General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Jan 11, 2025

RBI Lifts Ban on NBFCs Asirvad Micro Finance and DMI Finance

The Reserve Bank of India (RBI) lifted the business restrictions imposed on two non-banking financial companies (NBFCs) – Asirvad Micro Finance Limited and DMI Finance Private Limited.
The restrictions, issued in October 2024, barred these NBFCs from sanctioning and disbursing loans effective from the close of business on October 21, 2024.
Asirvad Micro Finance Limited, a microfinance institution (MFI) registered in Chennai, and DMI Finance Private Limited, an investment and credit company (ICC) based in New Delhi, faced the restrictions due to non-compliance with regulatory guidelines.

Jan 10, 2025

IDFC First Bank Goes Live on Direct Tax Collection System of CBDT

IDFC First Bank announced its integration with Income Tax Portal to collect Direct Tax on behalf of Central Board of Direct Taxes (CBDT), Government of India. The Bank's customers can now benefit from an intuitive, hassle-free payment experience for paying their Direct Taxes, with easy access to downloadable challans, easy payments and instant payment confirmations.
The Bank's customers can use the user-friendly Retail and Corporate Internet Banking platforms of IDFC FIRST Bank, or pay the taxes at any IDFC FIRST Bank branch using Cash, Cheque or Demand Draft.

Jan 09, 2025

Belson Coutinho New Chief Operating Officer of Akasa Air

Domestic carrier Akasa Air appointed its co-founder and marketing veteran Belson Coutinho as the company's Chief Operating Officer.
In his new role, Belson is responsible for in-flight services, airport services, maintenance and engineering, flight operations, IOCC (integrated operations command centre), among others, while also spearheading Akasa Air Learning Academy.
Prior to taking up the current assignment, Coutinho was holding the position of Akasa Air's Chief Marketing and Experience Officer (CMO and CXO).

RBI lifts ban on NBFCs Asirvad Micro Finance and DMI Finance

The Reserve Bank of India (RBI) on Wednesday lifted restrictions imposed on Chennai based Asirvad Micro Finance and Delhi based DMI Finance, with immediate effect, after being satisfied with the actions taken by these companies to adhere to regulatory guidelines.
"…having satisfied itself based on companies' submissions, and in view of their adoption of revamped processes, systems, and the companies' commitment to ensure adherence to the regulatory guidelines on an ongoing basis, especially for ensuring fairness in the loan pricing, the RBI has decided to lift the afore-mentioned restrictions placed on both, Asirvad Micro Finance and DMI Finance, with immediate effect", RBI said in a statement.
With this, the central bank has now lifted restrictions on all the four non-banking financial companies (NBFC) imposed in October for charging exorbitant interest rates to the borrowers.
RBI, in October, had imposed sanctions on Asirvad Microfinance, Arohan Financial Services, DMI Finance, and Flipkart co-founder Sachin Bansal's Navi Finserv.
Previously, in early December, RBI had removed restrictions on Navi Finserv and early this month the central had removed restrictions imposed on Arohan Financial Services.
The action on these NBFCs by the RBI was based on material supervisory concerns observed in the pricing policy of these companies in terms of their weighted average lending rate (WALR) and the interest spread charged over their cost of funds, which are found to be excessive and not in adherence with the regulations.

BP Bags ONGC Contract to Increase Production from India's Largest Oil, Gas Field Mumbai High

UK-based global energy major BP bagged the contract to operate and enhance production from Oil and Natural Gas Corporation's (ONGC) flagship Mumbai High field, India's largest oil and gas field, which has been witnessing a gradual fall in output for over three decades.

Jan 08, 2025

Suzuki's Investment in NDDB's Bio-Gas Venture

Suzuki Motor Corporation decided to acquire a 26% stake in NDDB Mirda Ltd, a bio-gas venture developed by the National Dairy Development Board (NDDB). This move aligns with Suzuki's plans to use Compressed Bio-Gas (CBG) for enhancing the longevity and performance of vehicles. Suzuki had initially sought a 49% stake in the venture but has been allowed to take a 26% stake. However, there is a provision for Suzuki to gradually increase its stake to 49%. The deal marks a significant step in the company's commitment to sustainability through alternative fuel sources and rural development.

Jan 07, 2025

FIU-IND and IRDAI Sign MoU for Enhanced Coordination and Information Exchange

The Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (IRDAI) signed a Memorandum of Understanding (MoU) as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering Act and Rules framed thereunder, in New Delhi.
The MoU was signed by Vivek Aggarwal, Director, FIU-IND and Satyajit Tripathy, Member (Distribution), IRDAI.
According to the MoU, FIU-IND and IRDAI will cooperate with each other in the areas of mutual interest.

India Becomes Second Largest Buyer of Gold after Poland in 2024

Global central banks remained active in the gold market in November 2024, collectively adding 53 tonnes of the precious metal to their reserves, according to the World Gold Council.
India's year-to-date purchased 73 tonnes of gold with total gold reserves of 876 tonnes as on November end, making it the second-largest buyer of 2024 after Poland, the WGC said.
The Central Bank of Uzbekistan also made significant additions, increasing its reserves by 9 tonnes after a hiatus since July.
The People's Bank of China (PBoC) resumed gold buying after a six-month pause, adding 5 tonnes and bringing its total holdings to 2,264 tonnes, representing 5 per cent of its reserves.

Empowering Women Entrepreneurs: 'Faral Sakhi' Initiative

The Mira Bhayandar Municipal Corporation (MBMC) introduced its flagship initiative, 'Faral Sakhi,' to support women entrepreneurs in Mira Bhayandar, Maharashtra. This programme aims to empower women engaged in traditional snack production by providing comprehensive training and resources to scale their ventures sustainably. Launched in collaboration with the Women Entrepreneurship Platform (WEP) of NITI Aayog, 'Faral Sakhi' is part of WEP's Award to Reward initiative.
WEP, established by NITI Aayog in 2018 as an aggregator platform, transitioned into a public-private partnership in 2022. It supports women entrepreneurs by addressing information gaps and offering assistance in areas such as finance, market linkages, training, mentoring, compliance, and business development.
The 'Faral Sakhi initiative represents a significant step toward the holistic development of women entrepreneurs.

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