General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Mar 25, 2020

Govt Bans Export Of Sanitisers, Ventilators With Immediate Effect

The government banned export of all sanitisers and ventilators with immediate effect in wake of the coronavirus outbreak.
It also banned exports of all types of ventilators, including any artificial respiratory apparatus or oxygen therapy apparatus or any other breathing appliance or device.

Mar 24, 2020

RBI Advances Second Tranche Of OMO

The Reserve Bank of India (RBI) has advanced its liquidity infusion plan by purchasing government bonds following a review of 'current liquidity and financial conditions'.
The RBI had announced open market operations (OMOs) of Rs. 30,000 crore in March 2020 — the first tranche was scheduled for March 24 and the second tranche for March 30.
On a review of current liquidity and financial conditions, the Reserve Bank has decided to advance the second tranche of purchase of government securities under OMOs for Rs. 15,000 crore to March 26, 2020.

Singapore Tops Economic Freedom Index

Singapore overtook Hong Kong as the world's freest economy for the first time since 1995 in the 2020 Heritage Foundation Index of Economic Freedom.
Created by the Heritage Foundation and The Wall Street Journal, the annual index measures the degree of economic freedom in the world's nations. The creators of the index took an approach like Adam Smith's in The Wealth of Nations, that "basic institutions that protect the liberty of individuals to pursue their own economic interests result in greater prosperity for the larger society."
The Heritage Foundation is an American conservative research and educational institution founded in 1973 to promote public policy based on principles including that of free enterprise, limited government and individual freedom. In the 26 years since the Index was published, it claims a positive correlation between economic freedom and progress.
Although India is ranked in 120th position in the study, it has been slowly but steadily making progress. It improved its score by 1.3 points from 2019 to tally 56.5 in 2020 due to improvements in the business freedom score. India's score in 2017 was 52.6. It is the 28th freest economy among 42 countries in the Asia-Pacific region in the 2020 study.

IDFC First Bank CEO Sells Rs.93 Crore Worth Shares

IDFC First Bank Ltd managing director (MD) and chief executive officer (CEO) V Vaidyanathan sold 2.75 crore shares for about Rs 93 crore to close employee stock option plan (ESOP) loan availed by him, the private lender informed the stock exchanges.
Vaidyanathan's move comes at a time when Indian and global equities face massive sell-off stemming from the fear of the impact of the coronavirus outbreak on economic activity.
An ESOP refers to an employee benefit plan, which offers employees an ownership interest in the organisation.

Mar 23, 2020

Cabinet Nod For Bulk Drug Parks' Promotion Scheme

The Union Cabinet has approved a scheme for promotion of bulk drug parks with a financial assistance of 3,000 crore for the next five years.
It has also approved a Production Linked Incentive (PLI) Scheme for promotion of domestic manufacturing of critical drug intermediates and active pharmaceutical ingredient (API) with a financial assistance of 6,940 crore for the next eight years.

Karur Vysya Bank Launches Pre-Paid Card Enkasu In Karur

Karur Vysya Bank has launched Enkasu, a pre-paid card in Karur. In response to the digital initiative of the Government of India, the bank undertook a Quit Cash Movement in Karur - a movement to reduce the usage of cash in the district of Karur.
Enkasu works on Near Field Communication Technology in a semi closed loop. The cardholder can make tap & go payments for even small purchases to merchants - as little as Re. 1/-. Doing away with the need for cash and small change, the Enkasu card will be beneficial to both merchants and customers alike.
In addition, Enkasu cards are unique in that they can be accepted 'online' as well as 'offline', thereby increasing its utility manifold as internet access is not mandatory for usage.

DBS Bank, Bharti AXA Join Hands For Insurance Plan Covering Covid-19

DBS Bank India has tied-up with Bharti AXA to roll out a complimentary insurance plan covering all medical conditions, including Covid-19.
The plan would cover all medical conditions, including Covid-19, and up to 10 days of hospitalisation, with a cover of Rs 5,000 per day, for a 30-day period.
Additionally, all DBS customers can purchase health insurance products that are currently offered on the digibank app through their general insurance partners.
The bank is conducting periodic meetings with its insurance partners to ensure seamless and end-to-end online access to these facilities and improvisation to the products, it said.
This includes guarantee of payments for hassle-free hospitalization and arrangement of emergency medical evacuation for NRIs with dependents in the country.
It is also offering an Emergency Global Medical Assist Program that provides 24x7 access to medical support.

Cabinet approves Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved financial assistance to the Modified Electronics Manufacturing Clusters (EMC2.0) Scheme for development of world class infrastructure along with common facilities and amenities through Electronics Manufacturing Clusters (EMCs). It is expected that these EMCs would aid the growth of the ESDM sector, help development of entrepreneurial ecosystem, drive innovation and catalyze the economic growth of the region by attracting investments in the sector, increasing employment opportunities and tax revenues.
The Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme would support setting up of both Electronics Manufacturing Clusters (EMCs) and Common Facility Centers (CFCs). For the purpose of this Scheme, an Electronics Manufacturing Cluster (EMC) would set up in geographical areas of certain minimum extent, preferably contiguous, where the focus is on development of basic infrastructure, amenities and other common facilities for the ESDM units.
For Common Facility Centre (CFC), there should be a significant number of existing ESDM units located in the area and the focus is on upgrading common technical infrastructure and providing common facilities for the ESDM units in such EMCs, Industrial Areas/Parks/industrial corridors.

India To Become Electronic Manufacturing Hub, Cabinet Approves Scheme

With the aim to boost domestic manufacturing along with attracting investment in electronic component manufacturing, the Union Cabinet has approved three schemes. Chaired by Prime Minister Narendra Modi, the cabinet has approved the Production Incentive Scheme (PLI) for Large Scale Electronics Manufacturing, financial assistance to the Modified Electronics Manufacturing Clusters (EMC2.0), and financial incentive of 25 per cent of capital expenditure for the manufacturing of goods.
The Production Incentive Scheme (PLI) for Large Scale Electronics Manufacturing proposes production linked incentive to boost domestic manufacturing and attract large investments in mobile phone manufacturing and specified electronic components including Assembly, Testing, Marking and Packaging (ATMP) units. The total cost of the proposed scheme is approximately Rs 40,995 crore, which includes an incentive outlay of approximately Rs 40,951 crore and administrative expenses to the tune of Rs 44 crore.

Mar 20, 2020

Government Bans Exports of certain Masks, Ventilators, Raw Material for Masks

The government banned the export of certain kinds of masks, ventilators and textile raw materials for masks and coveralls amid the ongoing coronavirus pandemic.
The exports of these products were free till now. The Directorate General of Foreign Trade DGFT had in February prohibited the export of all personal protection equipment including clothing and masks used in healthcare activities where there is a risk of contamination such as N-95 masks. However, surgical/ disposable (2/3 ply) masks, surgical blades, gas masks and disposable shoe covers were freely exportable.
The tightened norms are in addition to the government restricting the exports of 26 active pharmaceutical ingredients (API) and formulations on March 3 to ensure there is no shortage of drugs in India due to the lockdown in China's Hubei's province, a major source for these raw materials that has also been the epicentre of the coronavirus outbreak.
The export restrictions are applicable on paracetamol and vitamins B1, B6 and B12, tinidazole, metronidazole, acyclovir, progesterone, chloramphenicol, erythromycin salts, neomycin, clindamycin salts and ornidazole.

Fifteenth FC to Monitor Coronavirus Pandemic Situation Ahead of Second Report

The Fifteenth Finance Commission (15th FC) will monitor the situation in India in the wake of coronavirus pandemic and also the country's response to it, as part of its deliberations ahead of the recommendations for 2020-21 (FY21) to 2025-26 (FY26).
The Commission's Chairman N. K. Singh said that some aspects that will need to be examined include health-sector specific needs, the larger impact on the economy of the Centre and states, and disaster relief funds.
Also, the 15th FC announced it was setting up a committee to review the fiscal consolidation road map of the government. "We will need to watch and monitor the situation. The report for FY21 has been submitted. Going forward for subsequent years, some things need to be examined," said Singh, adding, "Sector-specific needs while dealing with the health sector will need to be looked at. The larger consequences of the impact on the economy and states will need separate considerations."
In its report for FY21, the 15th FC has recommended grants for the health sector and underlined the initiatives that need to be taken.

RBI Opens Credit Line for Yes Bank

The Reserve Bank of India (RBI) opened an emergency line of credit of around Rs. 60,000 crore to YES Bank to meet any liquidity crisis in paying back its depositors as the bank resumed normal operations. The additional liquidity arsenal is in line with Section 17 (4) of the RBI Act and also is a reaffirmation of the governor's statement on Monday that the central bank was ready to provide all the necessary liquidity support to YES Bank. The move came after 16 years when a similar credit line was opened for Global Trust Bank in 2004.

PM Modi Announces Covid-19 Economic Response Task Force

Prime Minister Narendra Modi announced the formation of a COVID-19 Economic Response Task Force led by Finance Minister Nirmala Sitharaman to deal with the situation arising out of novel coronavirus outbreak.
"Keeping in mind the economic challenges arising out of the coronavirus epidemic, the government decided to constitute COVID-19 Economic Response Task Force led by the Finance Minister. This task force will also ensure that all steps are taken to reduce the economic difficulties and execute them effectively," Modi said in his address to the nation.
The task force will remain in regular touch with all stakeholders, take their feedback and make decisions accordingly.

DBS Bank India Ties up with Bharti AXA to Roll Out Insurance Plan Covering COVID-19

DBS Bank India Limited, a wholly owned subsidiary of DBS (Development Bank of Singapore) Bank Ltd, entered into the partnership with Bharti AXA General Insurance Company Ltd to launch a complimentary insurance for customers of DBS treasures.
The plan covers all medical conditions including Novel Coronavirus (Covid-19), under which a cover of Rs. 5000 per day is available for a period of 30 days if DBS customers are hospitalised for 10 days.
Apart from this, the customers of the bank can also adopt health insurance products which are currently available through the General Insurance Partner on the Digibank app.
The bank has also launched a special program called 'Emergency Global Medical Assist Program' to help non-resident Indians (NRIs) to take care of their close ones in India, which provides 24 hours and 7 days of medical support.
This includes arranging emergency medical evacuation for NRIs from hospitalization.
Apart from this, focusing on the health and safety of customers, the bank is adding anti-microbial coating to all its ATMs (Automated Teller Machine) and biometric devices.

Mar 19, 2020

Bajaj Auto Board Approves Re-appointment of Rajiv Bajaj as MD, CEO

Bajaj Auto's board approved the re-appointment of Rajiv Bajaj as Managing Director and CEO of the company. The approval was given in board meeting.
Rajiv Bajaj, Managing Director and CEO of the company, whose five-year term expires on March 31, 2020, has been re-appointed for a further period of five years with effect from April 1, 2020.

RBI Announces Fresh OMO Purchase of Govt. Securities

The Reserve Bank of India (RBI) decided to conduct open market operations (OMOs) on March 20 in the form of purchase of an aggregate amount of Rs. 10,000 crore of government securities through a multi-security auction using the multiple price method.
With the heightening of COVID-19 pandemic risks, certain financial market segments have been experiencing a tightening of financial conditions as reflected in the hardening of yields and widening of spreads.

Google Cloud Appoints Karan Bajwa as India MD

Google appointed former IBM executive, Karan Bajwa as Managing Director of Google Cloud in India.
He will be responsible for driving all revenue and go-to-market operations for Google Cloud's portfolio that includes Google Cloud Platform and G Suite.
Google Cloud's field sales, partner and customer engineering organisations in India will also report to him, it added.
Bajwa will also work towards Google Cloud's engagement with the local developer ecosystem and India-based Global System Integrators (GSIs).

SBI Acquires 6.825% Stake of Zero Mass Private Limited

State Bank of India entered into an agreement to acquire 6.825% (6,825 equity shares) stake of Zero Mass Private Limited (Pvt Ltd)
The deal is to be completed by March 31, 2020.
As part of the deal, the Bank sold its entire stake in A Little World Pvt Ltd to target the Zero Mass Pvt Ltd
Zero Mass Pvt Ltd was founded by Anurag Gupta on March 20, 2007, which is the 1st ever Business Correspondent in the country & is formerly known as Zero Microfinance and Savings Support.

Volkswagen Launches T-Roc SUV Starting Rs. 19.99 lakh

Volkswagen Passenger Cars India launched T-Roc -- its second sports utility vehicle (SUV) this year -- starting Rs. 19.99 lakh, ex-showroom.
Launched as a CBU or completely built unit, the VW T-Roc will compete with the popular locally manufactured SUVs on sale such as the Kia Seltos, Hyundai Creta and Tata Harrier, among others.
The T-Roc will be positioned below the recently launched seven-seater VW Tiguan Allspace, priced at Rs. 33.12 lakh in the company's SUV portfolio for the domestic market. Both the SUVs are based on the German carmaker's globally popular and highly flexible modular transverse matrix or MQB platform.

L&T Technology Services and IIT-Kanpur Sign MoU for Research in Cybersecurity Programs

L&T Technology Services (LTTS) signed a multi-year Memorandum of Understanding with the Indian Institute of Technology Kanpur (IIT) to collaborate on research industrial and infrastructure cybersecurity.
The MoU was signed between Dr. Keshab Panda, Chief Executive Officer and Managing Director of LTTS and Professor Manindra Agarwal, Padma Shri Awardee, Deputy Director at IIT-Kanpur.
The Centre of Excellence (CoE) will be set up by LTTS and IIT in the IIT-Kanpur campus to conduct research in Honeypot, intrusion detection systems, malware analysis, block chain, vulnerability assessment and penetration testing and provide cybersecurity awareness and training programs. The CoE will be a part of C3i research centre.

RBI Extends Authorisation Issued to Vakrangee for White Label ATMs

The Reserve Bank of India (RBI) provided the Renewal of Authorisation for Vakrangee. RBI extended the validity of Authorisation issued to Vakrangee to setup, own and operate the White Label ATMs (WLA) in India.
The validity was extended till 31 March 2021.
RBI assigned a target of minimum 1,000 ATMS to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years. The ATMs deployed shall be in the ratio of 1:2:3 would be applicable for Metro & Urban, Semi-Urban and Rural regions respectively.

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