General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jun 18, 2024

RBI Imposes 1.45 crore Fine on Central Bank of India, 96.4 lakh Fine on Bangladesh's Sonali Bank

The Reserve Bank of India (RBI) imposed a fine of Rs. 1.45 crore on the Central Bank of India and Rs. 96.4 lakh on Sonali Bank PLC, Bangladesh for non-compliance issues including loans and advances and Know Your Customer (KYC) norms.
The Central Bank of India was fined Rs. 1.45 crore for sanctioning a working capital demand loan to a corporation against amounts receivable from the government by way of subsidies.
The RBI stated that a penalty of Rs. 96.4 lakh was imposed on Sonali Bank PLC for non-compliance with certain norms, including the KYC Directions, 2016.
Sonali Bank PLC's Indian wing is part of the commercial Bank of Bangladesh.

MEA and SBI Sign MoU to Enhance Digital Payments for Migrant Workers via eMigrate Portal

The Ministry of External Affairs (MEA) and the State Bank of India (SBI) formalized a Memorandum of Understanding (MoU) to integrate SBI's payment gateway, SBIePay, with the eMigrate portal. This collaboration aims to bolster digital payment services for Indian migrant workers, recruiting agents, and users of the portal.
The integration seeks to expand the scope of safe and legal migration for Indian workers by enhancing digital payment options on the eMigrate portal. Launched in 2014, this portal facilitates transparent emigration processes, connecting foreign employers, registered agents, and insurance providers, thereby ensuring seamless migration under regulatory frameworks.

Jun 17, 2024

RBI Bags 'Risk Manager of the Year Award 2024' by London's Central Banking Publication

In a remarkable achievement, the Reserve Bank of India (RBI) has been awarded the prestigious "Risk Manager of the Year Award 2024" by Central Banking, a renowned publication headquartered in London. This accolade recognises the RBI's significant strides in cultivating a robust risk culture and heightened awareness, solidifying its essential role in maintaining the stability of India's financial system.
During the recent global economic turbulence, the RBI took a cautious and measured approach to monetary policy. Unlike many other central banks that drastically increased interest rates, potentially stifling economic growth, the RBI maintained a holding stance, keeping rates steady while closely monitoring inflation levels.
This judicious decision aimed to strike a balance between controlling inflationary pressures and supporting economic growth, demonstrating the RBI's effective risk management strategies in navigating challenging economic conditions.

India Surpasses Hong Kong to Reclaim Fourth Spot in Global Equity Market

India's equity market has once again outpaced Hong Kong, securing the position as the world's fourth-largest by market capitalisation. With India's market value soaring to $5.2 trillion, bolstered by a 10% surge following a post-election market rebound, it now leads Hong Kong, which stands at $5.17 trillion after a 5.4% decline from its peak this year. This marks a significant shift in global market rankings, reflecting India's robust economic fundamentals and investor confidence.

ATM Operators Push for Rs. 2 Interchange Fee Hike amid Viability Concerns

ATM operators in India are advocating for an increase in interchange fees by Rs. 2 per transaction, citing financial sustainability challenges. The Confederation of ATM Industry (CATMI) has formally approached the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to raise the current maximum fee from Rs. 21 to Rs. 23 per transaction, as reported by the Economic Times.

Jun 16, 2024

India Reclaims Fourth-biggest Global Equity Market Tag from Hong Kong

The domestic equity markets once again overtook Hong Kong to reclaim the fourth-largest global market tag. Following the sharp rebound in the market from election result day lows, India's market capitalisation has soared 10 per cent to $5.2 trillion (BSE-listed companies). By comparison, Hong Kong's mcap is $5.17 trillion, down 5.4 per cent from this year's high of $5.47 trillion.

Tata Group in Talks to Acquire a Majority Stake in Vivo's India Unit

Tata Group is in talks to acquire a majority stake in the Indian unit of Chinese smartphone maker Vivo. The negotiations have reached an "advanced" stage, with discussions now centred around determining the valuation.
Earlier, reports emerged that Vivo sold one of its manufacturing units located in Uttar Pradesh's Greater Noida to Bhagwati Products, the parent company of Micromax.

Jun 15, 2024

Centre Approves Rs. 50 Lakh Grants Each for 7 Start-ups in Technical Textiles to Boost Innovation...

In a move to boost innovation in textiles, the Centre approved grants of Rs. 50 lakh each for seven start-ups in the technical textiles sector under the National Technical Textiles Mission (NTTM).
This initiative aims to promote innovation and sustainability while fostering transformative developments in the industry.
The ministry has set a target to support 150 start-ups to promote innovations in technical textiles. These seven are in addition to one that was approved earlier.

Mumbai, Delhi Luxury Real Estate among Top 5 Globally: Knight Frank

Mumbai and Delhi emerged as top performers in the global luxury real estate market, according to Knight Frank's report, 'Prime Global Cities Index January-March 2024'. Both cities recorded significant increases in house prices, positioning them among the top five global cities for prime residential price growth.
Mumbai saw a year-on-year (YoY) growth of 11.5% in prime residential prices during the January-March 2024 quarter, placing it third globally, up from sixth in the same period in 2023.
The National Capital Region (NCR) of Delhi experienced a 10.5% YoY rise in house prices, moving up to fifth place from seventeenth in the previous year (2023).
Manila led the index with a 26.2% increase in prices, followed by Tokyo, which saw a 12.5% rise. Tokyo's significant growth is attributed to favourable mortgage terms and increased foreign investment.

Jun 14, 2024

Prem Prabhakar Appointed MD and CEO of SBICAP Ventures Limited

SBICAP Ventures Limited (SVL) named Prem Prabhakar as its new Managing Director and Chief Executive Officer. With over 24 years of extensive banking experience, Prabhakar joined SVL from State Bank of India (SBI), where he held various senior roles including General Manager and Chief Dealer. His expertise in treasury operations and strategic leadership will guide SVL in achieving its growth objectives and enhancing investor relations.

Rajib Kumar Mishra Ceases to be Chairman of PFS after SEBI's Order

Rajib Kumar Mishra ceased to be Chairman of PTC India Financial Services Ltd (PFS) as well as CMD of PTC India Ltd following the order passed by market regulator SEBI that restrained him from holding the director's post for six months.
PFS, promoted by PTC India Ltd, is a non-deposit-taking NBFC classified as an infrastructure finance company.
Mishra held office in PFS in the capacity of chairman and non-executive director and was also holding the position of Chairman & Managing Director of PTC India Ltd.

Infosys in Top 100 most Valuable Global Brands

Information technology company Infosys was ranked among the 100 most valuable brands in the world, for the third consecutive year, by leading marketing data and analytics business Kantar.
Infosys was ranked as the 74th most valuable brand in the world and ranked as 20th most valuable global B2B (business-to-business) technology brand.
Infosys was recognised for its capabilities in domains like enterprise artificial intelligence (AI) where emerging technologies like generative AI and foundational technologies like cloud. Infosys' investments are paying rich dividends and has nurtured sub-brands such as Infosys Topaz for generative AI-powered solutions and Infosys Cobalt for enterprise cloud.

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