General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Aug 22, 2024

Airtel Payments Bank Enhances Security with AI-Powered Face Match

Airtel Payments Bank introduced a new security feature called Face Match, leveraging AI to enhance account protection. This advanced tool uses machine learning algorithms to detect potential threats and prompts facial recognition verification when needed.
Face Match analyses a range of factors including user behavior, transaction patterns, location data, historical information, and device signals. If these elements indicate a potential threat, the system activates Face Match, requiring users to verify their identity via a selfie. This selfie is compared to the original photo taken during account onboarding using facial recognition technology and liveliness checks.
Upon activation, users receive a notification via the Airtel Thanks app to complete the verification process. A successful match allows the transaction to proceed, while an unsuccessful match requires a visit to a nearby banking point for biometric verification.

Zomato Acquires Paytm's Entertainment Ticketing Business

Zomato approved the acquisition of Paytm's entertainment and ticketing business for Rs. 2,048 crore in a cash deal. This move marks Zomato's expansion into the broader lifestyle services sector, including dining, movies, sports ticketing, live performances, shopping, and staycations. Meanwhile, Paytm aims to refocus on its core financial services.
The acquisition is set to enhance Zomato's position in the lifestyle services market. With the introduction of the new app 'District,' Zomato plans to consolidate various services under one platform. The company's past performance and lack of significant competition in the 'going-out' segment suggest strong potential for growth.

IndusInd Bank Gets RBI Nod for Undertaking Mutual Funds Business Via New Subsidiary

IndusInd Bank said that the Reserve Bank of India accorded approval to the lender to set up unit to undertake asset management business of mutual fund.
In a regulatory filing, the lender said that a wholly owned subsidiary will undertake asset management business of Mutual Fund along with infusing equity capital in the said asset management subsidiary.
The new asset management company (AMC) will handle mutual fund operations and benefit from an equity infusion by the bank. Previously, IndusInd Bank distributed mutual fund products but without significant scale.

Aug 21, 2024

Petronet LNG Signs Agreement with Sri Lankan Govt. for power generation

The Sri Lankan government and a state-run Indian firm signed an agreement to develop infrastructure for storage, regasification and LNG supply for a combined cycle power plant in the island nation.
The memorandum of understanding (MoU) was signed between Sri Lanka's LTL Holdings Limited and India's Petronet LNG Limited for the infrastructure development of the Sobadhanavi Combined Cycle Power Plant at Kerawalapitiya, north Colombo.
The Sri Lankan Minister of Power and Energy, Kanchana Wijesekera, and the Deputy High Commissioner of India, Satyanjal Pandey, signed the MoU at a ceremony.

Amul Tops Global Food Brand Rankings in 2024

Amul was named the world's strongest food brand in Brand Finance's Global Food & Drinks Report 2024. With a Brand Strength Index (BSI) score of 91 and a valuation of $3.3 billion, Amul achieved an 11% increase in brand value from 2023. The company's dominance in India's dairy market and strong metrics in familiarity, consideration, and recommendation contributed to its AAA+ rating. Hershey's, which shared the AAA+ rating with Amul, saw a slight dip in its brand value, and was placed second.

TCS Launches Latest Pace Studio in Stockholm, First in Nordic Region

Tata Consultancy Services (TCS) announced the launch of a Pace Studio in Stockholm to offer customers in the Nordic region access to its innovation ecosystem. It is the IT company's fourth international Pace Studio and the first in the Nordic region.
TCS Pace Studio nurtures a start-up culture as an incubator that solves problems and creates business opportunities. The network includes three other TCS Pace Studios in Riyadh, Sydney, and Letterkenny (Ireland) and seven TCS Pace Ports in Tokyo, Amsterdam, New York, Pittsburgh, Toronto, London and Paris.

Aug 20, 2024

Ashok Kumar Singh Takes Over Director General, ESIC

Ashok Kumar Singh, IAS took over the charge of Director General of Employees' State Insurance Corporation (ESIC) under Ministry of Labour & Employment, Govt. of India at its Headquarters in New Delhi.
Ashok Kumar Singh is an IAS Officer of 1999 batch of Kerala cadre. Earlier, he has worked as a Principal Secretary, Water Resources Department, Govt. of Kerala. He has got vast experience of governance and management of District and State level organisations.

NCLT Approves Slice and North East Small Finance Bank Merger

Fintech company Slice received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank. The Guwahati bench of the NCLT sanctioned the scheme of arrangement and amalgamation involving several entities, including Garagepreneurs Internet, Quadrillion Finance, Intergalactory Foundry, RGVN (North East) Microfinance, and North East Small Finance Bank.

NPCI Launches 'UPI Circle' for Secure Delegated Payments with Trusted Users

The National Payments Corporation of India (NPCI) introduced a new feature called 'UPI Circle' on its Unified Payments Interface (UPI) platform. This feature allows primary UPI account holders to securely delegate payment responsibilities to trusted secondary users.
The Reserve Bank of India introduced this facility during its August MPC meeting. "Delegated Payments" would allow an individual (primary user) to set a UPI transaction limit for another individual (secondary user) on the primary user's bank account. This product is expected to add to the reach and usage of digital payments across the country. Detailed instructions will be issued shortly." the central bank said in its MPC meeting.

Aug 19, 2024

Government Initiates Anti-Dumping Investigation into Steel Imports from Vietnam

India has initiated an anti-dumping investigation into the import of hot rolled flat products from Vietnam following complaints that these products are being sold at significantly low prices, negatively impacting the domestic steel industry. The move, driven by requests from leading Indian steelmakers such as JSW Steel and ArcelorMittal Nippon Steel India (AM/NS India), seeks to address the adverse effects of cheap imports on the domestic market, particularly under the India-Asean free trade agreement.

Mahindra Finance Names Bijoy Thaplial CBO, Mod Narayan Singh as CCO

Non-banking financial company (NBFC) Mahindra Finance announced the appointment of Bijoy Thaplial as the Chief Business Officer (CBO) – Leasing, Partnerships, and Payments, and Mod Narayan Singh as Chief Compliance Officer (CCO).
Thaplial will lead the vehicle leasing and subscription business, Quiklyz, while strengthening execution strategy across all payment products. He will also improve payment and lending solutions to drive growth and enhance customer satisfaction.
Singh will lead the compliance function across the organisation and assist the board and senior management in overseeing the implementation of the company's compliance policy.

Aug 18, 2024

Deutsche Bank Appoints Manik Chhabra as Head of Global Corporate Coverage for India, Sri Lanka

Deutsche Bank appointed Manik Chhabra as the Head of Global Corporate Coverage for India and Sri Lanka.
Chhabra, who previously served as India Head for mid corporates at Citibank, brings over 22 years of experience in senior leadership roles across sales and product management. In his new role, he will be responsible for expanding Deutsche Bank's presence in the Indian and Sri Lankan markets, focusing on accelerating growth among local and multinational corporate clients.
Chhabra will report to Chintan Shah, Head of Corporate Coverage and Head of Cash Management Sales for APAC, and Kaushik Shaparia, CEO of Emerging Asia and Chief Country Officer for India. Additionally, Chhabra will join the Deutsche Bank India Branch Management Board.

Government Reduces Crude Oil Tax, Eliminates Diesel and ATF Levies

India reduced the windfall tax on petroleum crude oil to Rs. 2,100 per metric tonne, effective August 17, down from Rs. 4,600 per tonne. This adjustment follows a previous reduction of 34.2 per cent to Rs. 4,600 on July 31. The government also eliminated the windfall tax on the export of diesel and aviation turbine fuel (ATF).
Introduced in July 2022, the windfall tax aimed to address the preference of private refiners to sell fuel internationally for better margins, rather than selling domestically. The tax is revised bi-weekly based on international crude and product price fluctuations.

RBI Approves Salee Sukumaran Nair as MD & CEO of Tamilnad Mercantile Bank

The Reserve Bank of India (RBI) approved the appointment of Salee Sukumaran Nair as the Managing Director and Chief Executive Officer of Tamilnad Mercantile Bank (TMB) for a three-year term. Nair, a seasoned banker with over 35 years of experience, is stepping into this role following his tenure as Deputy Managing Director and Chief Credit Officer at the State Bank of India (SBI). His appointment came after the bank was temporarily overseen by a three-member Committee of Executives (COEs) due to the RBI's earlier rejection of proposed candidates.

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