General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Mar 13, 2021

Infosys BPM, Newmont Corp Extend Collaboration to Digitise Delivery Models

Infosys BPM, the business process management arm of Infosys, announced a five-year extension of its strategic collaboration with Newmont Corporation to standardise and digitise delivery models across the latter's mine sites.
Founded in 1921, the Colorado, US-based Newmont Corporation is a leading gold mining company.
Through this renewed engagement, Infosys BPM will drive operational excellence leveraging automation, artificial intelligence (AI), and design thinking, to deliver increased business value for Newmont, a statement said.
As part of the engagement, Infosys BPM will provide an enhanced end-to-end digital service to Newmont with its analytics-driven platform-as-a-service offering.

Aquaconnect Partners with Bank of Baroda for Loans to Fish Farmers

Aquaculture technology venture Aquaconnect partnered with state-owned Bank of Baroda to provide loan access to 1.6 million aquaculture farmers.
Bank of Baroda in partnership with Aquaconnect will provide credit access under the Kisan Credit Card scheme at an annualised rate of as low as 10 per cent, according to a statement.
The fish and shrimp farmers can also avail the advisory services and quality farm inputs from Aquaconnect platform.
Under this partnership, Bank of Baroda has extended loan for up to Rs. 10 lakh under KCC scheme and fisheries loan.
Higher credit limits can also be availed under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) schemes on case-to-case basis.

Axis Bank Launches "Wear N Pay" Contactless Payment Wearable Devices

Axis Bank launched a range of wearable contactless payment devices under the brand Wear 'N' Pay. These devices come in different forms of wearables like a band, key chain and watch loop and are available starting at Rs 750. The wearables are directly linked to the bank account of an Axis Bank customer and function like a regular debit card. It allows purchases at any merchant store which accepts contactless transactions.
Axis Bank's new 'Wear N Pay' devices are available in a variety of accessories like the band, keychain, and watch loop. Users do not need to carry their smartphones and wallet for payments anymore. These wearable devices can be worn easily to carry out contactless transactions on the go.
Customers can use these devices at any merchant that accepts contactless transactions. Users need to wave the device at a POS machine for transactions up to Rs. 5,000. For transactions of more than Rs. 5,000, a PIN is required.
The program also provides a host of features for its customers, which include 10% cashback, offers across dining partners as well as a fraud liability cover up to 100% of the purchase limit.

Kamuthi Solar Plant Becomes Water Positive

Adani Green Energy Limited (AGEL) said that its Kamuthi solar plant in Tamil Nadu has become water positive.
A plant of a company becomes water positive when it harvests and recycles more water than what it consumes, AGEL said in a statement explaining the terminology 'water positive'.
The 648 MW Kamuthi Solar Plant, a flagship asset of AGEL, has become the first plant of its class to turn water positive. DNV, an independent global assessment and certification agency, issued the certification following a rigorous audit conducted on the plant's water management in 2020-21.
The plant is world's one of the largest single location solar projects spanning 2,500 acres and the power generated at Kamuthi solar power plant provides clean green electricity to 2.65 lakh homes.

Mar 12, 2021

RBI to Conduct Simultaneous Purchase and Sale of Government Securities

The Reserve Bank will conduct simultaneous purchase and sale of government securities for Rs. 10,000 crore each under Open Market Operations (OMOs) on March 18, 2020.
The decision was taken after a review of the current liquidity and financial conditions.
The Reserve Bank will continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly functioning of financial markets.
Simultaneous purchase and sale of government securities under OMOs, popularly known as Operation Twist, involves purchasing G-Sec of longer maturities and selling equal amount of G-Sec of shorter maturities.
On March 18, the RBI will purchase three government securities of different maturity dates aggregating to Rs 10,000 crore and sell two gilts of the same amount using the multiple price auction method.

China Approves $1.5 billion Currency Swap with Sri Lanka

China has approved a 10 billion yuan ($1.54 billion) currency swap with Sri Lanka, giving some respite from concerns about public finances.
The deal will allow the island to weather present difficulties.
Dwindling foreign reserves, a tumbling currency and rising debt levels have dogged Sri Lanka over the last year, leading to increasing fears of a default.

Mar 11, 2021

IDBI Bank out of PCA Framework, Subject to Certain Conditions

According to the Reserve Bank of India, IDBI Bank has been taken out of the Prompt Corrective Action (PCA) framework, subject to certain conditions and continuous monitoring.
The performance of IDBI Bank Limited was reviewed by the Board for Financial Supervision (BFS) in its meeting held in February 2021, and it was decided that the lender will be taken out of PCA framework.
The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, Net NPA and Leverage ratio on an ongoing basis and has apprised the RBI of the structural and systemic improvements that it has put in place which would help the bank in continuing to meet these commitments.
IDBI Bank was placed under PCA in May 2017. Under the PCA framework, lenders which slip below certain financial parameters such as capital ratios, asset quality and profitability will be under the close watch of RBI.

REC, PFC Sign Pact to Finance Hydropower Project in Bhutan

- State-owned entities REC Ltd and Power Finance Corporation (PFC) have entered into a pact with Bhutan-based Kholongchhu Hydro Energy Ltd (KHEL) to finance a 600-megawatt hydroelectric project at Trashiyangtse in the neighbouring country.
- KHEL is a 50:50 joint venture between SJVN India and Druk Green Power Corporation (Bhutan) set up for developing the 600-MW Kholongchhu hydroelectric project in the eastern Bhutan.
- The project is proposed to be funded in a debt-equity ratio of 70:30 and as per the MoU, REC would extend a rupee term loan of Rs. 2,029 crore. The balance debt shall be extended by PFC (Rs. 2,029 crore), NPPF, Bhutan (Rs. 200 crore) and Bank of Bhutan (Rs. 200 crore).
- KHEL is the first JV being undertaken between the two governments for implementation of the 4x150 MW Kholongchhu hydroelectric project.

ONGC Acquires Stake in Indian Gas Exchange

State-owned Oil and Natural Gas Corp (ONGC) acquired a 5 per cent stake in Indian Gas Exchange (IGX), joining likes of Adani Total Gas, Torrent Gas and GAIL in nation's first gas exchange.
The Indian Gas Exchange is a subsidiary of the IEX - India's premier nationwide, automated electricity trading platform.
ONGC signed a Share Purchase and Shareholders Agreement (SPSHA) with the Indian Gas Exchange (IGX) and the Indian Energy Exchange (IEX) in the presence of Oil Secretary Tarun Kapoor and ONGC head Shashi Shanker.
IGX is India's first automated national-level gas exchange for trading in natural gas in the country. It started operations on June 15, 2020 as a gas trading platform and has been operating as the gas exchange since December 2020.

Mar 10, 2021

Puravankara Forays into Mumbai with Ultra-luxury Project

Marking its entry into the Mumbai-market, Bengaluru-based realty player Puravankara is investing Rs. 450 crore to launch a residential-cum-commercial luxury project in the city's Chembur suburb. This project will have four towers with a total of 233 residential units with 2-,3- and 4-BHKs and one tower of 79 commercial units.
Puravankara has already launched two luxury projects under its World Home Collection brand in Bengaluru and Chennai.

Ministry of Electronics & Information Technology (MeitY) Releases Scorecard

The Ministry of Electronics & Information Technology (MeitY) has released the list of "Digital Payment Scorecard". In the list, the State Bank of India (SBI) has topped for the third consecutive month.
The digital payment scorecard tracks the performance of the Commercial Banks on several digital parameters. SBI maintained the top remitter bank by recording the highest UPI transaction volume which accounted for nearly Rupees 640 million.
SBI has also emerged as the largest issuer of debit cards. It issued over 290 million debit cards with a 30% market share with respect to card spends and 29% share with respect to transaction volume. The Bank has also made steady progress with respect to increasing payment acceptance infrastructure.

Threshold for Mandatory E-invoicing Lowered

The Central Board of Indirect Taxes and Customs (CBIC) notified that the finance ministry has decreased the threshold for mandatory e-invoicing from rupees 100 crores to rupees 50 crores. This new rule will come into effect from April 1, 2021.
E-invoicing involves the reporting details of the specified Goods and Services Tax documents to the government-notified portal and to obtain a reference number. The IT systems provider for GST called GSTN claims that there exists not a larger difference between the present system and the new one. The registered persons also seek to create the GST invoices on their own accounting or billing or ERP systems. These invoices are reported to the "Invoice Registration Portal (IPR)". When the reporting is done, the IRP returns the e-invoice with unique Invoice Reference Number (IRN) after the e-invoice is signed digitally and a QR Code ID added. This invoice was issued to the receiver along with the QR Code. This GST invoice will be valid only with the valid IRN.

Indian Oil Corp, IDCO sign MoU for Paradip Plastic Park

The state-run Odisha Industrial Infrastructure Development Corporation (IDCO) and Indian Oil Corpration Limited (IOCL) signed a Memorandum of Understanding (MoU) to develop a plastic park in Paradip, Odisha.
As per the MoU, Indian Oil announced a special strategic incentive scheme to attract investments in downstream polymer industries at Paradip Plastic Park.
An incentive of Rs 2000 for each metric tonne of polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till March 31, 2030.

OECD Interim Economic Outlook

The Organisation for Economic Co-operation and Development (OECD) published its interim Economic Outlook in March 2021. It has projected that the Indian economy will grow at the rate of 12.6% in Financial Year 2022. This will be the highest among G20 countries.
Economic Outlook is the twice-yearly analysis, published by Organisation for Economic Co-operation and Development (OECD). It comprises economic analysis and the forecasts for future economic performance of the member countries of OECD. The main version of the report is published in English however, it is also published in French and German languages. Apart from the economic outlook, OECD also publishes Monthly Economic Indicators to complement the Economic Outlook.
Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organisation comprising 37 member countries. It was founded in the year 1961 to look after the economic progress and the world trade. It is also an official United Nations observer.

Mar 09, 2021

Five Foreign Courts Confirm $1.4 bn Arbitration Award against India

Courts of five countries including the US and the UK have given recognition to an arbitration award that asked India to return USD 1.4 billion to Cairn Energy plc - a step that now opens the possibility of the British firm seizing Indian assets in those countries if New Delhi does not pay.
Cairn Energy had moved courts in nine countries to enforce its USD 1.4 billion arbitral award against India, which the company won after a dispute with the country's revenue authority over a retroactively applied capital gains tax.
The December 21 award from a three-member tribunal at the Permanent Court of Arbitration in the Netherlands has been recognised and confirmed by courts in the US, the UK, Netherlands, Canada and France.
Cairn has started the process to register the award in Singapore, Japan, the United Arab Emirates and Cayman Islands.
The registration of the award is the first step towards its enforcement in the event of the government not paying the firm.

YES Bank Launches YES Essence

Yes Bank announced the launch of women-centric ''Yes Essence'' services that will offer preferentially-priced loans and healthcare benefits, among other services. It has been launched on the occasion of the International Women's Day. ''Yes Essence'' is a holistic banking proposition for women across customer segments, homemakers, salaried professionals, entrepreneurs and senior citizens, which covers lifestyle, wellness, education, protection and investment.
Yes Bank will celebrate the launch of this proposition with women customers throughout the bank's network of branches across India from March 8-10, 2021.
The bank will offer a bouquet of solutions, including complimentary healthcare benefits, preferential pricing on loans, fee waiver on demat and trading account, wealth management, offers on upskilling through partnerships, attractive lifestyle and shopping offers.

Coal India Approves 32 Mining Projects

National miner, Coal India limited (CIL), has approved 32 new coal mining projects in the ongoing financial year with an estimated cost of Rs. 47,000 crore.
Of the 32, twenty-four are expansion of existing projects and the remaining eight are greenfield. The combined incremental peak capacity of these projects is projected at 193 million tonnes per annum (MTPA). This will be in addition to the already sanctioned capacity of 303.5 MTPA.
The incremental production by FY'24 from the approved 32 expansion and the new greenfield projects would be to the tune of around 81 MTPA.

HDFC Bank Launches 'SmartUp Unnati' for Women Entrepreneurs

On the occasion of International Women's Day HDFC Bank announced the launch of a dedicated programme for mentoring women entrepreneurs by women leaders at the bank.
Under the SmartUp Unnati programme, over the next one year, senior women leaders from HDFC Bank will mentor women entrepreneurs in helping them achieve their goals.
This programme is available only to existing customers and will initially target more than 3,000 women entrepreneurs associated with the bank's SmartUp programme.

Panasonic to Buy Blue Yonder in Biggest Deal Since 2011

Panasonic Corp said that it will buy U.S. software firm Blue Yonder for 700 billion yen ($6.45 billion), which is the Japanese electronics firm's biggest acquisition since 2011.
While Panasonic last year bought a 20% stake in Blue Yonder for 86 billion yen, it is now in the final stages of acquiring the rest from shareholders including Blackstone Group Inc.
The move comes as the Japanese company aims to expand hardware that combines software, sensors and other devices to help companies improve operational efficiency.

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