General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Oct 19, 2024

RBI Bars Navi Finserv, 3 NBFCs for Lending Violations

The Reserve Bank of India (RBI) barred four non-banking financial companies (NBFCs), including Sachin Bansal's Navi Finserv, from sanctioning and disbursing loans starting October 21, 2024. The ban affects Navi Finserv, Asirvad Microfinance, Arohan Financial Services, and DMI Finance, which were found guilty of charging exorbitant interest rates and failing to comply with regulatory pricing policies. The move is part of the RBI's ongoing crackdown on excessive interest rates and non-compliance with guidelines.
The RBI's decision follows detailed inspections revealing that the NBFCs charged excessively high Weighted Average Lending Rates (WALR) and interest spreads, violating the Master Directions on Microfinance Loans and Scale-Based Regulations. These NBFCs were also found to be non-compliant with guidelines on assessing household income, loan repayment capabilities, and asset classification, leading to loan ever greening and improper management of gold loan portfolios.

Oct 18, 2024

HDFC Opens First Singapore Branch to Expand Global Presence

HDFC Bank officially opened its first branch in Singapore as part of its strategy to expand its international operations. Granted a wholesale banking license by the Monetary Authority of Singapore (MAS), the bank aims to offer a variety of financial products and services to residents of Singapore.
The branch was inaugurated by Rakesh Singh, Group Head of International Banking, in the presence of Gaurav Khandelwal, CEO of HDFC Bank Singapore, and senior management officials.
With the addition of Singapore, HDFC now operates five international branches: Hong Kong, Bahrain, Dubai, Singapore, and an IFSC Banking Unit in Gujarat International Finance Tech City (GIFT City).

Aditya Birla Housing Finance Partners BharatPe to Revolutionise Secured Lending

Aditya Birla Housing Finance (ABHFL), a wholly-owned subsidiary of Aditya Birla Capital Ltd, entered into a strategic partnership with BharatPe, a fintech company, to facilitate access to home loans and loan against property for latter's merchant partners.
ABHFL is the first housing finance company to partner with BharatPe, offering streamlined access to secured lending through advanced digital solutions, significantly enhancing the user experience.

Oct 17, 2024

Acko Appoints Sandip Goenka as CEO of Acko Life

Bengaluru-based insurtech firm Acko has appointed Sandip Goenka the Chief Executive Officer (CEO) of its life insurance business.
As a founding member of Acko Life, Goenka has played a key role in establishing the D2C life insurance business.
In his new role, Sandip will be anchoring the business, while also playing a pivotal role in strategically directing ACKO Life. He will be instrumental in developing the company's initial product offerings and ensuring the necessary systems and processes are in place to support the business's long-term growth.

BEML Secures Contract for India's First Indigenous Bullet Trains

State-owned BEML was awarded a contract worth Rs. 866.87 crore by Integral Coach Factory (ICF) to design, manufacture, and commission India's first indigenously built bullet trains. This project marks a significant milestone in India's high-speed rail journey, as it will feature two high-speed train sets, each comprising eight cars, with a test speed of 280 km/h and an operational speed of 250 km/h. The trains are set to roll out by late 2026, produced at BEML's Bengaluru facility, as part of the broader initiative to enhance India's rail infrastructure.
BEML's venture comes amid discussions about India's high-speed rail ambitions, which initially considered Japanese technology. However, the indigenous approach aims to reduce costs and bolster local manufacturing. The infrastructure developed from this project is expected to benefit future high-speed rail initiatives across the country, marking a shift towards self-reliance in railway technology.
Bharat Earth Movers Limited (BEML) founded in 1964, is a public sector company under the Ministry of Defence, Government of India. It has its headquarters in Bengaluru, Karnataka.

Oct 16, 2024

Navi Achieves 5th Spot in UPI Rankings for Second Time

Navi, a fintech company co-founded by Sachin Bansal, made significant strides in the Unified Payments Interface (UPI) landscape, emerging as India's fifth-largest ecosystem player. In September, the company achieved remarkable transaction volumes, processing 120.41 million transactions valued at Rs. 6,549.1 crore.
This growth underscores Navi's expanding presence in the highly competitive UPI market, which is dominated by major players like PhonePe, Google Pay, and Paytm.
PhonePe maintained its position as the leading player with 7.22 billion transactions valued at Rs. 10.3 trillion.
Google Pay followed as the second-largest player, processing 5.62 billion transactions amounting to Rs. 7.46 trillion.

Amit Kumar Appointed Next CMD of AI Assets Holding Limited

Amit Kumar was selected by the Public Enterprise Selection Board (PESB) for the role of Chairman & Managing Director (CMD) of AI Assets Holding Limited (AIAHL), a Schedule 'B' Public Sector Undertaking (PSU). Currently serving as the Executive Director and Asset Manager at ONGC, Kumar was chosen from seven candidates. His appointment awaits necessary clearances and approval from the Appointments Committee of the Cabinet (ACC). This selection highlights ongoing efforts to fill key leadership positions within PSUs, as evidenced by the PESB's recent advertisements for several critical vacancies across various organizations.
AI Assets Holding Limited is a Special Purpose Vehicle (SPV) established by the Government of India to provide unified asset holding services, as outlined in its Memorandum of Association. Kumar's leadership is expected to guide AIAHL towards achieving these objectives effectively.

Firecracker Insurance: PhonePe Launches New Plan for Diwali

PhonePe introduced a new insurance plan offering protection against firecracker-related accidents during the Diwali season. Priced at Rs. 9, the plan provides coverage of up to Rs. 25,000 for a 10-day period, safeguarding users from expenses related to hospitalisation and accidental death due to firecracker accidents.
This short-term insurance covers the policyholder and up to four family members, including their spouse and two children. The plan is available for purchase through the PhonePe app and offers immediate coverage starting October 25, 2024. If purchased after this date, the policy will begin from the purchase date.

Bank of Baroda Introduces Special 'bob Utsav Deposit Scheme' for the Festive Season

Bank of Baroda (BoB) introduced a new 400-day term deposit scheme known as the 'bob Utsav Deposit Scheme', aimed at offering higher interest rates to various categories of depositors during the festive season. This scheme not only provides competitive interest rates for general depositors but also caters specifically to senior and super senior citizens, making it a beneficial investment option for a wide range of customers.
Launched as a limited-period offer, the 'bob Utsav Deposit Scheme' is designed to capitalise on the current interest rate cycle, offering competitive rates for a specific 400-day term. The scheme is applicable to fixed deposits below Rs. 3 crore and presents a lucrative opportunity for both individual depositors and those looking for systematic savings options.

Oct 15, 2024

Manoj Kumar Dubey as New CMD and CEO of IRFC

Manoj Kumar Dubey, a 1993-batch Indian Railway Accounts Service officer, was appointed as the Chairman and Managing Director (CMD) and Chief Executive Officer (CEO) of the Indian Railway Finance Corporation (IRFC). IRFC is a miniratna public sector enterprise under the Ministry of Railways.
Manoj Kumar Dubey previously served as Director (Finance) and Chief Financial Officer at the Container Corporation of India (CONCOR).
He has a strong track record in financial management and strategic operations.
Established in 1986, IRFC mobilises funds from domestic and international markets to meet the Extra Budgetary Resources (EBR) needs of Indian Railways.

L. Satya Srinivas New CEO of GeM Portal

The Indian government appointed L. Satya Srinivas, currently serving as Additional Secretary in the Department of Commerce, as the additional CEO of the Government e Marketplace (GeM). This decision follows the appointment of the previous CEO, P. K. Singh, as secretary of the renewable energy ministry. Srinivas, an officer from the 1991 batch of the Indian Revenue Service (Customs & Indirect Taxes), will oversee online procurement processes for all central government ministries and departments. The GeM portal, launched on August 9, 2016, aims to streamline and enhance the public procurement process.
Since its inception, the GeM portal has revolutionized government procurement, providing a digital platform for the purchase of goods and services, promoting transparency and efficiency in the procurement process for various government entities.

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