General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Apr 28, 2024

Aramco and FIFA Forge Global Partnership

In a groundbreaking announcement, Saudi Arabia's oil behemoth, Aramco, and the international football governing body, FIFA, have joined forces in a strategic global partnership. The deal, spanning until 2027, designates Aramco as FIFA's Major Worldwide Partner exclusively in the energy sector, encompassing sponsorship rights for marquee events including the FIFA World Cup 2026 and the FIFA Women's World Cup 2027.
Aramco's President & CEO, Amin Nasser, emphasised the company's commitment to leveraging sports, particularly football, as a vehicle for societal impact and community development. This collaboration underscores Aramco's broader investment in sports, exemplified by their ownership of Al-Qadsiah football team and endeavors in women's golf and Formula 1 initiatives.
Gianni Infantino, FIFA President, hailed the partnership with Aramco, citing its potential to bolster FIFA's flagship tournaments and support member associations worldwide. Notably, Infantino lauded Aramco's dedication to grassroots sports development, hinting at future collaborative endeavors.
In addition to the potential partnership with Hengli Group, Aramco's investment horizon extends to collaborations with key players in the petrochemical sector, such as Jiangsu Eastern Shenghong and Shandong Yulong Petrochemical. Noteworthy is Aramco's recent minority stake acquisition in MidOcean Energy, indicative of its sustained efforts to diversify and solidify its global presence.

SEBI Approval for CRISIL's ESG Ratings Unit

SEBI granted approval to CRISIL ESG Ratings & Analytics as a Category 1 provider of ESG ratings, marking a significant development in the realm of environmental, social, and governance (ESG) assessments in India. This accreditation underscores the growing importance of independent ESG ratings in financial markets, particularly in guiding decision-making for issuers and investors towards sustainable practices.
Crisil's foray into ESG ratings began in 2021, and since then, it has monitored over 1,000 companies across 65 sectors. With the establishment of Crisil ESG Ratings as a subsidiary, the focus on ESG scoring intensifies, aligning with global best practices while considering India's unique sectoral nuances.
SEBI's regulatory framework requires certified ESG rating providers to adhere to transparent methodologies. This includes the publication of evaluation criteria, proportional weights assigned to environmental, social, and governance factors, and the retention of a minimum ownership interest of 26% by the principal shareholder for at least five years post-regulatory approval.

U.S. Places India on Priority Watch List for IP Protection

In the recently released 2024 Special 301 Report by the U.S. Trade Representatives (USTR), India finds itself on the Priority Watch List for intellectual property (IP) protection and enforcement. This decision comes amidst ongoing concerns regarding India's handling of IP security issues.
India faces significant challenges in its patent system, with applicants encountering lengthy waiting periods and excessive reporting requirements. Moreover, there are concerns regarding the potential threat of patent revocations, lack of presumption of patent validity, and narrow patentability criteria under the Indian Patents Act, which pose burdens across various sectors.
While some progress has been noted, particularly in raising public awareness and engaging with the United States on IP matters, USTR emphasises that India remains inconsistent in its overall progress on IP protection and enforcement. Despite gradual improvements in online IP enforcement, tangible benefits for innovators and creators are lacking, undermining their efforts.

Government Approves One-year Extension to RBI Deputy Governor Rabi Sankar

The government extended the term of RBI Deputy Governor T. Rabi Sankar for a period of one year. The Appointments Committee of the Cabinet approved the re-appointment of T. Rabi Sankar, Deputy Governor Reserve Bank of India, for a period of one year with effect from May 3, 2024.
As Deputy Governor, Sankar oversees crucial departments including currency management, government and bank accounts, information technology, external investments and operations, payment and settlement systems, fintech, foreign exchange, and internal debt management.
With an academic background in economics, holding an M.Phil from Jawaharlal Nehru University, Sankar brings extensive expertise to his role. Having joined the RBI in 1990, he has held various positions, accumulating vast experience in payments and settlement, financial markets, and public debt management.

Gem and Jewellery Sector Granted AEO Status by Indian Government

The Gem & Jewellery Export Promotion Council (GJEPC) announces a significant milestone for India's Gem and Jewellery (GJ) industry as it receives Authorised Economic Operator (AEO) status from the Ministry of Finance. This status, previously denied, now facilitates smoother export-import processes, reduces cargo release times, and lowers bank guarantees by 50%, aiming to enhance ease of doing business.
Background: Initially excluded from the AEO program, the GJEPC's persistent engagement with relevant Ministries successfully advocates for the gem and jewellery industry's inclusion. The Ministry of Finance now extends eligibility for AEO participation to units within the sector, enabling them to capitalise on associated benefits.
Industry Engagement: In response to the new opportunity, the GJEPC conducts an informative Outreach Program focused on obtaining AEO status. This event, held on March 18, 2024, sees active participation from stakeholders eager to enhance international trade operations, strengthen supply chain security, and improve global competitiveness.
Application Surge: Encouragingly, 20 companies swiftly apply for AEO status following the Outreach Program. Asian Star emerges as the pioneer, being granted AEO Status, thereby becoming the first in the Indian gem and jewellery industry to receive the certificate.

Apr 27, 2024

63% Voting in 2nd Phase, Highest 79.46% in Tripura

A turnout of 63.50 per cent was witnessed in the second phase of voting for the Lok Sabha elections in 88 seats across 13 states amid complaints of EVM glitches and bogus voting in some booths of Kerala and West Bengal.
The highest polling percentage was 79.46 in Tripura's lone seat, followed by 77.32 in ethnic violence-hit Manipur. At 54.85 per cent, UP saw the lowest voting. It was 73.62 per cent and 71.84 per cent in the three constituencies each in Chhattisgarh and West Bengal. Assam saw 71.11 per cent voting, as per the Election Commission's data till 8 pm. The turnout in Maharashtra was 57.83 per cent while it stood at 55.08 per cent in Bihar.
Voters in some villages of Rajasthan's Banswara and UP's Mathura boycotted polls over various issues, but were persuaded by authorities to cast their franchise.

Axis Bank Re-appoints Amitabh Chaudhry as MD & CEO

Axis Bank's board approved the re-appointment of Amitabh Chaudhry as Managing Director & CEO for another three years, effective January 2025, subject to RBI approval. Alongside Chaudhry, Independent Directors Meena Ganesh and Gopalaraman Padmanabhan were also been re-appointed for four years each.
Amitabh Chaudhry, who assumed the role of MD & CEO in January 2019, brings a wealth of experience from his tenure at HDFC Life. His re-appointment signifies continuity and stability in Axis Bank's leadership, bolstering investor confidence amid evolving market dynamics.

India's First Multi-Purpose Green Hydrogen Pilot Project Inaugurated in Himachal Pradesh

India took a significant step in renewable energy with the inauguration of its first multi-purpose green hydrogen pilot project at the 1,500 MW Nathpa Jhakri Hydro Power Station (NJHPS) in Himachal Pradesh's Jhakri. Spearheaded by Satluj Jal Vidyut Nigam (SJVN), the project aims to produce green hydrogen through renewable energy sources.
The project features a 20Nm3/hr electrolyzer and 25kW fuel cell capacity-based green hydrogen pilot system. It is the nation's first multi-purpose green hydrogen generation plant, serving both electricity generation and the high-velocity oxygen fuel (HVOF) coating facility of NJHPS.
Aligned with the National Green Hydrogen Mission of the Government of India, SJVN's initiative accelerates the development of green hydrogen production infrastructure in the power sector. Geeta Kapur, Chairman and Managing Director of SJVN, emphasised the project's role in establishing green hydrogen as a clean energy source.

Apr 26, 2024

SBI Card Introduces Inaugural Travel-centric Core Credit Card 'MILES'

SBI Card introduced its inaugural travel-centric core credit card, 'SBI Card MILES'.
The card promises comprehensive travel benefits, including the conversion of Travel Credits to Air Miles and Hotel Points, enhanced rewards on all travel bookings, and access to airport lounges.
The bank has partnered with more than 20 leading airline and hotel brands such as Air Vistara, Air India, SpiceJet, and IHG Hotels & Resorts.
There are three variants, SBI Card MILES ELITE, SBI Card MILES PRIME, and SBI Card MILES, which have been designed to elevate these experiences through curated travel benefits.

FSIB Recommends Rana Ashutosh for State Bank's MD Post

The Financial Services Institutions Bureau (FSIB), the nodal body to select directors and CEOs in public sector financial institutions, recommended Rana Ashutosh Kumar Singh to take over as Managing Director (MD) at State Bank of India (SBI) when the position becomes vacant later this year (2024).
Separately, Bank of Maharashtra (BoM) executive director Asheesh Pandey was recommended to take over as the CEO of Chennai-based Indian Bank, FSIB said on its website.

Apr 25, 2024

BharatPe Introduces BharatPe One: Revolutionising Payment Solutions

In a significant move, BharatPe unveiled BharatPe One, an innovative all-in-one payment device set to redefine digital transactions. This cutting-edge product integrates POS, QR, and speaker functionalities into a single device, promising unparalleled convenience for merchants and customers alike.
BharatPe aims to roll out BharatPe One across 100+ cities initially, with plans for expansion to 450+ cities within the next six months. This expansion underscores the company's commitment to enhancing payment experiences for millions of offline merchants nationwide.
Designed to simplify transactions, BharatPe One offers a wide array of payment acceptance options, including dynamic and static QR codes, tap-and-pay, and traditional card payments.

PayU Receives RBI's In-principle Approval for Payment Aggregator Role

Fintech firm PayU received an in-principle approval from the Reserve Bank of India to operate as a payment aggregator. With in-principle approval in place, PayU can now on-board new merchants and provide them digital payment services.
This will allow PayU to begin on-boarding new merchants, offering them digital payment solutions.
A payment aggregator is a financial technology company that simplifies the process of accepting electronic payments for businesses. It acts as an intermediary between the business and the financial institutions that handle payment processing, allowing businesses to avoid the complexities of establishing direct relationships with these entities.

Reliance Jio Becomes World's Largest Mobile Operator in Data Traffic

Reliance Jio become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.

RBI Restricts Kotak Mahindra Bank

The Reserve Bank of India, in exercise of its powers under Section 35A of the Banking Regulation Act, 1949, directed Kotak Mahindra Bank to cease and desist, with immediate effect, from (i) onboarding of new customers through its online and mobile banking channels and (ii) issuing fresh credit cards. The bank shall, however, continue to provide services to its existing customers, including its credit card customers.
According to the RBI, serious deficiencies and non compliances were found in the bank's IT inventory management, patch and change management, user access management, vendor risk management, data security, and leak prevention strategy, business continuity, and disaster recovery rigor and drill.

Apr 24, 2024

RBI Releases New Guidelines for ARCs Effective April 24, 2024

The Reserve Bank of India (RBI) issued a comprehensive master direction for asset reconstruction companies (ARCs), which came into effect from April 24, 2024. These guidelines aim to enhance the regulatory framework for ARCs and ensure their financial stability and effectiveness in resolving distressed assets.
ARCs are required to maintain a minimum capital of Rs. 300 crore, a significant increase from the previous requirement of Rs. 100 crore set on October 11, 2022. Existing ARCs are given a transition period until March 31, 2026, to meet this new minimum requirement. Non-compliance with these regulations will lead to supervisory actions, potentially including restrictions on conducting further business activities until compliance is achieved.
ARCs with a minimum Net Owned Fund (NOF) of Rs. 1000 crore are eligible to act as resolution applicants. They are permitted to invest in various financial instruments, including government securities, deposits with specified financial institutions, and short-term instruments such as money market mutual funds and corporate bonds, subject to certain limitations and regulations.

Razorpay and Airtel Payments Bank Introduce UPI Switch: Revolutionising Payment Infrastructure

Razorpay and Airtel Payments Bank unveiled the UPI Switch, a cutting-edge cloud-based infrastructure designed to revolutionise the landscape of digital payments. This innovative product promises to enhance success rates by 4-5% and handle an impressive 10,000 transactions per second (TPS), offering businesses unprecedented efficiency and scalability.
Recognising the limitations of existing UPI infrastructure, Razorpay's UPI Switch aims to overcome challenges related to customization, scalability, and performance. By offering accelerated dispute resolution, instant refunds, and a holistic infrastructure solution, it aims to elevate the transaction experience for both businesses and consumers.

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