General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jan 09, 2024

Indian Bank to Float Operations Support Subsidiary

Chennai-based Indian Bank plans to set up an operations support subsidiary to provide value-added services while optimising costs, especially for operations beyond large cities.
Two large public sector banks, State Bank of India and Bank of Baroda, have already formed such units for servicing customers in rural and semi-urban areas.
According to Indian Bank's Request for Proposal (RFP) to empanel manpower consultants for the subsidiary, the bank has received in-principle approval from the Reserve Bank of India (RBI).
'The proposed subsidiary would be providing services related to Business Correspondent Activities, Business Operations Activities, Customer Service and Grievance Handling, Call Centre operations and Support functions pertaining to IT, Vendor Management.

Fino Payments Bank Applies for SFB License after Board's Agreement

The Reserve Bank of India (RBI) said that Fino Payments Bank applied for a licence to become a Small Finance Bank (SFB).
According to the guidelines, payments banks were allowed to apply for a conversion into SFB post five years of operations along with meeting other guidelines mandated by the RBI. The bank must also have a minimum paid-up voting equity capital or net worth of Rs. 200 crore.

Jan 08, 2024

Vikas Sheel New Executive Director Asian Development Bank

India appointed seven accomplished civil servants to crucial positions abroad, showcasing the country's global engagement. Notably, Vikas Sheel, a seasoned bureaucrat, was appointed as Executive Director of the Asian Development Bank (ADB) in Manila, emphasising India's commitment to international development.
Vikas Sheel is a 1994-batch Indian Administrative Service (IAS) officer. He brings valuable experience from his current role as Additional Secretary and Mission Director of Jal Jeevan Mission, contributing to India's representation at this prestigious institution.
Smita Sarangi was appointed as Adviser to the Executive Director at ADB in Manila, Philippines. Her expertise will play a vital role in India's collaboration with ADB on important development initiatives.
The Asian Development Bank (ADB) is a regional development bank established on December 19, 1966, which is headquartered in 6 ADB Avenue, Mandaluyong, Metro Manila 1550, Philippines. The bank also maintains 31 field offices around the world to promote social and economic development in Asia.
The ADB offers 'hard' loans on commercial terms primarily to middle income countries in Asia and 'soft' loans with lower interest rates to poorer countries in the region.
Masatsugu Asakawa a Japanese civil servant is the president of the Asian Development Bank (ADB) (as in January 2024). Asakawa, who took office on January 17, 2020, is the 10th president of ADB.

Rajiv Shah among New York Fed Board of Directors

The Rockefeller Foundation president and former head of the United States Agency for International Development (USAID) Rajiv Shah was appointed to the Board of Directors of the Federal Reserve Bank of New York. Shah was appointed by the Board of Governors of the Federal Reserve System as a 'Class C' director for a three-year term ending December 31, 2026. Class C directors on the New York Fed's Board of Directors represent the interests of the public.

RBI Turns Down Federal Bank MD & CEO Extension

In a surprising move, the Reserve Bank of India turned down a proposal from Federal Bank seeking an extension of its MD & CEO Shyam Srinivasan for one year.
Srinivasan, who took charge of the Aluva-based private sector lender in 2010, was eligible to continue for one more year. According to RBI norms, a CEO can continue in a bank for 15 years, in case the person is not a promoter. His current term expires on September 22, 2024.
An alumnus of the Indian Institute of Management-Kolkata, Srinivasan was instrumental in increasing the presence and visibility of the bank at the national level. He was earlier with British lender Standard Chartered Bank, which he joined in 2008 as the country head of consumer banking.

Karnataka Bank, Satin Creditcare Network Sign Co-lending Agreement

Mangaluru-headquartered private sector lender Karnataka Bank and Satin Creditcare Network entered a co-lending arrangement to provide financial support to joint liability groups (JLG) of economically active women, in both rural and semi-urban areas, and to give impetus to the micro credit facilities segment of the country.

Jan 07, 2024

GAIL, Vital Asia Sign Long-term LNG Deal

GAIL (India) Limited and Vital Asia Pte Ltd officially entered into a long-term deal for the supply of approximately one million metric tonnes of liquefied natural gas (LNG) annually over ten years, starting in 2026.
In this partnership, Vital Asia will source LNG from its global portfolio and deliver it to GAIL in India on a national scale.
GAIL is an Indian natural gas company that specialises in gas trading, transmission, LPG production and transmission, LNG regasification, petrochemicals, city gas, and E&P.
Vital Asia is a prominent player in the energy sector that trades 7.4 million barrels per day of crude oil and products. The company, founded in Rotterdam in 1966, has a global LNG portfolio with long-term supplies from North America, Africa, the Middle East, and Asia.

Canara Bank CGM P. Santhosh Appointed as MD of NARCL

The banking sector in India witnesses a significant change as P. Santhosh, the Chief General Manager (CGM) of Canara Bank, was appointed as the Managing Director (MD) of the National Asset Reconstruction Company Limited (NARCL). This transformative appointment came at a crucial juncture, where the Indian financial sector is navigating challenges arising from non-performing assets (NPAs) and bad loans. Santhosh's extensive experience and proven expertise in banking operations position him as a strategic leader to drive NARCL's objectives effectively.
P. Santhosh's proficiency in managing credit, risk, and operations within the banking domain aligns seamlessly with the pivotal role NARCL would play in addressing the mounting issue of NPAs.
NARCL a government entity was incorporated in July 2021 with majority stake held by Public Sector Banks and balance by Private Banks with Canara Bank being the Sponsor Bank. NARCL is registered with the Reserve Bank of India as an Asset Reconstruction Company under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

PhonePe Appoints Ritesh Pai to Lead Fintech Firm's Global Expansion Plans

Walmart-owned fintech firm PhonePe appointed Ritesh Pai as Chief Executive Officer of its international payments business. The move came at a time when India is looking to take the Unified Payments Interface (UPI) global. Countries like Japan, Singapore, the United Arab Emirates, France, the United Kingdom, and others are looking to embrace the UPI model.
Pai is a seasoned digital payments sector leader with a proven track record of launching innovative solutions and structuring strategic business partnerships globally.

Jan 06, 2024

Sanjiv Aggarwal Appointed as NIIF's CEO and MD

National Investment and Infrastructure Fund Limited (NIIFL) announced that its board of directors appointed Sanjiv Aggarwal as Chief Executive Officer (CEO) and Managing Director (MD) of the company.
The appointment follows a search process conducted by NIIFL's board of directors.
Aggarwal has significant experience in the infrastructure and energy sectors. He joined Actis, a leading global investor in sustainable infrastructure, in 2008, where he became a partner in 2010.
National Investment and Infrastructure Fund Limited (NIIFL) is an Government owned company which maintains infrastructure investments funds for international and Indian investors anchored by the Government of India.
The Government of India founded the National Investment and Infrastructure Fund Limited (NIIFL) in February 2015 as a sovereign-anchored fund. Its creation was announced in the Union Budget of 2015-16 by the then Finance Minister Arun Jaitley.
It has its headquarters in Mumbai.

Shashi Singh Appointed As New President of AIRIA

Shashi Singh was elected as the new President of All India Rubber Industries Association (AIRIA), the foremost authority representing India's rubber industry. He succeeded Ramesh Kejriwal.
With a rich history of over two decades in the rubber industry, Singh has been an integral part of AIRIA. Before his election as President, he served as the senior vice president. His tenure in the association is distinguished by his roles in various committees and as the chief convener for the western region. Notably, Singh orchestrated the successful National Rubber Conference in 2019, showcasing his leadership and organisational skills.
Alongside Singh, Zafar Ahmed, the Managing Director of New India Rubber Works Pvt Ltd, was elected as the senior vice-president for 2023-24. In addition, Indra Parekh took on the role of vice president. This new leadership team is expected to bring a blend of experience, insight, and fresh perspectives to AIRIA.
Established in 1945, All India Rubber Industries Association (AIRIA) is the largest not-for-profit non-government body serving the rubber industry and trade.
The Association has its Head Office at Mumbai with four regional offices at New Delhi, Kolkata, Chennai and Mumbai and a Chapter Office at Pune. It works closely with the government on policy issues, enhancing efficiency, competitiveness, and expanding business opportunities for the industry.

Adidas to set up its first Asia GCC outside China in Tamil Nadu

Adidas is setting up its first and only global capacity centre (GCC) in Asia outside China in Chennai, to focus on 'key processes. This significant development underscores the growing trend of multinational corporations choosing India as a prime destination for setting up their GCCs, capitalizing on the country's abundant software skills.
Adidas' decision to set up its GCC in Chennai is seen as a substantial boost for Tamil Nadu's growing GCC ecosystem.

Jan 05, 2024

REC, Bank of Baroda Sign MoU to Finance Power, Infra and Logistics Projects

In a significant development aimed at boosting India's infrastructure, state-owned REC Limited signed a Memorandum of Understanding (MoU) with the Bank of Baroda (BoB) to jointly finance projects in the power, infrastructure, and logistics sectors over the next three years.
The MoU was signed in presence of Vivek Kumar Dewangan, IAS, Chairman and Managing Director (CMD), REC Limited and Debadatta Chand, Managing Director and CEO, Bank of Baroda along with Lalit Tyagi, Executive Director, Bank of Baroda.

SEBI Appoints G. Ram Mohan Rao as Executive Director

The Securities and Exchange Board of India (SEBI) appointed G. Ram Mohan Rao as Executive Director (ED) for a period of three years. Rao will be handling the investigation department and the internal inspection department. He has been with the markets regulator for over 25 years during which he has supervised diverse portfolios such as inspections, litigation, recovery, investor awareness, grievance redressal, etc. Prior to the appointment, Rao was the Regional Director of the Eastern Regional Office of SEBI.

Adani Ports Elevates Karan Adani to MD, Appoints Ashwani Gupta as CEO

Adani Ports and Special Economic Zone (APSEZ) elevated its CEO Karan Adani to the role of Managing Director, a position which was held by Chairman of Adani Group Gautam Adani.
Gautam Adani was re-designated as executive chairman of APSEZ.
The company's board also approved the appointment of Ashwani Gupta, former global Chief Operating Officer at Nissan Motors, as the new Chief Executive Officer of APSEZ.

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