General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Nov 28, 2023

RBI Extends Payments Infrastructure Scheme by 2 Years

The Reserve Bank of India (RBI) announced a two-year extension of the Payments Infrastructure Development Fund (PIDF) scheme until December 31, 2025. This move is aimed at promoting digital transactions at the grassroots level and includes an expansion of beneficiaries under the scheme.
The PIDF scheme, operational since January 2021 for three years, initially focused on incentivising the deployment of payment acceptance infrastructure in tier-3 to tier-6 centers, north-eastern states, and Union Territories of Jammu & Kashmir and Ladakh. In August 2021, beneficiaries of the PM SVANidhi Scheme in Tier-1 and 2 centers were included.

Rajat Kumar Jain Appointed As Fino Payments Bank Chairman

Mumbai-based Fino Payments Bank received approval from the Reserve Bank of India (RBI) for the appointment of Rajat Kumar Jain as Part-time Chairman. This move is expected to bring valuable experience and expertise to Fino Payments Bank as it continues to strengthen its digital ecosystem and pursue growth opportunities.
Rajat Kumar Jain, an alumnus of IIT Delhi and IIM Ahmedabad, boasts an impressive background with over three decades of strategic leadership experience. His expertise spans various sectors, including consumer, telecom, media and technology.

DLAI Appoints Hemachandra, Prasad as Independent Directors to Board

The Digital Lenders Association of India (DLAI), appointed Meena Hemachandra, former Executive Director (ED), the Reserve Bank of India (RBI) and Alok Prasad, former Chief Executive Officer (CEO), MFin, as independent directors to its board.
DLAI is an industry body that represents over 90 digital lending firms in India. It was formed in 2016 by digital lending firms to support responsible and inclusive growth of the digital lending sector and make policies and guidelines around the digital lending business.

Nov 27, 2023

RPSG Group's Nature's Basket Adds Luxury Food Retailing to its Cart

From charcuterie to cheese room and white strawberries of Japan to sea asparagus from Holland, the RP-Sanjiv Goenka Group's Nature's Basket stepped into luxury food retailing with large-format artisanal experiential stores modelled on Harrods Food Hall in London.
The first such store from the Goenka stable, spread across 12,500 square feet (sq ft), opened at the Phoenix Palladium Mall in Mumbai.

Nov 26, 2023

India and EU ink Semiconductor Agreement to Boost Supply Chain

India and the European Union (EU) marked a significant milestone by signing a Memorandum of Understanding (MoU) on semiconductors. This collaborative effort aims to establish a robust supply chain, promote innovation, and align both regions with global developments in the semiconductor industry.
Under the terms of the MoU, India and the EU will engage in the exchange of experiences, best practices, and information related to their respective semiconductor ecosystems.
This collaborative approach is envisioned to enhance mutual understanding and cooperation between the two regions.

Kotak Mutual Fund Hires Harish Bihani as Fund Manager

Kotak Mahindra AMC announced the addition of Harish Bihani to its fund management team. Bihani was earlier with ICICI Prudential AMC, managing three funds with combined assets under management (AUM) of over Rs. 20,000 crore.
Two fund managers have left Kotak Mahindra AMC — Pankaj Tibrewal and Harish Krishnan. However, two more fund managers will soon join its team, said Kotak Mahindra AMC.

Coca-Cola Joins ONDC, Launches Marketplace Coke Shop

Beverage giant Coca Cola India joined the Open Network for Digital Commerce (ONDC), and also launched its own marketplace, the 'Coke Shop', on the platform.
The initial association with ONDC is being supported through SellerApp, which will help the company leverage the ONDC network with its data-driven insights, market intelligence, and strategies.
Through the 'Coke Shop' marketplace model, the company will enable retailers to sell their products to a wider audience on another channel, while facilitating multiple touch points for consumers to purchase from.

Warren Buffett's Exit from Paytm

Warren Buffett-led Berkshire Hathaway completely divested its 2.46% stake in One97 Communications, the parent company of Paytm. The move resulted in a significant loss of about Rs. 507 crore for the legendary investor.
Berkshire Hathaway's entire stake was sold at an average price of Rs. 877.2 per share.
The shares were acquired by Ghisallo Master Fund and Copthall Mauritius Investment, with the former purchasing 42,75,000 shares and the latter acquiring 75,75,529 shares.
Berkshire Hathaway garnered nearly Rs. 1,371 crore from the transaction.

Nov 25, 2023

RBI Slaps Penalty on Citibank, Bank of Baroda, IOB for Violating Norms

The Reserve Bank of India imposed a monetary penalty of Rs. 4.34 crore on Bank of Baroda, Rs. 5 crore on Citibank, and Rs. 1 crore on Indian Overseas Bank for violating norms.
On Bank of Baroda, RBI said the lender failed to ensure accuracy and integrity of data on large exposures submitted to RBI with respect to some accounts. It sanctioned a term loan to a corporation in lieu of, or to substitute, budgetary resources envisaged for certain projects.
The penalty on Citibank was because the lender failed to credit the eligible amount to the Depositor Education and Awareness Fund within the prescribed time period, paid remuneration in the form of commission to its certain staff members, and outsourced the monitoring and disposal/closure (decision-making function) of AML (Anti-Money Laundering) alerts to a group company.
Indian Overseas Bank (IOB) was found violating norms while extending term loans to two corporate entities without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations, and it was sanctioned in lieu of, or to substitute, budgetary resources envisaged for certain projects.

RBI Supersedes Abhyudaya Co-operative Bank Board, Appoints Administrator

The Reserve Bank of India (RBI) superseded the Board of Directors of Abhyudaya Co-operative Bank for one year, citing poor governance standards.
The regulator appointed Satya Prakash Pathak, former Chief General Manager of State Bank of India (SBI), as 'administrator' to manage the affairs of the bank during this period.
RBI has also appointed a committee of advisors to assist the administrator in discharging his duties. The members of the committee include Venkatesh Hegde, former General Manager, SBI; Mahendra Chhajed, Chartered Accountant; and Suhas Gokhale, former Managing Director (MD), COSMOS Co-operative Bank Limited.

Bandhan Bank Board Approves Reappointment of Chandra Shekhar Ghosh as MD & CEO

The board of directors at Bandhan Bank gave the green light for the reappointment of Chandra Shekhar Ghosh as the Managing Director & Chief Executive Officer (MD&CEO). The Kolkata-based private sector lender extended Ghosh's tenure for a period of three years. The current term is set to expire on July 09, 2024.
Chandra Shekhar Ghosh brings to the table over three decades of experience in microfinance, banking, and development. His leadership has played a crucial role in steering Bandhan Bank through various challenges and contributing to its growth.

Nov 24, 2023

SEBI Chairperson Launches IRRA Platform to Enhance Investor Risk Reduction

Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), officially launched the Investor Risk Reduction Access (IRRA) platform at the Bombay Stock Exchange (BSE). Developed under the guidance of Market Infrastructure Institutions (MIIs) overseen by SEBI, the IRRA platform is designed to mitigate risks faced by investors during technical glitches at Trading Member (TM) ends, encompassing both primary and disaster recovery sites.
The platform is tailored for trading members supporting Internet-based trading (IBT) and Security Trading through Wireless Technology (STWT) for their investors.
Notably, IRRA is not available for algo trading and institutional clients.

Lakshmi Ramakrishna Srinivas Appointed Additional Director at South Indian Bank

Renowned banking expert Lakshmi Ramakrishna Srinivas assumed the role of Additional Director at South Indian Bank. Designated as a non-executive independent director, her tenure spans three years starting November 2023.
With an extensive 38-year background in the banking industry, Lakshmi previously served as the Chief General Manager of State Bank of India, as highlighted in a statement by South Indian Bank. She has occupied various high-ranking positions, including the Directorship of State Bank Staff College, showcasing her wealth of experience in the sector.

India-Australia Develop Accelerator to Help Circular Economy Start-ups

In a strategic move to foster collaboration and innovation between India and Australia, Atal Innovation Mission (AIM), under NITI Aayog, unveiled the Rapid Innovation and Start-up Expansion (RISE) Accelerator.
This visionary accelerator program is dedicated to supporting start-ups and small to mid-sized enterprises (SMEs) specialising in circular economy technologies and solutions.
Developed in partnership with the Commonwealth Scientific and Industrial Research Organisation (CSIRO), Australia's national science agency, the India Australia RISE Accelerator aims to create a dynamic platform for start-ups, encouraging exploration of opportunities and cross-border partnerships.

DGCA Slaps Rs. 10 Lakh Penalty on Air India for Not Compensating Passengers

The Directorate General of Civil Aviation (DGCA) imposed a Rs. 10 lakh penalty on Air India for its failure to compensate passengers affected by delayed flights and unserviceable seats. The fine was also imposed for not training its ground personnel in accordance with regulations.
The regulator stated that it conducted inspections of all domestic airlines' operations at airports in Delhi, Kochi, and Bengaluru in May and September to verify their compliance with obligations regarding facilities/compensation for affected passengers as outlined in DGCA regulations.

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