General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Nov 02, 2023

Fincare SFB to merge with AU Small Finance Bank

Fincare Small Finance Bank (Fincare SFB) is set to merge with AU Small Finance Bank (AU SFB) from 1 February 2024.
As per the terms of the merger, the share exchange ratio for the amalgamation shall be 579 equity shares of face value of ₹10 each of AU SFB for every 2,000 equity shares of face value of ₹10 each of Fincare SFB.
Following the transaction, it is expected that existing shareholders of Fincare SFB will maintain approximately 9.9% ownership in AU SFB.
Fincare Small Finance Bank, a digitally enabled small finance bank, offers a broad range of deposit and asset solutions to its customers, with a total customer base of approximately 54 lakh.
It has 1,292 banking branches in 23 states and Union territories and is expected to have a total branch count of 2,334 by the completion of the merger.
The merged entity is expected to serve approximately 98 lakh customers and employ around 43,000 people by the end of September 2023, with a combined balance sheet size of more than Rs 1,1 lakh crores.

Nokia Partners with TATA Play Fiber to Launch India's First WiFi6

• Nokia has teamed up with broadband provider Tata Play Fiber to roll out India's first WiFi6-ready broadband network.
• As part of the deal, the Finnish gear maker will provide Tata Play Fiber with a variety of fiber-to-the-home (FTTH) and WiFi equipment, including optical line terminal (OLT) and optical network terminal (ONT) with WiFi6.
• The partnership with Nokia allows us to bring Wi-Fi6-ready network to our customers - which is a first in the category.

IIT Roorkee and THDC sign MoU for Collaborative Translational Research and Development

According to a press release by IIT Roorkee, the MoU outlines the commitment of both institutions to engage in a wide array of research activities. THDC India Limited (THDCIL), a power generation company, and the Indian Institute of Technology (IIT), Roorkee signed an MoU for Collaborative Translational Research and Development.
According to a press release by IIT Roorkee, the Memorandum of Understanding (MoU) outlines the commitment of both institutions to engage in a wide array of research activities, encompassing domains such as Energy Conservation, Alternatives to Li-Ion Storage Batteries, Nano Technology for Electric Vehicle Battery, Green Hydrogen, Geo-Thermal Technology, Climate Change, waste management and recycling, water management and conservation, Vortex induced vibrations, Tunnelling techniques, Bio Fuels, Grid Stability Improvements, and various other pertinent fields, aligned with the United Nations Sustainable Development Goals (SDGs).

Nov 01, 2023

BigBasket Tops Fairwork Index for Gig Workers

Ride hailing platform Ola and tech-enabled logistics company Porter scored zero in fair work standards for gig workers on a scale of 0-10, according to Fairwork India report 2023. bigbasket topped the list with six points.
The 'Fairwork India 2023' report, spearheaded by the Centre for IT and Public Policy (CITAPP) at the International Institute of Information Technology Bangalore (IIIT-B), in association with Oxford University, examined Amazon Flex, bigbasket, BluSmart, Dunzo, Flipkart, Ola, Porter, Swiggy, Uber, Urban Company, Zepto and Zomato for the survey.
Fairwork India interviewed workers from 12 platforms in four cities — Bengaluru, Delhi, Kochi, and Thiruvananthapuram — for minimum standards of fair work in the platform economy. The agency examined the working conditions of platform workers on digital labour platforms in India.
A key highlight of the report is that none of the 12 platforms evaluated on five principles, including fair pay, fair conditions, fair contracts, fair management, and fair representation, managed to get a perfect score.

Jhunjhunwala Family-backed IKS Health Acquires US Tech Firm

Healthcare platform IKS Health, backed by the Jhunjhunwala family, acquired US-based tech solution firm AQuity Solutions, as a wholly owned subsidiary for US$ 200 million (Rs 1,600 crore).
AQuity Solutions is a leading tech-enabled clinical documentation, medical coding and revenue integrity solutions provider in the healthcare domain while IKS Health primarily provides administrative, clinical and operational services to clinicians.
The combined company is forecast to have an annual revenue of over US$330 million (Rs 2748 crore), as well as a global workforce of over 14,000 employees serving over 150,000 clinicians in many of the largest hospitals, health systems and specialty groups in the United States.

JSW Energy Joint Managing Director & CEO Resigns

Private power producer JSW Energy said that the company's joint Managing Director and Chief Executive Officer resigned.
Prashant Jain, joint Managing Director and CEO, expressed his intention to take early retirement from active professional life and pursue his personal interests.
As per JSW Energy, Jain will continue to serve in his current position until January 31, 2024 to support an orderly transition.
Jain took the position of joint Managing Director and CEO of the company in 2017.

Tata Motors Wins Rs. 766 Crore Arbitration Award in Singur Plant Dispute

Tata Motors Wins Rs. 766 Crore Arbitration Award in Singur Plant Dispute
Tata Motors secured an arbitral award amounting to Rs. 766 crore as compensation for their investment in the now-defunct Singur plant. The Singur plant was initially intended for the production of the Tata Nano cars.
This arbitration stems from a dispute between Tata Motors Limited (TML) and the West Bengal Industrial Development Corporation Limited (WBIDC). The conflict pertained to TML's claim for compensation from WBIDC, covering various aspects of capital investments. These investments were related to the automobile manufacturing facility in Singur, West Bengal.
Under the award, Tata Motors is entitled to recover a total sum of Rs. 765.78 crore, in addition to an 11 percent per annum interest, commencing from September 1, 2016, until the full recovery is achieved from WBIDC.

Oct 31, 2023

Bank of Baroda Introduces Lifetime Zero Balance Savings Account

Bank of Baroda launched a new lifetime zero balance savings account this festive season. As a part of its 'BoB Ke Sang Tyohaar Ki Umang' campaign the public sector lender introduced the BoB LITE Savings Account with a lifetime zero balance facility.
Through this account the customers can enjoy all the banking services without the requirement of maintaining minimum balance.

CCAvenue.ae Launches Mobile-based QR Code Payment Solution in the UAE

Payment gateway CCAvenue.ae, the UAE-based subsidiary of fintech firm Infibeam Avenues, launched a mobile-based QR Code payment solution for merchants in the UAE market.
It is for the first time, the company forayed into the offline payment space in the UAE market with its innovative QR-Code payment offerings for merchants.
It is a pivotal and strategic move marking the company's debut on the international stage of offline payment solutions, starting with the UAE market.
The company is also set to launch CCAvenue TapPay (SoftPoS) in the UAE market as part of CCAvenue.ae, which will convert an NFC-enabled mobile device to function as a POS (point-of-sale) machine, allowing card payments with just a tap.

Oct 30, 2023

RBI Revises Bulk Deposit Limit of Regional Rural Banks to Rs. 1 Crore

The Reserve Bank of India (RBI) conducted a review of bulk deposit limits for financial institutions, specifically focusing on Regional Rural Banks (RRBs). As a result, the bulk deposit limit for RRBs was significantly increased from Rs. 15 lakh to Rs. 1 crore.
This adjustment carries significant implications for the operational framework of RRBs and aims to create a more equitable banking landscape.

IPhone Maker, Taiwan's Wistron Approves the Sale of its India Unit, Wistron InfoComm to the Tata ...

With Taiwanese electronics manufacturer Wistron selling its India operations to Tata Group for $125 million, Tata Electronics is going to become the first Indian company to manufacture new Apple iPhones in the country, which is a major fillip to the government's 'Make in India' initiative.
Wistron will sell a 100 per cent stake in the unit Wistron InfoComm Manufacturing (India) Pvt. to Tata Electronics Pvt., following the board approval.
The much-awaited deal has been finalised after strategic considerations in response to the reshaping of the group's product strategy and global manufacturing layout.

Fincare SFB to Merge with AU Small Finance Bank

In what could be the first-ever merger in the small finance bank space, Fincare Small Finance Bank is set to merge with AU Small Finance Bank (AU SFB) in an all-share deal.
At present, AU's market capitalisation is Rs. 46,000 crore, the highest among small finance banks. The market capitalisation of the merged entity will be slightly over Rs. 50,000 crore. The deal values Fincare at around Rs. 4,416 crore.
The merger is subject to approval by the Reserve Bank of India and the Competition Commission of India.

Kerala Becomes the First State to Have Hallmarking Centres in All Districts

With the inauguration of a hallmarking centre in Idukki, Kerala became the first state in India to have hallmarking centres in all 14 districts.
The opening of hallmarking centres across the districts will make Kerala a hub of gold business and further strengthen its claim to being the most reliable market in the country to buy gold ornaments.
The Bureau of Indian Standards made hallmarking compulsory with a view to protect customers, especially those not aware of the market, from being taken for a ride by jewellers. Hallmarking ensures accurate determination and official recording of the proportionate content of precious metal in the jewellery, artefacts or bullion, and coins.

Oct 29, 2023

Five MSME Lending Products Complete Test Phase under RBI's Sandbox Cohort

Five MSME lending products completed the test phase under the Reserve Bank of India (RBI) regulatory sandbox cohort.
Products of the entities that completed the test phase were evaluated based on mutually agreed test scenarios and expected outcomes.
The entities whose products completed the test phase are FinAGG Technologies Private Limited, Mynd Solutions Private Limited, Rupifi Technology Solutions Private Limited, Small Industries Development Bank of India, and SysArc Infomatix Private Limited.

Tata Group to Make iPhones in India for Global Market

Tata Group will start making Apple iPhones in India for domestic and global markets within two and a half years, announced Electronics and Technology Minister Rajeev Chandrasekhar. The development highlights India's growing production prowess and reflects a significant departure from Apple's previous strategy of selling largely Chinese-made new devices to customers across the world.

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