Bank will function as branches of The Jalgaon Peoples Co-operative Bank.

Airtel Payments Bank, Mastercard and Frontier Markets partner to Support 1 lakh Women-owned Small...

Airtel Payments Bank, Frontier Markets and the Mastercard Center for Inclusive Growth announced the launch of 'She Leads Bharat: Udyam', an initiative to elevate 1,00,000 women-owned small businesses with resources, tools and opportunities to grow and diversify their incomes.
'She Leads Bharat: Udyam' is a first-of-its-kind initiative that brings together the private sector, social enterprise, and philanthropy in the banking, financial services, and insurance sector to demonstrate a digital-first model designed to unlock ways for women-owned small businesses to increase their incomes.
This initiative will be funded by the Mastercard Impact Fund, while Mastercard will bring the catalytic capital and global expertise of its Center for Inclusive Growth to unlock tools, resources, and networks for the women-owned small businesses.

Aug 27, 2023

FSS Announces Launch of its New Payments Technology Platform 'Blaze'

Financial Software & Systems (FSS), a provider of payments solutions, announced the launch of its new payments technology platform, 'Blaze'. This platform is specially designed to cater to the needs of banks and financial institutions.
FSS has revealed that its payments gateway, powered by Blaze, can process over 5,000 transactions per second (TPS). Additionally, the payments technology platform allows banks to achieve higher TPS, aligning with the increased adoption of digital commerce within the country.
FSS has made the Blaze platform accessible to customers in India, the Middle East, and Africa, and has plans to introduce it in additional markets in the coming months.

Aug 25, 2023

Shemaroo Entertainment Appoints Manisha Dey as Head of Devotional and Music Division

Shemaroo Entertainment announces the appointment of Manisha Dey as the head of the devotional and music category. The strategic decision underlines Shemaroo's commitment to elevating its content repertoire and delivering experiences to its audience within the dynamic entertainment landscape.
Manisha's remarkable professional journey and achievements underscores her visionary acumen. She has extensive experience and has a well-established track record across diverse facets of the music and entertainment industry, particularly in the devotional genre.

HDFC Bank Launches India's First Co-Branded Hotel Credit Card with Marriott

HDFC Bank, India's leading private sector bank, partnered with Marriott Bonvoy, the acclaimed travel program by Marriott International, and unveiled the 'Marriott Bonvoy HDFC Bank Credit Card'.
This pioneering co-branded hotel credit card, the first of its kind in India, operates on the esteemed Diners Club platform, a part of the Discover Global Network, and aspires to set new standards for rewarding travel cards in the country.
The Marriott Bonvoy HDFC Bank Credit Card brings together the strengths of these two prominent brands, presenting consumers with an unparalleled selection of travel benefits. One of the prime offerings is the Silver Elite Status within the Marriott Bonvoy program, which offers a host of advantages such as priority late checkout, exclusive member rates, bonus Marriott Bonvoy points, and more.

Uber Appoints Arnab Kumar as Director of Business Development for India, SA

Ride-hailing company Uber appointed Arnab Kumar as the director of business development for India and South Asia. Kumar, who brings over 17 years of experience across the technology and financial services sectors, has been instrumental in building the India operations for Coinbase and leading fintech investments and strategic initiatives for Prosus (formerly known as Naspers). He has previously served as a program director at the government think tank NITI Aayog, where he played a vital role in developing emerging technology initiatives, including Aarogya Setu, India's Covid contact tracing app.
In addition to his previous roles, Kumar has worked as an investment banker for Deutsche Bank in Singapore and New York. He is an alumnus of Birla Institute of Technology Mesra and the Indian School of Business Hyderabad, and holds the CFA charter.

Aug 24, 2023

LIC Acquires Stake in Jio Financial Services

The Life Insurance Corporation of India acquired 6.660 per cent stake in Jio Financial Services owing to the de-merger action by Reliance Industries.
Jio Financial de-merged from Reliance Industries in July, as a part of which shareholders of RIL were allotted one share of Jio Financial for every share held.
LIC said that the cost of acquisition is equivalent to 4.68 per cent of the pre de-merged cost of Reliance Industries.

Snap Inc Appointsd Pulkit Trivedi as India's Managing Director

Snap Inc, the parent company of instant messaging platform Snapchat, appointed Pulkit Trivedi as India's Managing Director, while revamping the organisational structure with a focus on growing the user community in the country.
Under a new operational structure, the growth, market development, partnerships, content and creator ecosystem teams of Snap in India will now report directly to Trivedi. This new, highly localised structure will further help in building unique experiences for the company's growing user community.
Trivedi was working at Google for the past five years as the director of Google Pay- India business team.

Honeywell Launches New AGL Manufacturing Facility in Gurugram

US conglomerate Honeywell, launched a new Airfield Ground Lighting (AGL) manufacturing facility in Gurugram, India, in line with its 'Make in India' programme and commitment to domestic manufacturing and technological advancement.
AGL, a product engineered and manufactured completely in India, plays a crucial role in airport operations and is subject to comprehensive safety and compliance regulations by global aviation standards and regulatory bodies.
The complete engineering and technology that caters to the needs of airports was incubated and developed by the Honeywell Technology Solutions team in India.

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