General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jun 08, 2024

Sameer Bansal New MD and CEO of PNB MetLife

PNB MetLife India Insurance announced Sameer Bansal as its new Managing Director and Chief Executive Officer, effective from July 1, 2024. Bansal brings over 25 years of financial services experience to his new role. He will succeed Ashish Srivastava, who is transitioning to MD for MetLife Inc.'s Global Shared Services team in India.

Godrej Consumer Chief Resigns from VIP Industries Board Citing Differences

Godrej Consumer's executive chairperson Nisaba Godrej resigned as an independent director from the board of luggage and travel accessories maker VIP Industries, citing differences over leadership accountability and succession planning.
Nisaba Godrej was reappointed to the board of VIP Industries in April 2021 as an independent director and her term was ending on March 31, 2026.
An alumnus of Wharton School and Harvard Business School, Nisaba Godrej is the director of another Godrej group firm Godrej Agrovet. Besides, she is also an independent director of Bharti Airtel and Mahindra and Mahindra.

Arka Fincap Expands Financial Solutions with IRDAI License

Arka Fincap Limited, a subsidiary of Kirloskar Oil Engines Limited, obtained a Corporate Agency License from the IRDAI, marking a significant milestone. This license allows Arka to venture into insurance distribution, enhancing its existing financial solutions portfolio to meet customer needs comprehensively.
Arka Fincap Limited, a digitally enabled NBFC, specializes in providing secured and unsecured financing solutions to various sectors. With an impressive AUM and a widespread presence across India, the company aims to continue its growth trajectory with the addition of insurance offerings.

RBI Keeps Repo Rate Unchanged at 6.5%

Reserve Bank of India (RBI) Governor Shaktikanta Das said that Monetary Policy Committee (MPC) decided to keep the policy repo rate unchanged at 6.5 per cent as retail inflation continues to be above its target of 4 per cent. The decision comes amid economic uncertainties both domestically and globally. The MPC decided to keep the repo rate steady by a majority decision, RBI Governor said.
This marked the eighth time in a row that the policy rate was put on hold to keep the focus on battling high inflation.

Jun 07, 2024

Axis Bank and Bajaj Allianz Forge Bancassurance Alliance

Axis Bank and Bajaj Allianz General Insurance joined forces in a strategic bancassurance partnership aimed at boosting insurance penetration and financial inclusion in India. Through this collaboration, Bajaj Allianz General Insurance products will be distributed across Axis Bank's extensive network of over 5,250 branches.
The alliance will offer a comprehensive range of insurance solutions, including motor, health, home, travel, and commercial insurance products such as engineering and marine insurance, catering to diverse customer needs.

NPCI International and Reserve Bank of Peru Forge Landmark Partnership for UPI Payments

NPCI International and the Reserve Bank of Peru joined forces to introduce a UPI-like real-time payments system in Peru, marking a pioneering move for South America. This collaboration aims to revolutionize Peru's financial landscape, fostering economic growth and financial inclusion by leveraging India's renowned Unified Payment Interface (UPI) technology.
This initiative aligns with global efforts to promote digital public goods and establish resilient and innovative payment ecosystems worldwide.

Jun 06, 2024

Deendayal Port Trust Gets New Chairperson

The Centre appointed Sushil Kumar Singh, an officer from the Indian Railway Service of Mechanical Engineering (IRSME) of the 1993 batch, as the Chairman of Deendayal Port Trust in Kandla, Gujarat. One of the largest state-owned ports in the country, Deendayal Port Trust will be under Singh's leadership until his superannuation in January 2027.
Singh succeeded S. K. Mehta, a forest service officer from the Gujarat cadre, who returned to his parent cadre after completing his central deputation.
Kandla Port Trust was renamed as Deendayal Port Trust in September 2017.

Tata Motors Finance to be Merged with Tata Capital

Tata Motors said that the Board of Directors of Tata Motors, Tata Capital and Tata Motors Finance approved a merger of Tata Motor Finance with Tata Capital through an NCLT scheme of arrangement.
The transaction is in-line with Tata Motors' stated objective of exiting non-core businesses and focus its capital spends on emerging technologies and products.

Bank Clinic: Your Guide to Complaint Resolution

The Bank Clinic, launched in 2024, spearheaded by the All India Bank Employees' Association (AIBEA), aims to empower retail customers by providing guidance on addressing their grievances in the rapidly evolving landscape of banking technology and regulatory standards set by the Reserve Bank of India (RBI).
At banksclinic.com, customers can register complaints, receiving insights into relevant regulatory guidelines within five working days. While the platform does not directly resolve complaints, it serves as a valuable resource, offering information on available remedies according to RBI mandates.
C. H. Venkatachalam, AIBEA's general secretary, clarified the role of the Bank Clinic as a facilitator rather than a problem solver. Its team provides assistance on navigating complaint procedures, recognizing the prevalent lack of awareness regarding complaint mechanisms among customers.

Jun 05, 2024

Ashok Leyland Rolls Out 'Sarathi Suraksha' Policy

Heavy commercial vehicle manufacturer Ashok Leyland launched the 'Sarathi Suraksha' Policy aimed at safeguarding the driver community, which insurance coverage of up to Rs. 10 lakh.
The policy, classified as an 'Unnamed GPA (Group Personal Accident) policy' covers any driver operating an Ashok Leyland vehicle, providing comprehensive protection for the drivers.
The comprehensive insurance policy covers accidental death, permanent and partial disability and also includes a special education bonus for children.
Ashok Leyland is the flagship of the Hinduja Group.

Jun 04, 2024

Gautam Adani Reclaims the Title of Asia's Richest Person

Gautam Adani, the chairman of the Adani Group, regained the title of Asia's richest person, surpassing Mukesh Ambani, the head of Reliance Industries. This milestone was achieved after a surge in the stock prices of the listed companies within Adani's apples-to-airport conglomerate.
According to the Bloomberg Billionaires Index, Adani's net worth stands at an impressive $111 billion, ranking him as the 11th richest person in the world. On the other hand, Ambani's wealth of $109 billion places him at the 12th position globally.

Three GMs to Take Charge of TMB Operations after Sankarasubramaniam's Exit

Tuticorin-based Tamilnad Mercantile Bank (TMB) constituted a three-member Committee of Executives (COEs) to oversee its administration and operations.
The move came after incumbent Managing Director (MD) and Chief Executive Officer (CEO) Krishnan Sankarasubramaniam expressed his desire to be relieved from duties.
Sankarasubramaniam resigned on September 28, 2023, citing personal reasons.
The bank, however, asked him to continue on an interim arrangement until further guidance from the Reserve Bank of India (RBI).

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