General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Sep 23, 2021

Flipkart Launches Marketplace 'Flipkart Xtra' to Onboard Part-time Job Seekers

E-commerce firm Flipkart will introduce a separate marketplace model 'Flipkart Xtra' to give flexible earning opportunities to individuals, service agencies and technicians.
The new platform would also help bolster its supply chain to ensure seamless and faster delivery of shipments and service to consumers across India while creating part-time opportunities for individuals.
Individuals will be able to onboard themselves for various roles, including delivery executives to start with, and service partners or technicians in the coming months.

India, UAE Launch Negotiations for CEPA

India and the UAE have formally launched negotiations on the India-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA).
The UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and Commerce Minister Piyush Goyal held the first round of CEPA negotiations.
According to Union Minister of Commerce and Industry Piyush Goyal, the two countries are aiming to conclude the trade talks by the end of the year and sign a mutually beneficial Comprehensive Economic Partnership Agreement (CEPA) by March 2022, after the completion of the legal paperwork and ratification.

IPPB Ties up with Bajaj Allianz, Tata AIG for Distribution of Non-life Insurance Products

India Post Payments Bank (IPPB) announced strategic alliances with Tata AIG General Insurance Co. Ltd. and Bajaj Allianz General Insurance for distribution of their non-life insurance products across the country. As part of the alliances with both the partners, IPPB will strive to make available affordable insurance products through its network of 650 branches and over 136,000 banking access points to citizens at large.
The scope of products shall include healthcare and mediclaim products, personal accident, and vehicle insurance amongst other innovative tailor made products to address the protection needs of Bharat.

Mindtree Appoints New Leaders to Drive Growth in Europe, Asia-Pacific

Information technology firm Mindtree is expanding in Europe and Asia-Pacific and has appointed key personnel in the regions.
The company has appointed Klaus Seifert as Head of Strategy for Europe and Chief Business Officer for Germany, Austria, and Switzerland (DACH).
Munich-based Seifert has over two decades of experience in sales, business development, and profit and loss management across diverse industry sectors. He was formerly the head of Global Technology Services for DACH at IBM.
Further, Erik Julius Larsen has joined the company as Chief Business Officer for Nordics and Benelux.
Larsen's experience of more than 25 years includes several executive positions in the IT industry across northern Europe. Prior to joining Mindtree, he worked at Cognizant as Country Manager and Head of Sales for Nordics.

RBL Bank and Mastercard Launch Campaign for a Seamless Payment Experience

Leveraging the festive season, RBL Bank and Mastercard launched a new festive campaign 'UseBefikar', which rewards existing cardholders with shopping offers and rewards. Featuring celebrities such as Riteish Deshmukh, Mirabai Chanu and Vikrant Massey, the campaign aims to strike a chord with cardholders at the start of the festive season.

Sep 22, 2021

TRIFED Signs MoU with Bigbasket

The Tribal Cooperative Marketing Development Federation of India Limited (TRIFED) and e-grocery platform Bigbasket entered into a Memorandum of Understanding (MoU) for the promotion and sale of natural Van Dhan products being made available to Bigbasket from Van Dhan production units. With this, Bigbasket will be able to enrich its portfolio through the of hand-made authentic forest products sourced by the tribal population.
The MoU between TRIFED and Bigbasket is for the promotion and sale of the natural Van Dhan products through the Big Basket platform, while MoU between TRIFED and Purty Agrotech will promote the art of growing pearls among other tribal entrepreneurs across India and tap the potential of this market.

Carlyle Sells Stake in SBI Cards

CA Rover Holdings, an affiliate of private equity (PE) firm Carlyle Asia, divested 3.4 per cent stake in SBI Cards and Payment Services in two separate block trades.
As per information disclosed, two tranches of 16 million shares each got executed at around Rs. 1,021 apiece. Societe Generale picked up 8.5 million shares for Rs. 868 crore.

Govt. Extends Uday Kotak's term as IL&FS Non-executive Chairman

The government has extended the term of Uday Kotak as the non-executive chairman of Infrastructure Leasing and Financial Services (IL&FS) by another six months.
Kotak, who is also the managing director and chief executive officer of Kotak Mahindra Bank would continue being the non-executive director on the board of IL&FS until April 2, 2022. His tenure was supposed to expire on October 2.
The Banking Regulation Act, 1949 prohibits a banking company to be managed by an individual who is a director of any other company. However, the provision does not apply for a temporary period not exceeding three months or such further period not exceeding nine months if allowed by the Reserve Bank of India (RBI).

CavinKare Launches of New Brand Biker's

FMCG major CavinKare has announced its entry into the men's grooming segment through the launch of personal care brand Biker's.
The company expects the sector to grow at a rate of 15-20 per cent per annum and touch around $1.2 billion by 2024 and through the foray CavinKare is targeting a significant market presence in a growing category.
The Chennai-based company will be competing with the likes of Procter & Gamble, Hindustan Unilever, Dabur, L'Oreal and Nivea in the segment.
The newly launched Biker's brand has products like 2-in-1 shampoo-conditioners, beard oil, beard cream and shower gel to meet the needs of the urban male.

YES Bank Resumes Credit Card Issuance with Visa Tie-up

Private sector lender YES Bank has resumed issuance of new credit cards under pact with payment network Visa.
Its credit card issuance activity was hit in July after the Reserve Bank of India placed curbs on Mastercards on on-boarding new domestic customers for breaching norms for data storage.

Infosys Ties up with ServiceNow to Offer its Services for Manufacturers

Infosys a global leader in next-generation digital services and consulting, announced its collaboration with ServiceNow, the leading digital workflow company that makes work, work better for people, to provide enterprise-level service management for customers in manufacturing industries.
Through this collaboration, Infosys will leverage its industry cloud blueprints, part of Infosys Cobalt, and deploy ServiceNow Operations Technology Management (OTM), to support manufacturing industries as they digitize their factories, floors, and plant operations.

Torrent Power Acquires 156 Mw Wind Power Plants from CESC Ltd Arm

Torrent Power Limited has entered into a share purchase agreement with CESC Limited and others for 100 per cent acquisition of CESC's wholly-owned subsidiary Surya Vidyut Limited and its 156 Mw wind power plants.
A special purpose vehicle (SPV) of CESC, Haldia Energy Limited and other nominal shareholders, Surya Vidyut operates 156 Mw wind power plants, spread across the states of Gujarat, Rajasthan and Madhya Pradesh (MP).
At an estimated enterprise value of about Rs. 790 crore, subject to closing price adjustments, the acquisition is further subject to customary conditions for transaction closure. The projects have long term power purchase agreements (PPAs) with state discoms of Gujarat, Rajasthan and MP for a period of 25 years.

Sep 21, 2021

Govt. to Promote Pearl Farming in Tribal Areas

The Trifed (Tribal Co-operative Marketing Development Federation of India) inked an agreement with the Jharkhand-based Purty Agrotech for the promotion of pearl farming in tribal areas. The Trifed operates under the Union Ministry of Tribal Affairs.
As part of the agreement, Purty Agrotech pearls will be sold through 141 Tribes India outlets, apart from various e-commerce platforms.
Purty Agrotech's centre will be developed into a Van Dhan Vikas Kendra Cluster (VDVKC). Besides, there is a plan to develop 25 such VDVKCs for pearl farming in Jharkhand. The breeding of oysters and development of pearls was a sustainable mode of business and can be easily practised by tribals who have access to nearby water bodies.

Rajiv Aggarwal is Director of Public Policy in India for Facebook

Facebook India appointed former IAS officer Rajiv Aggarwal as the director of public policy to define and lead policy development initiatives for Facebook in India.
His role focuses on user safety, data protection and privacy, inclusion and internet governance. Aggarwal will report to Ajit Mohan, vice president and managing director, Facebook India, and will be a part of the India leadership team.
He joins Facebook from Uber, where he was the head of public policy for India and South Asia.

Kotak Mahindra Bank to Acquire Stake in KFin Tech

Private sector lender Kotak Mahindra Bank announced that it would acquire a 9.98 per cent stake in KFin Technologies for Rs. 310 crore.
KFin Technologies provides technology solutions across a broad spectrum of asset classes, spanning mutual funds, alternatives, and pensions. It provides registrar and transfer agency services to mutual funds, alternative investment funds, wealth managers, and corporates. KFin services 25 of 44 Indian mutual fund asset management companies.
The company also provides back-office operations and data processing services, besides being a central record-keeping agency under the National Pension System.

CCI Approves Adani Ports and SEZ's 10% Stake-buy in Gangavaram Port

Fair trade regulator CCI approved acquisition of over 10 per cent stake in Gangavaram Port Ltd by Adani Ports and Special Economic Zone Ltd.
The 10.4 per cent equity shareholding would be acquired from the government of Andhra Pradesh.
Adani Ports and Special Economic Zone is present across 11 domestic ports in six maritime states -- Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
Gangavaram Port is engaged to own, develop and operate the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on build-own-operate-transfer basis with the state government.

HDFC Bank, Paytm to Launch Visa-powered Credit Cards

HDFC Bank and digital payments firm Paytm will launch a range of credit cards powered by Visa in October. The partnership aims to provide one of the widest range of offerings across customer segments, with special focus on millennials, business owners and merchants.
The offering is part of a partnership between IPO-bound Paytm and HDFC Bank, announced in August. The two will build comprehensive solutions across payments gateway, point of sale machines, and credit products.
The credit cards announced will be customised to meet distinct needs of retail customers, from new-to-credit users to affluent users and offer rewards and cashback for users. The new cards offering will also facilitate small business owners.

Carlyle to Divest 3.4% Stake in SBI Cards

Private equity firm Carlyle Group will divest 3.4 per cent stake in SBI Cards and Payment Services through a block trade.
As per reports, CA Rover Holdings, a subsidiary of Carlyle, has put on the block 32 million shares in the price band of Rs. 1,021–Rs. 1,072.3 per share.
At the lower end of the price band, Carlyle will be able to raise Rs. 3,267.2 crore ($443 million). BofA Securities and Citigroup Global Markets are handling the share sale.

India Ranks 46th in Global Innovation Index 2021

India has climbed two spots to 46 in the Global Innovation Index (GII) 2021 prepared by the World Intellectual Property Organisation (WIPO).
The country's rank has been consistently rising in the last few years. From 81 in 2015, it has moved to 46 in 2021.

Sep 20, 2021

Alka Nangia Arora is CMD of NSIC

Alka Nangia Arora was appointed as the Chairman cum Managing Director (CMD) of the National Small Industries Corporation Ltd. (NSIC). She has taken the additional charge of the post. She is a Joint Secretary in the Ministry of Micro, Small & Medium Enterprises.
The National Small Industries Corporation Limited (NSIC) is a Mini Ratna company established in 1955. It falls under the Ministry of Micro, Small & Medium Enterprises of India and serves as a nodal agency for several schemes of the Ministry of MSME.

Flipkart, Davinta Tie up to Offer Credit Facilities to Small Businesses

Flipkart Wholesale, the digital B2B marketplace of the e-commerce firm, has formed a partnership with SME lending platform Davinta offering a 'Buy Now Pay Later' credit facility to all its retailers.
'Buy Now Pay Later' or BNPL has emerged as a credit innovation from new-age fintechs. They are offering this as an alternative to customers who struggle to be eligible for traditional credit constructs such as credit cards.

LIC Launches Mobile App 'PRAGATI' for Development Officers

Life Insurance Corporation of India (LIC) launched a new mobile app 'PRAGATI' for the exclusive use of its Development Officers. PRAGATI stands for "Performance Review Application, Growth and Trend Indicator". LIC has been taking a lot of customer-centric and digital initiatives for ease of operations for its customers and field force.
The Pragati app will help the Development Officers to get near real-time information about the performance of their agency force in critical areas of business performance like premium collection, agency activisation, prospective outperformers, etc apart from monitoring their team on activities such as usage of agents mobile app and NACH validation. The app also provides development officers with a calculator to measure their cost ratio.

KEC International Acquires Oil Gas Firm Spur Infra

RPG group company KEC International Ltd has signed a definitive agreement to acquire 100 per cent equity in Spur Infrastructure for an enterprise value of Rs. 62 crore.
Spur Infra, incorporated in 2016, is an Indian EPC company engaged in setting up of cross country oil & gas pipelines and city gas distribution networks.
During the past three years, Spur Infra has achieved an annual revenue in excess of Rs. 100 crore, a profitable track record, technical expertise, and experienced manpower.

Advent International Buys Majority Stake in Eureka Forbes

Private equity major Advent International signed an agreement with Shapoorji Pallonji Group to acquire a majority stake in Eureka Forbes at an enterprise valuation of Rs. 4,400 crore.
Eureka Forbes (EFL), a 100% subsidiary of Forbes & Company, would be demerged into a standalone company, and then listed at the stock exchanges. Upon listing of EFL, Advent would purchase up to 72.56 per cent of the company's then outstanding stock on a fully diluted basis from SP Group. Advent would make an open offer, according to SEBI's takeover regulations.

Sep 19, 2021

Coal India Arm Eastern Coalfields Installs 250 kW Rooftop Solar Project

Eastern Coalfields Ltd (ECL), the West Bengal-located coal-producing subsidiary of Coal India Ltd, commissioned a 250-kW rooftop solar power project ramping up its total installed solar roof top capacity to 692 kW.
The implemented through the Solar Energy Corporation of India (SECI), the newly installed 250 kW plant set up at ECL's headquarters in Sanctoria for captive consumption, has an average generation of 3.65 lakh units per annum.
This is sufficient to meet 12 per cent of the entire average annual power consumption of ECL's headquarters which is 30 lakh units.

Infosys Bags Five-year Deal from Texas-based Frost Bank

Infosys Ltd has bagged a five-year deal from Texas-based Frost Bank to provide strategic business consulting and digital capabilities that will enable the latter to offer mortgage loans along with its other consumer loan products.
Infosys will help design the bank's mortgage loan process landscape from origination to servicing, design the end-customer experience, and select the most effective technology platform to run and manage operations, while driving growth for its mortgage solutions over the next five years.
Infosys and Frost Bank will work together to create a human-centric, digital-first approach to customer mortgage loans that delivers superior borrower experience along with cutting-edge efficiency of operations. The implementation strategy will focus on accelerating launch of the new product, while also streamlining the mortgage value chain for Frost Bank by taking advantage of Infosys' access to global best practices and innovations.

Tata Capital Introduces Digital 'Loan Against Mutual Funds'

Tata Capital Ltd, the flagship financial services company of the Tata Group announced the launch of 'Loan Against Mutual Funds' (LAMF), an industry-first end-to-end digital offering. Customers can avail of quick and hassle-free loans ranging from Rs. 5 lakh and Rs. 2 crore.
Tata Capital's digital loan offering is provided against a wide range of equity and debt schemes across mutual funds. Customers can avail of the loan amount by marking a lien on the mutual fund units which are managed by various asset management companies. Backed by technology and analytics, LAMF is a personalized product to meet the diverse fund requirements of the customer. The loan amount is customized based on the value of the units in the mutual fund folio and tenure.

SBI's Amit Saxena Joins RBI Innovation Hub as CTO

Global Deputy CTO of State Bank of India, Amit Saxena has joined RBI Innovation Hub as the Chief Technology Officer (CTO). The Reserve Bank announced that it would set up Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment that would facilitate and foster innovation.
The RBIH shall create an ecosystem that would focus on promoting access to financial services and products. This will also promote financial inclusion.
The Hub will collaborate with financial sector institutions, the technology industry, and academic institutions and coordinate efforts for the exchange of ideas and development of prototypes related to financial innovations.
It would develop internal infrastructure to promote fintech research and facilitate engagement with innovators and start-ups.

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