General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jun 23, 2024

IIFL Finance Recognized by Great Place to Work India as Best Workplace in NBFC Industry for 2024

IIFL Finance was recognized by Great Place To Work India as Best Workplace in NBFC Industry for 2024. This is in addition to the earlier recognitions – India's Best Workplaces in BFSI 2024 and the certification – 'Great Place to Work' for the 6th time in a row. GPTW certification is the gold standard in terms of employer branding in the industry.
As a global authority on workplace culture, Great Place To Work has been studying employee experience and people practices across organizations for over three decades. Every year, more than 100 million employees from over 150 countries worldwide take the Great Place To Work for assessment, benchmarking, and planning of actions to strengthen their workplace culture.

CERT-In and Mastercard India Sign MoU to Enhance Cyber-Resilience in Financial Sector

The Indian Computer Emergency Response Team (CERT-In) and Mastercard India signed a Memorandum of Understanding (MoU) to collaborate on enhancing cyber-resilience in India's financial sector. This partnership aims to leverage the shared expertise of both entities in cybersecurity incident response, capacity building, and advanced malware analysis.
CERT-In, a government organization under the Ministry of Electronics and Information Technology, serves as the national agency for incident response under Section 70B of the Information Technology Act, 2000. It operates a 24×7 incident response help desk and provides incident prevention, response services, and security quality management.
CERT-In and Mastercard will conduct training programs and workshops focused on cyber capacity building, the latest market trends, and best practices to enhance the cybersecurity of financial sector organizations.

Sudhakararao Papa Appointed Director (Enterprise) at BSNL

Sudhakararao Papa was appointed as the Director (Enterprise) of Bharat Sanchar Nigam Limited (BSNL) following a rigorous selection process by the Public Enterprises Selection Board (PESB). His appointment is pending final vigilance clearances and approval from the Appointments Committee of the Cabinet.
Papa, currently serving as Chief General Manager of Chennai Telecom District Circle at BSNL, was selected from a competitive pool of 11 candidates during the PESB's selection meeting. This appointment underscores his leadership qualities and strategic vision for BSNL's enterprise operations.
As Director (Enterprise), Papa will serve as a member of the Board of Directors and report directly to the Chairman and Managing Director (CMD) of BSNL. His primary responsibility will be overseeing the Enterprise Business unit, focusing on business development with large corporate customers and small & medium enterprises (SMEs). This role entails strategic oversight of product design, pricing, sales, marketing, and customer service.

Govt. Appoints Girija Subramanian as CMD of New India Assurance Company

The government appointed Girija Subramanian as Chairman and Managing Director (CMD) of the largest general insurer, New India Assurance, until she attains the age of superannuation or until further orders.
Subramanian holds a bachelor's degree in statistics. She is a fellow member of the Insurance Institute of India and also an associate member of the Chartered Insurance Institute, London.
She started her career as a direct recruit officer in GIC Re in 1988. In a career spanning over 34 years, she worked in reinsurance departments across various lines of business, including aviation, life, health, and property classes. Subramanian was the CMD of AIC of India (from September 2022) before assuming charge as CMD, New India Assurance.

Jun 22, 2024

Nine Major Ports of India Makes It to Global Top 100 by World Bank, First for the Country

In a significant boost to the India's port development programme, as many as 9 ports of India made it to the Global Top 100 in the latest edition of Container Port Performance Index (CPPI), 2023 - a report prepared by the World Bank and S&P Global Marketing Intelligence.
The nine ports are: Govt-owned Visakhapatnam Port, made it to the top 20 ports of the World and secured the 19th spot, Gautam Adani's Mundra Port also climbed up the index and secured 27th place, Port Pipavav was ranked 41st Chennai's Kamarajar Port was placed on the 47th place, Cochin Port was positioned 63rd, Hazira, one of the major ports of India, stood 68th, Krishnapatnam Port was ranked 71st, Chennai Port stood 80th and Jawaharlal Nehru Port Trust (JNPT) also known as Nhava Sheva, was ranked 96th in the index.

India Post Payments Bank Partners with Ria Money Transfer to Revolutionize Rural Remittance Services

India Post Payments Bank (IPPB) teamed up with Ria Money Transfer, a global leader in cross-border money transfers and a business segment of Euronet Worldwide, Inc., to offer innovative remittance services in rural India. This collaboration aims to provide convenient and affordable financial services directly to the doorsteps of customers in remote areas.
The partnership will immediately make international inward money transfer services available at over 25,000 Post Office locations, with plans to expand to more than 100,000 locations. Combining IPPB's extensive postal network with Ria's global reach, customers across India will benefit from fast, convenient, and safe doorstep services.

Cabinet Approves Vadhavan Port Project in Maharashtra

Prime Minister Narendra Modi-led Cabinet approved the development of greenfield deep draft port at Vadhavan in Maharashtra for Rs. 76,200 crore. The port will have nine container terminals, each 1000 meters long, four multipurpose berths, including the coastal berth, four liquid cargo berths, a Ro-Ro berth, and a Coast Guard berth.
Minister Ashiwini Vaishnaw informed that the port will further aid export and import through the India Middle East Europe Economic Corridor and International North South Transportation Corridor. Once completed, will be among the top 10 ports of the world, said the Minister.

RBI Governor Addresses Second Edition of Global Conference on Financial Resilience

RBI Governor Shaktikanta Das emphasized the transformative potential of advanced and emerging technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics in financial institutions. Speaking at the second edition of the Global Conference on Financial Resilience organized by the College of Supervisors (CoS) of RBI in Mumbai, the Governor noted that AI and ML can significantly enhance predictive analytics, enabling banks and NBFCs to identify potential risks and trends more accurately.
Governor Das highlighted the importance of the financial sector adopting an adaptive and forward-looking approach to navigate emerging challenges. He stressed the need to strengthen governance and risk management practices, employ sustainable business models, and embrace technological advances to our advantage. Mr. Das assured that the Reserve Bank will continue to fine-tune the regulatory architecture and supervisory rigour as needed to promote the long-term resilience and stability of the financial system.

Jun 21, 2024

UK Surpasses China to Become India's 4th Largest Export Market

The United Kingdom (UK) overtook China and became India's fourth-largest export market in May 2024, commerce department data showed. The UK was India's sixth-largest export destination in May last year (2023). While exports to the UK grew by a third to $1.37 billion in May, the shipments to China saw 3 per cent growth at $1.33 billion last month.

RBI Grants Payment Aggregator License to SabPaisa

SabPaisa (SRS Live Technologies Private Limited), a payment solutions provider announced that it received final approval from the Reserve Bank of India (RBI) to function as a Payment Aggregator (PA) under the Payments and Settlement Systems Act, 2007.
The license allows SabPaisa to offer comprehensive payment aggregation services to merchants across the country. Since its establishment in 2016, SabPaisa has been offering innovative payment gateway solutions and related products such as Payouts and Subscriptions.

Jun 20, 2024

Axis Bank Acquires Additional Stake in Max Life Insurance Subsidiary

Axis Bank is buying additional stake in Max Life Insurance - a subsidiary of Max Financial - at a cost of Rs. 336 crore.
In continuation of the existing investment, this acquisition would strengthen the bank's position in the life insurance business.
Previously, Axis Bank, along with its subsidiaries Axis Securities and Axis Capital, held a 19.02% stake in the life insurance company.

Paytm Appoints Rajeev Agarwal as Non-Executive Independent Director

Paytm named Rajeev Krishnamuralilal Agarwal, former whole-time director of SEBI, as its non-executive independent director for a five-year term. This change came alongside the resignation of Neeraj Arora, who cited pre-occupation and personal commitments.
Neeraj Arora, known for his pivotal role in negotiating WhatsApp's merger with Facebook, resigned as Paytm's non-executive independent director on June 17, 2024. This marked his second departure from the company's board.
Rajeev Agarwal brings extensive expertise to Paytm's board, with over four decades of experience in securities markets and regulatory affairs. His tenure at SEBI included spearheading significant market policy reforms, such as the revival of the Mutual Fund industry in 2012 and the merger of the Forward Markets Commission with SEBI in 2015.

Namdev Finvest Partners with Bajaj Allianz General Insurance

Namdev Finvest, a Jaipur based NBFC, entered into strategic alliance with Bajaj Allianz General Insurance, a leading insurance platform, to offer comprehensive financial solutions, including insurance and NBFC services, to its customers.
The strategic alliance leverages Namdev's customer network and geographic presence, backed by Bajaj General Insurance's expertise in insurance products. As a result, the integrated products and services are expected to be rolled out in phases, with the initial offerings being available in key markets.

Jun 19, 2024

Dhanlaxmi Bank Appoints Ajith Kumar as MD & CEO

Ajith Kumar was appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Dhanlaxmi Bank for a three-year term. Ajith Kumar brings extensive experience from his tenure at Federal Bank, spanning 36 years across key banking domains including Credit, Human Resources, Business, and Branch Operations.

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