General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jul 17, 2024

Bank of Baroda Unveils BoB Monsoon Dhamaka Deposit Scheme

Bank of Baroda, one of India's leading public sector banks, announced the launch of BoB Monsoon Dhamaka Deposit Scheme, a special term deposit product offering higher interest rates. The BoB Monsoon Dhamaka Deposit Scheme is available in two tenor buckets – offering interest rates of 7.25% p.a. for 399 days and 7.15% p.a. for 333 days.
The scheme is applicable on retail deposits below Rs. 3 crore.

Cummins India Inaugurates Its First IT Global Competency Centre in Pune

Power solutions technology provider Cummins India launched its first IT Global Competency Centre (GCC) in Pune to drive innovation across global operations through specialised talent and technical capabilities.
Set up at the company's India office campus in Pune's Balewadi area, the facility will house software engineers, product owners, architects, technology leads and process experts to drive innovation impacting the automobile, engineering research and development (ER&D), manufacturing and energy sectors.
The facility aims to harness emerging digital technologies like artificial intelligence, machine learning and Robotic Process Automation (RPA).

SBI Unveils Amrit Vrishti Term Deposit Scheme for 444 Days with 7.25% Interest Rate

State Bank of India (SBI) launched a 444-day term deposit scheme, 'Amrit Vrishti', with an interest rate of 7.25 per cent.
This scheme is available to domestic and non-resident Indian customers. India's largest bank will offer an additional 0.50 per cent to senior citizens on the scheme.
The 'Amrit Vrishti' scheme is available for investment until March 31, 2025, providing ample opportunity for retail investors to take advantage of the higher interest rates.

Jul 16, 2024

Government Appoints Robert J. Ravi as New CMD of BSNL

The Indian government made a significant move in the telecommunications sector by appointing Robert Jerard Ravi as the new Chairman and Managing Director (CMD) of Bharat Sanchar Nigam Limited (BSNL). This appointment marks a new chapter for the state-run telecom operator.
The appointment of Ravi came as the government decided not to extend the tenure of the outgoing CMD, P. K. Purwar. Purwar, who had been at the helm of both BSNL and MTNL since July 2019, completed his term on July 14, 2024. Despite applying for an extension, the government opted for a change in leadership.

MoPSW Approves Research Proposal on "Valorization of Dredged Sediments"

The Ministry of Ports, Shipping, and Waterways (MoPSW) approved a research proposal on Valorisation of Dredged Sediments. The project, sanctioned at an estimated cost of Rs. 46,47,380/-, will be implemented over a duration of three years by the Indian Institute of Technology Bombay (IIT Bombay).
The primary objective of this research is to create value from dredged sediments by converting them into aggregates suitable for various construction fields. This innovative approach aims to transform dredged sediment, typically seen as waste, into a valuable resource, thus contributing to sustainable development and environmental conservation.
The proposal was thoroughly deliberated in the 45th Research Committee Meeting chaired by the Additional Secretary (Ports, Shipping & Waterways). After detailed discussions, the Research Committee, recognising the study's potential benefits, recommended the proposal for further consideration. Following this recommendation, the proposal has been officially approved.
This research initiative signifies an important advancement in sustainable maritime practices. Through the conversion of dredged sediments into useful construction aggregates, it efficiently addresses environmental concerns and resource utilisation.

Jul 15, 2024

Citi to Axis Bank Credit Card Migration Completes

Axis Bank informed that the migration of Citibank credit cards to Axis Bank credit cards was completed on July 15, 2024.
Now, Citibank credit card customers can begin using their new Axis Bank card(s) on their current Citi-branded card(s) to get advantages.

Jul 14, 2024

Indians Can Now Pay via UPI in Qatar

Indians in Qatar will be able to scan a QR code and make payments via UPI as NPCI International Payments (NIPL) signed an agreement with QNB, the largest financial institution in the Middle East and Africa, headquartered in Qatar.
This collaboration enables Indian travellers to use their preferred payment methods at retail outlets, tourist spots, leisure venues, duty-free stores, and hotels.
By adopting UPI payments, merchants in Qatar will also be able to offer a faster and more convenient payment and checkout process.

Jio Financial Services Gets RBI Nod to Become Core Investment Company

The Reserve Bank of India approved the conversion of Jio Financial Services from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC).
Jio Financial Services is the demerged entity of energy-to-telecom conglomerate Reliance Industries Ltd (RIL).
In November 2023, Jio Financial Services had submitted an application to the RBI to convert its status from an NBFC to a Core Investment Company.

Jul 13, 2024

PNB Launches 'Safety Ring' to Enhance Internet and Mobile Banking Security

In response to rising cyber fraud incidents, Punjab National Bank (PNB) introduced the 'Safety Ring' security feature. This optional mechanism provides an additional layer of protection against unauthorised access, aimed at minimising potential financial losses for users of its internet and mobile banking services.
The 'Safety Ring' allow customers to set a daily transaction limit for term deposits (TDs), specifically for online closure or overdraft facilities. This limit is defined by the customer and acts as a safeguard across all digital channels, preventing TDs from being closed, withdrawn, or used for overdrafts beyond the set limit.

Punjab National Bank Signs Pact with SAIL to Offer Loans

State-owned Punjab National Bank signed a pact with Steel Authority of India to provide home loan, car loan and education loan to the latter's employees at concessional rates. This strategic partnership aims to enhance the financial well-being of Steel Authority of India Ltd (SAIL) employees while expanding PNB's customer base within the steel sector.
A Memorandum of Understanding (MoU) was signed by PNB General Manager - Business Acquisition and Relationship Management Division Sudhir Dalal and SAIL General Manager - Finance Lavika Jain and SAIL General Manager.

RBI Eases LRS Norms for Investment via GIFT IFSC

The Reserve Bank of India expanded the scope of remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS).
The apex bank allowed authorised persons to facilitate remittances for availing financial services or products as per the International Financial Services Centres Authority Act, 2019 within IFSCs. It also permitted current or capital account transactions overseas (except foreign IFSCs) through a foreign currency account (FCA).
For these purposes, resident individuals can open an FCA at GIFT IFSC.

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