General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

May 13, 2024

Thomas Cook India Introduces TCPay: A Game-Changer in International Money Transfers

Thomas Cook India revolutionised international money transfers with the launch of TCPay, a user-friendly digital service designed to simplify and enhance the remittance process. Traditionally, sending money abroad involved tedious paperwork and limited operating hours. With TCPay, customers can now enjoy 24×7 remittances with ease and efficiency.

Reliance Capital Acquisition: Hinduja Group's IIHL Receives IRDAI Approval

Hinduja Group's IndusInd International Holdings (IIHL) obtained approval from the Insurance Regulatory and Development Authority of India (IRDAI) for the acquisition of Reliance Capital. This acquisition encompasses Reliance Capital's insurance subsidiaries, including Reliance General Insurance and Reliance Nippon Life Insurance.
The National Company Law Tribunal had sanctioned IIHL's Rs. 9,650-crore resolution plan for Reliance Capital in February 2024, reinforcing the acquisition process.

N. Chandrasekaran to Chair Tata Electronics

Tata Sons chairman N. Chandrasekaran is set to assume the role of chairman at Tata Electronics, a significant move that underscores the Tata group's commitment to its $14 billion investment in the semiconductor business. Chandrasekaran will succeed Banmali Agrawala, who has held the position for several years and has recently taken on an advisory role within the group.
Chandrasekaran's appointment as chairman of Tata Electronics is seen as a strategic decision, signaling the importance of the semiconductor business to the conglomerate. His leadership and vision were instrumental in attracting top talent to the company, including Randhir Thakur, former Intel Foundry Services veteran, who joined as CEO & MD of Tata Electronics in 2023.

Indian Coast Guard Inks MoU with Hindalco for Indigenous Marine-Grade Aluminium

The Indian Coast Guard (ICG) and Hindalco Industries, a leading industry group, joined forces to promote the manufacturing and supply of indigenous marine-grade aluminium for the construction of ships. The collaboration, formalised through a Memorandum of Understanding (MoU), aims to enhance India's self-reliance in the shipbuilding sector.
The ICG fleet currently operates 67 ships with aluminium hulls, designed for operations in shallow waters. To further bolster coastal security, the Coast Guard has planned to induct more such vessels, and the indigenously manufactured marine-grade aluminium will be utilized in their construction.
Under the terms of the MoU, Hindalco Industries will manufacture and supply marine-grade aluminium to Indian public and private shipyards for shipbuilding purposes. The agreement also offers several benefits, including:
Quarterly pricing: Facilitating better planning and cost management for shipyards.
Priority in supplies: Ensuring timely delivery of aluminium for construction projects.
Turnover discount: Incentivizing the use of indigenous marine-grade aluminium.

May 12, 2024

SBI General Insurance Appoints Jaya Tripathi as Head of Key Relations Group

SBI General Insurance announced the appointment of Jaya Tripathi as the Head – Key Relations Group. In her new role, Tripathi will lead the expansion of new business opportunities and partnerships, drive sales team growth, and deepen partner relationships to enhance profitability.
With a diverse background spanning general insurance, fashion retail, and tourism, Tripathi brings an array of experience to her new position. Her extensive background includes holding senior leadership roles at renowned organizations such as Mahindra Holidays, ICICI Lombard, Forevermark Diamonds (De Beers Group), and Aditya Birla Group, where she has significantly contributed to business and strategic development.

Wipro Appoints Vinay Firake as CEO of APMEA Strategic Market Unit

IT major Wipro appointed Vinay Firake as the Chief Executive Officer (CEO) of the Asia Pacific, India, Middle East, and Africa (APMEA) strategic market unit (SMU), effective immediately. Vinay will be based in Dubai and report to Chief Executive Srini Pallia. He will also join the Wipro executive board.
Firake succeeded Anis Chenchah.
Firake has been with Wipro for 26 years, serving in various leadership roles. He was the senior vice president and managing director of the Wipro Nordics business unit based in Stockholm, where he led operations across all industries and services. Before that, he led the manufacturing and automotive business unit in Europe and held various roles spanning Europe and North America.

May 11, 2024

India Becomes First Country to Get over $100 Billion in Remittances

India became the first country to receive over $100 billion in remittances in 2022, according to the United Nations migration agency.
The International Organisation for Migration (IOM) revealed in its World Migration Report 2024 that India's remittances surged to $111 billion, surpassing all other nations.
"India was well above the rest, receiving more than USD 111 billion, the first country to reach and even surpass the USD 100 billion mark. Mexico was the second-largest remittance recipient in 2022, a position it also held in 2021 after overtaking China, which historically had been the second-biggest recipient after India.
The report highlighted that India, Mexico, China, the Philippines, and France were the top five recipients of remittances in 2022.

L&T Elevates R. Shankar Raman as President

R. Shankar Raman, the current Whole-time Director and CFO of L&T, was elevated to the position of President. Following this promotion, Raman will continue to hold his existing roles as the Whole-time Director and Chief Financial Officer (CFO) of the company.
In another significant move, Subramanian Sarma, the Senior Executive Vice President (EVP) of the Energy vertical, was appointed as the Whole-time Director and President, Energy. Sarma's current responsibilities include overseeing the hydrocarbon, power, and green manufacturing and development businesses.
R Shankar Raman joined the L&T Group in November 1994 to establish L&T Finance Ltd, a wholly-owned subsidiary of the company. He later assumed the role of CFO at L&T and was appointed to the company's board in October 2011.
Larsen & Toubro (L&T) is a USD 27 billion Indian multinational enterprise engaged in Engineering, Procurement, and Construction (EPC) projects, hi-tech manufacturing, and services. The company operates across multiple geographies and has a diverse portfolio of businesses.

RBI Appoints R. Lakshmi Kanth Rao as Executive Director

The Reserve Bank of India (RBI) appointed R. Lakshmi Kanth Rao as Executive Director, effective from May 10, 2024. Rao brings over 30 years of experience at the RBI, having previously served as Chief General Manager in charge of the Department of Regulation.
Rao will oversee operations related to the Deposit Insurance and Credit Guarantee Corporation, ensuring the protection of depositors' interests.
In his role as Executive Director, Rao will be responsible for handling matters concerning the Right to Information Act and managing communications within the RBI.

May 10, 2024

Mumbai and Delhi Feature among the World's Top 50 Wealthiest Cities

Two Indian cities — Mumbai (#24) and Delhi (#37) — made it to the top-50 of the world wealthiest cities in 2024, according to the latest rankings in this respect by the Henley & Partners and New World Health.
While the US still dominated the list with 11 of its cities securing slots among top 50, an imminent slowdown in growth of the west's wealth hubs was evident. The report which tracks millionnaires and the richer, reported a rise of the Asia Pacific, with 5 out of the top 10 wealthiest cities being in this region.

IREDA Establishes Subsidiary in GIFT City, Gujarat

IREDA, a state-owned entity under the Ministry of New and Renewable Energy (MNRE), formed a subsidiary named IREDA Global Green Energy Finance IFSC Limited at the International Financial Services Centre (IFSC) within GIFT City, Gujarat. This move aims to leverage global financial markets to support the growth of the renewable energy sector in India.
The subsidiary's primary objectives include extending IREDA's global outreach, securing competitive funding from international markets, and driving growth within the renewable energy sector.
By entering the IFSC, IREDA anticipates unlocking new business opportunities and solidifying its global presence in renewable energy financing. This move aligns with India's commitment to promoting renewable

Sri Lanka Inks 20-Year Power Purchase Deal with Adani Green Energy

The Sri Lankan government approved an agreement with Adani Green Energy, led by Gautam Adani, for the development of wind power stations in Mannar and Poonerin. The agreement was given the green light by the Sri Lankan cabinet. Under the power purchase agreement, which has a duration of 20 years, Adani Green Energy will be paid 8.26 cents per kilowatt-hour (kWh) for the electricity generated from the wind power stations.

Setu Unveils Sesame, India's First BFSI-Focused Large Language Model

Setu, a leading Indian fintech company and part of the Pine Labs Group, unveiled Sesame, India's first Large Language Model (LLM) specifically designed for the banking, financial services, and insurance (BFSI) sector. Developed in collaboration with indigenous AI research firm Sarvam AI, this groundbreaking initiative marks a significant milestone in the adoption of advanced AI technologies in the financial services industry.
The unveiling of Sesame took place at Adbhut India, an event organised by the non-profit People+ai, in the presence of prominent figures from the fintech, AI, and digital public infrastructure domains. Setu and Sarvam AI have hailed this development as a "ChatGPT moment" for the BFSI sector, underscoring its potential to revolutionize financial services.
Sesame leverages the rich data ecosystem enabled by India's digital infrastructure to power various features, including improved credit underwriting, fraud detection, loan monitoring, upsell or cross-sell, and personal finance advisory. By combining a domain-specific LLM with delivery models, Setu and Sarvam AI have created a solution that is both domain- and region-specific, tailored to the unique requirements of India's BFSI sector.

HDFC Bank and Atal Innovation Mission Foster Social Sector Innovation with Rs 19.6 Crore Grants

HDFC Bank and Atal Innovation Mission, under NITI Aayog, empowered social sector start-ups in India by providing grants totaling Rs. 19.6 crore in FY24. This initiative, known as the 'Parivartan Start-up Grants programme,' supported 170 start-ups through 41 incubators, focusing on critical areas such as climate innovation, financial inclusion, agriculture, healthcare, education, livelihood enhancement, and gender diversity.
A notable aspect of this initiative is its inclusive reach, with over half of the supported startups originating from more than 60 tier 2 and 3 cities. This underscores the program's commitment to fostering innovation beyond metropolitan areas and ensuring a more equitable distribution of resources and opportunities.

Enhancing Global Commerce Opportunities: YES BANK and EBANX Partnership

YES BANK, a leading private sector bank in India, is collaborating with EBANX, a global fintech firm specializing in payment solutions for emerging markets. Together, they aim to provide a comprehensive range of scalable payment solutions to merchants, facilitating seamless cross-border transactions and expanding global commerce opportunities for both merchants and customers in India.
Ajay Rajan, from YES BANK, emphasizes the strategic importance of this collaboration in unlocking India's payment acceptance capabilities for global merchants.

RBI Lifts Restrictions on Bank of Baroda's 'BoB World' Mobile App

The Reserve Bank of India (RBI) announced the lifting of restrictions on Bank of Baroda's BoB World mobile application, permitting the bank to onboard customers immediately. This decision follows the RBI's directive in October 2023 to suspend customer onboarding on the app due to supervisory concerns.
The lifting of restrictions by the RBI takes immediate effect, allowing Bank of Baroda to proceed with customer onboarding through the BoB World app in accordance with applicable laws and regulations.

May 09, 2024

IRDAI Approves Appointment of Keki Mistry as Chairman of HDFC Life

Following Deepak Parekh's resignation from the post of Chairman, HDFC Life Insurance appointed Keki Mistry to fill the position. Subsequently, the Insurance Regulatory and Development Authority of India (IRDAI) granted approval for Mistry's appointment.
On May 7, 2024, IRDAI officially approved Keki Mistry's appointment as Chairman of HDFC Life. This endorsement came after the insurer's board unanimously selected Mistry for the role, effective immediately upon regulatory approval.
Keki Mistry, a Chartered Accountant and Fellow Member of the Institute of Chartered Accountants of India, previously served as Vice Chairman and CEO of Housing Development Finance Corporation (HDFC) Limited. With HDFC's amalgamation with HDFC Bank, Mistry transitioned to a Non-Executive Director role on HDFC Bank's Board. Additionally, he holds directorial positions in several other prominent companies.

India Leads Global Remittances, Surpassing $100 Billion Mark

India emerged as the global leader in remittances in 2022, receiving over $111 billion, surpassing the $100 billion mark for the first time. The International Organisation for Migration (IOM) highlighted India, alongside Mexico, China, the Philippines, and France, as the top five remittance recipient countries.
The UN's World Migration Report 2024 underscored India's consistent growth in remittances, noting a rise from $53.48 billion in 2010 to $111.22 billion in 2022. This significant increase showcases India's pivotal role in the global remittance landscape.
The IOM emphasized Southern Asia's importance as a major recipient of global remittances, attributed to its high proportion of migrant workers and emigrants. India, Pakistan, and Bangladesh all ranked among the top ten recipients worldwide, highlighting the sub-region's reliance on labor migration.

Indian Coast Guard and Jindal Steel & Power sign MoU to Enhance Indigenous Shipbuilding

The Indian Coast Guard (ICG) and Jindal Steel and Power (JSP) have inked a Memorandum of Understanding (MoU) in New Delhi, aimed at bolstering the supply of indigenous marine-grade steel for shipbuilding projects.
According to a Ministry of Defence press release, the MoU underscores the commitment of both entities to boost indigenization efforts and enhance the utilization of marine-grade steel in domestic shipbuilding initiatives.
Key provisions of the MoU include specifications regarding the quality, grades, and dimensions of marine-grade steel, as well as the identification of designated steel plants responsible for manufacturing the product. These measures are set to ensure a timely and high-quality supply of marine-grade steel for the Indian Coast Guard's shipbuilding endeavors.

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