General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Sep 06, 2024

HDFC Bank Launches GIGA: Financial Services for India's Gig Workforce

HDFC Bank introduced GIGA, a new suite of financial products and services specifically designed for gig workers and freelancers in India. The initiative aims to cater to an estimated 30-50 million gig workers across various job sectors, from white-collar to pink-collar roles. The new offerings include a range of financial tools such as savings and current accounts, debit and credit cards, health insurance, flexible investment options, and customized asset products.

Ashok Leyland Inaugurates Advanced Uptime Solution Center at Ennore

Ashok Leyland, the Indian flagship of the Hinduja Group and a leading commercial vehicle manufacturer, inaugurated its state-of-the-art Uptime Solution Centre at Ennore, Tamil Nadu.
This future-ready facility, with cutting-edge technology and proprietary predictive analytics, is designed to revolutionise the after-sales landscape by ensuring maximum fleet utilisation for commercial vehicle operators across India.
The advanced Uptime Solution Centre brings together teams from aftermarket services, vehicle engineering, and field quality to proactively support Ashok Leyland customers nationwide by promptly troubleshooting and resolving technical issues.

POP Launches India's First Multi-Brand Co-Branded Card with RuPay & Yes Bank

POP, a fintech enabler for direct to consumer brands started by former Flipkart employees, introduced India's first multi-brand co-branded credit card developed in collaboration with RuPay and Yes Bank.
As India's first multi-brand co-branded card, it brings together top brands such as Zomato, Blinkit, Cult, Rapido, Cleartrip, and Pharmeasy, covering key daily expenditure categories like e-commerce, groceries, F&B, travel, and health & fitness.

Sep 05, 2024

SEBI Sets Up New Expert Group of 22 Members on Listing Obligations

The Securities and Exchange Board of India (Sebi) has set up a 22-member advisory committee to streamline the rules for listing obligations and disclosures. The expert group will be chaired by R. Gandhi, former deputy governor of the Reserve Bank of India (RBI). The committee will advise SEBI on corporate governance, harmonisation of listing and post-listing obligations, and disclosure requirements.
Other members include N. K. Dua (joint director in ministry of corporate affairs), Keki Mistry (HDFC Bank's non-executive director), stock exchange heads, proxy advisory firm managing directors, and representatives from industry bodies, corporates, and legal experts.

Europe, Asia Dominate List of Top 10 Nations in 2024 by GDP per Capita

The International Monetary Fund (IMF) forecasts a stable yet cautious trajectory for the global economy in 2024, with growth expected to maintain a pace of 3.2 per cent throughout 2024 and 2025, consistent with 2023 levels.
As 2024 draws to a close, the IMF also released updated projections, highlighting the world's wealthiest nations ranked by purchasing power parity (PPP) per capita.
Luxembourg stands as the world's wealthiest nation, boasting a GDP per capita of $143,742, according to the International Monetary Fund (IMF).
Next on the list is Macau, a special administrative region of China, with a GDP per capita of approximately $134,140.
the third country in the list of top 10 countries ranked by GDP per capita based on purchasing power parity (PPP) is Ireland, followed by Singapore, Qatar, the UAE, Switzerland, San Marino, the US, and Norway.

AU Small Finance Bank Applies for Transition to Universal Bank

AU Small Finance Bank submitted its application to the Reserve Bank of India (RBI) to transition from a small finance bank (SFB) to a universal bank.
This application came as AU SFB is in the process of merging with Fincare SFB, as announced earlier in 2024.
Conversion to a universal bank is seen as a significant step for many SFBs, which feel constrained by geographical limitations and lending caps. Currently, SFBs must allocate at least 75 percent of their loans to amounts below Rs 25 lakh, and maintain at least 25 percent of their branches in underserved rural areas. In contrast, universal banks face no such restrictions, though they must still ensure that 40 percent of their loans are directed towards priority sectors like agriculture and MSMEs.

Sep 04, 2024

Hitachi Payment Services and NPCI Introduce India's First Android-Based CRM

Hitachi Payment Services launched the country's first Android-Based Cash Recycling Machine (CRM) at the Global Fintech Fest 2024 (GFF), in collaboration with the National Payments Corporation of India (NPCI).
The Android-Based Cash Recycling Machine, designated HPDx-BU01, is designed to function as a Digital Banking Unit (DBU), offering a comprehensive suite of banking and non-banking services.
This new CRM combines the features of traditional cash recycling machines with the agility and flexibility of the Android platform, providing banks with a versatile solution that can be tailored to meet specific business needs and local market demands.

Easebuzz Launches B2B Payments Platform in Collaboration with NPCI Bharat BillPay

Easebuzz, a verticalised SaaS payments platform, launched its Business-to-Business (B2B) invoice management and payments platform in collaboration with NPCI Bharat BillPay Ltd. (NBBL), at Global Fintech Festival 2024 in Mumbai.
Easebuzz B2B platform addresses these issues by offering seamless invoice lifecycle management, flexible payment options, and integrated financing solutions. Additionally, the platform's Rewards, Accounting, and Compliance suites help businesses across various sectors streamline their payment processes and enhance cash flow management.

Sep 03, 2024

Philips Appoints Bharath Sesha as Managing Director for the Indian Subcontinent

Philips, a global leader in health technology and innovation, announced the appointment of Bharath Sesha as managing director for the Philips Indian subcontinent, effective September 1, 2024.
In this role, Bharath will spearhead Philips' growth strategy in India, with a strong focus on enhancing customer satisfaction and driving operational excellence. He will manage the healthcare business headquartered in Gurgaon, and hold responsibility for Philips' Licence to Operate in India, which includes the Philips Innovation Campus (PIC) in Bengaluru, the Healthcare Innovation Centre (HIC) in Pune, and Global Business Services (GBS) in Chennai.
Bharath succeeds Daniel Mazon, who was vice chairman and managing director for the Philips Indian Subcontinent until April 1, 2024 and has since taken on a global role at the Philips headquarters in Netherlands.
Bharath is a seasoned leader with over two decades of global experience, bringing a profound understanding of the Indian market, particularly within the pharmaceutical and chemical industries. His expertise spans strategic leadership, business development, and operational excellence. Prior to joining Philips, he served as managing director at Heubach Colorants India Ltd., Renowned for his ability to inspire and lead teams toward achieving world-class performance, he consistently delivers results while driving innovation. He holds a Master's degree in International Management from the Thunderbird School of Global Management and an MBA from the Institute for Technology & Management (ITM).

Bisleri International Pvt. Ltd. Partners with Government of Goa

Bisleri International Pvt. Ltd. has partnered with the Government of Goa to improve waste management in Mormugao, Vasco. This collaboration was solidified during the Green Goa Summit 2024, where a Letter of Intent (LOI) was exchanged between Bisleri and the Goa State Pollution Control Board, with the presence of Chief Minister Dr. Pramod Sawant. The partnership aims to enhance plastic waste management under Bisleri's CSR initiative, 'Bottles for Change,' focusing on sustainable development and environmental stewardship.

Government Approves Rs. 3,300 crore Semiconductor Unit in Gujarat's Sanand

The Union Cabinet, led by Prime Minister Narendra Modi, has given the green light to Kaynes Semicon Pvt Ltd for establishing a new semiconductor unit in Sanand, Gujarat.
This unit represents India's fifth semiconductor facility and is part of the country's efforts to build a robust semiconductor ecosystem.
The planned investment for this unit is Rs 3,300 crore. It will have the capacity to produce 60 lakh chips per day. These chips will be used in various applications, including industrial systems, automotive technology, electric vehicles, consumer electronics, telecom equipment, and mobile phones.

Sep 02, 2024

Indian Oil and RBL Bank Launch Co-Branded Credit Card

India's energy major, Indian Oil Corporation Limited launched a co-branded credit card in partnership with RBL Bank in Global Fintech Fest (GFF), Mumbai.
This strategic collaboration aims to provide cardholders with attractive rewards and benefits, enabling them to earn upto250 litres of free petrol annually. Customers can also manage their finances and fuel purchases through a single platform while earning valuable reward points on every transaction.

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