General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jun 03, 2024

Adani Ports Secures 30-Year Deal for Tanzania Port Terminal

Adani Ports and Special Economic Zone (APSEZ) clinched a significant 30-year concession agreement with the Tanzania Ports Authority to operate Container Terminal 2 (CT2) at Port of Dar es Salaam. This marks APSEZ's third venture into international ports, signalling its strategic expansion beyond Indian shores.
Through its subsidiary, Adani International Ports Holdings Pte Ltd, APSEZ will manage CT2 in partnership with Abu Dhabi Ports Group and East Harbour Terminals Ltd.

Reliance and Tata Groups Recognized among TIME's World's Most Influential Companies

Reliance Industries Limited (RIL) was named one of the World's Most Influential Companies by TIME magazine, making its second appearance on the prestigious TIME 100 list. This recognition placed Reliance in the 'Titans' category, highlighting its transformative impact across various sectors in India and beyond.
In addition to Reliance, TIME magazine's prestigious list of 100 World's Most Influential Companies of 2024 features two other Indian companies alongside Reliance Industries Limited (RIL). The Tata Group, a stalwart in the Indian business landscape, was included in the list under the 'Titans' category. The Serum Institute of India, known for its pioneering work in vaccine manufacturing, was honoured in the 'Pioneers' category. This year's (20224) TIME 100 Most Influential Companies list, the fourth annual edition, celebrated businesses making extraordinary impacts globally.

Reserve Bank of India Cancels 10-year Green Bond Auction for First Time

In a first, the Reserve Bank of India (RBI) cancelled the auction of 10-year green bonds as traders refused to pay greenium. Greenium signifies the premium investors are willing to pay for green bonds because of their sustainability impact.
Diverging from the pattern of issuing green bonds in the latter half, the government plans to issue green bonds worth Rs. 12,000 crore in the first half of the current financial year. The green bonds were planned to be issued in two tranches of Rs. 6,000 crore each for a period of 10 years.

Jun 02, 2024

Asian Development Bank's $2.6 Billion Sovereign Lending to India in 2023

The Asian Development Bank (ADB) committed $2.6 billion in sovereign lending to India in 2023, aiming to bolster various sectors including urban development, power, industry, horticulture, connectivity, and climate resilience.
The loans target projects fostering India's structural transformation, job creation, infrastructure enhancement, green growth, and socioeconomic inclusiveness, integrating smart technologies and innovations.
Funding includes initiatives such as the Visakhapatnam–Chennai Industrial Corridor, urban service improvement in Uttarakhand, Rajasthan, and Tripura, road connectivity in Madhya Pradesh and Bihar, horticulture development in Himachal Pradesh, and expansion of the Delhi–Meerut rapid rail transit corridor.
India, a member since the ADB's inception in 1966, remains its largest borrower, receiving loans, grants, and technical assistance totalling $55.3 billion. India ranks fourth among ADB shareholders, with the United States, Japan, China, and Australia as the top shareholders.

P. Santhosh Takes the Helm as MD & CEO of NARCL

The National Asset Reconstruction Company (NARCL), India's state-owned bad bank, appointed P. Santhosh as its new Managing Director and Chief Executive Officer. The decision was made by NARCL's board, which recommended Santhosh for a three-year term at the helm of the asset reconstruction company.
P. Santhosh brings a wealth of experience to NARCL, having previously held the position of Chief General Manager at Canara Bank, one of the sponsor institutions of the asset reconstruction company. His familiarity with the banking sector and expertise in stressed asset resolution make him well-suited for the challenging task of reviving distressed assets acquired by NARCL.

Jun 01, 2024

IRDAI Approves Sandeep Batra as ICICI Prudential Board Chairman

The Insurance Regulatory and Development Authority of India (IRDAI) granted approval for the appointment of Sandeep Batra as the Chairman of the Board of Directors of ICICI Prudential Life Insurance Company.
Sandeep Batra has been associated with the ICICI Group since September 2000, showcasing his long-standing commitment to the organization. His extensive experience within the group includes serving as the Executive Director and Chief Financial Officer (CFO) at ICICI Prudential Life Insurance Company, as well as holding the position of Group Compliance Officer at ICICI Bank.

RBI Imposes Penalty on HSBC for FEMA Violations

The Reserve Bank of India (RBI) levied a penalty of Rs. 36.38 lakh on HSBC Limited for breaching regulations outlined in the Foreign Exchange Management Act (FEMA). Specifically, HSBC failed to adhere to reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999. The central bank's action follows a thorough review of the case, including HSBC's response to a show cause notice issued earlier.
The RBI clarified that its penalty imposition is based on identified deficiencies in regulatory compliance. It emphasized that the action does not pass judgment on the validity of any transaction or agreement between HSBC and its customers.

S&P Raises Outlook for India to Positive, Affirms Rating at BBB-

Rating firm S&P Global Ratings revised outlook for the Indian economy to 'positive' from 'stable' and affirmed the overall rating at 'BBB-' citing robust growth and improved quality of government expenditure.
'BBB-' is the lowest investment grade rating offered. The last time the agency upgraded the rating outlook was in 2010 when it shifted from negative to stable.
S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is considered the largest of the Big Three credit-rating agencies, which also include Moody's Investors Service and Fitch Ratings. Its head office is located in Lower Manhattan, New York City.

May 31, 2024

IRDAI Sets New Guidelines for Faster Health Insurance Claims

The Insurance Regulatory and Development Authority of India (IRDAI) put out a very important statement that aims to make health insurance services in India more efficient and effective. This change is meant to make the cashless claim process easier and faster for policyholders and to make insurance companies follow strict reaction times.
The new rule says that all insurance companies must try to settle all claims without using cash. That is, deals that need cash should only happen very rarely and in very special situations. The main goal of these rules is to make it much less necessary for policyholders to get reimbursed after treatment.
With the new rules, insurance companies have to answer requests for cashless claims authorization within an hour of getting them. In medical situations, where time is often of the key, this quick response is very important. Also, for release procedures, the final approval should be given within three hours of getting the request from the hospital in question.

Sony Appoints Disney Veteran Gaurav Banerjee as New India CEO

In a strategic move to bolster its presence in the burgeoning Indian media landscape, Japan's electronics and entertainment conglomerate Sony appointed Gaurav Banerjee, a seasoned executive from Walt Disney, as its new Chief Executive Officer for India operations.
Banerjee's appointment came after his resignation from Disney's India unit, where he held pivotal roles as the Head of Content for the popular streaming service Hotstar and the Head of Business for the company's TV channels catering to the Hindi-speaking markets.

May 30, 2024

Poonawalla Fincorp and IndusInd Bank Launch Co-Branded RuPay Credit Card

Poonawalla Fincorp Limited, in partnership with IndusInd Bank, introduced the co-branded 'IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card'. This new card, designed to enhance customer experience with rewards and benefits, is available without any joining or annual fees. Users can earn rewards for every Rs. 100 spent, including UPI transactions, and benefit from 2.5 times reward points on e-commerce transactions.

P&G Hygiene Appoints Mrinalini Srinivasan Chief Financial Officer

Vicks and Whisper maker- Procter & Gamble Hygiene and Health Care Ltd named Mrinalini Srinivasan as the company's Chief Financial Officer (CFO).
Mrinalini is taking over the role, from June 29, from Prashant Bhatnagar, who will leave the company after about 28 years of service.
Srinivasan has an experience of 16 years in finance roles. She joined P&G in 2008 and has worked across Singapore, India, and Dubai.

RBI Launches PRAVAAH, Retail Direct Mobile App, and FinTech Repository

Reserve Bank of India (RBI) Governor Shaktikanta Das launched three major initiatives – PRAVAAH portal, the retail direct mobile app and a fintech repository.
PRAVAAH (Platform for Regulatory Application, VAlidation and AutHorisation) is a secure and centralised web-based portal for any individual or entity to seek authorisation, license or regulatory approval on any reference made by it to the RBI.
The retail direct mobile app will provide retail investors a seamless and convenient access to the retail direct platform and provide ease of transacting in government securities (G-Secs).
The regulator said that the fintech repository will contain information on Indian fintech firms for a better understanding of the sector from a regulatory perspective and facilitate in designing appropriate policy approaches.

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