General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Oct 18, 2023

Government to Exit Hindustan Zinc Ltd

The Indian government is gearing up to sell its remaining stake in Hindustan Zinc Ltd (HZL), a subsidiary of Vedanta, in smaller tranches over an extended period, aiming to maximise its value. The residual stake is valued at approximately Rs. 40,000 crore at current market prices. The government's planned stake sale was halted last year (2022) due to Vedanta's proposal for a related party transaction, adversely impacting investor sentiment.
Presently, Vedanta Ltd holds a 64.92 per cent stake in HZL. In 2002-2003, HZL, India's largest zinc/lead miner, was privatised in favour of Vedanta, with the government's 29.54 per cent stake categorised as public float. In 2021, after Vedanta lost the case to acquire the residual stake from the government, the Supreme Court allowed the government to exit by offloading the stake through public offers.

Indian Railways' PSUs, RITES Ltd and IRCON Granted Navratna Status

Ircon International Limited (IRCON) and RITES Ltd (RITES) both Central Public Sector Enterprise (CPSE) under the Ministry of Railways, were announced as 15th and 16th Navratna respectively among CPSEs. The Ministry of Finance conferred 'Navratna' status on RITES and IRCON.
Entering its 50th year of incorporation, RITES Ltd is a leading transport infrastructure consultancy and engineering firm in India. It provides services in the diverse sectors of transportation, railways, export of rolling stock, highways, airports, metros, urban engineering & sustainability, ports & waterways, and energy management.
The award of Navratna status will enable RITES to further nurture its brand, compete more effectively in the global market and pursue new frontiers more aggressively for growth.
The core competence of IRCON in 47th years is in railways, highways & extra high tension substation engineering and construction.

RBI Imposes Penalty against ICICI Bank, Kotak Mahindra Bank over Norm Violations

The Reserve Bank imposed a penalty of Rs. 12.19 crore on ICICI Bank and Rs. 3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms.
The penalty on private sector lender ICICI Bank was imposed for contravention of norms related to 'Loans and Advances-Statutory and Other restrictions' and 'Frauds classification and reporting by commercial banks and select Fls'.
The penalty on Kotak Mahindra Bank Limited was imposed for contravention of directions related to 'Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks', 'Recovery Agents engaged by Banks', 'Customer Service in Banks", and 'Loans and Advances - Statutory and Other Restrictions'.
In both cases, the RBI said that the penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

Oct 17, 2023

Midcap IT Services Company Mphasis Appoints Ayaskant Sarangi as CHRO

Midcap IT services company Mphasis appointmented Ayaskant Sarangi as its new Global Chief Human Resource Officer (CHRO). Sarangi joined the Executive Council and would report directly to Nitin Rakesh, Chief Executive Officer and Managing Director of Mphasis.
Before joining Mphasis, Sarangi served as CHRO at Wipro Enterprises, where he led human resources functions. He also held various HR leadership roles at Wipro Technologies. In his new role, Sarangi will spearhead Mphasis's global human resources strategy and operations, overseeing talent management, recruitment, leadership development, and all aspects of HR operations.
Sarangi succeeded Srikanth Karra, who has been the CHRO of the company since 2017. Srikanth will assume the role of Chief Administrative Officer (CAO) to facilitate a smooth transition until his superannuation in April 2024.

BimaKavach Receives IRDAI's Approval for Direct Insurance Broking

BimaKavach received a direct insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI), enabling the firm to actively market its customised range of insurance products for businesses across India.
The company specialises in digitising and offering instant quotes for cyber and crime insurance, thereby facilitating online purchases and serviceability. Additionally, it provides tailored solutions and guidance.
With a portfolio of 18 insurance products divided into categories such as liability, asset, engineering, marine, and group health insurance, BimaKavach simplifies the insurance acquisition process for businesses.

Cashfree Payments, Global Trade Plaza Partner to Lift Cross-border Payment

Cashfree Payments, a firm specialising in API banking solutions, announced its collaboration with Global Trade Plaza, a global B2B marketplace, to simplify cross-border payments for Indian exporters. The partnership aims to facilitate international trade promotion by allowing Indian exporters to collect payments in over 15 foreign currencies. Funds received will be converted into Indian Rupees and transferred to local Indian bank accounts within 48 hours.

Zydus Appoints Punit Patel as President and CEO for North American Operations

Global life sciences firm Zydus Lifesciences announced the appointment of Punit Patel as President and Chief Executive Officer for the Americas. Stationed at the Zydus office in Pennington, New Jersey, Patel will oversee the company's North American operations across various healthcare sectors. These include generics, injectables, specialty businesses, as well as portfolios focusing on rare and orphan diseases and possible forays into therapeutics.
Punit Patel brings over 20 years of experience in both generic and branded pharmaceutical sectors. Prior to joining Zydus, he served as President of Red Oak Sourcing, leading a multi-billion-dollar portfolio of generic drugs.

Oct 16, 2023

NTPC the Only Indian PSU in Forbes "World's Best Employers 2023" List

India's largest integrated energy conglomerate, NTPC Limited, was recognised as one of the World's Best Employers 2023 in the Forbes World's Best Employers list 2023 released in Oct 2023. It ranked 261st out of top 700 companies in the World ranking and is the only Indian PSU to figure in the list. This is a testimony that the people practices at NTPC are at par with the top companies in the world.
Every year Forbes publishes the World's Best Employers List through independent market research to identify top 700 companies which offer exciting working and a positive environment, opportunities for training and career advancement, employee benefits, employee centric and workplace diversity. Forbes partnered with market research firm Statista to create the seventh annual list of the World's Best Employers this year.

RBI Slaps Monetary Penalties on RBL Bank, Union Bank, and Bajaj Finance

The Reserve Bank of India (RBI) imposed monetary penalties on RBL Bank, Union Bank, and Bajaj Finance due to violation of certain norms.
RBL Bank was fined Rs. 64,00,000 for its failure to obtain an annual declaration in Form B from one of its major shareholders within the stipulated time frame of one month after the close of the financial years ending on March 31, 2018, March 31, 2019, and March 31, 2020.
Union Bank of India has incurred a penalty of Rs. 1 crore for its failure to comply with specific directions.
A penalty worth Rs. 8,50,000 was imposed on Bajaj Finance. The penalty was levied due to the company's non-compliance with the 'Monitoring of Frauds in NBFCs Directions, 2016,' a set of guidelines issued by the RBI.

Mphasis Acquires Salesforce Service Partner Silverline

Mphasis, the India-based information technology (IT) solutions provider, acquired Silverline, a New York-based digital transformation consultancy and Salesforce service partner, for $132.5 million. Silverline will give Mphasis expertise in Salesforce and industries that include financial services, retail, healthcare, life sciences and media and entertainment.
The Silverline acquisition is part of Mphasis's plan to prepare for the future applied technology and predict trends. Silverline, which was established in 2009, has more than 400 specialists around the world.

Oct 15, 2023

Bharti Group to Acquire French Insurer AXA's 49% Stake in Bharti AXA Life Insurance Co

In a significant development in the Indian insurance industry, the Bharti Group announced its acquisition of French insurer AXA's 49% stake in Bharti AXA Life Insurance Co. This move marks the consolidation of a venture that was jointly run for nearly two decades. While the details of the deal remain undisclosed, this acquisition raises questions about AXA's continued presence in the Indian insurance market. Additionally, Bharti Group is exploring opportunities to scale up its business by partnering with other investors.
For almost twenty years, Bharti AXA Life Insurance Co. was a joint venture between Bharti Group and AXA, a leading French insurance company. During this partnership, the two companies worked together to provide a wide range of insurance and financial products to the Indian market. However, the recent announcement indicates a change in the partnership dynamics.

Oct 14, 2023

Radha Vembu, India's Richest Self-Made Woman in India as Per Hurun India List 2023

Zoho Corp. co-founder Radha Vembu became the richest self-made Indian woman surpassing Falguni Nayar, founder and CEO of online beauty and fashion retailer Nykaa, according to a report by Hurun India.
The report titled '360 One Wealth Hurun India Rich List 2023' was released in October. As per the report, the 50-year-old entrepreneur became the richest self-made Indian woman with a net worth of Rs. 36,000 crore.
Radha Vembu was ranked 40th among India's 100 richest persons, while Falguni Nayar ranked 86th with a net worth of Rs. 22,500 crore.

Spice Money Partners with NSDL Payments to Revamp Rural Banking in India

Spice Money (a subsidiary of DiGiSPICE Technologies), India's leading rural fintech company that creates nanopreneurs for emerging India, announced a groundbreaking collaboration with NSDL Payments Bank to make a significant impact in rural India by allowing citizens to open zero balance accounts. Spice Money hopes to empower rural communities with greater financial inclusion by providing them with access to critical banking services and supporting economic growth in these areas. More people in rural India will be able to participate in formal banking institutions, unlocking the potential for increased financial stability and possibilities, thanks to the convenience of zero balance accounts.
Spice Money and NSDL Payments Bank formed a strategic relationship that will pave the path for a brighter and more equitable future for rural India.

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