General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Dec 22, 2023

ICICI Bank Secures RBI Nod for Sandeep Batra's Re-appointment as Executive Director

ICICI Bank received the Reserve Bank of India's (RBI) approval for the re-appointment of Sandeep Batra as the Executive Director (ED). The approval is effective from December 23, 2023, to December 22, 2025.
Sandeep Batra has been serving as ED on ICICI Bank's Board, overseeing the Corporate Centre since July 2018. His responsibilities span across crucial domains, including credit, corporate communications, data science, finance, human resources, legal, operations, customer service, technology, and secretarial groups.

RBI Introduces Card-on-File Tokenisation Facility through Banks

The RBI introduced a Card-on-File (CoF) token facility at the level of banks and other institutions to provide convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications.
At present, a CoF token can only be created through the merchant's application or webpage. For a CoF, a token is a 16-digit number unique for a combination of card, token requestor and merchant. Through tokenisation, the actual card details are replaced with token credentials that can be used only with the intended merchant.

Ashok Leyland Wins Order to Supply 552 Buses to Tamil Nadu Transport Corporation

Ashok Leyland, the country's leading commercial vehicle manufacturer, won an order from the Tamil Nadu government for providing 552 Ultra-Low Entry (ULE) diesel non-AC buses.
Ashok Leyland, the Indian flagship company of the Hinduja Group, said that the Tamil Nadu State Transport Corporation (TNSTC) already operates 18,477 of its buses. The new order marks a groundbreaking collaboration between Ashok Leyland and TNSTC in the pursuit of 'Mobility for All'.

SBI Signs 200 mn Euro LoC with EIB to Support Climate Action Projects

State Bank of India (SBI) signed a 200 million euro (about Rs. 1,800 crore) Line of Credit (LoC) with the European Investment Bank (EIB) for supporting climate action projects in the country.
Earlier this month (December 2023), SBI signed a 70 million euro (about Rs. 630 crore) LoC with German Development Bank KfW for promoting solar projects in the country.

Aditya Birla Sun Life, IDFC First Bank in Pact to Collaborate on Financial Solutions

Aditya Birla Sun Life Insurance and IDFC First Bank entered into a bancassurance partnership to offer insurance solutions to the bank's customers. Under this collaboration, the insurer will leverage the extensive distribution network of IDFC First Bank.
Aditya Birla Sun Life will offer products and services, including those that focus on retirement planning, ensuring a steady source of second income and tax-free returns tailored to their life stages.

Razorpay and Cashfree to Operate as Payment Aggregators

Digital payment companies Razorpay and Cashfree Payments received final approval from the Reserve Bank of India (RBI) to operate as payment aggregators, enabling the fintechs to onboard new merchants after a nearly one-year-old regulatory ban.
In December 2022, the RBI had asked Razorpay and Cashfree to stop onboarding new merchants.

Dec 21, 2023

CASHe Unveils its Super App; Repositions Itself as 'Bharat Ka Money App'

CASHe, a leading credit-led AI-driven financial wellness platform, unveiled its super app with the tagline - 'Bharat Ka Money App.' This strategic repositioning underscores the brand's commitment to establishing itself as a premier credit-centric financial platform, meeting the diverse financial needs of young working millennials in urban hubs and tier 2+ cities across Bharat. The new tagline captures the company's steadfast focus on providing comprehensive financial solutions, seamlessly integrating credit, investment, and insurance - all customised to conveniently address the diverse financial needs of users on one unified platform.

Karur Vysya Bank, HDFC Life Enter into Corporate Agency Tie-up

Private sector Karur Vysya Bank and HDFC Life entered into a corporate agency agreement to offer life insurance products to its customers.
This corporate agency arrangement would enable customers of Karur Vysya Bank to avail HDFC Life's wide range of life insurance products which include solutions for protection, savings and investment, retirement and critical illness.

Pramod Agrawal to Take Charge as BSE's New Chairman from January 17

The market regulator SEBI approved the appointment of Pramod Agrawal as the Chairman and public interest director of BSE. Agrawal will take charge on January 17, 2024 following the end of term of S. S. Mundra.
Agrawal, a former IAS officer of the Madhya Pradesh cadre, served as Coal India Chairman from February 2020 to June 2023. Prior to joining Coal India, he was Principal Secretary of the Department of Technical Education, Skill Development & Employment and the Department of Labour, Government of Madhya Pradesh.
The BSE SENSEX is a free-float market-weighted stock market index of 30 well-established and financially sound companies listed on the Bombay Stock Exchange.
Founded on January 1, 1986, BSE is regarded as the pulse of the domestic stock markets in India.

Ford Motor Cancels Deal to Sell its Tamil Nadu Plant to JSW Group

Ford Motor will not sell its Tamil Nadu plant, the automaker's sole remaining factory in India, after finalising a deal with the Sajjan Jindal-led JSW Group.
Ford India's main manufacturing plant located in Maraimalai Nagar, spread across 350 acres and shut since July 2022, has a capacity to produce 150,000 cars in two shifts, and 200,000 cars in three shifts. It has an annual capacity of almost 340,000 engines.

Dec 20, 2023

UP Now Second Largest Economy in India

Uttar Pradesh became India's second-largest economy, surpassing key states and surging ahead in a commendable stride toward Chief Minister Yogi Adityanath's ambitious goal of achieving the $1 trillion mark by 2027.
According to a report from the prominent online blogging platform soic.in or SOIC Finance, which meticulously tracked investments and the stock market, Uttar Pradesh has the second-largest share in the country's GDP after Maharashtra.
Maharashtra is the largest contributor to India's GDP and is followed by Uttar Pradesh, Tamil Nadu, Gujarat and West Bengal.

India's Wealthiest Woman Savitri Jindal

India's richest woman, Savitri Jindal, witnessed an unparalleled surge in her wealth in 2023, outpacing the country's richest individuals such as Mukesh Ambani and Gautam Adani, according to data from the Bloomberg Billionaires Index.
The 73-year-old saw her net worth skyrocket by a staggering $9.6 billion in the calendar year 2023. In contrast, Mukesh Ambani, the chairman of Reliance Industries (RIL) and India's richest individual, experienced a comparatively modest increase of around $5 billion in the same period.
With her net worth measured at $25.3 billion, the widow of Om Prakash Jindal is the 5th richest Indian and the richest woman from the sub-continent. The conglomerate, controlled by her, runs listed companies like JSW Steel, Jindal Steel & Power, JSW Energy, Jindal Saw, Jindal Stainless and investment company JSW Holdings.

Kotak Mahindra Bank Appoints Eli Leenaars as Additional and Independent Director

The Board of Directors of Kotak Mahindra Bank Limited appointed Eli Leenaars as an additional director and an independent director of the bank for a period of four years.
With over 35 years of extensive experience in the financial services sector, Leenaars has experience in managing businesses through a wide range of matters, including mergers and acquisitions, complex corporate restructurings, strategic initiatives, and challenging financial environments.

AkzoNobel Appoints Rajiv Rajgopal as Decorative Paints South Asia Head

AkzoNobel, renowned for Dulux paints, has announced significant changes in the organisational structure of its paints business in South Asia, designating India as the regional headquarters. The company also appointed Rajiv Rajgopal as business unit director and Rohit Totla as sales and marketing director.
Rajiv Rajgopal appointed the new business unit director for decorative paints in the South Asia region. He will concurrently continue his role as the Chairman and Managing Director of Akzo Nobel India Ltd. Rajgopal who has been with AkzoNobel since 2013, has held various leadership roles, including regional director for performance coatings for West Asia & Africa.

Tamil Nadu Retains 'Achiever' Status in Logistics Infra Rankings of States

Tamil Nadu is this year's (2023) top performer in a central government tool ranking states and union territories in terms of logistics infrastructure.
The state maintained its 'achiever' status within the coastal group in the Logistics Ease Across Different States (LEADS) 2023 rankings by the Ministry of Commerce and Industry.
According to the LEADS 2023 report, Tamil Nadu demonstrated exceptional performance, particularly in the logistics infrastructure.

Dec 19, 2023

India Leads Global Remittance Charts with $125 Billion in 2023: World Bank Report

The World Bank's latest Migration and Development Brief revealed a continuing growth in remittance flows to low- and middle-income countries (LMICs) in 2023, albeit at a slower pace compared to previous years.
According to the World Bank, India's significant position as the top remittance recipient, drew attention to the evolving dynamics in the remittance landscape.
The Indian economy, buoyed by a tight labour market in the United States and robust employment growth in Europe, outperformed previous forecasts by reaching USD125 billion in remittances for the year.

Saudi Arabia Emerges as Top Destination for Skilled Workers: Govt to LS

Every second candidate trained under the Skill India International Centres (SIIC) and got employment abroad between April 2022 and December 2023 landed in Saudi Arabia, Union Skill Minister of State Rajeev Chandrasekhar told the Lok Sabha.
In response to a question on whether the government has any plan to partner other countries that need skilled employees, the minister said 25,300 candidates got employment abroad thanks to the efforts of the skill ministry's SIICs.
According to the data, 13,944 skilled candidates got jobs in Saudi Arabia, followed by Qatar (3,646), the United Arab Emirates (2,832), and the United Kingdom (1,248).
Currently, two SIICs — one each in Varanasi and Bhubaneswar — have been established.
Besides, the minister said that the ministry had active government-to-government memoranda of understanding (MoUs) with eight countries like Australia, Denmark, France, Germany, Japan, Qatar, the UAE, and the UK.

Dec 18, 2023

SBI Ventures into Paper Packaging with Rs. 49.99 Crore Investment in Canpac Trends

State Bank of India (SBI) made a strategic move into the paper packaging industry by investing Rs. 49.99 crore in Canpac Trends Private Limited, an Ahmedabad-based company specialising in paper-based packaging solutions.
SBI's investment in Canpac Trends is driven by the objective of capital appreciation, emphasising the potential growth and profitability of the paper packaging sector.
Canpac Trends Private Limited, established in 2004, operates in the paper packaging industry.
The company offers diverse paper-based packaging solutions, including folding cartons, corrugated cartons, flexible packaging, paper bags, and luxury boxes.

IndusInd Bank Introduces 'Indus Solitaire Program' for the Diamond Industry

IndusInd Bank launched the 'Indus Solitaire Program,' an innovative community banking initiative specifically designed to cater to the unique needs of the diamond industry. This comprehensive program is set to provide an array of exclusive benefits and features, reinforcing the bank's commitment to serving the diamond community.
The program will be accessible through IndusInd Bank's flagship branches strategically located in key cities, with a particular focus on Mumbai and Surat.

Adani Acquires Majority Stake in News Agency IANS

Billionaire Gautam Adani's group acquired a majority stake in news agency IANS India Pvt Ltd for an undisclosed sum as the group expanded its presence in the media space.
Adani Enterprises, the firm that holds the group's media interest, said that its subsidiary 'AMG Media Networks Ltd' acquired a 50.50 per cent stake constituting equity shares of IANS India Pvt Ltd.
Adani had forayed into media business in March 2023 when it acquired Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. It thereafter in December took nearly 65 per cent stake in broadcaster NDTV.

Cabinet Approves Industrial Property Rights MoU between India, Italy

The Union Cabinet approved a Memorandum of Understanding (MoU) between India and Italy for cooperation in the field of industrial property Rights.
The cabinet chaired by Prime Minister Narendra Modi gave its approval for the signing of the MoU between the Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry of India and the Directorate General for the Protection of Industrial Property-Italian Patent and Trademark Office of the Ministry of Enterprises and Made in Italy of the Italian Republic.
Moreover, the MoU will promote the establishment of a mechanism that will allow India and Italy to develop cooperation activities in the field of Industrial Property (IP) and information technology services related to this field.
The purpose of the MoU is to support enterprises, especially start-ups and SMEs, in accessing and participating in the national and international IPR systems.

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