General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Aug 27, 2024

Tata AIA Life Launches 'Sampoorna Raksha Promise'

Tata AIA Life Insurance unveiled its latest offering in the term insurance segment – 'Sampoorna Raksha Promise'. This innovative product is designed to provide enhanced financial security to policyholders and their families, addressing various aspects of life insurance needs.
One of the standout features of Sampoorna Raksha Promise is its instant payout feature. Upon intimation of a death claim, the plan provides an immediate payout of ₹3 lakh. This quick disbursement is intended to cover urgent expenses that families may face in the unfortunate event of the policyholder's demise.

RBI Announces Premature Redemption for SGB Issued between 2017 to 2020

The Reserve Bank of India (RBI) announced an early redemption for Sovereign Gold Bonds (SGBs) issued between May 2017 and March 2020. The redemption process will take place in two phases, starting from October 11, 2024, and extending to March 1, 2025.
Sovereign Gold Bonds have a maturity period of eight years, but investors have the option of premature redemption after 5, 6, and 7 years.
The RBI's announcement details a structured schedule for the redemption of 30 different SGB tranches. The first tranche, issued on May 12, 2017, will have its redemption window open from October 11 to November 2, 2024.
The subsequent tranches will follow suit, with specific windows for each tranche.

NASSCOM Appoints Sindhu Gangadharan as New Chairperson

The National Association of Software and Service Companies (NASSCOM), India's premier IT industry body, announced a significant change in its leadership. Sindhu Gangadharan, the Managing Director of SAP Labs India, was appointed as the new Chairperson of NASSCOM. This appointment marks a crucial moment in the organisation's history and sets the stage for new directions in India's technology sector.
Gangadharan's ascent to the role of chairperson comes after serving as the vice Chairperson of NASSCOM. Her promotion to this pivotal position underscores her leadership capabilities and vision for the Indian IT industry.

Aug 26, 2024

Gujarat Has Asia's Richest Village

Madhapur, a village on the outskirts of Bhuj in Gujarat, is dubbed 'Asia's richest village.' With a population of around 32,000, up from 17,000 in 2011, its residents hold fixed deposits worth Rs. 7,000 crore. The village's prosperity is attributed to its NRI (non-resident Indian) families who deposit crore every year in local banks and post offices.
Madhapur is home to the Patel community and boasts 17 banks, including major public and private banks like HDFC Bank, SBI, PNB, Axis Bank, ICICI Bank, and Union Bank. This is unusual for a single village, but more banks are interested in opening branches here.
The significant deposits are primarily from families who live abroad, particularly in African countries where Gujaratis dominate the construction business. Many residents also reside in the UK, Australia, America, and New Zealand.

Aditya Birla Finance and AU Small Finance Bank Launch Co-branded Credit Cards

Aditya Birla Finance Limited (ABFL), a subsidiary of Aditya Birla Capital, and AU Small Finance Bank launched a new range of co-branded credit cards.
The cards, available on Visa and RuPay networks, aim to cater to a broad spectrum of customer needs with four distinct variants.
ABC AU Flex: This card offers an affordable option designed for the mass market in India.
ABC AU Nxt: Aimed at millennials, this card includes specialised features tailored for younger customers.
ABC AU Pro: This high-end card is targeted at affluent individuals, offering premium benefits.
ABC AU Biz: Designed for entrepreneurs and business owners, this card includes features beneficial for business-related expenses.
The Aditya Birla Finance AU credit cards come with various reward points across categories such as lifestyle, travel, dining, education, entertainment, utilities, insurance, grocery, and government-related spends.

Food Safety Authority India Bans Use of A1, A2 Milk Claims on Milk Product Packaging

The Food Safety and Standards Authority of India (FSSAI) prohibited the use of A1 and A2 milk claims on milk product packaging.
The authority stated that using A2 claims on milk fat products is misleading and violates its regulations. FSSAI explained that the difference between A1 and A2 milk is related to the structure of a protein called beta-casein.
The matter has been examined by FSSAI and it is opined that A1 and A2 differentiation of milk is essentially linked to differences in structure of the protein (beta-casein). Hence, use of any A2 claims on milk fat products is misleading and not in conformance with the provisions laid down under the FSS Act, 2006 and Regulations made there under.
The FSSAI also noted that it has found several Food Business Operators (FBOs) marketing milk products like ghee, butter, and curd with A1 and A2 labels.

Aug 25, 2024

Bandhan Bank Launches Avni Savings Account for Women

Bandhan Bank, celebrating its Foundation Day, introduced Avni, a savings account tailored specifically for women. This launch was accompanied by the Bandhan Bank Delights loyalty program, designed to offer rewards, discounts, and exclusive benefits.
The Avni account caters to well-off women with a minimum average quarterly balance requirement of Rs. 25,000. It includes an exclusive debit card with benefits such as free airport lounge access, personal accident insurance coverage of Rs. 10 lakh, and lost card liability of Rs. 3.5 lakh.

Rajesh Nambiar Named NASSCOM President-Designate, Succeeds Ghosh

Rajesh Nambiar was appointed as the president-designate of the National Association of Software and Service Companies (NASSCOM), succeeding Debjani Ghosh, whose tenure concludes in November 2024. Following this appointment, Nambiar resigned from his role as Chairman and Managing Director of Cognizant India. His extensive industry experience, including leadership roles at TCS, IBM, Ciena, and Cognizant, positions him as a key figure in guiding India's tech sector through its next phase of growth.

Nestlé Announces Laurent Freixe to Succeed Mark Schneider as CEO

Nestlé, the global food and beverage giant, announced a pivotal change in its top leadership. This transition came at a crucial time for the company as it navigates through various market challenges.
Nestlé named Laurent Freixe as the new Chief Executive Officer, replacing the outgoing Mark Schneider. This announcement marks a new chapter in the company's storied history and sets the stage for potential shifts in strategy and direction.
Mark Schneider, who has been at the helm of Nestlé for eight years, stepped down from his roles as both CEO and member of the Board of Directors. His tenure, which began in 2016, has been marked by both significant achievements and recent challenges.

Aug 24, 2024

Mumbai Ranks 2nd in Global Housing Price Rise

Mumbai and Delhi ranked second and third positions, respectively, among 44 cities globally in annual price rise of prime residential properties during the June quarter, Knight Frank said in a report.
The annual price growth across the 44 cities globally slowed to 2.6 per cent in the second quarter of the 2024 calendar year, from 4.1 per cent in the preceding quarter, real estate consultant Knight Frank report said.
Manila ranked first with a 26 per cent annual rise during the quarter. Mumbai, with an annual price rise of 13 per cent in prime residences, ranked second, up from its 6th rank in the year-ago period. New Delhi, which recorded a rise of 10.6 per cent year-on-year in prime residential property prices, made a stupendous jump in rankings from 26th a year earlier to third during the quarter under review.
Among other global cities, Los Angeles was at the 4th position with an 8.9 per cent growth in prices, followed by Miami (7.1 per cent), Nairobi (6.6 per cent), Madrid (6.4 per cent), Lisbon (4.7 per cent), Seoul (4.6 per cent), and San Francisco (4.5 per cent). Dubai, after a 124 per cent increase since 2020, saw slight moderation, declining by 0.3 per cent annually.

Anil Ambani, 24 Others Banned From Securities Market by SEBI for 5 Years

Markets regulator SEBI barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company.
SEBI imposed a penalty of Rs. 25 crore on Anil Ambani and restrained him from being associated with the securities market including as a director or Key Managerial Personnel (KMP) in any listed company, or any intermediary registered with the market regulator, for a period of 5 years.

MSDE Exchanges MoU with Flipkart's SCOA

Flipkart's Supply Chain Operations Academy (SCOA) exchanged a Memorandum of Understanding (MoU) with the Ministry of Skill Development and Entrepreneurship (MSDE) at the Samarth event with the mission to upskill thousands of employable youth across India. The collaboration between MSDE and Flipkart's Supply Chain Operations Academy (SCOA), formalised at the celebration of Flipkart Samarth's journey, is a significant step towards equipping our youth with the skills to thrive in the modern marketplace.
Under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0, this partnership aims to upskill thousands of youth across India, enhancing their employability in the e-commerce and supply chain sectors.

Aug 23, 2024

Wipro Extends Relationship with John Lewis Partnership for 4 Years

IT services major Wipro was selected by the John Lewis Partnership (JLP) to transform and modernise the firm's IT infrastructure. The transformation project will help the UK retailer advance its industry leadership and future-proof its business to drive ongoing, sustainable growth.
As part of this engagement, Wipro FullStride Cloud will extend JLP's current cloud infrastructure, network, and end-user services for another four years.

India Surpasses China to Become Russia's Top Oil Buyer in July

India overtook China as the world's biggest importer of Russian oil in July 2024 as Chinese refiners bought less because of lower profit margins from producing fuels, a comparison of import data showed.
Russian crude made up a record 44% of India's overall imports last month (July 2024), rising to a record 2.07 million barrels per day (bpd), 4.2% higher than in June 2024 and 12% more than a year ago, data on Indian shipments from trade and industry sources showed.

Dabur to Set up Maiden Plant in South India, to Invest Rs. 400 crore in Tamil Nadu

FMCG major Dabur India said it would set up a Rs. 400-crore manufacturing plant in Tamil Nadu's Villupuram district, marking the company's maiden foray into the South.
State Industries Minister TRB Rajaa said that Dabur signed a Memorandum of Understanding (MoU) with the state government to this effect.
Dabur India said the MoU outlines an approved Phase 1 investment of Rs. 135 crore, scaling up to Rs. 400 crore over five years.
The new plant set up in SIPCOT Tindivanam at Viluppuram district of Tamil Nadu would help Dabur scale up its business from South India further, which currently accounts for around 18-20 per cent of its domestic business.
The MoU was signed between Guidance Tamil Nadu, the investment promotion agency of the state, represented by its Managing Director Vishnu and Dabur India CEO Mohit Malhotra in the presence of Chief Minister M. K. Stalin, Industries Minister TRB Rajaa and Chief Secretary N. Muruganandam.

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