General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Oct 13, 2023

South Indian Bank Names V. J. Kurian as its New Chairman

V. J. Kurian was appointed as the non-executive part time chairman of the Thrissur based South Indian Bank with effect from November 2 to March 22, 2026.
The Reserve Bank of India conveyed its approval for the appointment.
Kurian will succeed Salim Gangadharan, who will be retiring as non-executive part-time chairman of the bank on November 1 after completion of his term.

RBI Slaps Rs 5.39 crore Penalty on Paytm Payments Banks

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 5.39 crore on Paytm Payments Bank for violating Know Your Customer norms, among others.
As per RBI, Paytm Payments Bank failed to meet certain regulatory provisions under Know Your Customer (KYC), as well as the norms on enhancement of maximum balance at the end of the day as indicated in the licensing conditions of payments banks.
The bank was also found non-compliant with the 'Cyber Security Framework in Banks', in the context of 'Guidelines on Reporting of Unusual Cyber Security Incidents' and 'Securing Mobile Banking Applications Including UPI Ecosystem'.

Oct 12, 2023

IMF Raises India's FY24 GDP Growth Forecast to 6.3%

The International Monetary Fund (IMF) raised its FY24 growth projection for India by 20 basis points to 6.3 per cent, citing stronger than expected consumption between April and June.
The IMF's latest World Economic Outlook (WEO) kept its global growth forecast unchanged at 3 per cent for 2023 and pared down the 2024 projection by 10 basis points to 2.9 per cent.
The IMF's inflation projection for India has been revised upward to 5.5 per cent for FY24.

UNCTAD released the 'Trade and Development Report 2023'

UNCTAD's Trade and Development Report 2023 warns that the global economy is stalling, with growth slowing in most regions compared with last year and only a few countries bucking the trend.
It says the global economy is at a crossroads, where divergent growth paths, widening inequalities, growing market concentration and mounting debt burdens cast shadows on the future.
The prospect of meeting the Sustainable Development Goals (SDGs) by 2030 is fading as a combination of rising interest rates, weakening currencies and slowing export growth squeezes the fiscal space needed for governments to fight climate change and provide for their people.
The report calls for a change in policy direction – including by leading central banks – and accompanying institutional reforms promised during the COVID-19 crisis to avert a lost decade.

Air India commissions mega warehouse facility in Delhi

Air India has commissioned a mega warehouse facility in Delhi for storing over 1,000,000 engineering spares for aircraft maintenance.
Spread across 54,000 square feet and located near Terminal 3, at Delhi Airport's cargo complex, the centralized warehousing facility will improve the turnaround time of flights operating out of Delhi.
The facility will offer a one-stop solution for storing aircraft spares, tools, and ground support equipment ranging from hardware to sophisticated and complex avionics, hydraulics, structural, pneumatic, and mechanical components.
This facility will not only boost Air India's fleet and operational efficiency but will also strengthen India's aviation ecosystem.
The warehouse will offer us more proximate access to and better control over our aircraft spares enabling us to meet any engineering requirement promptly — leading to improved punctuality of flights.

Bangladesh inaugurated the 82-km Padma Bridge Rail Link

Bangladesh Prime Minister Sheikh Hasina on Tuesday inaugurated the 82-kilometre railway track, connecting Dhaka to Bhanga, as part of the "Padma Bridge Railway Link Project."
She opened the rail route unveiling a plaque by pressing a button at a civic rally at Mawa Railway Station in Munshiganj in presence of PM's younger sister Sheikh Rehana.
Padma Bridge Rail Link Project (PBRLP), is being implemented to build a 172-km rail line from Dhaka, the capital city, with the southwestern district of Jessore through Padma Bridge at a cost of Tk 39,247 crore.
It is being executed by Bangladesh Railway (BR) in collaboration with China Railway Group Limited (CREC), a Chinese construction company, and the Corps of Engineers of the Bangladesh Army acting as the construction supervision consultant.

Indian Navy & SBI launches unique NAV-eCash card for online transactions

India is leading the world with over 100 billion digital financial transactions being recorded annually and the number is steadily growing.
Indian Navy and the State Bank of India have launched the 'Nav-eCash' card, a unique e-cash card that can work in both online and offline mode.
This is a giant step as India eyes complete Self-reliance and digital transformation. The SBI Nav-eCash card will be implemented pan Navy.
This system is ready for implementation in every domain where there are restrictions on real-time internet connectivity or internet usage or there is non-availability of internet due to being in a remote location.

India's Fiscal Deficit Rose to Rs 6.42 trillion, 36% of the FY24 Target

In the same period in FY23, the fiscal deficit was 32.6 per cent of the full-year target.
It aim to narrow its fiscal deficit to 5.9 per cent of gross domestic product (GDP) by the end of the current financial year, against 6.4 per cent last year.
India's fiscal deficit in the first five months of the financial year 2023-24 (FY24) stood at Rs 6.42 trillion, 36 per cent of the full-year target of Rs 17.87 trillion.

Mukesh Ambani overtakes Gautam Adani become richest Indian on Hurun list

Adani's wealth fell significantly due to the effect of the Hindenburg report on the group's shares.
Reliance Industries chairman Mukesh Ambani overtook Gautam Adani and reclaimed the title of the richest Indian, according to Hurun India Rich List 2023.
Cyrus S Poonawalla and family remained in third position.
Industrialist Kumar Mangalam Birla and family and Niraj Bajaj and family re-entered the top 10.

India's Net Direct Tax Collections Surge by 21.8%

While tax refunds amounting to ₹1.5 lakh crore have been remitted to taxpayers so far, some refunds are being withheld on the basis of pending tax demands from the past that taxpayers are being given a chance to address.
India's net direct tax collections grew 21.8% to ₹9.57 lakh crore by October 9, surpassing over half of the Budget estimates for 2023 with personal income tax revenues rising 32.5% and corporate taxes increasing 12.4%.

Oct 11, 2023

Navneet Munot Elected AMFI Chairman

Navneet Munot, MD and CEO of HDFC Asset Management, was elected the new Chairman of the Association of Mutual Funds in India (AMFI). He was elected to this position in a board meeting following the 28th AGM of the association.
Munot will take over the position from A. Balasubramanian, Chief Executive Officer, Aditya Birla Sun Life Asset Management. A chartered accountant and a CFA charter holder, Munot has over three decades of rich experience in financial services.
The board of AMFI also elected Anthony Heredia, MD and CEO, Mahindra Manulife Mutual Fund as the Vice-Chairman of AMFI.

Axis Bank, Fibe Launch India's First Numberless Credit Card

To reduce the risk of identity theft and unauthorised access, private lender Axis Bank partnered with fintech firm Fibe and launched India's first numberless credit card. The card does not display any card number, expiry date, or CVV number. These details are be available on the Fibe app.
The Fibe Axis Bank Credit Card is powered by RuPay and allows customers to link their credit card to the United Payments Interface (UPI). It also offers a tap-and-pay feature for all offline retail stores across the country.
This numberless Axis Bank card prioritises the security of customers while offering a robust financial solution that empowers the smart and ambitious youth of our nation.

IiAS Tells Investors to Vote against Anant's Appointment on RIL Board

Proxy advisory firm IiAS recommended that institutional investors should vote against the appointment of Anant Ambani on Reliance Industries' (RIL's) board, stating his age as the reason. The firm, however, gave its green light to the appointment of Anant's elder siblings — Akash and Isha.
In its recommendation note, IiAS said that at 28 years of age, his appointment as a non-executive, non-independent director does not align with the voting guidelines.
According to IiAS voting guidelines, it will recommend voting for the appointment of any director (among other criteria) unless the director lacks adequate experience. That is, less than 10 years of relevant work experience or is less than 30 years of age. (IiAS will make exceptions to this rule when the director is a first-generation promoter or founder).

RBI orders Bank of Baroda to Suspend Customer Onboarding on 'bob World' App

The Reserve Bank of India directed Bank of Baroda (BoB), India's second largest state-owned lender after State Bank of India, to suspend any further onboarding of its customers onto the 'bob World' mobile application with immediate effect.
The central bank, in exercise of its power under section 35A of the Banking Regulation Act, 1949, stated that the action against the lender is based on certain material supervisory concerns observed in the manner of onboarding of new customers onto this mobile application.
RBI further directed the bank to ensure that already onboarded and existing 'bob World' customers do not face any disruption on account of this suspension.

Oct 10, 2023

RBI Doubles Gold Loan Limit for UCB in Bullet Repayment Scheme

The Reserve Bank of India, in line with Priority Sector Lending criteria, elevated the maximum threshold for gold loans within the Bullet Repayment Scheme from Rs. 2 lakh to Rs. 4 lakh for Urban Co-operative Banks. Initially, in 2007, the RBI authorised bullet repayment of gold loans up to Rs. 1 lakh, which was subsequently augmented to Rs. 2 lakh in 2014, with a repayment period capped at 12 months.
Urban Co-operative Banks have the prerogative to extend gold loans through both the Bullet Repayment and Equated Monthly Instalment (EMI) Repayment channels for a duration of 12 months. In the former, borrowers settle the principal and interest collectively in a lump sum to the lender at the end of the loan term. Conversely, in the EMI method, a fixed sum encompassing both principal and interest components is remitted by the borrower to the lender on a designated date each month.

AyanWorks Gets Digital Public Good Status

AyanWorks, a Pune-based blockchain solutions firm, became the first Indian company to receive a Digital Public Good status for an open-source self-sovereign identity (SSI) and digital credentials management system from the United Nations-endorsed Digital Public Goods Alliance (DPGA).
AyanWorks Technology Solutions will benefit immensely with this global and unique recognition, which is the first in India in the self-sovereign identity technology domain.

Oct 09, 2023

Govt. Clears Appointments of 12 Executive Directors for State-owned Banks

The government approved the appointments of 12 general managers as executive directors (EDs) of various public sector banks (PSBs).
Sanjay Rudra, general manager, Bank of Maharashtra, was appointed ED, Union Bank of India. Another GM from the same bank, Vijaykumar N. Kamble was named as ED of UCO Bank.
Bhavendra Kumar, currently Chief General Manager with Canara Bank, was elevated to become ED of the same bank.
Bibhu Prasad Mahapatra, Chief General Manager of Punjab National Bank, was elevated as ED of the bank, while Ravi Mehra, general manager, was promoted to become ED of Punjab & Sind Bank.
Rajiv Mishra, Chief General Manager with Union Bank of India, was named as ED of Bank of India, and Brajesh Kumar Singh, Chief General Manager of Bank of Baroda, was named as ED of Indian Bank.
Rohit Rishi, Chief General Manager in Indian Bank, was named as ED of Bank of Maharashtra.
In addition, the government approved the appointment of Lal Singh as ED, Bank of Baroda; Shiv Bajrang Singh as ED, Indian Bank; Mahendra Dohare as ED, Central Bank of India; and Dhanaraj T as ED, Indian Overseas Bank.

Axis Bank Launches Its Digital Bank Proposition 'Open by Axis Bank'

Axis Bank announced the launch of 'open by Axis Bank', its digital bank proposition in its latest advertising campaign. The Open 2023 campaign highlights the top 15 features of the bank's digital offerings.
The launch seeks to establish 'open by Axis Bank' as the epitome of digital banking, bringing all the features in a user-friendly, modern interface for both existing and new customers.

UDGAM Portal for Unclaimed FDs, Savings Accounts

The Reserve Bank of India launched a Centralised Web Portal called UDGAM (Unclaimed Deposits - Gateway to Access information) to help and make it simpler for people to search for their unclaimed deposits across different banks at one location. The UDGAM portal was launched in August 2023.
The search feature was initially made available on the portal for seven banks, and it was announced to the public that it will be gradually made available for the remaining institutions by October 15, 2023. Now, the RBI has updated the UDGAM portal with a total of 30 banks.
The term 'Unclaimed Deposits' refers to funds in savings or current accounts that have not been used for 10 years or in term deposits that have not been repaid within 10 years of the maturity date.

RBI Keeps Repo Rate Unchanged at 6.5%

Reserve Bank of India (RBI) Governor Shaktikanta Das announced the bi-monthly monetary policy for the financial year 2023-24.
The central bank maintained the status quo and kept the repo rate steady at 6.5%. This is the fourth time RBI has kept the repo rate unchanged.
This is the fourth time that the central bank has kept the basic rate unchanged. Governor Shaktikanta Das said that the all members of the Monetary Policy Committee (MPC), Dr. Shashanka Bhide, Dr. Ashima Goyal, Prof. Jayanth R. Varma, Dr. Rajiv Ranjan, Dr. Michael Debabrata Patra and Shaktikanta Das, unanimously voted to keep the policy repo rate unchanged at 6.50 per cent. The repo rate was last hiked in February 2023 by 25 basis points (bps).

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

July GK, June GK, May GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26