General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

May 08, 2024

ICICI Bank Introduces UPI for NRIs Using International Mobile Numbers

ICICI Bank has unveiled a groundbreaking feature allowing non-resident Indian (NRI) customers to utilize Unified Payments Interface (UPI) transactions in India through their international mobile numbers. This innovation aims to simplify daily payments for NRIs by eliminating the need to register an Indian mobile number with their NRE/NRO accounts, thereby enhancing convenience.
Previously, NRIs had to link an Indian mobile number to their NRE/NRO accounts to use UPI, restricting their payment capabilities. With ICICI Bank's new offering, NRIs can now leverage their international mobile numbers registered with their accounts for seamless UPI transactions, transforming their payment experience.
To activate UPI on their international mobile numbers, customers can follow a straightforward process through the iMobile Pay app. By verifying their mobile number, creating a UPI ID, and selecting their account number, NRIs can easily initiate UPI transactions without switching to an Indian mobile number.

Galytix Launches GenAI Credit Agent Solution, CreditX, for Indian Banking Sector

Galytix, a London-headquartered GenAI-focused fintech, launched a Generative AI-based Credit Agent solution, CreditX, for the Indian banking sector that would help banks here to deliver credit better, faster, and cheaper. Generative AI is a recently developed type of artificial intelligence—a general-purpose technology— capable of producing new and original content.

Paytm President and COO Bhavesh Gupta Resigns

One97 Communications (OCL), which owns brand Paytm, said the company's president and chief operating officer (COO) Bhavesh Gupta has resigned from his position. Gupta, whose resignation comes amid a series of recent top level exits at the Noida-based fintech, will however move to an advisory role in the CEO office.
Gupta quit citing personal reasons and his last day with the organisation—which has come under regulatory scrutiny due to non-compliance at its banking unit—will be on May 31.
The Company has accepted his resignation and he will be relieved from the services of the Company w.e.f. close of business hours on May 31, 2024.
Varun Sridhar has been appointed as CEO of Paytm Services Pvt Limited.
The firm also welcomed Rakesh Singh as CEO of Paytm Money.
Vijay Shekhar Sharma - Founder & CEO, of Paytm
Parent organization: One97 Communications
According to the filing, Gupta in a letter said that his resignation would be effective as of the close of business hours on May 31, 2024. He, however, expressed his intention to continue supporting the company in an advisory capacity within the chief executive's office.

Visa Appoints Sujai Raina as India Country Manager

Visa, the global digital payments platform, appointed Sujai Raina as the new Country Manager for India. In this role, Raina will be responsible for leading and executing Visa's strategic initiatives in the Indian market, partnering with clients and the broader payments ecosystem.
Additionally, Sandeep Ghosh will continue in his role as Group Country Manager for India and South Asia, overseeing Visa's operations in India and other markets across the subcontinent, including Bangladesh, Sri Lanka, Nepal, Bhutan, and the Maldives.

Lanka Inks Pact with Adani for Wind Energy

After months of procrastination, the Sri Lankan Government signed a 20-year power purchase agreement with Adani Green Energy to construct two wind power stations. Under the terms of the agreement, the company will receive compensation of 8.26 cents per kilowatt-hour (kWh).
Adani Green Energy had secured approval to invest $442 million in February last year. The power plants are located in Mannar town and Pooneryn village in Northern Province.
The Adani Group is already engaged in the construction of a $700 million terminal project at Colombo, Sri Lanka's largest port.
Adani Green Energy currently has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively. The company has set a target of 45 GW by 2030 aligned to India's decarbonisation goals.

May 07, 2024

Sterlite Power Appoints Reshu Madan as CEO Global Products and Services Business

Power transmission developer Sterlite Power appointed Reshu Madan as the Chief Executive Officer of global products and services business.
Madan succeeded Manish Agarwal, who decided to pursue an opportunity outside the company. Madan will work closely with Agarwal as he transitions into his new role.
Madan has spent over 25 years in leadership positions across power and infrastructure. Over the last five years at Sterlite, he has driven the growth of the company's power cables vertical.

American Express Announces Inauguration of 1 Million Sq Ft Campus in Gurugram

American Express is set to inaugurate its expansive new campus in Gurugram, spanning nearly one million square feet, showcasing the company's commitment to fostering a vibrant work environment. The move signifies a strategic step in leveraging global expertise and local talent to drive innovation and value for customers worldwide.
The new campus, located in Sector 74A, Gurugram, Haryana, is designed to promote employee well-being and collaboration. It features state-of-the-art amenities such as a diverse cafeteria, fitness center, outdoor sports courts, and indoor games, fostering a sense of community among colleagues.
The facility has been awarded LEED Gold certification for Building Design and Construction, underscoring its commitment to environmental stewardship.

Ujjivan Small Finance Bank Names Sanjeev Nautiyal as MD & CEO

Ujjivan Small Finance Bank has announced the appointment of Sanjeev Nautiyal as its Managing Director and Chief Executive Officer (MD & CEO) for a tenure of three years, effective from July 1, 2024. The Reserve Bank of India (RBI) has approved this appointment. Nautiyal will assume the role of President in the interim period before officially taking charge as MD & CEO. With over thirty years of experience in various banking domains, including retail, SME, financial inclusion, and international banking, Nautiyal brings a wealth of strategic expertise to his new role.
Sanjeev Nautiyal holds a Bachelor's degree in Arts, a Master's degree in Business Administration, and is a Certified Associate of the Indian Institute of Bankers. He has held significant positions in the State Bank of India (SBI), including Deputy Managing Director for financial inclusion & micro markets, and MD & CEO of SBI Life Insurance. Currently serving as an independent director of Life Insurance Corporation, Nautiyal is recognized for his leadership in innovation, collaboration, and teamwork.

May 06, 2024

HDFC Life Introduces 'No Jhanjhat Life Insurance Fatafat' Campaign:

HDFC Life launched the 'No Jhanjhat Life Insurance Fatafat' campaign, aimed at simplifying and expediting life insurance purchases through its online platform. The campaign underscores the importance of addressing India's low insurance penetration and vast protection gap.
Bid farewell to cumbersome paperwork and long waiting periods. HDFC Life's campaign promises a seamless and swift life insurance purchasing experience, leveraging cutting-edge technology for accessibility and convenience.
Through initiatives like the 'No Jhanjhat Life Insurance Fatafat' campaign, HDFC Life reaffirms its commitment to the mission of 'Insurance for All by 2047,' encouraging individuals across the nation to secure themselves and their families financially through the digital platform, designed for anytime purchase and service.

YES Bank Collaborates with ANQ to Launch Pi and Phi Credit Cards

YES Bank partnered with ANQ to introduce two innovative credit cards, Pi and Phi, aiming to blend traditional banking with fintech solutions. The Pi card offers digital-only credit on UPI for domestic transactions, while the Phi card provides physical access for both domestic and international purchases.
Digital-Only Convenience: Seamless credit transactions on UPI for domestic purchases.
Domestic and International Usage: Physical card usable for both domestic and international transactions.

RBI Approves Appointment of Sanjeev Nautiyal as MD&CEO of Ujjivan SFB

The Reserve Bank of India (RBI) approved the appointment of Sanjeev Nautiyal as the Managing Director & CEO of Ujjivan Small Finance Bank from July 1, 2024, for a period of 3 years. Nautiyal had retired as a Deputy Managing Director in the country's largest lender State Bank of India.
He will be the third MD & CEO of the bank in five years. In 2019, group head of HDFC Bank's digital banking Nitin Chugh was appointed at the helm of the Small Finance Bank (SFB).

May 05, 2024

Former BharatPe COO Dhruv Bahl Launches Eternal Capital VC Fund

In the dynamic landscape of Indian start-ups, former BharatPe COO Dhruv Dhanraj Bahl stepped into the world of venture capital with the launch of his maiden fund, Eternal Capital, with a substantial corpus of Rs. 240 crore, including a greenshoe option.
Eternal Capital is sector-agnostic, focusing on building a diversified portfolio of startups addressing future solutions. Key sectors of interest include SaaS, clean tech, sports tech, and consumer/D2C startups, aligning with evolving market trends.
With commitments from notable operators and entrepreneurs like Suhail Sameer, Deep Kalra, and Tarun Mathur, Eternal Capital boasts a robust support network. The fund's strategy involves investing in 40 start-ups in their seed to pre-Series A stages over the next three years.

Adani Green Energy Secures $400 Million Financing for 750 MW Solar Projects

Adani Green Energy Ltd (AGEL) successfully secured $400 million (approximately Rs. 29,600 crore) from a consortium of five leading international banks.
The funds will be used for its ongoing 750 MW solar power projects in Rajasthan and Gujarat.
It will support the completion and commissioning of these solar projects, with operations expected to begin from November 2024 onwards.
One of the key projects, located in Rajasthan, boasts a capacity of 500 MW and has a long-term power purchase agreement (PPA) in place with the Solar Energy Corporation of India (SECI).
The second project, situated in Gujarat's Khavda region, is a 250 MW standalone merchant power project within the world's largest renewable energy (RE) cluster.
The consortium of lenders includes Cooperative Rabobank UA, DBS Bank Ltd, Intesa Sanpaolo SpA, MUFG Bank Ltd, and Sumitomo Mitsui Banking Corporation.

May 04, 2024

ICICI Bank Joins India's Top 5 Companies with Market Cap Surpassing Rs. 8 Trillion

ICICI Bank etched its name among India's top five companies by market capitalization, surpassing the Rs. 8 trillion mark.
ICICI Bank become the second bank in India to cross the Rs. 8 trillion market capitalization milestone, following the footsteps of HDFC Bank. This achievement underscores the bank's strong financial performance, robust growth prospects, and investor confidence.
The elite club of India's top five companies by market capitalisation is led by Reliance Industries with a staggering Rs. 19.8 trillion, followed by Tata Consultancy Services (TCS) at Rs. 14 trillion. Among banks, HDFC Bank holds the top position with a market capitalisation of Rs. 11.6 trillion, while State Bank of India stands at Rs. 7.4 trillion.

NPCI Partners with Bank of Namibia to Develop UPI-Like Instant Payment System

In a groundbreaking move, NPCI International Payments Limited (NIPL) joined hands with the Bank of Namibia (BoN) to introduce a real-time payment system akin to India's Unified Payment Interface (UPI) in Namibia. This partnership marks NPCI's first collaboration with a central bank for deploying the UPI stack in an international market, aiming to revolutionise digital payments in Namibia.
The agreement focuses on leveraging India's UPI expertise to enhance accessibility, affordability, and connectivity within Namibia's financial ecosystem. By providing BoN access to cutting-edge technology and insights from NIPL, the initiative aims to create a robust platform for digital transactions, driving financial inclusion and modernization in Namibia.

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