General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Mar 06, 2023

PNB Makes Positive Pay System Must for Cheques Worth more than Rs. 5 lakh

In a move to safeguard customers from fraudulent payment of cheques, state-owned Punjab National Bank (PNB) made the Positive Pay System (PPS) compulsory for cheque payments worth Rs. 5 lakh and above.
This will come into effect from April 5, 2023.
Earlier, the mandatory submission of cheque details in PPS was set at Rs. 10 lakh and above.
The PPS is a system developed by the National Payments Corporation of India (NPCI), which requires customers to reconfirm essential details (account number, cheque number, cheque alpha code, issue date, amount, and beneficiary name) when issuing cheques of a certain amount.

Tata Steel Mining Signs MoU with GAIL to Get Clean Fuel

In order to reduce carbon footprint in its operations, Tata Steel Mining Limited signed a memorandum of understanding with GAIL (India) Limited for supply of natural gas to its ferro alloys plant at Athgarh in Odisha's Cuttack district. According to the MoU, GAIL will supply the agreed quantity of natural gas through its pipeline from Gujarat to Athgarh.
The project will lower green house gas emission by 968 tons.

Hyderabad Hosts Meeting on Theme of Knowledge and Experience Exchange Program for Emerging Econom...

Hyderabad hosted a meeting on the theme of Knowledge and experience exchange Programme for the emerging economies of the Global South from March 4 to 6. It provided a platform to discuss ways to accelerate development in the Global South. The inaugural session of the event 'India & The Global South: A Vision for a Shared Future' was addressed by G20 India Chief Coordinator Harsh Vardhan Shringla in Hyderabad.
The second session was focussed on Digital Public Infrastructure: a digital revolution on global financial Inclusion. The third session was on financial inclusion through digital innovations Knowledge and experience exchange. A side event on the topic of Role and Significance of G20 and GPFI also took place.

Mar 05, 2023

Karnataka Bank Appoints Abhishek Sankar Bagchi as New CFO

Karnataka Bank appointed Abhishek Sankar Bagchi as chief financial officer (CFO) on contract basis.
Bagchi has over 18 years of work experience in financial reporting, financial planning & control, taxation, RBI reporting, strategic planning, fund management and budgeting. He was Chief Financial officer and Head Finance at NSDL Payments Bank since September 2017.
Muralidhar Krishna Rao demitted the office of chief financial officer of the Bank on 1 March 1, 2023 upon completion of his term.
Karnataka Bank is an Indian private sector bank based in Mangalore.

RBI Slaps Amazon Pay (India) with Rs. 3.06 crore Penalty

The Reserve Bank of India (RBI) imposed a penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited, on charges of not complying with certain norms of the Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction.
RBI said that after considering the response from Amazon Pay on charge of non-compliance with RBI directions it imposed monetary penalty.
The central bank said that the charges were imposed under Section 30 of the Payment and Settlement Systems Act, 2007.

Mar 04, 2023

State Bank of India Completes First Commercial Trade in Sri Lankan Rupees

Indian lender State Bank of India completed its first non-dollar transaction with Sri Lanka, by paying for exports in Sri Lankan rupees as India looks to bring countries that are short of U.S. dollars into the trade mechanism.
The move came as Sri Lanka grapples with its worst economic crisis since its independence, triggered by a shortage of dollars. The island nation's forex reserves stood at $2.1 billion as of end-January 2023.

Foxconn to Set up Electronics Manufacturing Facility in Telangana

Electronics major Foxconn will set up a manufacturing facility in Telangana with employment generation potential for over one lakh people.
This was announced after Foxconn Chairman Young Liu met Telangana Chief Minister K. Chandrasekhar Rao.
Hon Hai Technology Group (Foxconn) and the Government of Telangana signed an agreement at the Pragati Bhavan.
The historic deal has the potential to generate employment for more than one lakh people over a period of 10 years.

Mar 03, 2023

Tata Power Partners with Enel Group to Power Digitalisation, Automation

Tata Power collaborated with Enel Group to power digitalisation and automation of India's distribution network.
Tata Power joined hands with Enel Group, one of the largest integrated players in the global power and renewable markets, for implementing two key pilot projects through former's Delhi based distribution business.
The agreement towards the same was signed by Robert Ronald Denda - CEO Gridspertise Srl, and Praveer Sinha, CEO & MD, Tata Power, in New Delhi.

Pramerica Life Insurance Appoints Pankaj Gupta as MD and CEO

Pankaj Gupta was appointed as the MD & CEO of the Pramerica Life Insurance. Gupta succeeded Kalpana Sampat.
He will be responsible for driving strategic growth led transformation to bring Pramerica Life amongst the leading life Insurance companies in India.
Gupta joined Pramerica Life Insurance from HDFC Life, where he was the Group Head – Distribution Strategy & Alliances and was part of HDFC Life's top Leadership team.
Pramerica Life Insurance Limited is a joint venture between DIL, a wholly owned subsidiary of Piramal Capital and Housing Finance Limited and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI).

Mar 02, 2023

HDFC Bank's Sashidhar Jagdishan is 'BS Banker of the Year 2022'

Sashidhar Jagdishan, Managing Director (MD) and Chief Executive Officer (CEO) of HDFC Bank, was chosen as the Business Standard Banker of the Year 2022, as the lender continued its strong performance under his leadership while successfully navigating through technology-related challenges.
An eminent five-member jury, chaired by former Reserve Bank of India (RBI) deputy governor S. S. Mundra, picked the CEO of the largest private sector bank of the country as the winner.
Jagdishan took charge of HDFC Bank on October 27, 2020, after his illustrious predecessor Aditya Puri demitted office upon attaining the age of 70 years – the maximum age for a CEO in a private sector bank.
Jagdishan's journey in HDFC Bank started in 1996 as a manager in the finance function.

HDFC First Private Bank to Tie up with IRCTC for Co-branded Credit Card

HDFC India's largest private sector bank announced a partnership with IRCTC and launched "IRCTC HDFC Bank Credit Card" which provides exclusive benefits on bookings through IRCTC website & app, lounge access, besides others.
Earlier, IRCTC has only partnered with SBI and Bank of Baroda for this travel segment of the card.
The launch came a day after many HDFC Bank users mentioned that they were not able to perform transactions on HDFC's internet banking and mobile app.
The credit card was launched by Ms. Rajni Hasija, Chairman & Managing Director, IRCTC, Mr. Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking and IT, HDFC Bank and Ms. Praveena Rai, COO, NPCI.

Vishal Sharma Appointed as Godrej Industries CEO-designate of its Chemicals Business

Vishal Sharma was named the Chief Executive Officer-Designate (CEO-Designate) of the GIL-Chemicals Business. Nitin Nabar, Executive Director and President (Chemicals), Godrej Industries Limited, is Vishal's reporting authority.
From Ecolab Inc., where he served as Senior Vice President for the India, Middle East, and Africa (IMEA) region, stationed in Dubai since June 2020, Vishal Sharma joined Godrej.
Vishal has a Bachelor of Engineering from MIT Manipal in Mangalore and a Postgraduate Diploma in Management from IMDR Pune.

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