General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Oct 29, 2019

DGCA asks Indigo to Replace A320 Neo plane PW engines Used for More than 3,000 Hours

The country's civil aviation regulator, DGCA asked IndiGo not to use such A320 Neo planes which are fitted with PW engines already used for over 3,000 hours, or face grounding of aircraft, officials said.
A Directorate General of Civil Aviation official said there are 16 aircraft in IndiGo's fleet in which both the Pratt and Whitney (PW) engines have been used for more than 2,900 hours.
All such 16 aircraft have to be fitted with at least one modified LPT engine within next 15 days, said the official.

World Bank to Continue with $ 6 bn Annual Lending Support to India

World Bank President David Malpass said that the multi-lateral funding agency will continue with $ 6 billion lending target for India.
As many as 97 projects are being currently executed with loan assistance from the World Bank.
The visiting head of the World Bank met Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.

Oct 28, 2019

UPI Achieves Milestone of 1 Billion Transactions

India's very own Unified Payments Interface (UPI)- a real-time payment system has achieved the double milestone of one billion transactions as well as has crossed 100 million users in October 2019.
This makes it the fastest adoption of any payments system anywhere else in the world.
The National Payments Corporation of India (NPCI) which launched the domestic payments platform three years ago and operates it as well, aims to take the fund transfer system to other countries such as Singapore and the United Arab Emirates (UAE).

EPFO Warns Provident Fund Account Holders of Fraud

As the Employees' Provident Fund Organisation (EPFO) has started crediting interest to its 6 crore subscribers spread throughout India, provident fund account holders have been warned against a fraud.
Scamsters might call you up posing as EPFO officials and seek personal details like Aadhaar card number, PAN card number or even UAN (Universal Account Number), its password or an OTP to siphon off money from your EPF account.
The EPFO has asked subscribers to not share these details with anyone over phone or email as this could lead to fraud.

Tata Sons Board Okays ₹6,500 cr Equity Infusion in Tata Motors

Tata Motors Ltd board has approved an equity infusion of ₹6,500 crore from its promoter Tata Sons Pvt. Ltd. Tata Motors will allot ordinary shares and warrants to the promoter in return, subject to shareholder approval.
The board also approved raising ₹3,500 crore via external commercial borrowing, which will be used to refinance its existing debt.
P.B. Balaji, group chief financial officer of Tata Motors, said its total debt stands at around ₹50,000 crore, of which ₹20,000 crore is in its stand-alone business.

Oct 27, 2019

India and Ecuador Ink Protocol to Start Trade Negotiations

India and South American nation Ecuador have inked the Protocol for Completion of the Joint Feasibility Study (JFS) between the two countries, in line with the government's efforts to expand its trade presence in the region
The Protocol was inked in New Delhi by Shyamal Misra, Joint Secretary, Ministry of Commerce and Industry and HéctorCueva, ambassador of Ecuador in India.
This has now opened the doors for both the countries to initiate trade negotiations for a Partial Scope Agreement (Preferential Trade Agreement).

Oct 26, 2019

Mahindra to Fully Acquire Peugeot Motocycles

Mahindra Two Wheelers Europe announced that it will take 100 per cent ownership of France-based Peugeot Motocycles (PMTC) for an undisclosed amount.
Mahindra Two Wheelers, a subsidiary of Mahindra & Mahindra Ltd, had acquired a 51 per cent equity stake in PMTC from Groupe PSA in 2015.
Then the company had infused £15 million, or ₹110 crore, into Peugeot to finance projects implemented through the partnership, and had spent £13 million on the purchase of shares held by PSA.
The company said that the acquisition is set to drive future growth in core European markets and expand into new geographies, including select Asian markets.
The company is also set to introduce seven new products between 2019 and 2021, it stated.

Oct 25, 2019

RBI Tells Banks To Not Send Agents To Do KYC For Retail Loans, Credit Cards

The Reserve Bank of India (RBI) has prohibited banks from deploying direct selling agents (DSAs) to sell retail loans and verifying borrowers' documents.
Currently, a substantial proportion of retail assets namely personal loans, credit cards and consumer credit are sourced via the DSA conduit.
The development has been communicated by the RBI in response to the queries of the banking industry.
The aim is to bring down cases of data theft and reduce operational risks. But the lenders are afraid that this might lead to deceleration of consumer loans and credit cards.
Meanwhile, banks are planning to approach the apex bank and the government regarding this matter.

Fitch Rating Slashes India's GDP Growth Forecast To 5.5% For FY20

Fitch Ratings slashed India's GDP growth forecast in the current fiscal to 5.5 per cent saying a large credit squeeze emanating from shadow banks has pushed economic growth to a six year low.
Fitch, which had in June 2019 put India's GDP growth at 6.6 per cent for the fiscal year that began in April 2019, said the recent government measures to boost economy including a cut in corporate tax rates will gradually nudge growth.

Credit Suisse: Top 1% Own Nearly 50% Of Global Wealth And China's Wealthy Now Outnumber America's

For the first time, China has overtaken the United States to become the country with the largest number of people in the top 10% of world's most wealthy people.
China now has a cohort of 100 million individuals who are in the top 10% of global wealth distribution, compared to 99 million for the U.S.
In addition, China has surpassed Japan as the country with the second-largest number of millionaires.
The annual global wealth report was released by Credit Suisse and provides a comprehensive review of the world's wealth.
In all, there are now 46.8 million adult millionaires globally, with China showing explosive growth over the past nine years.
In 2010, the number of Chinese millionaires was only 38 thousand, while the number in 2019 is now 4.4 million.
The number of millionaires in the rest of the world are - Africa has 171 millionaires, Latin America has 673, India has 759, Asia-Pacific has 7,505, Europe has 13,290 and North America has 19,946.

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