General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Oct 30, 2021

ICICI Direct Launches Facility for Instant Payout on Redemptions

ICICI Direct has introduced a new facility, e-ATM for Mutual Funds, using which investors can get an instant payout on their mutual fund redemption orders. So, this means that if a mutual fund investor needs funds in an emergency, then he or she can get instant money in their bank accounts by redeeming their mutual funds.
Previously, customers had to wait for two to four working days to receive their funds against their mutual fund redemptions. ICICI Direct said that its customers can get a payout within 30 min of redemption with e-ATM for MFs.

Mark Zuckerberg Changes Facebook's Name to Meta

Facebook is now called Meta, in a rebrand that focuses on building the "metaverse," a shared virtual environment that it bets will be the successor to the mobile internet. The name change, the plan for which was first reported by the Verge, is a significant rebrand for Facebook, but not it's first. In 2019 it launched a new logo to create a distinction between the company and its social app.
The metaverse is a term coined in the dystopian novel "Snow Crash" three decades ago and now attracting buzz in Silicon Valley. Zuckerberg said that the new name, coming from the Greek word for "beyond," symbolized there was always more to build. It refers broadly to the idea of a shared virtual realm that can be accessed by people using different devices.

Oct 29, 2021

Jana Small Finance Bank Appoints Subhash C. Khuntia as Part-time Chairman

Jana Small Finance Bank appointed Subhash C. Khuntia as its part-time Chairman.
A 1981-batch officer of the Indian Administrative Service, Khuntia was also Chairman of the Insurance Regulatory and Development Authority of India (IRDAI).
Khuntia has vast administrative experience of working in several departments at the central government, including the Ministry of Finance, Human Resource Development and Petroleum and Natural Gas. For the Karnataka government, he worked in the Departments of Finance, Revenue, Personnel, Urban Development, Public Works and Ports.

OYO Appoints Ankit Gupta as CEO

Global travel-tech company OYO appointed of Ankit Gupta to Chief Executive Officer - Franchise & Frontier, India. As a part of his expanded responsibilities, Gupta will be leading OYO's flagship Hotels & Homes business as well as other verticals.
Gupta has been instrumental in significantly strengthening the India business over the last two years. He will continue reporting to Rohit Kapoor, CEO, OYO India & South-East Asia.
Gupta will focus on key areas of the business including revenue growth, patron trust, consumer experience and delivering on key business metrics through technology and business innovation for India, which is one of the core growth regions for the company.

Kotak Mahindra Bank Ties up with IndiGo to Launch 'Ka-ching' Credit Card

IndiGo and Kotak Mahindra Bank (KMB) entered into a strategic partnership for the launch of a co-branded credit card named 'Ka-ching'. The credit card was launched under IndiGo's 6E Rewards programme and linked with it to enable the members to earn rewards by using the card on IndiGo and other merchants. The co-branded card will be available in 2 variants such as 6E Rewards and 6E Rewards XL by offering exclusive travel benefits for domestic and international travel.

Tata Motors Unveils 21 Commercial Vehicles for Cargo, Passenger Verticals

Tata Motors unveiled 21 new commercial vehicles, including trucks and buses, to cater to evolving needs of cargo and people transport across segments.
The company has unveiled 7 products in the medium and heavy commercial vehicles (M&HCV) segment and 5 products in the intermediate and light commercial segment (4-18 tonne GVW) with CNG powertrains.
Besides, the auto major unveiled 4 new LCVs (Light Commercial Vehicles) to improve last-mile delivery efficiency and reduce operational cost.
Tata motors also unveiled 5 passenger commercial vehicles including buses for intra-city transportation requirements.

RBI Approves Appointment of Baldev Prakash as J&K Bank MD & CEO

Jammu & Kashmir Bank said that the Reserve Bank has approved the appointment of Baldev Prakash as its next Managing Director and CEO for a period of three years from the date of taking charge or April 10, 2022, whichever is earlier.
Prakash has over 30 years of experience in banking in various roles at small and large size branches at SBI.

PayU Launches 'PayU Token Hub' to Help Businesses Comply with RBI Norms

PayU, a leading online payments solutions provider, announced the launch of its unique tokenisation solution 'PayU Token Hub', which will enable businesses to comply with Reserve Bank of India's (RBI's) latest guidelines on online card data storage, while allowing issuing banks to also generate their own tokens. This solution has been built by PayU and Wibmo, a PayU-owned full stack global PayTech company, in partnership with major card networks such as Visa and MasterCard, and leading issuing banks. The solution offers both network tokens and issuer tokens under single hub.
Powered by Wibmo, PayU Token Hub is developed as an interoperable plug-n-play solution, to enable card on file and device tokenization using a single integration point.

Oct 28, 2021

SBI General Insurance Collaborates with Google Pay to Offer Health Insurance

SBI General Insurance announced its technological collaboration with Google Pay that will enable users to buy SBI General's health insurance on the Google Pay app.
This is in line with SBI General's vision to consistently expand its distribution of general insurance solutions through digital channels. The collaboration also marks Google Pay's first such alliance with an insurer in the country and will make health insurance available to customers.
Users will be able to buy both individual and family plans under Arogya Sanjeevani policy through Google Pay Spot.

Swiss Re to Invest Rs. 920 crore for Stake in Paytm's General Insurance Biz

Financial services firm Paytm's associate, Paytm Insuretech Private Limited (PIT), entered into a strategic partnership with Swiss Re, one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer.
Swiss Re will invest about Rs. 920 crore in PIT for an aggregate stake of 23 per cent on a fully diluted basis.
Paytm Insuretech plans to leverage Paytm's customer base and merchant ecosystem to develop innovative insurance products and solutions.

Adani Ports to Exit Myanmar Investment by June Next Year

Adani Ports and Special Economic Zone Ltd (APSEZ) has decided to exit its investment in Myanmar by June next year.
APSEZ, the largest port developer in India, is part of the globally diversified Adani Group.
In August 2021, APSEZ had said its investment in a port in Myanmar was not in violation of any sanction guidelines issued by the Office of Foreign Assets Control (OFAC) of the US Department of Treasury.

Wipro Appoints Kimberly Watson as Country Head and MD for Canada

Wipro announced the appointment of Kimberly Watson as Country Head and Managing Director for Canada.
Watson would focus on Wipro's vision for business growth, localization, brand building and significant transformational and modernization engagements with clients in key sectors.
Watson is a veteran who has been in the Information and Communications Technology (ICT) field for over 30 years in various leadership roles including development, sales, engineering, delivery, software, managed services, and outsourcing. In her most recent role, Watson was Vice President and General Manager for the Federal Market at IBM Canada. She has also held several leadership positions at IBM and Bell Canada.

Axis Bank to Elevate Rajiv Anand as Deputy Managing Director

The country's third largest private sector lender Axis Bank announced that it will elevate Rajiv Anand as the Deputy Managing Director.
Anand, an Executive Director in charge of wholesale banking at present, has been with the Axis Group for 12 years.
The bank's board of directors has approved the appointment and the same will have to be ratified by the Reserve Bank and shareholders of the lender.
In his new role, Anand will continue to lead the wholesale banking side and also work closely with the board in strengthening control and governance aspects.

Oct 27, 2021

ICICI Bank Surpasses HUL to Occupy 5th Spot in m-cap

Private sector lender ICICI Bank crossed the market capitalisation of Hindustan Unilever to become the fifth largest company by market value.
According to BSE data, ICICI Bank's market capitalisation (m-cap) stood at Rs. 5.83 lakh crore, just above HUL's Rs. 5.76 lakh crore. This follows the bank posting its highest ever quarterly net profit in the July to September 2021 quarter.

HDFC, India Post Payments Bank Tie up to Offer Home Loans

India Post Payments Bank (IPPB) and HDFC Limited announced a strategic alliance to offer home loans to nearly 4.7 crore customers of IPPB.
India post will leverage its country-wide network of 650 branches and over 1,36,000 banking access points to make available HDFC home loan products to customers across India.
The partnership aims to take HDFC home loan products to customers,
especially those in unbanked and underserved areas with many of them having little or no access to finance.
According to the agreement, credit, technical and legal appraisals, processing and disbursements for all home loans will be handled by HDFC Ltd while IPPB will be responsible for sourcing of loans.

Indian Bank Gets New Executive Director

Ashwani Kumar has assumed charge as Executive Director of Indian Bank. A chartered accountant, postgraduate in commerce and a certified member of Indian Institute of Bankers, Mr. Kumar was Chief General Manager of Mumbai Zone at Punjab National Bank. Mr. Kumar has served in the Bank of Baroda, the Corporation Bank, and the Oriental Bank of Commerce.

India Ranks 9th in VC Funding for Climate Tech Globally

According to a report, India ranked at the ninth spot globally for climate tech investment, with the country's climate tech firms receiving USD 1 billion in venture capital funding between 2016 and 2021.
Venture capital (VC) investment in climate technology companies has gone up globally since 2016, as per the report jointly prepared by international trade promotion agency London & Partners and Amsterdam-based database management company Dealroom.co.
Global climate tech venture capital investment soared from USD 6.6 billion in 2016 to USD 32.3 billion in 2021.
The top 10 countries for climate tech VC investment between 2016 and 2021 are -- US (USD 48 billion), China (USD 18.6 billion), Sweden (USD 5.8 billion), UK (USD 4.3 billion), France (USD 3.7 billion), Germany (USD 2.7 billion), Canada (USD 1.4 billion), Netherlands (USD 1.3 billion), India (USD 1 billion) and Singapore (USD 700 million).

India's First 'Skill Impact Bond' Launched

The National Skill Development Corporation (NSDC) on Tuesday launched the first-of-its-kind and the largest 'Impact Bond' for skilling in India in collaboration with global partners, involving a USD 14.4 million fund which will benefit 50,000 youth by making them employment ready.
Along with the NSDC, the global coalition comprises of HRH Prince Charles's British Asian Trust, the Michael & Susan Dell Foundation (MSDF), The Children's Investment Fund Foundation (CIFF), HSBC India, JSW Foundation and Dubai Cares, with FCDO (UK Government) & USAID as technical partners.
The Skill Impact Bond (SIB) is also the first impact bond involving public, private partners and a public private partnership organization.

RIL-bp Launch their First Co-branded Petrol Pump in Navi Mumbai

Reliance Industries (RIL) and bp's fuel and mobility joint venture, Reliance BP Mobility (RBML) launched its first Jio-bp branded Mobility Station (basically a fuel pump) at Navde, Navi Mumbai, Maharashtra. A statement from RIL said that the existing network of over 1,400 fuel pumps will be rebranded as Jio-bp.
These Jio-bp Mobility Stations will bring together a range of services for consumers– including fuels with additives (RIL is calling them additivised fuels), electric vehicle charging, refreshments and food. These outlets also plan to offer more low-carbon solutions over time.

Oct 26, 2021

CCI Approves HDFC Bank's Acquisition of 4.99% Stake in HDFC ERGO

Fair trade regulator CCI approved HDFC Bank's acquisition of 4.99 per cent shareholding in HDFC ERGO General Insurance Company.
In June 2021, HDFC Bank's board had given approval to buy more than 3.55 crore shares in group firm HDFC ERGO General Insurance Company for over Rs. 1,906 crore from the parent company Housing Development Finance Corporation (HDFC).
HDFC is the promoter and related party of the bank.
The proposed combination will enable the lender to participate in the growth opportunity of HDFC ERGO General Insurance and create long-term value for its shareholders, as per a combination notice filed with the regulator.

Eicher Shareholders Approve Proposal to Re-appoint Siddhartha Lal as MD

Eicher Motors' shareholders have approved a proposal to re-appoint Siddhartha Lal as the company's managing director for a period of five years with effect from May 1 this year.
The members also cleared the proposal to increase Lal's remuneration.
In the latest round of voting, 93.75 per cent votes favoured the re-appointment, while 6.25 per cent votes opposed the proposal.

Govt. Signs Share Purchase Agreement with Tatas for Air India Sale

The Centre has signed the share purchase agreement (SPA) with Tata Sons for the privatisation of national carrier Air India.
The wholly-owned subsidiary of Tata Sons, Talace Pvt Ltd, earlier this month had emerged as the successful bidder to buyout government's shareholding in Air India.
Talace had placed a bid to acquire Air India for Rs. 18,000 crore, which involved retaining debt of Rs 15,300 crore of the national carrier, and a cash component of Rs. 2,700 crore. Only two bids were placed to acquire the national carrier, with another one by Spicejet Chairman Ajay Singh in his personal capacity.

SBI, UCO Bank Agree to Invest in Amrapali Projects

The Supreme Court was told that the State Bank of India (SBI) and the UCO Bank have agreed to invest Rs. 450 crore in Amrapali projects, but other banks, who were part of a consortium, are delaying the process.
Senior advocate and court-appointed receiver R. Venkataramani submitted before a bench headed by Justice U.U. Lalit that six banks have agreed in principle, but things have not moved in the desired direction for nearly two months. He added that in order to accelerate the process, a little nudge from the top court was needed.

Three FIIs Jointly Acquire 2.64% stake in HFCL

Three foreign institutional investors--Vanguard, Quant Mutual Fund and Norges--have bought collectively acquired 2.64 per cent in telecom gear makers HFCL Ltd.
While Vanguard bought 1.86 per cent through four entities--Vanguard Emerging Markets Stock Index Funds, Vanguard Total International Stock Index Fund, Vanguard Fiduciary Trust and Vanguard FTSE All World Small Caps Index--Quant acquired 0.55 per cent and Norges 0.23 per cent.

Future Generali India Insurance Enters into bancassurance Tie-up with Bank of India

Private sector general insurer Future Generali India Insurance (FGII) has entered into a bancassurance tie-up with the Bank of India (BoI) for further penetration of its general insurance products.
Through this alliance, FGII will offer its wide array of best-in-class and innovative insurance solutions to 5,084 BoI branches spread across 28 States and 8 Union Territories.

CCI Clears Phoenix Parentco's Acquisition of Parexel International Corp

Competition Commission of India (CCI) approved acquisition of Parexel International Corporation by Phoenix Parentco Inc.
Headquartered in the US, Paraxel provides biopharmaceutical outsourcing services to biopharmaceutical companies.
The proposed transaction pertains to acquisition of 100 per cent of the equity shareholding of Parexel International, according to a notice filed with the regulator.
Phoenix Parentco is a special purpose investment vehicle that operates solely as an investment holding company. It is jointly controlled by EQT Fund Management S. r.l. and The Goldman Sachs Group Inc.

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