General Awareness

BUSINESS AND ECONOMY - June 2018

Jun 2018

Jun 25, 2023

IOB Inks MoU with the Tamil Nadu State Rural Livelihood Mission

Indian Overseas Bank (IOB) signed a Memorandum of Understanding (MoU) with the Tamil Nadu State Rural Livelihood Mission (TNSRLM) to foster the growth of Self Help Groups (SHGs) in the State and provide them with vital financial support.
Under the terms of the MoU, TNSRLM will facilitate eligible SHGs for credit linkage with IOB. This strategic collaboration aims to streamline access to financial resources for SHGs, enabling them to undertake entrepreneurial activities, expand their ventures, and contribute to the economic development of the state.
The collaboration is expected to catalyse the growth of SHGs targeting Rs. 1,875 crore and increase the disbursal under DAY-NRLM (Deendayal Antyodaya Yojana-National Rural Livelihoods Mission) during this fiscal.

Egypt to Offer Exclusive Industrial Cluster to India in Suez Canal EZ

Egypt is ready to provide India with an exclusive cluster in the industrial and logistics hub, which could act as a portal for New Delhi to reach other markets more effectively, the chairman of the Suez Canal Economic Zone (SCZONE) stated.
Waleid Gamal Eldien's remarks about the SCZONE came before Prime Minister Narendra Modi's two-day official visit to Egypt.
During Egyptian President Abdel Fattah Al-Sisi's New Delhi visit in January 2023, India was offered full support to build a formidable industrial presence in the SCZONE. Egypt offers unique opportunities to Indian investors to reach out to markets such as Africa, Europe, West Asia, and Latin America.

Jun 24, 2023

Airtel Payments Bank Ties up with Care for Health Insurance

Airtel Payments Bank (APB) partnered with Care Health Insurance to offer its customers health insurance products via the Airtel Thanks app.
Customers of APB, the payments banking arm of Bharti Airtel, will have access to family health insurance products with a host of sum-insured options, ranging from Rs. 50,000 to Rs. 5 lakh. The offerings will also include coverage towards pre-existing ailments and day care treatment.
Customers can opt for the health insurance services through the Airtel Thanks app and pay using an APB account.

Mahendra Lodha New MD and CEO of PTC Indian Financial Services

PTC Indian Financial Services (PFS) appointed its Director (Finance) Mahendra Lodha as Managing Director and Chief Executive Officer after the Reserve Bank of India (RBI) asked MD & CEO Pawan Singh to go on leave.
PFS, a non-banking finance company promoted by PTC India, was granted the status of an infrastructure finance company by the RBI.
The company offers financial products to infrastructure companies in the entire energy value chain and other infrastructure industries.

Jun 23, 2023

UK's Lloyds Banking Group to set up Tech Centre in Hyderabad

British financial services major Lloyds Banking Group (LBG) is setting up a technology centre in Hyderabad as part of a larger 3 billion pound strategic investment aimed at transforming its digital offering.
Forming a part of the investment, to be made over the next three years, the Lloyds Technology Centre in the Hyderabad will hire 600 highly skilled technology, data and cyber specialists by the end of 2023. The centre, which will open later this year, reflects the commitment to enhance digital capabilities and innovation, for customers, by leveraging specialist skills and capabilities of people, technology and data in Hyderabad.
The facility in Hyderabad will contribute to technology initiatives focused on improving the Group's customer experience by building in-house technical capability. LBG operates the U.K.'s largest digital bank and has over 20 million digitally active users.

Axis Bank Launches 'One-View' Feature

Axis Bank launched the 'one-view' feature on its mobile application which enables account management across multiple bank accounts, including non-Axis accounts.
According to the bank, the feature was launched using the open banking principle leveraging the account aggregator (AA) ecosystem—an industry-first initiative.
AA or data aggregator platforms provide secure sharing of information while maintaining customer consent and data privacy.
Customers can link their non-Axis Bank accounts and get a comprehensive view of their balance, transactions and statements on a real-time basis, thus simplifying the process of managing finances and providing access to multiple bank accounts on one platform.
The feature eliminates the need for multiple mobile banking applications and also allows customers to download and e-mail transaction details from their linked accounts.

Jun 22, 2023

Reliance Emerges as Most Valuable Private Company in India

Reliance Industries Limited (RIL), led by Mukesh Ambani, emerged as the most valuable private sector company in India, according to Burgundy Private Hurun India 500-Special report released in June 2023. Meanwhile, Serum Institute of India (SII), helmed by Adar Poonawalla and renowned for its Covid-19 vaccines, took the title of India's most valuable unlisted company.
The report is based on the data from October 30, 2022 to April 30, 2023.
Tata Consultancy Services (TCS) secured the second spot on the list. HDFC Bank occupied the third position. These companies demonstrated relative stability and showcased their significance within India's corporate landscape.

TCS Signs $1.1-billion Contract with UK's Largest Workplace Pension Scheme NEST

India's largest software service provider Tata Consultancy Services (TCS) signed a contract worth 840 million pounds ($1.1 billion) with National Employment Savings Trust (NEST), UK's largest workplace pension scheme, for an initial tenure of 10 years.
The total maximum estimated value of the contract, if extended to the entirety of its 18-year tenure, will be 1.5 billion pounds, TCS said in an exchange filing.
The contract is to digitally transform NEST's scheme administration services, delivering enhanced member experiences and furthering the scheme's mission of delivering better retirement outcomes for people across the UK.
The partnership will deliver enhanced member experiences and further the scheme's mission of delivering better retirement outcomes for people across the UK. NEST and TCS have worked closely since 2011 when the digital, auto-enrolment pension scheme was first launched.

Alibaba Names New Chairman and CEO

Alibaba Group announced that Eddie Wu will succeed Daniel Zhang as its chief executive, a move that will free Zhang to focus on the company's cloud intelligence business.
This succession plan came after China's largest e-commerce company had said in March it will restructure its company into six business groups in the most significant reorganization in its history, aiming to reinvigorate the company after slowing economic growth in its home market and tougher Beijing regulations combined to hit its bottom line.
The company also announced Joe Tsai will take Zhang's place as the group's chairman.
Zhang will continue to lead the Alibaba Cloud Intelligence Group as chairman and chief executive after this change.

Reliance Group Appoints Parul Sharma as Group President

The Reliance Group appointed Parul Sharma as the Group President. As a global communications strategist, Parul brings a rich experience to power the Group.
Parul Sharma steered the communications strategy for Rupert Murdoch's 'Star India' for 15 years, shaping its corporate image, publicity and relationships. Prior to that, she was with the German broadcaster 'Deutsche Welle', based in Cologne.

Tata Power, Amazon India's most Attractive Employers in 2023

Tata Power emerged as the most attractive employer brand in India in 2023, followed by Amazon and Tata Steel, according to research by HR organisation Randstad India. Big Basket topped the list of most attractive start-up employers in the country.
According to Randstad Employer Brand Research 2023, Tata Power scored high on financial health, good reputation and career progression opportunities, the three Employee Value Proposition (EVP) drivers for the organisation as per the survey. It helped the brand get to the winning spot from rank 9 in 2022.
The other companies that featured in the top ten rankings were Tata Consultancy Services, Microsoft, Samsung India, Infosys, Tata Motors, IBM and Reliance Industries. Interestingly, four out of the top 10 were the companies of the Tata Group.

Jun 21, 2023

SBI MD Janakiraman New RBI Deputy Governor

The Appointments Committee of Cabinet headed by Prime Minister approved the appointment of Swaminathan Janakiraman as a deputy governor of the Reserve Bank of India (RBI).
This is for the first time in more than 20 years that a State Bank of India Managing Director (MD) was appointed as a RBI deputy governor. Vepa Kamesam was the last SBI MD to be appointed as a RBI deputy governor, who served from July 1, 2001, to September 23, 2003.
Swaminathan replaced M K Jain, the deputy governor in-charge of supervision, who completed his second term on June 21. Jain was first appointed in June 2018 for three years. He was reappointed for another two years.

IndusInd Bank Partners with Wise to Offer Online Inward Remittance to India

IndusInd Bank forged a strategic partnership with Wise, a global technology company specializing in secure money transfers.
The collaboration aims to provide convenient and efficient online inward remittance services specifically tailored for Non-Resident Indians (NRIs) residing in the United States and Singapore.
Through this partnership, IndusInd Bank's customers can transfer funds from these two major global markets. The remittance service, known as Indus Fast Remit (IFR), will integrate with the Wise Platform, allowing NRIs to enjoy a multi-currency inward remittance service.
This marked the introduction of the Wise Platform in India.

Delta Corp Reappoints Ashish Kapadia as MD

Delta Corp reappointed Ashish Kapadia as Managing Director of the Company for a period of 5 years commencing from April 27, 2024 subject to approval of shareholders at the ensuing Annual General Meeting (AGM).
Kapadia has been Managing Director of Delta Corp Limited since April 2009. He holds a bachelor's degree in commerce from Madurai Kamaraj University. Under his leadership the company has grown manifold. He has significant experience across sectors such as gaming, hospitality, real estate, paints, textiles, financial services and civil aviation.

Intel and Germany Sign Agreement for $32.8 Billion Chip Plant Investment

Intel committed to invest $32.8 billion in Magdeburg,a city in Germany for the establishment of two cutting-edge semiconductor facilities. This collaboration, with financial support from Berlin, represents the largest foreign investment ever made in Germany. The German government, recognizing the strategic importance of the semiconductor industry, pledged to provide approximately 10 billion euros in financial support toward Intel's overall investment in the country The deal is poised to bolster the country's semiconductor industry and solidify Intel's position as a leading player in the market.
Intel acquired the land for two semiconductor facilities in Magdeburg in eastern Germany in November 2022, and the company says the first of them is expected to start production in four or five years. The investment in Germany means a significant expansion of Intel's production capacity in Europe and is the biggest investment ever made by a foreign company in Germany.

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