General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Feb 18, 2024

LIC Launches a Non-Participating Product 'Amritbaal' for Children

The Life Insurance Corporation of India (LIC) launched a non-participating product – 'Amritbaal'.
The product, designed for children, is a non-linked, non-participating, individual, savings, life insurance plan.
The plan is designed to meet the higher education and other needs of the child. It facilitates the accumulation of a corpus through guaranteed additions at the rate of Rs. 80 per thousand basic sum assured at the end of each policy year from the inception till the end of the Policy term, provided the policy is in force.
The minimum entry age is 30 days, with the maximum being 13 years. The age of maturity has to be between 18 years to 25 years at the last age of birthday.

Feb 17, 2024

SpiceJet promoter Ajay Singh, Busy Bee Airways bid for Bankrupt Go First

Apart from SpiceJet, other entities such as Sharjah-based Sky One, Africa-focused Safrik Investments, and U.S.-based NS Aviation have also shown interest in acquiring Go First. However, SpiceJet was considered a serious contender as it had more experience in handling passenger flights compared to the other airlines.
Earlier this year (2024), Go First's lenders - Bank of Baroda, Central Bank of India, and IDBI Bank - decided to begin liquidating the airline after failing to secure new investors. The airline owes a total of Rs 65.21 billion ($784.38 million) to creditors, including the Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank.
However, in February, the National Company Law Tribunal (NCLT) extended Go First's insolvency process by 60 days following the resolution professional's (RP) disclosure of three parties that expressed interest in taking over the carrier. However, some lessors objected to this extension.

Axis Bank Appoints Pranam Wahi as Additional Director

The Board of Directors of Axis Bank appointed Pranam Wahi as an additional independent director of the bank for four years. This appointment is subject to approval of shareholders.
A Chartered Accountant by qualification, Wahi has over 40 years of banking experience across various countries, including India, the United Arab Emirates/GCC, Indonesia, and Singapore.
Wahi began his career with HSBC in 1982 where he was part of various functions and corporate banking within the HSBC Group in India.

Feb 16, 2024

PayU, NPCI Join Hands to Roll out Credit Lines on UPI' Feature

Payments solution provider, PayU announced collaboration with National Payments Corporation of India (NPCI) for rolling out of the 'Credit Lines on UPI' feature on its platform, which will create avenues of financial security and growth for the merchants.
As per the company, the enablement of pre-sanctioned Credit Lines by banks through UPI will empower businesses and consumers alike, fostering India's financial inclusion agenda.
As part of integration, PayU will share information about the relevant identifiers related to the type of credit the consumer has undertaken, such as pay-later, personal loans, etc.

SBICAPS Appoints Virendra Bansal as the New MD and CEO

SBI Capital Markets' (SBICAPS), the investment banking arm of State Bank of India (SBI), Virendra Bansal was appointed as the new Managing Director and Chief Executive Officer. Bansal stepped into the role, succeeding Rajay Kumar Sinha, who moved on to serve as the Whole Time Member (Finance and Investment) at the Insurance Regulatory and Development Authority of India (IRDAI) for a three-year tenure starting January 2024.
Virendra Bansal brings a wealth of experience, having previously served as the Country Head for SBI's expansive US Operations. His responsibilities spanned across key financial hubs, including New York, Chicago, Los Angeles, Sao Paulo, and Washington DC, showcasing his ability to manage and lead in diverse and dynamic environments. His tenure as Chief Executive Officer of the SBI New York branch and Vice-Chairman of SBI (California) further emphasizes his deep understanding of international banking and financial markets.

Japan Loses its Position as the World's Third-largest Economy, Germany Takes Over

Japan lost its spot as the world's third-largest economy to Germany, as the Asian giant unexpectedly slipped into recession.
Japan's economy, now the world's fourth-biggest, grew 1.9% in 2023 in nominal terms – meaning it is not adjusted for inflation – but in dollar terms its gross domestic product (GDP) stood at $4.2 tn compared with $4.5 tn for Germany.

Feb 15, 2024

Reliance Industries Hits Rs. 20 Lakh Crore Market Cap Milestone

Shares of Reliance Industries Ltd. (RIL) climbed nearly 2 per cent in trade and, in the process, the oil-to-telecom major became the first ever listed firm to cross the Rs. 20 lakh crore market capitalisation milestone.
The Mukesh Ambani-led firm hit the Rs. 20 lakh crore mark, commanding a value of Rs. 19,93,881.61 crore as the session progressed.

Nvidia Surpasses Alphabet, Amazon to Become World's Third Most Valued Company

Nvidia stocks surges and its market value zoomed past Alphabet a day after surpassing Amazon, becoming the third most valued company in the world.
Nvidia on Thursday surpassed Google's parent company Alphabet Inc in market value just a day after zooming past Jeff Bezos' Amazon, becoming the third most valued company in the world. Now, Nvidia's market value is only behind Apple and Microsoft.
AI chipmaker Nvidia recorded immense growth on Wednesday, owing to investors' anticipation over its upcoming quarterly reports. The company's stock rose 2.46%, putting its value at $1.825 trillion, while Alphabet's stock climbed 0.55%, leaving it with a value of $1.821 trillion.

Feb 14, 2024

Visa Appoints Shruti Gupta as Vice President, Head of Commercial and Money Movement Solutions

In a move reflecting its commitment to the India and South Asia markets, Visa, the global leader in digital payments, appointed Shruti Gupta as Vice President and Head of Commercial & Money Movement Solutions (CMS). This announcement signals a new chapter in Visa's regional operations.
Shruti Gupta, an industry veteran with over two decades of experience in commercial solutions, risk management, and strategy, will be spearheading Visa's CMS division. Her role will encompass overseeing business and corporate solutions, including Commercial Solutions, Integrated Money Movement, and Visa Government Solutions.

India Signs MoU to Interlink UPI with UAE's Instant Payment Platform AANI

In a significant move towards enhancing bilateral ties and fostering economic cooperation, India and the United Arab Emirates exchanged multiple memoranda of understanding (MoUs). Among these agreements was a notable MoU on linking the instant payment platforms of both nations, namely India's UPI and UAE's AANI.
The exchange ceremony took place in the presence of Indian Prime Minister Narendra Modi and UAE President Mohammed bin Zayed Al Nahyan, underscoring the importance of the collaborations between the two nations.

JSW Steel Forms JV with Japanese Firm to Produce Steel Variety in India

JSW Steel established a 50:50 joint venture (JV) with JFE Steel Corporation Japan for producing in India a kind of steel used in the production of energy-efficient transformers.
The new company, JSW JFE Electrical Steel Private Limited, will have its manufacturing base in Bellary, Karnataka. It will be set up with a planned investment of Rs. 5,500 crore. The JV will meet the surging domestic demand for grain-oriented electrical steel.

Wipro Acquires Aggne to Boost Capabilities in Insurance Sector

IT major Wipro acquired a 60 per cent stake in US-based insurtech Aggne Global for $66 million to strengthen its competitive advantage in the insurance sector, particularly in the property and casualty (P&C) insurance space.
Founded in 2019, Aggne is incorporated in the US and India, with offices in Tampa, Florida, and Hyderabad, India.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

July GK, June GK, May GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26