General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Sep 01, 2024

RBI Imposes Penalties on UCO Bank and Cent Bank Home Finance Ltd

The Reserve Bank of India (RBI) levied penalties on two financial entities for regulatory non-compliance. UCO Bank was fined Rs. 2.68 crore for violating provisions related to current account openings, deposit interest rates, and fraud classification. Meanwhile, Cent Bank Home Finance Ltd faced a Rs. 2.1 lakh penalty for failing to adhere to Know Your Customer (KYC) regulations. The RBI clarified that these penalties were imposed for regulatory compliance issues and do not impact the validity of transactions or agreements between the banks and their customers.

NHPC, SECI, Railtel, and SJVN Gain Navratna Status

Finance Minister Nirmala Sitharaman granted 'Navratna' status to four Central Public Sector Enterprises (CPSEs): NHPC, Solar Energy Corporation of India (SECI), Railtel Corporation of India (RCIL), and Satluj Jal Vidyut Nigam (SJVN). This brings the total number of Navratna CPSEs in India to 25. The Navratna status provides these entities with increased financial and operational autonomy.
The Navratna status is awarded based on criteria including excellent performance ratings, a composite score of 60 or above in selected performance indicators, and the CPSEs' status as Miniratna I and Schedule 'A'. The scheme, introduced in 1997, aims to recognize and support CPSEs with significant comparative advantages, enabling them to pursue global expansion and increased autonomy in various operational areas.

Singapore Airlines Receives Approval for Vistara-Air India Merger

In a boost to the Air India-Vistara merger, Singapore Airlines (SIA) received approval from the Government of India for foreign direct investment (FDI) in a deal with the Tatas, the airline said in an exchange filing.
Singapore's flagship carrier, which has a 49 per cent stake in Vistara, had announced the plan to merge the Indian airline and Tata-owned Air India in November 2022. Tatas own 51 per cent in Vistara.
The FDI approval takes the Tata-SIA Joint Venture one step closer to their aim of creating a dominant full-service airline in the domestic and international markets.

Aug 31, 2024

Mastercard Launches Payment Passkey Service in India

Mastercard debuted its Payment Passkey Service in India, aiming to enhance online shopping security and convenience. Unveiled at the Global Fintech Fest in Mumbai, this service, initially piloted with Indian payment leaders like Juspay, Razorpay, and PayU, along with banks such as Axis Bank, leverages biometric authentication—replacing traditional passwords and OTPs with more secure fingerprint or facial recognition methods. The service addresses the sharp 300% increase in online fraud cases in India over the past two years by offering a frictionless, tokenized payment process, ensuring that payment details remain secure.
Mastercard's choice of India reflects the country's evolving payment landscape and aligns with the Reserve Bank of India's goals for a resilient payment infrastructure. The Payment Passkey Service aims to reduce cart abandonment and boost consumer trust in digital payments by eliminating the need for passwords or OTPs.

LIC Pays Rs. 3,662 Crore Dividend to Indian Government

Life Insurance Corporation of India (LIC) presented a dividend cheque of Rs. 3,662.17 crore to Union Finance and Corporate Affairs Minister Nirmala Sitharaman. This follows the shareholder approval of a final dividend of Rs. 6 per share for 2023-24, up from Rs. 3 per share in the previous fiscal year. Earlier in March 2024, LIC had paid an interim dividend of Rs. 2,441.45 crore, bringing the total dividend payout to the government for the year 2023-24 to Rs. 6,103.62 crore.
The Indian government, which holds a 96.5 percent majority stake in LIC, received this dividend payment as part of LIC's annual returns.

Hurun India List: This Indian City Overtakes Beijing to Become 'Billionaire Capital of Asia'

India's financial capital Mumbai emerged as the "billionaire capital of Asia," having more billionaires than Beijing, the capital of China, according to the 2024 Hurun India Rich List.
Mumbai saw an increase of 58 billionaire individuals, taking its total to 386 on the list.
"Home to 25% of the list - Mumbai is not only the billionaire capital of Asia, overtaking Beijing but also the preferred city for Hurun India Rich Listers, followed by New Delhi and Hyderabad," the Hurun list data stated.
Among the top cities of residence of Hurun India Rich Listers 2024, Mumbai is followed by Delhi, which has added 18 new billionaires, taking its rich list entries to 217.
Meanwhile, Hyderabad took a significant leap and surpassed Bengaluru, for the first time, and took the third position in the number of wealthy residents.
A surge of 17 new billionaires took the total number in Hyderabad to 104, followed by Bengaluru at the fourth position with 100 wealthy individuals.
Among other cities in the top 10 are Chennai (82), Kolkata (69), Ahmedabad (67), Pune (53), Surat (28) and Gurugram (23).

Berkshire Hathaway Becomes First Non-tech US Firm to Hit $1 Trillion Market Cap

Warren Buffett's conglomerate, Berkshire Hathaway, reached an important milestone by becoming the first US company outside the technology sector to surpass a market value of $1 trillion.
Berkshire Hathaway, based in Omaha, Nebraska, now joined a select group of companies that have reached this milestone, a group previously dominated by technology giants like Alphabet Inc., Meta Platforms Inc., and Nvidia Corp.
Although Berkshire is not a tech firm, its stock performance this year (2024) is not far behind the so-called 'Magnificent Seven,' which refers to the top tech stocks, up 35% in 2024.

Aug 30, 2024

Kaivalya Vohra, Youngest Indian on Hurun Rich List 2024

In a major sign of quick commerce firms' electric rise in India, 21-year-old Zepto co-founder Kaivalya Vohra retained the tag of youngest billionaire on the Hurun India Rich List 2024 with a total net worth of Rs. 3,600 crore.
The 2003-born entrepreneur made his debut for the first time on the IIFL Wealth Hurun India Rich 2022 at the age of 19.
Vohra's friend and 22-year-old co-founder Aadit Palicha is the second youngest billionaire in the country with a net worth of Rs. 4,300 crore, according to the 2024 rich list.
Apart from Palicha and Vohra, Shashvat Nakrani of BharatPe (Rs. 1,300 crore, age 26), Ritesh Agarwal of Oyo (Rs. 1,900 crore, age 30), Alakh Pandey of Physics Wallah (Rs. 4,500 crore, age 32), and Harshil Mathur (Rs. 8,700 crore, age 33) and Shashank Kumar (Rs. 8,700 crore, age 33) of Razorpay make the list. Most of these billionaires run payment services firm, online hotel booking website, and edtech company.

Cabinet Approves Setting up of 12 Industrial Smart Cities across 10 States

The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved setting up of 12 industrial smart cities under the National Industrial Corridor Development Programme (NICDP) with an estimated investment of Rs. 28,602 crore.
The project spans across 10 states and is strategically planned along six major corridors. These industrial areas will be located in Khurpia in Uttrakhand, Rajpura-Patiala in Punjab, Dighi in, Maharashtra, Palakkad in Kerala, Agra and Prayagraj in Uttar Pradesh, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthy in Andhra Pradesh and Jodhpur-Pali in Rajasthan.
The move is set to transform the industrial landscape of the country creating a robust network of industrial nodes and cities that will significantly boost economic growth and global competitiveness.

Shah Rukh Khan Makes Debut on Hurun India Rich List 2024

Bollywood superstar Shah Rukh Khan, often hailed as the 'King of the Indian Entertainment Industry,' made his debut on the 2024 Hurun India Rich List.
Khan's wealth is estimated at a whopping Rs. 7,300 crore, a milestone driven by his successful stakes in Kolkata Knight Riders and Red Chillies Entertainment.
Following Shah Rukh Khan in the list, actress Juhi Chawla sits on the second spot of silver screen pioneers boasting wealth of Rs 4,600 crore.
Actor Hrithik Roshan holds the third position, with wealth of Rs. 2,000 crore aided by his athleisure company HRX.
Meanwhile, Amitabh Bachchan and family, and actor, producer and director, Karan Johar, are positioned fourth and fifth, respectively.

Aug 29, 2024

Subhasri New MD & CEO of Shriram Capital

Shriram Capital, the holding company of the Shriram Group, appointed Subhasri. S as its new Managing Director and CEO, effective 1 September. Subhasri, who previously served as Joint Managing Director, has been a key figure in the company since joining as an Officer in the NBFC business in 1991.
She is a Fellow of the Institute of Company Secretaries of India and the Institute of Cost & Works Accountants of India. Previously, she held positions as Executive Director and CFO of Shriram City Union Finance (now Shriram Finance) and Joint MD of Shriram Capital Pvt Ltd.

ESAF Small Finance Bank Launches Inori RuPay Platinum Credit Card

ESAF Small Finance Bank, in collaboration with the National Payments Corporation of India (NPCI), introduced the Inori RuPay Platinum Credit Card. This premium financial product offers cardholders exclusive benefits and privileges.
The card's name "Inori" is derived from the Japanese word for 'wish', symbolising the bank's aspiration to fulfil the desires and expectations of customers.
Cardholders can enjoy a range of rewards, including exciting cashback offers on monthly transactions and comprehensive insurance coverage of up to Rs.2 lakh. Additionally, the card provides access to exclusive merchant offers and global acceptance.

Government Approves 4 Start-Ups in the Field of Technical Textiles

Secretary, Ministry of Textiles chaired the 8th Empowered Programme Committee (EPC) meeting under the National Technical Textiles Mission, at Udyog Bhawan, New Delhi. The committee approved 4 Start-Ups with a grant of approx. INR 50 Lakh, each, under the 'Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)' scheme.
The committee also approved a grant of approx. INR 20 Cr. to 5 Education Institutes to introduce courses in Technical Textiles under the 'General Guidelines for Enabling of Academic Institutes in Technical Textiles'.
The approved Start-Up projects are focused on key strategic areas of Composites, Sustainable Textiles, and Smart Textiles. The approved Education Institutes proposed to introduce new B.Tech courses in different fields and applications of technical textiles including Geotextiles, Geosynthetics, Composites, Civil Structures, etc.

Aug 28, 2024

TCS Launches Pace Studio in Philippines to Drive digital Innovation

IT services major Tata Consultancy Services (TCS) announced the launch of TCS Pace Studio in Manila, Philippines. This facility is designed for TCS to co-innovate with customers to develop tailored solutions for their unique business needs, boosting digital innovation in the Asia-Pacific region.
TCS Pace Studio in Manila, the fifth of its kind globally, is part of an extensive innovation ecosystem of TCS Pace spanning major global cities.

Piramal Finance and Central Bank of India Partner to Reach Underserved Markets

Piramal Finance, a subsidiary of Piramal Enterprises Limited, partnered with the Central Bank of India to expand co-lending operations aimed at supporting underserved markets. This collaboration merges the Central Bank of India's extensive branch network with Piramal Finance's technological approach to lending, focusing on digital efficiency and personalised service.
The partnership leverages Piramal Finance's network of over 500 branches across 600 districts in 26 states to offer competitive interest rates and tailored credit solutions. The focus is on providing loans to middle and low-income borrowers, particularly in rural and semi-urban areas, who are often new to credit or underserved by traditional institutions. This initiative is designed to enhance access to formal credit in regions that typically face barriers due to limited income documentation.

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