General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Feb 28, 2024

Jana Small Finance Bank Gets RBI Nod to Re-appoint Ajay Kanwal as MD & CEO

Jana Small Finance Bank got approval from the Reserve Bank of India to re-appoint Ajay Kanwal as its Managing Director and Chief Executive Officer for three years from March 21, 2024. His tenure will be till March 20, 2027.
Janalakshmi Financial Services became Jana Small Finance Bank in March 2018. Kanwal has more than 33 years of experience in financial services and has held various leadership positions in his banking career. He has launched several strategic growth initiatives while building and managing diverse teams across geographies.
He was a senior adviser to private equity firm TPG Capital and global payments company Mastercard.

PayU Payments Appoints former HDFC Chief Renu Sud Karnad as New Chairperson

Prosus-owned PayU Payments appointed five members to its board of directors. These include former Managing Director (MD) of Housing Development Finance Corporation Ltd (HDFC) Renu Sud Karnad and former global Chief Executive Officer of PayU Group Laurent Le Moal.
Karnad, who was appointed as chairperson of the board, was joined by two independent directors - Gopika Pant, managing partner at Indian Law Partners, and Jairaj Purandare, founder and chairman of JMP Advisors Pvt Ltd.
Former global CEO of PayU Group, Laurent Le Moal, and Jan Bune, former partner at Deloitte Netherlands were appointed as the non-executive directors.

Sunil Chemmankotil Quits as Teamlease Digital CEO; Neeti Sharma Appointed New Chief

Staffing firm Teamlease Digital's Chief Executive Officer (CEO) Sunil Chemmankotil resigned from his post. The staffing firm appointed Neeti Sharma as the new CEO of the company, with effect from March 26.
TeamLease Digital is a subsidiary of TeamLease Services Limited, which offers technology staffing services in information technology, telecom, engineering, ed-tech, health-tech and gaming industries.

Feb 27, 2024

Bharat Tex: 'Five F' Roadmap, Centre's Plan to Boost Textile Sector

The Centre is working towards linking the elements involved in the value chain of the textile sector to optimise the industry's capabilities via a 'Five F' roadmap.
Modi was speaking at the inauguration of Bharat Tex 2024- a global textile event held at Delhi's Bharat Mandapam.
Ha said that we are connecting all the elements of the textile value chain with each other via a 'Five F' journey. This journey includes (beginning the process at) farms, (producing) fibre, (manufacturing in) factories, (executing the product in) fashion, and (taking it to) foreign markets.
He emphasised on the importance of events such as 'Bharat Tex' and noted that it holds key importance in India's journey to become a developed country in the next 25 years. In order to boost the contribution of the textile industry in India's development, the Five F plan is being executed.
Bharat Tex 2024 was organised by a consortium of 11 Textile Export Promotion Councils and powered by the Centre.

Paytm Payments Bank Chairman Vijay Shekhar Sharma Quits

Paytm founder Vijay Shekhar Sharma resigned as Paytm Payments Bank Chairman ahead of March 15 deadline set by the Reserve Bank of India (RBI) to accept further credits into its customer accounts. Additionally, One 97 Communications Ltd (OCL), the parent firm of Paytm, announced that Paytm Payments Bank Limited (PPBL) reconstituted its board.
Meanwhile, former Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal joined the Paytm Payments Bank board as independent Directors.

Food Delivery Company Swiggy Changes Registered Name

Swiggy, which operated as Bundl Technologies Private Limited, passed a special resolution to change its name to Swiggy Private Limited, as the food delivery giant gears up for a public market debut.
The change in the name of the company will help the firm establish greater proximity and identification of the company's corporate name with the company's core brand, 'Swiggy', as per regulatory filings made with the Registrar of Companies (RoC).

Feb 26, 2024

Kalyani Steels Signs MoU with Odisha Govt. to Set up Manufacturing Unit

Kalyani Steel Ltd signed an MoU with the Odisha government to set up a manufacturing facility with an investment of Rs. 11,750 crore. The project for manufacturing titanium metal, aerospace and automotive components and advanced speciality steel at Gajamara in Dhenkanal district will create 10,000 job opportunities.

Feb 25, 2024

Myntra Names Venu Nair as Chief of Strategic Partnerships and Omnichannel

Myntra appointed Venu Nair as its chief of strategic partnerships and omnichannel. Nair brings with him more than 30 years of experience in retail, sourcing, business analysis and strategy. He joined Myntra's senior leadership team where he is responsible for strengthening Myntra's existing international brands portfolio. He would also help build strategic partnerships with leading global brands and will be managing the omnichannel strategy for brands.
He will work closely with a team of professionals, towards forging stronger partnerships. This will further elevate Myntra's position as the strategic partner of choice for fashion, beauty and lifestyle brands, as they look at tapping into the burgeoning potential of the Indian market.

Bandhan Bank Appoints Rajeev Mantri as CFO

Bandhan Bank appointed Citi India executive Rajeev Mantri as its Chief Financial Officer (CFO). Mantri, a veteran banker with over 25 years of experience across India, Singapore and UAE, will be the key managerial personnel at the Kolkata-based private lender.
Mantri replaced Abhijit Ghosh who was acting as the Interim CFO.

SJVN Inaugurates 50 MW Gujrai Solar Power Plant In Uttar Pradesh

SJVN Limited, a Mini Ratna, Category-I and Schedule 'A' Central public sector enterprise under the administrative control of Ministry of Power, Government of India, marked a significant milestone in its journey towards sustainable energy solutions. In February, SJVN announced the commencement of successful commercial operations of its 50 MW Gujrai Solar Power Station in Kanpur Dehat, Uttar Pradesh.
With the inauguration of the Gujrai Solar Power Station, SJVN's total installed power capacity now stands at 2,277 MW.
This latest addition underscores the company's commitment to expanding its renewable energy portfolio and contributing to India's energy transition.

Feb 24, 2024

India Surpasses China as HSBC's Third-Largest Profit Hub

In 2023, India surpassed China and became HSBC's third-largest profit hub, showcasing a remarkable surge in profitability. The fiscal year ending December 2023 saw India's profits soar by 25% to reach an impressive $1.5 billion. HSBC's annual report for the fiscal year ending December 2023 unveiled key insights into India's exceptional performance.
Factors Driving India's Profit Surge:
Reduction in Credit Loss Provisions: Anticipated credit loss provisions decreased significantly from $90 million in 2022 to $51 million in 2023, contributing to improved profitability.
Robust Performance in Global Banking and Markets: The segment witnessed a notable 24% increase in profit, reaching $774 million in 2023, up from $622 million the previous year.
Remarkable Growth in Commercial Banking: Catering to SMEs, the commercial banking sector experienced a remarkable 31% surge in pre-tax profit, reaching $398 million.

Grasim Enters Paint Business with Birla Opus

Grasim Industries, the flagship firm of Aditya Birla Group, announced its entry into the decorative paint business in India with the launch of the new brand 'Birla Opus'. The company is aiming for revenue of Rs. 10,000 crore in three years of full-scale operations.
The company has also inaugurated three Birla Opus plants at Panipat (Haryana), Ludhiana (Punjab), and Cheyyar (Tamil Nadu).

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