General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Oct 17, 2018

Bakshi Gets 3-year Term

The Reserve Bank of India has approved the appointment of Sandeep Bakhshi as MD and CEO of ICICI Bank for three years, as against a five-year term sought by the lender, with effective from October 15.

Mr. Bakhshi was elevated from the post of COO to MD and CEO after the resignation of Chanda Kochhar.

Amazon in Talks to Buy Stake in Future Retail

According to reports, online retailer Amazon is in advance talks to acquire stake in Kishore Biyani-led Future Retail and the deal could be worth over Rs. 2,000 crore.

Amazon, which is looking to expand its presence in India, already has stake in Shoppers Stop and More.

Alembic Pharma Gets USFDA Nod

Alembic Pharmaceuticals gas received a tentative nod from the U.S. health regulator for its Alogliptin tablets used for treatment of type 2 diabetes.

The product is a generic version of Takeda Pharms USA's Nesina tablets.

Badarpur Power Plant Shut

The graded response action plan (GRAP), to combat 'poor', 'very poor' and 'severe' levels of air pollution in Delhi-NCR, came into effect, with the shutting of the Badarpur Thermal Power Station and the civic bodies issuing directions for water sprinkling and mechanised sweeping of select road stretches.

UPI to Facilitate Interoperability

The Reserve Bank of India has released the guidelines for interoperability between prepaid payment instruments (PPIs) such as wallets and cards that will effectively allow users of popular payment wallets to transfer money from one wallet to another.

The banking regulator said that wallets could implement interoperability through the Unified Payment Interface (UPI).

India the Fastest Growing Low-cost Carrier

According to aviation consulting and research firm Centre for Asia Pacific Aviation (CAPA), India has emerged as the fastest growing low-cost carrier (LCC) market in the world by recording the largest increase (an additional 15.6 million) in departure seats in the first nine months of this year.

Indian has also reinforced its position as the second largest LCC country market.

Oct 16, 2018

India to Finalise Partners for Strategic Oil Reserves

India hopes to forge partnerships with private players to build out its strategic petroleum reserves within the coming year.

The government had approved two strategic petroleum reserve (SPR) sites with a total capacity of 6.5 million tonnes in June.

Kreditech Gets NBFC Licence

Germany-based Kreditech has been given a license by the RBI to operate as an NBFC with the first-of-its-kind licence in the Indian financial history for digital lending business and app-based financing company.

Breather for IL&FS, Subsidiaries

Infrastructure Leasing & Financial Services (IL&FS) has got a one-month relief from proceedings filed against the company by banks and other creditors as the National Company Law Appellate Tribunal (NCLAT) has stayed all such proceedings against the company and its subsidiaries till November 13.

The interim stay effectively bars banks and other financial institutions from exercising any form of lien held against any dues of IL&FS or invoking any term loan, debentures or fixed deposits of the infrastructure financing company.

Granting Licences to Cable TV Service Hubs

The ministry of information and broadcasting (MIB) is likely to start granting and renewing licences of multi-system operators (MSO) without insisting on security clearance from the ministry of home affairs (MHA).

MSOs are hubs for providing cable TV network services to consumers.

Oct 15, 2018

Bids for Udan's Global Flight Invited

The Centre has invited proposals from interested air operators for the international version of its Udan scheme as it seeks to enhance air connectivity from India to select overseas destinations.

National airports operator, AAI, which has been mandated to implement the international version of the Udan scheme, has invited "e-proposals (bids) from international bidders for selection of airlines under the International Air Connectivity Scheme.

Total SA in Talks to Buy City Gas Projects

French energy giant Total SA is in talks to buy up to half of Adani Group's stake in LNG projects in Gujarat and Odisha, an under-construction LPG import facility and in its city gas projects.

The French firm is keen on investing in fast-growing gas market in India.

Oct 14, 2018

September Retail Inflation Up

As per data released, India's retail inflation rose marginally to 3.77% in September owing to higher fuel and food prices. The inflation based on consumer price index (CPI) had declined to a 10-month low of 3.69% in the previous month.

However, the inflation rate has remained well within the RBI's target of 4 per cent.

Oct 13, 2018

Joint Venture with Sumitomo

To boost farm produce in the country, Mahindra Agri Solutions Ltd. (MASL), a subsidiary of Mahindra & Mahindra, has entered into a joint venture (JV) with Japan's Sumitomo Corporation Group to make pesticides in India.

Mahindra will hold 60% stake in the new company named Mahindra Summit Agriscience Limited, the balance will be with Sumitomo Corporation.

Acquisition of European Assets of ArcelorMittal

Sanjeev Gupta's steel group Liberty is set to acquire European assets of ArcelorMittal, as it pushes for expansion on the European mainland.

The assets include integrated steel works in Romania and the Czech Republic as well as rolling mills in Macedonia and Italy.

Production of F-16 Fighter Jets Wings in India

According to an American aerospace and defence major, Lockheed Martin said that F-16 fighter jets will start flying with made in India wings in the next three years, provided the components made by its Indian strategic industry partner are certified by a US agency.

Tata Advanced Systems Limited is Lockheed Martin's strategic industry partner to make F16 wings. The tie-up was announced in September this year.

IL&FS Board Appoints Nominees

The new board of Infrastructure Leasing and Financial Services (IL&FS), decided to nominate directors to key subsidiaries like IL&FS Financial Services Limited, IL&FS Transportation Networks Limited and IL&FS Environmental Infrastructure & Services Limited (IEISL).

The board, which is headed by Uday Kotak, appointed directors in eight subsidiaries.

Vice-chairman and MD Vineet Nayyar, Nand Kishore and Malini Shankar have been nominated to the IL&FS Financial Services Board, Mr. Nayar and C.S. Rajan to the IL&FS Transportation Networks Board, and Nand Kishore to the IL&FS Environmental Infrastructure Board, among others.

India's Industrial Production Slips

According to the Central Statistics Office (CSO) data, India's industrial production growth slipped to a three-month low of 4.3% in August. This is mainly due to a sharp decline in the mining sector output and poor off take of capital goods.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

October GK, September GK, August GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services and Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26