General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Oct 19, 2021

RBI Penalises Standard Chartered Rs 1.95 cr for Gaps in Customer Protection

The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs 1.95 crore on Standard Chartered Bank for not complying with various directions issued by the central bank with regard to 'customer protection', 'cyber security framework in banks', 'credit card operations of banks, and 'creation of a central repository of large common exposures'.
Upon carrying out a statutory inspection for supervisory evaluation (ISE) of the bank, RBI found that the bank did not credit amounts involved in unauthorised electronic transactions (shadow reversal) and did not report cyber security incidents within the prescribed time period.
Further, it authorised the direct sales agents (outsourced third party) to conduct KYC verification. Also, it failed to ensure integrity and quality of data submitted in the Central Repository of Information on Large Credits (CRILC).

Tata Punch Launched

Furthering its attempt to dominate the mid-range and compact SUV segments in the Indian market, Tata Motors launched Tata Punch. The Indian automobile manufacturer, launched its much-awaited sub-compact SUV, Punch, at a starting price of Rs 5.49 lakh (ex-showroom Delhi).
With the launch, Punch has now become the country's first sub-compact SUV.
Tata had earlier started taking bookings for Punch. The car is now finally available at all of the company's dealerships and also their official website. The car is being placed below Nexon in the company's product line-up.
According to the Tata motors' website, the Tata Punch price ranges from Rs 5.49 lakh to Rs 8.79 lakh for petrol/manual variants and Rs. 6.99 lakh to Rs. 9.39 lakh for petrol/automatic variants.

RBI Imposes Rs. 1 Crore Penalty On SBI

Reserve Bank of India (RBI) has penalised the country's largest lender State Bank of India (SBI) for not complying with specific directions, and has imposed a fine of Rs. 1 crore on it.
The action against SBI is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said.
SBI has been penalised for violating rules related to frauds classification and reporting by commercial banks and select financial institutions, the RBI said in a statement.

Oct 18, 2021

Power Global to Invest $25 mn to Set up Battery Infra Facility in India

US-based clean energy and mobility products start-up Power Global plans to invest around USD 25 million (around Rs. 185 crore) to set up a lithium-ion battery manufacturing unit and battery swapping infrastructure in India over the next two to three years.
The company, which is setting up a one gigawatt hour capacity battery plant at Greater Noida in Uttar Pradesh, is also targeting to retrofit around 8 lakh existing conventional three-wheelers in India for conversion into electric versions.
It will tap these retrofitted vehicles for its batteries, which would be offered for swapping through a subscription model.

Oct 17, 2021

BPCL Unveils Automated Fuelling System 'U-Fill'

Indian government-owned, Bharat Petroleum Corporation Limited (BPCL) unveiled an automated fuelling technology system, known as U-Fill to ease the customers with a better experience at the outlets. The technology obviates the need for looking at zero or final reading and such offline manual interventions.
According to Bharat Petroleum Corporation Limited, the new automated fuelling technology is secure, fast, and smart. The new U-Fill outlets have been launched in 65 cities and are likely to be launched soon across the country. The customers need not download any app to use the U-Fill technology. When payment is concerned, a customer can use any desired application for payment, such as Google pay, Paytm, and others.

RBI Approves Pankaj Kumar Panja as Karnataka Bank Non-executive Chairman

Karnataka Bank Ltd has received approval from the Reserve Bank of India to appoint Pradeep Kumar Panja, an Independent Director of the bank, as part-time non-executive Chairman with effect from November 14, for a period of three years. He will succeed P. Jayarama Bhat, who will complete his term on November 13.
Pradeep Kumar Panja retired as Managing Director (Corporate Banking) of State Bank of India (SBI). Prior to this, he also held the post of Managing Director of State Bank of Travancore for about a year.

Oct 16, 2021

IIFL Finance First BNFC to launch instant business loan on WhatsApp

IIFL Finance launched instant business loan on WhatsApp, whereby users of the latter will be able to avail loan up to Rs. 10 lakh with minimum documentation and get approval in five minutes.
The retail-focussed non-banking finance company (NBFC), in a statement, claimed that it has become the first NBFC in the country to launch instant business loan on WhatsApp.
WhatsApp's 45 crore-plus users across India can avail a 24x7 loan facility to get a loan in under ten minutes from IIFL Finance.

UCO Bank Chief A. K. Goel is New IBA Chairman

A. K. Goel, Managing Director and Chief Executive Officer (MD & CEO), UCO Bank is new chairman of banking industry lobby group Indian Banks. Association for 2021-22. He succeeded Rajkiran Rai G, MD & CEO, Union Bank of India.
The Managing Committee of IBA at its meeting held in October 2021 elected Goel as chairman of the association.

IndusInd Bank Gets Authorised by RBI to Collect Direct and Indirect Taxes

IndusInd Bank was given authorisation by the Reserve Bank of India for collection of direct and indirect taxes on behalf of the Central Board of Direct Taxes and the Central Board of Indirect Taxes and Customs.
The authorisation was awarded basis a recommendation from the Controller General of Accounts as well as the Ministry of Finance (Govt. of India), and comes close on the heels of the Bank being appointed as an 'Agency Bank' of the RBI to conduct government business.
With this, IndusInd Bank customers can pay their Direct and Indirect taxes through the Bank's state-of-the-art digital platforms such as 'Indusnet' - its net banking platform and 'IndusMobile' - its mobile banking application.

RBI Clears Re-appointment of Amitabh Chaudhry as MD of Axis Bank

The Reserve Bank approved re-appointment of Amitabh Chaudhry as managing director of private sector Axis Bank for a period of three years.
The extended three-year term would be effective from January 1, 2022.
The board of the bank had in April 2021 approved the extension of his tenure for further period of three years subject to regulatory clearance.

Oct 15, 2021

Adani Group Takes over Thiruvananthapuram International Airport

The Adani Group took over the operation, management and development of the international airport in Thiruvananthapuram, saying it is now a Gateway to Goodness.
Announcing the formal takeover of the airport, the business giant said that it was privileged to serve and welcome passengers to God's Own Country.
The group took over the operations of the airport despite protest by both ruling LDF and opposition UDF against handing it over to private players.

RBI Grants Banking Licence to Unity Small Finance Bank

The Reserve Bank of India has granted a banking licence to Unity Small Finance Bank Ltd (USFBL), which was established jointly by the Centrum Financial Services Ltd (CFSL) and Resilient Innovations Private Limited (BharatPe), to carry on a SFB business in India. It is the first time ever that two partners are uniting equally to build a Bank. The proposed business model is one of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital experience.
RBI had accorded "in-principle" approval to CFSL, a wholly-owned subsidiary of Centrum Capital, on June 18 to set up a small finance bank (SFB). Centrum's MSME and Micro Finance businesses shall be merged into Unity Small Finance Bank.

Taliban Delegation in Turkey for 1st High-level Talks

A high-level delegation of Afghanistan's new Taliban rulers was in Turkey for talks with Turkish officials.
The meetings in the capital of Ankara were first between the Taliban and senior Turkish government officials after the group seized control of Afghanistan. The visiting delegation was led by Amir Khan Mutaqi, the acting Foreign Minister.
Turkey has been working with Qatar to re-open the airport in the Afghan capital of Kabul to international travel. However, repairs are needed before commercial flights can resume.

Four Indian Companies in Forbes World's Top 100 Best Employers List

Reliance Industries Limited (RIL) is among the top four Indian companies to work for, according to World's Best Employers rankings 2021 published by Forbes. Mukesh Ambani-owned RIL was placed at the 52nd position in the overall ranking of 750 global corporates.
Other Indian companies that made it to the top 100 rankings include ICICI Bank at 65, HDFC Bank at 77 and HCL Technologies at 90. Apart from that, State Bank of India (SBI) was ranked at 119, Larsen & Toubro at 127, Infosys 588, Tata Group at 746 and Life Insurance Corp (LIC) was placed at 504. Other Indian firms on the list include Bajaj at 215, Axis Bank at 254, Indian Bank at 314, Oil and Natural Gas Corp (ONGC) at 404, Amara Raja Group at 405, Kotak Mahindra Bank at 418 and Bank of India at 451. ITC was placed at 453, while Cipla was on 460 and Bank of Baroda at 496.
The top place in the Forbes rankings was occupied by South Korean giant Samsung Electronics, followed by US giants IBM, Microsoft, Amazon, Apple, Alphabet and Dell Technologies. China-based Huawei was the 8th in order of the best employer in the world.

True Elements Becomes India's 1st Food Brand Recognised as 'Clean Label'

True Elements, amongst India's leading healthy breakfast & snacks start-up brand, is now certified 'Clean Label' by the Clean Label Project, US.
True Elements rests on 4 pillars of True - True to our Food (Nutrition), True to our Word (Transparency), True to our Planet (Recycle), and True to our Families (People).
With the new certification, True Elements becomes the only Indian food brand to be globally recognised as both 'Clean Label' & '100% Wholegrain'. These coveted accreditations are awarded by leading US based non-profit organizations, Clean Label Project & Whole Grains Council respectively, who are known for raising the bar globally on food nutrition, food safety and driving consumer transparency.

World Steel Association Elects JSW Steel's Sajjan Jindal as Chairman

The World Steel Association (WSA) elected JSW Steel Chairman and Managing Director Sajjan Jindal as its Chairman for the 2021-22 period.
With this, Jindal became the first representative from India to serve as Chairman of the WSA.
WSA acts as the focal point for the steel industry, providing global leadership on all major strategic issues impacting the industry, particularly focusing on economic, environmental, and social sustainability.

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