General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Oct 08, 2024

IFC Partners with Axis Bank for India's First Blue Loan of $500 Million

In a landmark move, the International Finance Corporation (IFC) has partnered with Axis Bank to provide a $500 million loan aimed at scaling up blue finance and green projects in India. This is IFC's first blue investment in the country and the largest climate finance initiative by IFC in India to date. Blue loans focus on funding water and wastewater management, reducing ocean plastic pollution, restoring marine ecosystems, and promoting offshore renewable energy, among others.
The partnership marks a significant step toward fostering sustainable development in India. With rapid urbanisation, India has immense potential for water efficiency, wastewater treatment, and green infrastructure, projected to grow into a $3 billion market by 2029. The blue loan aims to attract private sector investment to boost India's climate resilience, particularly in sectors like green buildings, which could see a $1.4 trillion investment opportunity by 2030.

BoB to Sell Oman Operations to Bank Dhofar

State-owned Bank of Baroda (BoB) has announced its decision to sell its Oman operations to Bank Dhofar as part of a broader strategy to rationalise its foreign business footprint. This acquisition will take place on a going concern basis, pending approval from regulatory authorities. The total business of BoB's Oman operations is valued at 113.35 million Omani Rials, with a net worth of 25.54 million Omani Rials.
Established in 1990, Bank Dhofar is one of the leading commercial banks in Oman. It is located in Muscat, Oman.
It is a publicly traded company on the Muscat Stock Exchange, with a diverse shareholder base, which offers a wide range of banking services, including personal banking, corporate banking, investment services, treasury operations, and Islamic banking products.

RBI Deputy Governor M. Rajeshwar Rao's Tenure Extended for One Year

The government has approved a one-year extension for M. Rajeshwar Rao as Deputy Governor of the Reserve Bank of India (RBI), effective October 9, 2024. This decision was made by the Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, following a notification dated October 4. Rao's tenure was initially set for three years starting from October 2020, and this marks his second consecutive one-year extension.
Rao is an accomplished central banker, holding an economics degree and an MBA from the University of Cochin. Since joining the RBI in 1984, he has gained extensive experience across various departments within the bank. Before becoming Deputy Governor, he served as an executive director since November 2016.

India's E-commerce Market Set to Reach $325 Billion by 2030: Deloitte Report Analysis

The Indian e-commerce landscape is undergoing a transformative evolution, with Deloitte's latest report forecasting a monumental growth trajectory. The projection of reaching $325 billion by 2030 represents not just a number, but a fundamental shift in how India conducts commerce.
This 21% Compound Annual Growth Rate (CAGR) signifies a digital revolution that's reshaping the retail ecosystem.

Oct 07, 2024

NCRTC Launches Co-branded Namo Bharat NCMC for Seamless Connectivity, Integration

The National Capital Region Transport Corporation (NCRTC) launched co-branded Namo Bharat national common mobility cards (NCMC) for passengers, which will provide seamless connectivity and integration between RRTS and other modes of public transport.
The NCRTC collaborated with Airtel Payments Bank and introduced co-branded NCMC. These cards include debit, prepaid, and prepaid payment instruments for mass transit solutions (PPI- MTS) options.
Exclusively issued by Airtel Payments Bank, the Namo Bharat NCMC cards are equipped with tap-and-pay technology, allowing quick and secure transactions at transit terminals, retail outlets and other locations.

Oct 06, 2024

Adani and Google Partner to Boost Clean Energy in India

In a new partnership aimed at enhancing sustainability, the Adani Group will supply renewable energy from its upcoming solar-wind hybrid project in Khavda, Gujarat, to Google starting in 2025. The Khavda project, located in the world's largest renewable energy facility, is set to begin commercial operations in Q3 2025. With a strong track record in large-scale renewable projects, Adani will provide tailored energy solutions to support Google's carbon-free energy goal and help reduce the carbon footprints of industrial clients.
This collaboration aligns with Google's target of achieving 24/7 carbon-free energy across its global operations and its commitment to reducing 50% of Scope 1, 2, and 3 emissions by 2030.

Federal Bank Teams Up with Bhashini to Add Vernacular Support to Chatbot Feddy

Federal Bank signed an MoU with Bhashini, an AI-powered language translation platform, to integrate vernacular language support into its AI chatbot, Feddy. This collaboration, inspired by the Reserve Bank Innovation Hub's (RBIH) initiative for local language banking, aims to make banking services more inclusive and accessible across India. The enhancement allows Feddy to assist users in 14 Indian languages, including Hindi, Bengali, Tamil, and Marathi, among others. This move is seen as a crucial step toward bridging language barriers in financial services.
The partnership between Federal Bank and Bhashini boosts Feddy's capabilities, enabling it to handle queries in multiple Indian languages, which is expected to improve customer experience.

RBI Appoints Aviral Jain as New Executive Director

The Reserve Bank of India (RBI) appointed Aviral Jain as the new Executive Director (ED).
Prior to being promoted as the ED, Jain was serving as Regional Director for Maharashtra. The new ED has experience of more than three decades in areas of supervision, currency management, foreign exchange regulation and human resource management.
Executive Director, Jain will look after Legal Department, Premises Department and Right to Information Act (First Appellate Authority).

Oct 05, 2024

ICICI Bank and MakeMyTrip Launch a Co-branded Credit Card for Travel Enthusiasts

ICICI Bank partnered with MakeMyTrip to launch a 'premium' co-branded credit card, especially curated for the 'aspirational travellers' of the country.
According to the companies, the card offers myCash (MakeMyTrip's reward currency), where 1 myCash is worth Rs. 1 in spendable money. It offers 6% myCash on hotel bookings, 3% myCash on flights, holidays, cabs, and buses, and 1% on other retail spends in addition to applicable MakeMyTrip discounts.

Reliance Group Collaborates with Bhutan on Renewable Energy

Reliance Group entered into a strategic partnership with Druk Holding and Investments Ltd. (DHI), the commercial arm of Bhutan's government, to develop significant renewable energy projects in the country. The agreement, signed includes plans for a 500 MW solar plant and a 770 MW hydropower project.
The solar plant, to be built in Gelephu Mindfulness City, will be developed in two 250 MW phases over the next two years. Once completed, it will be Bhutan's largest solar installation. Simultaneously, Reliance Power Ltd. and DHI will jointly develop the 770 MW Chamkharchhu-1 hydro project, classified as a run-of-the-river facility.
To spearhead these initiatives, Reliance Group has established Reliance Enterprises, a new company dedicated to promoting and investing in Bhutan's clean and green energy sector. This venture is jointly promoted by Reliance Infrastructure Ltd. and Reliance Power Ltd.
The partnership marks one of the largest foreign direct investments in Bhutan's renewable energy sector by an Indian private company. It aligns with Bhutan's net-zero goals and aims to enhance the country's sustainable energy solutions.

PM Modi Inaugurates GAIL's First CBG Plant in Jharkhand

Prime Minister Narendra Modi inaugurated GAIL's first CBG Plant in Ranchi, Jharkhand, through a virtual ceremony. This 12,500 m³ per day capacity plant is designed to process 150 tonnes of Municipal Solid Waste to produce 5,000 kg Bio-CNG and 25 tonnes of fermented bio manure per day.
The plant is built in an area of 7.86 acres at Ranchi Jharkhand, Jhir Dumping Site Mouza Jhiri. The biogas generated in this facility is to be supplied to nearby CNG stations which can fuel over 600 vehicles per day in the region, contributing to the Atmanirbhar Bharat initiative and promoting the use of clean and green fuel.

Oct 04, 2024

Centre Reconstitutes Monetary Policy Committee ahead of RBI Rate Review

The central government reconstituted the Monetary Policy Committee (MPC) ahead of the monetary policy review of the Reserve Bank of India (RBI) on October 7-9. The government appointed three external members in the MPC — Ram Singh, Director, Delhi School of Economics, University of Delhi; Saugata Bhattacharya, Economist and Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development.
The three external members have been appointed for a period of four years. Other members of the MPC are from RBI which include the Deputy Governor of the RBI in charge of monetary policy and one officer of the RBI nominated by the Central Board. The RBI Governor is the Chairperson of the MPC.
The reconstitution of the committee could see a change in the differing stance within the MPC as earlier members have cited their dissenting views against the majority decision.

India Sign MoU on Critical Minerals in 6th Commercial Dialogue with US

India and the US had signed a Memorandum of Understanding (MoU) on critical minerals to ensure open supply chains and promote collaboration between India's Ministry of Mines and the US government, Union Minister of Commerce and Industry, Piyush Goyal stated.
He also highlighted that the MoU focuses on creating resilient semiconductor supply chains.

Women Entrepreneurship Platform in Telangana Launched By NITI Aayog

In a groundbreaking initiative to further strengthen the ecosystem for women entrepreneurs in Telangana, NITI Aayog, in collaboration with Telangana government, launched the first State chapter of Women Entrepreneurship Platform (WEP), with WE Hub serving as the nodal organisation.
The aim is to promote and support women entrepreneurs across various sectors, providing them with resources, tools, and a robust network to enhance their business growth.
Key Objectives
The Women Entrepreneurship Platform (WEP) Telangana Chapter has been specifically designed to support women entrepreneurs in the region through several focused initiatives.
Digital Skilling: Offering training and resources to enhance digital literacy and technical skills among women entrepreneurs.
Access to Financial Services: Providing easy access to funding and financial services, including government-backed loans and grants.
Mentorship and Networking: Facilitating connections with industry leaders, potential investors, and other entrepreneurs for guidance and growth opportunities.
Market Linkages: Helping women-led businesses connect with markets to increase sales and expand their reach

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