General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Aug 07, 2024

Government Appoints Challa Sreenivasulu Setty as SBI Chairman

The Appointments Committee of the Cabinet (ACC) approved the appointment of Challa Sreenivasulu Setty as the Chairman of the State Bank of India (SBI). Setty, currently the senior-most Managing Director (MD) of SBI, will assume the role on August 28, 2024, succeeding Dinesh Kumar Khara, who will retire upon reaching the age limit of 63 for the position.
Setty's tenure as Chairman will be for three years, beginning from the date he takes office. The ACC's decision follows a recommendation from the Financial Services Institutions Bureau (FSIB), an autonomous body under the Central Government. Setty's extensive experience encompasses corporate credit, retail banking, digital banking, international banking, and banking in developed markets. He began his career with SBI in 1988 as a Probationary Officer and has since led various significant portfolios and task forces.

Capital Small Finance Bank and Edelweiss Life Partner for Bancassurance

Capital Small Finance Bank (CSFB) and Edelweiss Life Insurance have joined forces in a bancassurance tie-up. This strategic partnership allows CSFB's 177 branches to offer Edelweiss Life's insurance products, enhancing CSFB's financial solutions and expanding Edelweiss Life's reach.
CSFB aims to become the primary banker for middle-income customers by offering a wider range of financial products. Edelweiss Life leverages CSFB's extensive network to reach new customers and offer innovative products.
This partnership utilises the bancassurance model, where banks and insurance companies collaborate to distribute insurance products. Banks earn commission on sales, while insurers benefit from the wider distribution network.

Aug 06, 2024

Tata Group Unveils Rs. 27,000 Crore Semiconductor Facility in Assam

The Tata Group unveiled a Rs. 27,000 crore semiconductor assembly and test facility in Assam, aiming to produce 15 billion chips annually. This landmark project, set to be operational by next year (2025), aligns with the Indian government's semiconductor mission and is poised to transform Assam into a key player in the global semiconductor ecosystem.
The Bhoomi Pujan ceremony marks the commencement of India's first indigenous semiconductor assembly and testing facility.
Tata Sons Chairman N. Chandrasekaran highlighted the group's comprehensive strategy, which includes establishing manufacturing capabilities in Tamil Nadu, packaging facilities in Karnataka, an advanced chip manufacturing plant in Gujarat, and now, the assembly and test facility in Assam.

RIL Jumps Up 2 Places in Fortune's Global 500 List For 2024

Reliance Industries Limited (RIL) achieved a milestone by advancing two positions in the 2024 Fortune Global 500 list, securing the 86th spot. This marks the highest ranking ever attained by the conglomerate on the list, underscoring its growth and stability within the global business arena.
The latest ranking reflects an impressive climb from the previous year's position of 88th. Over the past three years, Reliance Industries has surged an impressive 69 places from its 155th position in 2021. This leap highlights the company's robust performance and its strategic growth across various sectors.
For the 21st consecutive year, Reliance Industries is the highest-ranked Indian corporation in the Fortune Global 500 list, a record unmatched by any other private sector firm in India. This enduring presence underscores the company's resilience and significant impact on both the Indian and global economies.
India continues to be a player in the global business landscape with nine companies featured in the Fortune Global 500 list this year (2024). Among these, five are public sector entities–Indian Oil Corporation Limited (IOCL), Life Insurance Corporation of India (LIC), Oil and Natural Gas Corporation (ONGC), Bharat Petroleum Corporation Limited (BPCL), and State Bank of India (SBI)–while the remaining four are private sector firms.

Aug 05, 2024

RBI Issues Revised Instructions on Treatment of Bad and Doubtful Debt Reserve for Co-op Banks

The Reserve Bank of India (RBI) issued revised instructions on Bad and Doubtful Debt Reserve (BDDR) for co-operative banks to ensure uniformity in the treatment of this reserve for prudential purposes.
The revised instructions came as the current procedure of not recognising the required provisions for non-performing assets (NPAs) as an expense while arriving at the net profit in the P&L account is not in consonance with extant Accounting Standards (AS).
Further, the treatment of BDDR for regulatory capital and reckoning of net NPAs varies across banks and in many cases has been observed to be at variance with regulatory norms.

CIL, GAIL Sign Agreement to Set up Coal-to-synthetic Natural Gas Project

State-owned Coal India Ltd (CIL) entered into a joint venture agreement with Gas Authority of India Limited (GAIL) to set up a coal-to-synthetic natural gas project in West Bengal.
The joint venture will be incorporated as a private limited company. The initial paid-up share capital is Rs. 1 lakh.
The registered office of the joint venture will be in West Bengal and CIL and GAIL each will have the right to nominate three executives as directors of the JV.
Earlier this year, the Cabinet Committee on Economic Affairs had approved setting up a coal-to-synthetic natural gas project through a joint venture between CIL and GAIL, and a coal-to-ammonium nitrate project through a venture between CIL and BHEL.

Aug 04, 2024

RBL Bank Launches RuPay Credit Cards with UPI and NCMC Functionalities

RBL Bank introduced a new RuPay Credit Card, integrating both Unified Payments Interface (UPI) and National Common Mobility Card (NCMC) features. This innovation makes RBL Bank the first private sector bank in India to offer these combined payment capabilities in a single card.
The integration allows cardholders to make payments via UPI and get hassle-free travel with the NCMC feature.

India Ranks 2nd Largest Aluminium Producer in the World

India solidified its position as a global leader in mineral production, with impressive rankings across several key minerals. The country stands as the 2nd largest aluminium producer, the 3rd largest lime producer, and the 4th largest iron ore producer in the world. These rankings underscore India's significant contribution to the global mineral industry and highlight its growing importance in the sector.
The fiscal year 2023-24 witnessed unprecedented levels of mineral production in India, setting a strong foundation for continued growth. Two key minerals, iron ore and limestone, emerged as the backbone of India's mineral sector, collectively accounting for an impressive 80% of the total MCDR mineral production by value. The production figures for these crucial minerals in FY 2023-24 were as follows:
Iron Ore: 275 million metric tons (MMT) and limestone: 450 million metric tons (MMT)

Zomato Announces Launch New App called District for 'Going-Out' Business

Zomato announced the launch of 'District,' a new app consolidating 'going-out' business, including dining and ticketing (movies and events), an ambitious expansion beyond its core food delivery services and hyper commerce.
This move, unveiled by CEO Deepinder Goyal in a letter to shareholders, marks Zomato's entry into a broader array of lifestyle services, encompassing dining out, movies, sports ticketing, live performances, shopping, staycations, and more — all within a single platform.

Aug 03, 2024

Board of Indian Oil Corporation Approves Construction of Greenfield Terminal at Bihta, Patna

The Board of Indian Oil Corporation accorded stage-1 approval for construction of greenfield terminal at Bihta, Patna, Bihar on Barauni - Kanpur product pipeline (BKPL) and Patna - Motihari - Baitalpur (PMBL) at an estimated cost of Rs. 1698.67 crore as combined re-sitement of existing marketing terminal and pipeline pump station in Patna and for undertaking pre project activities related thereto.

Air France-KLM Carrier Appoints Stefan Gumuseli as GM for India-ME Markets

European air carrier Air France-KLM appointed Stefan Gumuseli as the new General Manager for the India-Middle East markets.
Gumuseli will oversee the passenger business for India and the Middle East, which includes a range of diverse and multicultural countries such as India, UAE, Saudi Arabia, Lebanon, and Egypt as well as additional offline countries.
He will be based at the regional office in Dubai, and Claude Sarre will continue to lead India and the Sub-continent as Country Manager based in New Delhi, ensuring continuity and focused leadership in this key market.

RBI Re-approves MDs and CEOs for Unity Small Finance Bank

The Reserve Bank of India (RBI) re-approved the appointments of Inderjit Camotra as Managing Director and Chief Executive Officer (MD and CEO) of Unity Small Finance Bank for two years, reflecting his effective leadership in expanding his banks' operations and reach.He previously held the role of Executive Director at Centrum Financial Services Ltd.

IRDAI Fines HDFC Life Rs. 2 Crore for Violations

The Insurance Regulatory and Development Authority of India (IRDAI) fined HDFC Life Insurance Rs. 2 crore for breaching regulatory norms. The penalty, detailed in an order dated August 1, 2024, follows an inspection covering the financial years 2017-18 to 2019-20. The penalty must be paid within 45 days, and additional directives were issued to address the violations.

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