General Awareness

BUSINESS AND ECONOMY - July 2018

Jul 2018

Feb 23, 2025

RDAI Forms 7-Member Committee to Review Insurance Sector Reforms

The Insurance Regulatory and Development Authority of India (IRDAI) formed a high-powered committee, led by Dinesh Khara, former Chairman of State Bank of India, to scrutinise various aspects of the Insurance Act 1938 and suggest amendments. The IRDAI move came at a time when the Indian government is gearing up to introduce the Insurance Amendment Bill in Parliament, which proposes allowing 100 per cent foreign direct investment (FDI) in the insurance sector.
The seven-member panel includes N. S. Kannan, former MD and CEO of ICICI Prudential Life Insurance; Girish Radhakrishnan, former CMD of United India Insurance; Rakesh Joshi, former member of IRDAI; Saurabh Sinha, former executive director of RBI; Alok Misra, MD and CEO of MFIN and legal expert L. Vishwanathan.

Feb 22, 2025

CCI Approves Amalgamation of Chaitanya India Fin Credit and Svatantra Holdings into Svatantra Mic...

The Competition Commission of India (CCI) approved amalgamation involving four entities within the Svatantra Group.
The proposed amalgamation involves Svatantra Holdings Pvt Ltd (SHPL), a core investment company focused on equity, preference shares, and securities, incorporated in 2018; Svatantra Microfin Pvt Ltd (SMPL), a Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) providing microfinance and personal loans to rural and semi-urban low-income households; Chaitanya India Fin Credit Pvt Ltd (CIFCPL), another NBFC-MFI offering microfinance and personal loans to similar demographics, with operations registered in Maharashtra; and Svatantra Micro Housing Finance Corporation Limited (SMHFCL), a Housing Finance Company (NBFC-HFC) offering secured housing loans, loans against property, and construction project financing.

SBI Cards Appoints Salila Pande as New MD & CEO

SBI Cards and Payment Services Ltd announced a major leadership change along with a financial update. Salila Pande was appointed as the next Managing Director and Chief Executive Officer (MD & CEO) of the company, effective April 1, 2025. She will replace Abhijit Chakravorty, who is set to retire on March 31, 2025.
Salila Pande has been associated with SBI since 1995, starting her career as a probationary officer. Over the years, she has handled key positions, including Vice President – Mid Office at SBI Singapore, Deputy General Manager (Business & Operations) in Delhi, and President & CEO of SBI California, a foreign subsidiary of SBI.

Feb 21, 2025

TRIFED Partners with Meesho, IFCA, and MGIRI

In a shift towards enhancing the economic welfare of tribal communities, TRIFED (Tribal Cooperative Marketing Development Federation of India Ltd) entered into strategic partnerships with Meesho, the Indian Federation of Culinary Associations (IFCA), and the Mahatma Gandhi Institute of Rural Industrialisation (MGIRI). These collaborations are designed to facilitate tribal businesses by integrating them into the B2B sector and ensuring the growth and promotion of tribal products. The Memoranda of Understanding (MoUs) were signed during the "Aadi Mahotsav" at Major Dhyan Chand National Stadium in New Delhi, marking a crucial step in enhancing tribal entrepreneurship and market access.

LIC Unveils 'One Man Office' to Digitally Empower Agents

The Life Insurance Corporation of India (LIC) introduced a new digital initiative called the 'One Man Office' (OMO) to enhance the efficiency of its agents by providing 24×7 digital services. This initiative aims to support LIC's long-term vision of 'Insurance for All by 2047' by offering seamless online tools for policy sales, customer service, and business management.
LIC, India's largest insurer, has been investing heavily in digital transformation, and the 'One Man Office' is a major step in making its agents more independent and productive. By integrating technology into insurance services, LIC is ensuring that its agents can work efficiently without the need for a traditional office setup, ultimately benefiting both policyholders and the corporation itself.

Feb 20, 2025

NSE Becomes India's most Valuable Unlisted Firm

The National Stock Exchange (NSE) claimed the top spot as the most valuable unlisted company in India, according to the 2024 Burgundy Private Hurun India 500 report. The NSE, headquartered in Mumbai, surged by an impressive 201% in value, reaching an estimated worth of Rs. 4,70,250 crore.
This year's report marked a significant change as Serum Institute of India, the Pune-based vaccine giant, lost its long-held title, dropping to second place. The Serum Institute's valuation increased by 10%, reaching Rs. 2,11,610 crore, but it wasn't enough to maintain its dominant position in the rankings.
The 2024 Burgundy Private Hurun India 500 highlights the remarkable growth of unlisted companies, with several players gaining significant momentum in terms of valuation.

Feb 19, 2025

RBI Launches Mobile App Offering Financial Statistics Related to Economy

Reserve Bank launched mobile application 'RBIDATA' which will provide access to more than 11,000 different series of economic data related to the Indian economy.
The mobile app offers macroeconomic and financial statistics relating to the Indian economy in a user-friendly and visually engaging format.
Users will be able to view time series data in graphs/charts and download data for analysis. There will also be details such as data source, unit of measurement, frequency and recent updates.
Further, the app's 'Banking Outlet' section will help users find banking facilities within 20 kilometres of their location and they can also access data about SAARC countries through the 'SAARC Finance'.

Standard Chartered Appoints P.D. Singh as India CEO

Standard Chartered Bank secured approval from the Reserve Bank of India (RBI) to appoint P.D. Singh as its Chief Executive Officer for India and South Asia. Singh, a veteran in corporate banking and former CEO of JP Morgan India, will assume his new role on April 1, 2025. He will replace Zarin Daruwala, who is set to retire on March 31, 2025, after leading the bank for nearly a decade.

LIC Launches Marketing Tech Platform under Project DIVE

State-owned Life Insurance Corporation of India (LIC) launched its marketing technology (MarTech) platform to redefine customer engagement. The platform is the first major milestone in project DIVE (Digital Innovation and Value Enhancement).
This launch represents LIC's first step towards becoming a global digital champion in the insurance industry, leveraging world-class technology to revolutionise customer engagement at an unprecedented scale.
This initiative strengthens LIC's ability to connect with policyholders, prospects and agents in a seamless and personalised manner.

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