General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jul 28, 2024

RBI Introduces PCA Framework to Improve Financial Health Of UCBs

The Reserve Bank of India (RBI) prescribed a Prompt Corrective Action (PCA) framework for relatively weak urban co-operative banks (UCBs), with deposits above Rs. 100 crore (upper tier category), to nurse them back to health. As per the framework, a financially unsound and ill-managed UCB can be brought under PCA if it breaches the risk thresholds of identified indicators pertaining to capital and profitability (net profit).
As per RBI, the objective of the PCA Framework is to enable supervisory intervention at an appropriate time and require the UCBs to initiate and implement remedial measures in a timely manner, to restore their financial health.

Mankind Pharma Acquires Bharat Serums and Vaccines for Rs 13,600 Crore

Mankind Pharma entered into a definitive agreement to acquire a 100 per cent stake in Bharat Serums and Vaccines (BSV) from Advent International. It is one of the world's largest and most experienced private equity investors, for an enterprise value of Rs. 13,630 crore, subject to closing related adjustments.
Mankind Pharma is one of the largest pharmaceutical companies in India, which focuses on the domestic market with its pan India presence. Mankind operates at the intersection of the Indian pharmaceutical formulations and consumer healthcare sectors with the aim of providing quality products at affordable prices.

Jul 27, 2024

AU Small Finance Bank Seeks Universal Banking License

AU Small Finance Bank's board approved a proposal to transition from a Small Finance Bank (SFB) to a universal bank. This decision aligns with the Reserve Bank of India (RBI) guidelines issued on August 1, 2016, and the circular on voluntary transition of SFBs to universal banks dated April 26, 2024.
The bank plans to submit its application to the RBI by the end of August. The committee, which includes Independent Directors Pushpinder Singh and MS Sriram, as well as Managing Director & CEO Sanjay Agarwal, will manage the application process.

India's First Integrated Agri-Export Facility at Jawaharlal Nehru Port

The Jawaharlal Nehru Port Authority (JNPA) is set to develop India's first integrated agricultural export facility at Jawaharlal Nehru Port in Mumbai. The project, approved by the Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, is valued at Rs. 284.19 crore and will cover an area of 67,422 square meters. This state-of-the-art facility aims to streamline logistics, reduce multiple handling, and extend the shelf life of agricultural products, thus enhancing the export capacity of Indian agricultural commodities.

Discovery of Lithium Resources in Mandya and Yadgiri Districts, Karnataka by AMD

Union Minister Jitendra Singh, who oversees multiple portfolios including Science and Technology and Earth Sciences, announced the discovery of lithium resources in Karnataka's Mandya and Yadgiri districts.
The Atomic Minerals Directorate for Exploration and Research (AMD), a unit of the Department of Atomic Energy, identified 1,600 tonnes of lithium resources in the Marlagalla area of Mandya district through preliminary surveys and limited subsurface exploration.

Jul 26, 2024

Reliance Gets U.S. Nod to Resume Oil Imports from Venezuela

India's Reliance Industries received approval from the United States to resume importing oil from Venezuela despite Washington's sanctions.
The United States in April had re-imposed sanctions on Venezuela's oil sector in response to President Nicolas Maduro's failure to meet his election commitments, but said some firms would be authorised to trade and operate in Venezuela.

Ministry of Steel Launches 'Steel Import Monitoring System' 2.0 Portal

H. D. Kumaraswamy, Union Minister of Steel and Heavy Industries, launched SIMS 2.0, the upgraded Steel Import Monitoring System. Bhupathiraju Srinivasa Varma, Minister of State for Steel and Heavy Industries, Nagendra Nath Sinha, Secretary, Ministry of Steel, and other senior officials from the Government of India were present at the moment.
SIMS, introduced in 2019, has played a crucial role in providing detailed steel import data to the domestic industry. Based on industry feedback, the Ministry has revamped the portal to develop a more effective SIMS 2.0, a significant step forward in monitoring steel imports and promoting the growth of the domestic steel industry. Availability of such detailed data not only provides input for policy making but also signals areas for production and growth to the domestic steel industry.
SIMS 2.0 features API integration with multiple government portals, enhancing quality control and streamlining processes for improved efficiency and effectiveness. The portal boasts a robust data entry system, ensuring consistent and authentic data, which promotes transparency and accountability. Integration of various databases enable stakeholders to locate areas of risk and, thereby, permit better risk management, e.g., if an import consignment declares a particular source of import, which is not licensed by BIS, then Ministry will be enabled to not recommend its import.

Jul 25, 2024

Hardik Pandya Teams up with FanCode Shop to Launch his Brand

Allrounder Hardik Pandya inked an exclusive licensing pact with FanCode Shop, the online merchandise store of Dream Sports-owned FanCode, to launch his own performance wear range.
As part of the deal, FanCode Shop will design, manufacture, and market the products under the Hardik Pandya brand name in a revenue-sharing partnership.
The initial product lineup includes t-shirts, vests, polos, shorts, and jackets, with prices ranging from Rs. 999 to Rs. 2299.

RBI Tightens Norms for Cash Pay-outs at Banks

The RBI tightened norms related to cash pay-out service at banks, making it mandatory for lenders to keep a record of recipients. Cash pay-out refers to arrangements for amounts being transferred out of bank accounts to beneficiaries not having a bank account.
The Reserve Bank of India (RBI) has revised its October 2011 framework related to 'Domestic Money Transfer'.
The new norms will come into effect from November 1, 2024.
In case of cash pay-in service, the RBI said that remitting banks/ business correspondents (BCs) will register the remitter based on a verified cell phone number and a self-certified 'officially valid document (OVD)' as per the know your customer direction.

Paytm Partners with Axis Bank to Offer POS Solutions, Card Payment Devices

Fintech firm One 97 Communications, which owns the brand Paytm, partnered with Axis Bank to provide point of sales solutions and card payment machines to the bank and its merchant network.
Through this partnership, Paytm expects its technology to reach a wider merchant base via Axis Bank, thereby enhancing the capabilities of both entities.
For Axis Bank, this collaboration strengthens its merchant acquiring portfolio, enabling them to offer payment solutions.

Bibhuti Bhusan Nayak Elected New President of ICMAI

CMA Bibhuti Bhusan Nayak, a Fellow Member of the Institute of Cost Accountants of India (ICMAI) and a member of the Bhubaneswar Chapter, was unanimously elected as the 67th President of ICMAI for the 2024-2025 term. Nayak brings over 30 years of professional experience in finance and cost accountancy to the position. He is Odisha's third Cost Accountant to hold this esteemed role.
Nayak retired as Deputy General Manager (Finance) from Odisha Power Transmission Corporation Limited (OPTCL) and is currently a practicing Cost Accountant. His extensive experience includes serving as Chairman of the Bhubaneswar Chapter (2015-16) and as Chairman of the Eastern India Regional Council (EIRC) of ICMAI (2022-2023). He was also elected as a Council member for the 2023-27 term and served as Vice President for the 2023-24 term.

'Angel Tax' Abolished for All Classes of Investors

The Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman announced the abolition of 'angel tax' for all classes of investors, while presenting the Union Budget 2024-25 in Parliament. She added that this move is aimed to bolster the Indian start-up eco-system, boost the entrepreneurial spirit and support innovation. She also reduced the corporate tax rate for foreign companies from 40% to 35% to attract foreign capital for India's development needs.

Jul 24, 2024

K. V. Subramanian Appointed as Federal Bank MD & CEO

The Reserve Bank of India (RBI) approved the appointment of Krishnan Venkat Subramanian as Managing Director & Chief Executive Officer of Federal Bank. Subramanian's three-year term will commence from September 23, 2024, immediately following the conclusion of the current MD & CEO, Shyam Srinivasan's tenure on September 22, 2024.
Subramanian has previously served as the Joint Managing Director of Kotak Mahindra Bank Limited until April 30, 2024, having led various critical divisions including Corporate Banking, Commercial Banking, Private Banking, and Asset Reconstruction.

Govt. of India Upgrades IRCTC to 'Schedule A' CPSE

The Indian Railway Catering and Tourism Corporation (IRCTC), a Mini-Ratna PSU under the Ministry of Railways, achieved a notable milestone by advancing to the Schedule 'A' category of Public Sector Undertakings (PSUs). This upgrade from 'Schedule B' was announced by the Ministry of Railways in an office memorandum.
Sanjay Kumar Jain, chairman and MD of IRCTC, praised the promotion as a significant recognition of the corporation's strong performance. This achievement underscores IRCTC's effectiveness in management and operations within the hospitality, travel, and tourism sectors.

India Stuns China in Bangladesh, Wins Rights to Operate Terminal of Mongla Port

In a major strategic victory over China, India secured operational rights of a terminal of Bangladesh's Mongla Port in the Indian Ocean. The operational rights will give a major boost to India's maritime race to gain quasi-control of foreign ports, especially in its neighbourhood where China has sought to expand its influence.
As per media reports, the terminal at the Mongla port will be managed by Indian Port Global Limited (IPGL).

Union Budget 2024-25

The Budget 2024-25 outlined a total expenditure of Rs. 48.21 lakh crore and receipts (excluding borrowings) of Rs. 32.07 lakh crore, with net tax receipts estimated at Rs. 25.83 lakh crore. The fiscal deficit is projected at 4.9% of GDP. Key initiatives under the "Viksit Bharat" theme include developing twelve industrial parks, providing internships for 1 crore youth in top companies, promoting rental housing with dormitory-type accommodations for industrial workers, and setting up Bharat Small Reactors for energy security. These efforts aim to boost economic opportunities, support youth employment, enhance housing, and secure clean energy sources.
The budget theme is 'Roadmap for the pursuit of 'Viksit Bharat'.
Focus on four major groups: Mahilayen (Women), Garib (Poor), Yuva (Youth) and Annadata (Farmer).

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