General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Apr 30, 2020

ADB gives $ 346 mn Loan for Power Sector in Rural Maharashtra

The Asian Development Bank (ADB) has approved a USD 346 million (around Rs 2,616 crore) loan to Indian government to provide reliable power connection in rural areas of Maharashtra. Maharashtra is the second-most populous state in India, and about half of the state's labour force is engaged in agriculture and related activities in the rural areas.
Agriculture output, however, has been impacted by lack of irrigation, less-than-efficient use of electricity and water, as well as inadequate storage and connectivity to markets.
The loan will support the state government's high voltage distribution system (HVDS) program for new grid-connected rural agricultural customers across the state, said the Manila-headquartered multi-lateral funding agency.

Amazon India Launches Fund for SME Biz Partners

Amazon India has set up a special fund to support delivery service partners and transportation partners associated with the company, and provide financial aid for April, 2020.
This Partner Support Fund for small and medium businesses in logistics will be available to Delivery Service Partners (DSP) and select Transportation partners in India to help adjust their business model to the new realities posed during the lockdown.

Apr 29, 2020

Axis Bank to raise its stake in Max Life Insurance to 30%

The country's third largest private lender Axis Bank, proposed to raise its stake in the country's fourth largest private life insurer Max Life Insurance from about 1.5% to 30% through an all-cash deal worth around Rs. 1,600 crore.

Apr 28, 2020

Indian Overseas Bank Introduces Special Borrowing Programme For Self-Help Groups

Indian Overseas Bank (IOB), a major public sector bank (PSB), has launched a special borrowing programme for Self Help Groups (SHGs) to help them in difficult situations arising out of Coronavirus (COVID-19).
Under this scheme, a member of SHG will be given a maximum loan of Rs 5,000 & the limit for the group has been fixed at Rs 1 lakh.
This loan will be sanctioned with an interest rate of 9.4 % for 1 year.
It has been disbursed in 6 working days & the benefit can be availed till June 30, 2020.

Chemicals, Petrochemicals Industry Becomes Top Exporting Sector For 1st time

India's chemical exports rose by 7 per cent to 2.68 lakh crore rupees during April-January period of the last fiscal, and became the top exporting sector in the country for the first time.
Union Minister of Chemicals and Fertilizers DV Sadananda Gowda congratulated the chemicals and petrochemicals industry on becoming the top exporting sector of the country for the first time.
Mr Gowda informed that during April 2019-January 2020, the export of chemicals grew by 7.43 per cent over the corresponding period of the previous fiscal. Total export of chemicals during this period reached 2.68 lakh crore rupees. This constitutes 14.35 per cent of the total exports.

HDFC Acquires 6.43% Stake In Reliance Capital

Mortgage lender HDFC has acquired 6.43 per cent stake in debt-trapped Reliance Capital by invoking pledged shares.
These shares were acquired pursuant to invocation of pledge by security trustee on behalf of the corporation, which was pledged against a loan given by the lender in its normal course of business, HDFC Ltd said in a regulatory filing.
Following this, the company acquired 25.27 crore shares of Rs 10 each, it said, adding that the total value of these shares are Rs 252 crore.

Apr 27, 2020

Transcorp Becomes The 1st Non-Bank Company To Receive RBI Nod To Enter Into Co-Branding Arrangements

The Leading forex and payment solutions provider Transcorp
International Limited (TIL), a 25 year old BSE-listed company becomes the 1st non-bank company to receive Reserve Bank of India (RBI) nod to enter into co-branding arrangements for prepaid Instruments to be used in over 35 lakh stores and online gateways due to the current outbreak of COVID-19 pandemic.
It will launch Application Programming Interface (API) based co-branded partnerships for digital, physical and contactless cards with select marquee clients in its own Bank Identification Number (BINs).

RBI Announces Rs 50,000 Crore Liquidity Support To Mutual Funds

RBI announced Rs 50,000-crore liquidity support for mutual funds.
Under the special liquidity facility scheme effective today, the RBI will conduct repo operations of 90 days tenor at the fixed repo rate. The facility will be on-tap and open-ended, and banks can submit their bids to avail funding on any day from Monday to Friday.
Funds availed under the scheme can be used by banks exclusively for meeting the liquidity requirements of MFs by extending loans, and undertaking outright purchase of and/or repos against the collateral of investment grade corporate bonds, commercial papers (CPs), debentures and certificates of Deposit (CDs) held by MFs.

ICICI Prudential Mutual Fund Bharat-22 ETF picks shares worth Rs 59 crore in NALCO

ICICI Prudential Mutual Fund Bharat-22 ETF picked up shares worth nearly Rs 59 crore in National Aluminium Company (NALCO) through an open market transaction.
According to bulk deal data on the National Stock Exchange (NSE), over 1.71 crore shares were purchased at an average price of Rs 34.43 a piece. This took the total deal value to Rs 58.9 crore.

IIFL Wealth Finance Buys L&T Capital Markets for Rs 230 crore

L&T Finance Holdings has sold its wholly-owned subsidiary L&T Capital Markets (LTCM) to IIFL Wealth Finance for Rs 230 crore.
On April 24, 2020, the company has completed the sale of its investment in LTCM to IIFL Wealth Finance , and accordingly, LTCM has ceased to be a subsidiary of the company.

Apr 26, 2020

SIDBI Launches Special Liquidity Scheme For MSMEs

The Small Industries Development Bank of India launched a special liquidity scheme for Micro, Small and Medium Enterprises (MSMEs) through banks including Small Finance Banks (SFBs), Non-Banking Financial Companies including fintech NBFCs and Microfinance Institutions (MFIs).
The scheme would provide financial support to banks, NBFCs and MFIs by way of term loans to ensure operational continuity and promote onward lending to MSMEs.

Bajaj Allianz launches 'BAGIC GOQii Co-pay Option' Under Regulatory Sandbox

Bajaj Allianz General Insurance, along with smart-tech enabled preventive healthcare platform GOQii has launched a new add-on health cover called 'BAGIC GOQii Co-pay Option' under regulatory sandbox approval received from the IRDAI, that would reward customers with a healthy lifestyle.
This option will be an add-on cover which can be opted by the holders of company's existing health insurance policy — Health Ensure. The objective behind this product is to reward customers who are adopting a healthy lifestyle in the form of co-pay deduction in their health insurance policy.

Government Freezes DA & DR For 1.1 Crore Employees & Pensioners

The Department of Expenditure, under the finance ministry has stated that the central government has frozen the Dearness Allowance (DA) & Dearness Relief (DR), an inflation-linked allowance to its 1.1 crore employees & pensioners respectively due from January 1, 2020 to combat the COVID-19 pandemic outbreak.
The government had announced a 4% increase in DA for its 50 lakh employees and 61 lakh pensioners to 21% effective from January 1, 2020, which was to cost Rs 27,100 crore in the current financial year 2020-21.
It is estimated that the central government will be able to save Rs 37, 530 crore in the current financial year & 2021-22. The states will likely implement the central government order on DA and DR & they will save Rs 82, 566 crore, which totally save Rs 1.20 lakh crore.

Ashok Leyland acquires 3.36% share in subsidiary Hinduja Leyland Finance

Hinduja Group flagship Ashok Leyland Ltd has acquired 1.57 crore shares of Rs 10 each constituting 3.36 per cent of the equity of its subsidiary Hinduja Leyland Finance Ltd (HLFL).
The cost of acquisition was done at a price of Rs 119 per equity share. The proposed acquisition of equity shares of HLFL is at arm's length basis.
The acquisition is part of the 6.99 per cent acquisition approved by the board of directors at a meeting.

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