General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

May 29, 2020

Vakrangee Announced Corporate Agency Tie Up With LIC of India

Vakrangee announced Corporate Agency (Registration Code CA0249) tied up with Life Insurance Corporation of India (LIC) to distribute Micro Insurance products through Nextgen Vakrangee Kendra network.
Vakrangee shall provide the Solicitation and sale of the LIC's micro insurance products. Further it also includes, Follow up for Collection and remittance of renewal premium of LIC's micro insurance policies.

May 28, 2020

Airtel Payments Bank, Mastercard Tie up for Payment Solutions for Farmers, SMEs

Airtel Payments Bank has partnered with Mastercard to build customised solutions for payments such as tap-and-pay NFC, credit facility and other neighbourhood banking services for farmers and SMEs.
The companies aim to cater to underbanked spectrum of users and enable digital adoption via the partnership.
Airtel Payments Bank currently hosts 4 crore customers across 5 lakh banking points.

NCLT Approves Sale of IL&FS Stake in GIFT City to Gujarat Govt

The National Company Law Tribunal (NCLT) has allowed the debt-ridden IL&FS to sell its 50 per cent stake in the GIFT City to the Gujarat government for an aggregate consideration of Rs 32.70 crore.
A two-member NCLT bench headed by acting president B S V Prakash Kumar allowed IL&FS to sell its 3.27 crore shares, having a face value of Rs 10 each, of the Gujarat International Finance Tec-City Company Limited (GIFTCL) or GIFT City to the Gujarat Urban Development Company Ltd (GURDCL).

ADB, GoI Sign 177 Million Loan to Upgrade Major Roads, Highways in Maharashtra

The Asian Development Bank (ADB) and the Government of India signed a 177 million dollar loan to upgrade 450 kilometers of state highways and major district roads in Maharashtra.
Overall the project will upgrade two major district roads and 11 state highways, with combined length of 450 km, to two-lane standard across seven districts of Maharashtra, and improve connectivity to national highways, interstate roads, seaports, airports, rail hubs, district headquarters, industrial areas, enterprise clusters and agricultural areas.
It will also focus on training the Maharashtra Public Works Department project staff to build their capacity in climate change adaptation and disaster resilient features in road design, road maintenance planning and road safety.

ITC Acquired Spices Major Sunrise Foods for Rs 2K Cr

Fast-moving consumer goods (FMCG) major ITC shares surged as much as 4.6 per cent to Rs 194.95 apiece on the BSE after the company announced it had entered into an agreement with the spice major Sunrise Foods to acquire a 100 per cent stake in the company.
ITC Limited has entered into a Share Purchase Agreement (SPA) on May 23, 2020 to acquire 100% of the equity share capital of Sunrise Foods Private Limited (SFPL), a company primarily engaged in the business of spices under the trademark 'Sunrise', subject to fulfilment of various terms and conditions as specified in the SPA.
The proposed acquisition is aligned with ITC's strategy to rapidly scale up its FMCG businesses in a profitable manner, leveraging its institutional strengths viz. deep consumer insight, a deep and wide distribution network, agri-commodity sourcing expertise, cuisine knowledge, strong rural linkages and packaging know-how.

Flipkart Signs MoU With Karnataka State Mango Department to Support Mango Farmers

The Karnataka State Mango Department and Marketing Corporation Ltd.(KSMD&MCL) and Flipkart signed a memorandum of understanding (MoU) to support the mango farmers in this mango season to sell their produce through the online platform of Flipkart.
The Flipkart will provide the platform for the Mango Board Farmer Producer Organisations, sellers, growers and traders by enrolling on the platform.
The fruits from the Bengaluru urban, Kolar, Haveri, Hubballi-Dharwad and Belgaum will be available for the customers access through this platform.
The varieties like Alphonso, Badami, Apoos, Banganapalli, Kesar, Neelam, Himam Pasand, Sendur and Mallika will be available on the Flipkart platform in batches of 3Kg.

May 26, 2020

Lufthansa Agrees €9bn Rescue Deal with Germany

Lufthansa has agreed a rescue deal worth €9bn (£8bn) with the German government that saves it from collapse.
The German airline has been severely affected by a decline in travel due to the coronavirus and closed its budget airline Germanwings in April 2020.
The German government will take a 20% stake in the firm, which it intends to sell by the end of 2023.
But the deal still has to be approved by the firm's shareholders and the European Commission.

Fintech Startup Zaggle Joins Hands with Visa to Launch Payment Solutions for SMEs, Startups

Fintech startup, Zaggle, has announced a partnership with Visa to launch innovative payment solutions for SMEs and startups.
This partnership is aimed at helping SMEs and startups improve productivity, reduce costs and get access to faster credit through a card which would have both inbuilt forex and prepaid.
Zaggle will leverage Visa's expertise in the payments space to co-create and build new solutions for SMEs. Visa will also support Zaggle for new technological innovations and ideas.

May 25, 2020

Maruti Suzuki Ties up With Cholamandalam Investment & Finance

The country's largest carmaker Maruti Suzuki India announced partnership with Cholamandalam Investment & Finance Company Ltd to provide customised auto retail financing solutions to retail buyers.
The new solution 'Buy-Now-Pay-Later Offer' is aimed to provide customers with easy financing options.
The new solution will allow customers to start paying the EMIs after 60 days of loan disbursement. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till June 30, 2020.

Edelweiss General Insurance Launches App Based Pay-As-You-Use Motor Insurance

Edelweiss General Insurance (EGI), announced the launch of an innovative, app-based Motor OD floater policy – Edelweiss SWITCH.
This driver-based motor insurance policy, launched under IRDAI's Regulatory Sandbox, allows vehicle owners to SWITCH their motor insurance ON and OFF, based on usage and covers multiple vehicles under a single policy.
Edelweiss SWITCH uses a pay-as-you-use model that allows the customer to pay the premium only on the days they use the vehicle, offering significant cost savings and convenience.

ICICI Introduced 'ICICI Bank Golden Years FD' for Senior Citizens

The Private sector ICICI bank as introduced a special fixed deposit (FD) scheme for senior citizens called 'ICICI Bank Golden Years FD' which offers an interest rate of 6.55% per annum (p.a) for deposits up to Rs 2 crores with a tenure of more than 5 years to 10 years.
It is applicable for resident Indians & is available from May 20 to September 30, 2020.
The scheme offers 80 basis points (bps) more than what is applicable to the general public (non-senior citizens) for the same deposit amount and tenor.

May 24, 2020

8th Edition of the Status Paper on Government Debt

The Central Government released the Eighth Edition of the Status Paper on the Government Debt, which provides a detailed analysis of the Overall Debt Position of the Government of India.
The Central Government has been bringing-out an Annual Status Paper on Government Debt since 2010-11.
This paper enhances transparency by providing a detailed account of debt operations during the year and an assessment of the health of the public debt portfolio based on internationally accepted debt performance indicators.
The paper also covers details of fiscal deficit financing operations of the Central Government during the year 2017-18.
The overall liabilities of the Central Government are on a medium-term declining trajectory and Government's Debt Portfolio is characterised by prudent risk profile.

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