General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jan 19, 2024

ICICI Bank Canada Launches 'Money2India (Canada)' Mobile Banking App

ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank, introduced its latest mobile banking app, 'Money2India (Canada),' providing Canadian customers with a seamless platform for 24/7 fund transfers to any Indian bank without the necessity of opening an account with ICICI Bank Canada.
The app offers a user-friendly interface for customers across Canadian banks, enabling instant and round-the-clock money transfers to any bank in India.
Users can send amounts of up to CAD 30,000 in a single transaction, enhancing flexibility and catering to various transaction needs.

Hyundai India Acquires General Motor's Talegaon Plant

Hyundai Motor India completed the acquisition of General Motors India's manufacturing plant at Talegaon in Maharashtra.
The country's second-largest carmaker also announced that it will invest Rs. 6,000 crore in Maharashtra as part of an agreement inked between the company and the state government in Davos.
The Talegaon manufacturing plant will play the role of a catalyst in achieving HMIL's 1 million annual production capacity milestone.

Google Pay Signs Agreement to Expand UPI for International Payments

Google Pay and NPCI International Payments signed an agreement to expand the scope of Unified Payments Interface (UPI) payments outside India.
It will enable Indian travellers to transact digitally abroad while establishing systems similar to UPI in other countries. The memorandum of understanding (MoU) was signed at a time when India is simplifying cross-border digital payments by using the UPI's rails to enable remittances between countries.

RBI Clears Appointment of Whole-time Director for 3 Years by Bandhan Bank

Private-sector lender Bandhan Bank informed that the Reserve Bank of India (RBI) granted approval for the appointment of Rajinder Kumar Babbar as Whole-Time Director (designated as Executive Director) of the bank for a period of three years.
Babbar has 35 years of experience in the banking sector across various leadership roles.

Jan 18, 2024

Competition Commission of India Approves Amalgamation of Shriram GI Holdings Private Limited with...

The Competition Commission of India (CCI) approved the proposed amalgamation of Shriram GI Holdings Private Limited with Shriram General Insurance Company Limited.
The proposed combination relates to the amalgamation of Shriram GI Holdings Private Limited (SGIH) with Shriram General Insurance Company Limited (SGIC) (Proposed Combination).
SGIH undertakes the business of investments, facilitate strategic, private equity and third-party investors, and to carry on consultancy business, including in particular in relation to the general insurance products sector.
SGIC is engaged in the business of providing general insurance, undertake re-insurance, counter insurance of insurances and to carry on generally every kind of non-life insurance and re-insurance business relating to general insurance.

LIC Becomes the most Valuable PSU

Life Insurance Corporation of India, a government-owned insurance giant, regained its status as the most valued public sector undertaking, surpassing the market capitalisation of State Bank of India.
While SBI holds a market value of Rs. 5.63 lakh crore, LIC surpassed it with a market capitalisation (MCap) of Rs. 5.64 lakh crore.

Karnataka Bank and Clix Capital Forge Digital Co-Lending Partnership via Yubi Platform

In a strategic move aligned with Reserve Bank of India guidelines, Karnataka Bank (KBL) and Clix Capital joined forces through the Yubi Co.lend Platform. This digital co-lending partnership targets the Indian MSME sector, a key driver of the country's GDP and employment growth.
The collaboration leverages Karnataka Bank's cost-efficient funds, end-to-end digital capabilities, and credit expertise in the MSME sector. Paired with Clix Capital's robust lending tech platform and thorough due diligence, the alliance aims to provide seamless and accessible finance solutions. This initiative is a response to the RBI's encouragement for banks and NBFCs to co-lend to priority sectors.

Jan 17, 2024

IndusInd Bank Ties up with EazyDiner to Launch Credit Card

IndusInd Bank launched the 'EazyDiner IndusInd Bank Platinum Credit Card' in association with EazyDiner. The credit card offers an additional discount of Rs. 500 while paying through the EazyDiner App via PayEazy for both dining and take-away at select restaurants.

Yes Bank Introduces Veefin's SmartFin for Digital Supply Chain Finance

In a move to bolster support for Micro, Small, and Medium Enterprises (MSMEs), Yes Bank introduced SmartFin, an advanced digital Supply Chain Finance (SCF) platform developed in collaboration with Veefin Solutions. The initiative reflects Yes Bank's commitment to fostering innovation and enhancing its digital offerings, particularly in the realm of working capital efficiencies.

L&T Bags Mega Order for Mumbai-Ahmedabad Bullet Train Project

Larsen & Toubro (L&T) said that its construction arm bagged a mega order to set up an electrification system for the bullet train project in the country. The order was bagged from an authorised Japanese agency.
While L&T did not disclose the exact value of the contract, it counts an order as 'mega' when it is valued at Rs. 10,000-15,000 crore.
This electrification system will enable trains to travel at speed of up to 320 km per hour.

Apple Pips Samsung to Become Top Global Smartphone Brand in 2023

Apple marched ahead of Samsung and became the top global smartphone brand in terms of shipments in 2023, according to noted industry trackers International Data Corporation (IDC) and Canalys reports. According to IDC, Apple recorded an all-time high market share of over 20 per cent in 2023, driving it ahead of Samsung that recorded a market share of 19.4 per cent in the same year.

Jan 16, 2024

India Signs an Agreement to Acquire Five Lithium Mines in Argentina

The Centre signed an agreement to acquire five lithium brine blocks for exploration and development in Argentina. The agreement was signed between Khanij Bidesh India Ltd (KABIL) and Catamarca Minera Y Energética Sociedad Del Estado (CAMYEN), a state-owned mining and energy company in the Argentine province of Catamarca.
This is the first ever lithium exploration and mining project by a state-owned company. KABIL will start exploration and development of five lithium brine blocks — Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132 and Cortadera-VI — covering an area of about 15,703 hectares in the Catamarca province.

Jan 15, 2024

State Bank of India Floats Scheme to Raise Funds for Green Projects

State Bank of India (SBI), the country's largest lender, floated a green rupee term-deposit scheme to raise money for financing environment-friendly projects.
Besides approaching retail customers, SBI will look at tapping family offices, entities that manage money for high net worth individuals, for garnering green money.
These would be medium- and long-term deposits with three maturity buckets -- 1,111 days, 1,777 days, and 2,222 days.
The deposit scheme is open to resident individuals, non-individuals, and non-resident Indian (NRI) customers. The current framework permits green deposits to be denominated in rupees only.

Reserve Bank of India Waives Rs. 5 crore Penalty Imposed on Bank of Baroda

The Reserve Bank of India (RBI) decided to waive the Rs. 5 crore penalty that was previously imposed on Bank of Baroda,
The RBI's decision, communicated through a letter, came as a relief for the bank, which had earlier faced financial scrutiny.
In December 2023, Bank of Baroda had disclosed that the central bank had fined the lender Rs. 5 crore. The penalty was attributed to a shortfall in soiled note remittances, indicating issues with the handling of notes that had undergone normal wear and tear.

HCLTech Appoints Bhavani Balasubramanian as independent director

HCLTech announced the appointment of Bhavani Balasubramaniam as the independent director of the company with immediate effect.
Bhavani is a chartered accountant by qualification with over four decades of experience in auditing a variety of clients, including listed companies and multinationals across different industries.

RBI Imposes Fine on Dhanlaxmi Bank, ESAF Small Finance Bank, Punjab and Sind Bank over Non-compli...

The Reserve Bank of India (RBI) imposed monetary penalties, of varying degrees, against ESAF Small Finance Bank, Dhanlaxmi Bank, and Punjab and Sind Bank over various non-compliances.
According to the official statement, a fine of Rs. 29.55 lakh, Rs. 6 lakh, and Rs. 1 crore, respectively, was slapped against these three banks.

Govt. Approves Reappointment of RBI Deputy Governor Michael Patra for 1 Year

The Appointments Committee of the Cabinet (ACC) approved the reappointment of the Reserve Bank of India's (RBI) Deputy Governor Michael Patra for one year.
The reappointment is effective from January 15, 2024. The term of Patra was ended to on January 14, 2023, as per the RBI website.
Patra was appointed as RBI Deputy Governor in January 2020, and last year he got an extension of one year. Patra joined RBI in 1985 and has worked in various positions at the central bank.
There are currently (as in January 2024) four Deputy Governors: Swaminathan J, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar.

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