General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Oct 24, 2024

Pam Kaur is HSBC's First Female CFO in 160 Years

HSBC named Indian-origin Pam Kaur as its new Chief Financial Officer (CFO), the first woman to hold this position in its 160-year history. She is replaced Georges Elhedery, who took over as CEO earlier this year (2024).
Pam Kaur has a long history with HSBC. She joined the bank in 2013 as the Group Head of Internal Audit and steadily rose through the ranks. She has extensive experience across risk management, compliance, and finance.

Bihar Gets Its First Dry Port

Bihar Industry Minister Nitish Mishra inaugurated the state's first dry port at Bihta, a town near state capital Patna. The dry port is being seen as the state's big initiative to boost export of goods being produced in Bihar, in collaboration with a private company.
The Bihta dry port is spread over seven acres. It is being run in a Public-Private Partnership (PPP) mode by Pristine Magadh Infrastructure Private Limited and the state industry department.

Freo Secures IRDAI License to Expand Insurance Offerings

Freo, the digital finance application, received a corporate agent license from the Insurance Regulatory and Development Authority of India (IRDAI), allowing it to offer a range of customised insurance products to its 25 million users. This initiative came amid India's low insurance penetration rate of approximately 4.2%, which is significantly below the global average of 7%. With a commitment to "Insurance For All By 2047," Freo aims to provide affordable and intuitive insurance solutions to address the needs of its diverse user base, particularly in Tier II and III cities.

RBI Updates Alert List of Unauthorised Forex Trading Platforms

The Reserve Bank of India (RBI) expanded its 'Alert List' of unauthorised forex trading platforms by adding 13 new entities, bringing the total to 88. This list includes names of entities not authorised to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) or to operate electronic trading platforms (ETPs) for forex transactions. Some notable additions to the list include TDFX, Inefex, and Ranger Capital. The RBI emphasised that this Alert List also includes entities promoting unauthorised platforms through advertisements or claiming to offer training/advisory services.

Oct 23, 2024

Finance Minister Approves Creation of Chief General Manager Posts in 5 More Nationalised Banks

The Finance Minister approved the creation of Chief General Manager post (CGM), below board level, in five more nationalised banks (i.e.), Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank and UCO Bank.
Prior to this, CGM posts were available in six out of eleven nationalised banks. While creating the said post, the Finance Minister also approved the increase in the existing number of CGMs in the banks that already have CGM level posts. This step will significantly enhance the administrative structure and efficiency of banks.

Paytm Receives NPCI Approval to Onboard New UPI Users

Paytm received approval from the country's payments authority to onboard new unified payment interface (UPI) users, providing some relief for the financial services firm after a central bank-ordered ban on its banking unit.
The National Payments Corporation of India (NPCI) granted its approval following a request by the company in August.

Adani Group's Ambuja Cements Acquires 47% Stake in Orient Cement

Ambuja Cements, the cement and building material company of the diversified Adani Group, announced to acquire Orient Cement Ltd (OCL) at an equity value of Rs. 8,100 crore.
Ambuja Cements will acquire 46.8 per cent shares of OCL from its current promoters and certain public shareholders and the acquisition will be fully funded through internal accruals.

Oct 22, 2024

Adar Poonawalla Acquires 50% Stake in Karan Johar's Dharma Productions

In a development within the Indian entertainment industry, Adar Poonawalla, CEO of the Serum Institute of India, entered into a binding agreement to acquire a 50% stake in Karan Johar's renowned production house, Dharma Productions, and its digital arm, Dharmatic Entertainment. The deal, valued at Rs. 1,000 crore, represents a landmark partnership between two major entities from vastly different industries: cinema and pharmaceuticals.
Dharma Productions had been actively seeking investments and engaged in talks with several large conglomerates. The company posted a fourfold surge in revenue to Rs. 1,040 crore in FY23, from Rs. 276 crore the previous year however net profit fell 59% to Rs. 11 crore due to a 4.5-times rise in expenses at Rs. 1,028 crore. In FY23, the company earned Rs. 656 crore from distribution rights, Rs. 140 crore from digital, Rs. 83 crore from satellite rights, and Rs. 75 crore from music.

Oct 21, 2024

Maldivian President Mohamed Muizzu Decides To Introduce India's UPI in Maldives

Maldivian President Mohamed Muizzu decided to take the necessary steps to introduce India's Unified Payment Interface (UPI) in the Maldives.
The move is expected to bring significant benefits to the Maldivian economy, including increased financial inclusion, improved efficiency in financial transactions, and enhanced digital infrastructure.
The decision was made after the Cabinet thoroughly discussed a paper submitted by the Minister of Economic Development and Trade at a cabinet meeting, ensuring a comprehensive understanding of the matter.

Abhyuday Jindal New President of Indian Chamber of Commerce

Abhyuday Jindal was named president of Indian Chamber of Commerce (ICC) an industry body founded in 1925 that has its headquarters in Kolkata.
Jindal who graduated from Boston University with a degree in Economics and Business Management is the Managing Director of Jindal Stainless, a stainless steel manufacturer with annual turnover of Rs. 38,000 crore.
Jindal took over at a ceremony in Delhi, which was attended by Commerce and Industry Minister Piyush Goyal.
Brij Bhushan Agarwal assumed the role of Senior Vice President of ICC. Agarwal brings over three decades of experience in the steel and ferroalloys industry.
Parthiv Vikram Neotia assumed the role of Vice President of ICC. He is the Executive Director of Ambuja Neotia, a conglomerate with interests in real estate, healthcare, hospitality, and education.

Oct 20, 2024

Jio Payments Bank Secures Mutual Funds Distribution License from AMFI

Jio Payments Bank, a subsidiary of Jio Financial Services, successfully obtained a mutual fund distribution license from the Association of Mutual Funds in India (AMFI). This Category 1 Execution-only Platform (EOP) license enables Jio Payments Bank to distribute the direct plans of various mutual fund schemes, marking a significant step in its expansion within the financial services sector.
The entry of Jio Payments Bank into the mutual fund distribution space is expected to enhance competition, particularly in the direct plan segment, providing more options for investors.

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