General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Jan 31, 2025

India's MobiKwik and Cred Launch e-Rupee wallets

Fintech platforms MobiKwik and CRED became the first non-banking entities to offer the Central Bank Digital Currency (CBDC) – e-Rupee (e₹) wallet – for users.
The product was developed in alliance with the Reserve Bank of India (RBI) and Yes Bank, which will act as the sponsor bank for CBDC issuance.
CBDCs are digital currencies issued by central banks.
The e₹ wallet functions like physical cash and users can store e₹ in their wallets to send, receive, and make payments.

SEBI Introduces iSPOT Portal to Streamline Reporting of Technical Glitches

The Securities and Exchange Board of India (SEBI) unveiled a new initiative aimed at simplifying the process of reporting technical glitches within India's financial markets. Known as the Integrated SEBI Portal for Technical Glitches (iSPOT), this portal will replace the outdated email-based system, bringing a more structured, efficient, and transparent way for Market Infrastructure Institutions (MIIs) to report issues. The iSPOT portal is set to go live on February 3, 2025, offering significant improvements in how glitches are reported and managed.
This move is a part of SEBI's ongoing commitment to modernize the financial market infrastructure and ensure smoother operations. MIIs, which include stock exchanges, clearing corporations, and depositories, will now be able to submit detailed reports of technical issues, including the root cause analysis (RCA). SEBI's new system will centralize these reports, making it easier to track and resolve technical issues in real time, benefiting the entire securities market ecosystem.

Vedanta Resources Names Deshnee Naidoo as First CEO

Vedanta Resources Ltd (VRL), the parent company of Mumbai-based mining conglomerate Vedanta Ltd, appointed Deshnee Naidoo as its first Chief Executive Officer (CEO) to spearhead its fresh growth phase.
Deshnee Naidoo brings over two decades of experience in the resources industry across various geographies and diversified metals and minerals. This marks her second tenure with Vedanta; from 2014 to 2020, she held senior leadership roles, including CEO of Africa Base Metals and CEO of Vedanta Zinc International. In her most recent role, Naidoo served as CEO of Vale Base Metals, a nickel and copper firm.

HDFC Life and SATYA MicroCapital Ltd. Collaborate to Strengthen Financial Inclusion with Life Ins...

HDFC Life became the preferred life insurance partner of SATYA MicroCapital Ltd. which will help in improving access to life insurance in underserved areas. This collaboration underscores the importance of partnerships in addressing the financial security needs of diverse population and expanding access to life insurance in regions where it is most needed.
SATYA MicroCapital Limited operates across 26 states and nearly 350 districts with a network of over 830 branches. The organisation has been working towards bridging the financial inclusion gap by supporting a significant number of rural women entrepreneurs and fostering local economies. The partnership seeks to build on SATYA's existing efforts by introducing life insurance as an additional layer of financial security.

Jan 30, 2025

Shailesh Kumar Davey: The New CEO of Zoho Corporation

Sridhar Vembu stepped down as Zoho Corporation's CEO and took on the role of Chief Scientist, focusing on research and development. In his place, Shailesh Kumar Davey, a co-founder of Zoho Corporation was appointed as the new group CEO.

HP India Launches South India's First HP SMB Connect Centre in Kochi

HP India launched South India's first HP SMB Connect Centre in Kochi, Kerala. Shailesh Tripathi, Director, Commercial Channel, HP India Sales Pvt. Ltd, along with Ashish Agarwal, Country Manager, Commercial Channel, HP India Sales Pvt. Ltd, inaugurated the experience centre.

Cabinet Approves Rs. 16,300 Crore National Critical Mineral Missio

The Union Cabinet approved the National Critical Mineral Mission (CMM) with an outlay of Rs. 16,300 crore. This initiative is aimed at addressing the critical need for minerals that are essential for key technologies and defence manufacturing. The CMM seeks to boost the domestic production of critical minerals, reduce dependence on imports, and enhance India's resource security by fostering both onshore and offshore mining activities.
The mission will address the entire value chain of critical minerals, from exploration and mining to beneficiation, processing, and recovery from end-of-life products. With a focus on critical minerals like lithium, cobalt, copper, nickel, and rare earth elements, the mission also aims to streamline regulatory processes, incentivise exploration, and develop a national stockpile of these minerals. By promoting both public and private sector participation, the mission is poised to make India self-reliant in critical mineral resources.

Jan 29, 2025

PM Modi Inaugurates 'Utkarsh Odisha' Business Conclave

Prime Minister Narendra Modi inaugurated the 'Utkarsh Odisha – Make in Odisha Conclave 2025' at Janata Maidan in Bhubaneswar. The event, attended by Odisha CM Mohan Charan Majhi, Union Ministers Dharmendra Pradhan and Ashwini Vaishnaw, and business leaders from across India, is Odisha's largest business event to date. The two-day conclave aimed to promote investment, boost industrial growth, and position Odisha as a key economic hub in Eastern India.
Business delegates from 16 countries participated.

CheQ Unveils Wisor: India's First AI-Powered Credit Card Expert

CheQ, a leading Indian fintech company founded by former Flipkart executive Aditya Soni, introduced Wisor, India's first AI-driven credit card expert. This innovative tool aims to transform credit card management by providing personalised insights, seamless management, and maximising rewards for users.
Wisor offers an intuitive Q&A chat interface, delivering instant, human-like responses to all credit card-related inquiries, eliminating the need to search through multiple sources.

Government Approves Rs. 500 crore Capital Infusion into IFCI for FY 2024-25

The Government of India sanctioned a Rs. 500 crore capital infusion into the Industrial Finance Corporation of India (IFCI) for the financial year 2024-25. This strategic move aims to bolster IFCI's financial health ahead of its planned restructuring and consolidation.
The capital infusion was approved through the first Supplementary Demand for Grants for 2024-25 in the Lok Sabha. The allocation includes Rs. 499.99 crore for 'Subscription to the Share Capital of IFCI'. Additionally, savings of Rs. 50.07 crore from the same section and Rs. 449.92 crore from the capital section of Demand No.30-DEA will be utilised, ensuring no additional cash outflow.

Jan 28, 2025

JPMorgan Names Nitin Maheshwari, Ravi Shankar as Co-heads of India Bank

JPMorgan Chase & Co. promoted two of its most senior dealmakers as co-heads of investment banking in India as the US lender seeks to strengthen its position in the market following the departure of Navin Wadhwani.
JPMorgan elevated Nitin Maheshwari and Ravi Shankar as co-heads of investment banking for India. Both bankers will take on the responsibilities held by Wadhwani, who left the US lender to pursue other opportunities.

Indosat Partners with India's AIonOS to Power Indonesia's AI Growth

Indonesian Digital telecommunications company Indosat Ooredoo Hutchison (Indosat or IOH) signed a Mamorandum of Understanding (MoU) with India-based AIonOS to transform Indonesia's Artificial Intelligence (AI) ecosystem.
The MoU represents the first large-scale AI-focused partnership between the two nations, symbolising a shared commitment to leverage the power of AI to drive innovation, economic growth, and sociocultural transformation.
AIonOS, a joint venture between InterGlobe and Assago Group, is dedicated to transforming businesses into AI-led enterprises while Indosat is Indonesia's leading telecommunications provider.

Sridhar Vembu Steps Down as Zoho CEO

Zoho Corporation's co-founder Sridhar Vembu stepped down as the company's CEO to assume a new role as Chief Scientist. He will be responsible for the company's R&D initiatives.
The company's co-founder Shailesh Kumar Davey took over as the new CEO and another co-founder Tony Thomas will lead Zoho US.

IDBI Bank Reappoints Rakesh Sharma as MD & CEO for 3 Years

IDBI Bank's Board of Directors approved the reappointment of Rakesh Sharma as Managing Director and Chief Executive Officer (MD & CEO) for a three-year term, effective March 19, 2025. This decision follows the necessary approval from the Reserve Bank of India (RBI).
Rakesh Sharma has been at the helm of IDBI Bank since October 10, 2018. Prior to this, he served as MD & CEO of Canara Bank from September 2015 to July 2018. His extensive banking career also includes leadership roles at Lakshmi Vilas Bank and the State Bank of India (SBI).

Jan 27, 2025

PNB Pioneers Real-Time Cybercrime Response with Clari5 Integration

Punjab National Bank (PNB) became the first Indian bank to implement Clari5's National Cybercrime Reporting Portal (NCRP) Integration Solution, marking a significant advancement in fraud prevention and complaint management. This state-of-the-art system, developed in collaboration with the Indian Cyber Crime Coordination Centre (I4C), enables automated, real-time processing of cybercrime complaints across all retail banking channels, including Internet and Mobile Banking, ATMs, UPI, and NEFT/RTGS.
The solution features automated lien marking, intelligent account freezes, and customizable whitelisting to protect customer interests. Rivi Varghese, CEO of Clari5, praised PNB's visionary leadership and commitment to innovation, and stated that this integration sets a new benchmark for the Indian banking sector.

Tata Tops India, Apple Leads Globally in 2025 Brand Rankings

In the latest Brand Finance Global 500 report for 2025, Tata Group solidified its status as India's most valuable brand, achieving a brand value of $31.6 billion—a 10% increase from the previous year. This marks the first time an Indian brand surpassed the $30 billion threshold. Globally, Apple continued to dominate with a brand value of $574.5 billion, maintaining its lead over competitors.
Ranked 60th among the world's top 100 brands, Tata Group maintained its AAA- brand strength rating.
On the international front, technology giants continue to lead:
Apple retained the top spot with a brand value of $574.5 billion, an 11% increase from the previous year.
Microsoft held the second position with a brand value of $461.1 billion, marking a 35% growth.
Google ranked third with a brand value of $413 billion, up by 24%.

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