General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Sep 28, 2023

Yes Bank Appoints Manish Jain as Country Head of Wholesale Banking

Yes Bank announced the appointment of Manish Jain as the new country head of Wholesale Banking, effective September 27. He succeeded Ravi Thota, who resigned in August 2023, citing personal and professional reasons.
Jain holds a master of business administration from the Indian Institute of Management Bangalore and a BTech degree in mechanical engineering from the Indian Institute of Technology Delhi, and has nearly three decades of professional experience. As country head of Wholesale Banking, he will lead and oversee various segments, including large corporates, emerging local corporates, transaction banking group, institutional and government banking, and business economics banking within YES Bank.

Intel Appoints Gokul Subramaniam as New President of Intel India

Intel Corporation appointed Gokul Subramaniam as the new President of Intel India, responsible for overseeing the company's comprehensive engineering and design operations. This includes innovation, cross-group efficiencies, and execution of Intel's products in India.
The appointment follows the departure of Nivruti Rai, Intel's former country head, who joined Invest India, the government's investment promotion agency, as its Managing Director and Chief Executive Officer.
Santhosh Viswanathan, Vice President and Managing Director of Sales, Marketing and Communications Group (SMG) for Intel India, will continue overseeing Intel's overall business in the country, focusing on new revenue and growth opportunities.

RBI Deputy Governor M. Rajeshwar Rao Gets Term Extension

The Central government granted a one-year extension to M. Rajeshwar Rao's term as Deputy Governor of the Reserve Bank of India (RBI).
M. Rajeshwar Rao was originally appointed as Deputy Governor of the Reserve Bank in October 2020, with a term of three years. His initial assignment was to oversee financial regulation within the central bank. However, this new extension will allow him to continue his vital role for an additional year, starting from October 9, 2023, or until further orders are issued, whichever comes first.

RBI Approves Poonawalla Fincorp to Issue Credit Cards with IndusInd Bank

Cyrus Poonawalla-owned Poonawalla Fincorp received Reserve Bank of India's (RBI) permission to issue co-branded credit cards with IndusInd Bank.
The company envisages to launch this credit card within three months. According to the company, this partnership will enable Poonawalla Fincorp to usher in a new age of flexible and versatile retail credit.

Sep 27, 2023

Global Investment in Indian Banks to Continue on Robust Finances

Indian banks will continue attracting global investment from investors looking for better returns as credit growth, improved margins, and stable asset quality boost the country's lenders
The total market value of foreign institutional investors' holdings in Indian banks has increased to Rs. 8.36 trillion as of June 30, 2023 from Rs. 7.71 trillion 2022
Top lenders that attracted foreign institutional investors include ICICI Bank, HDFC Bank, and Kotak Mahindra Bank.

SIDBI Signs Pact with DLAI to Boost Fintech Sector

The Small Industries Development Bank of India has inked an agreement with the Digital Lenders Association of India (DLAI) to boost the country's fintech sector.
Aim: To collaborate with SIDBI to develop standard protocols to expedite the adoption of digital lending partnerships including alliances between banks and Lending Service Providers.
It also provides resource support to eligible DLAI member NBFCs and also explores Assignment and Securitisation transactions.

Khamree Mo Sikkim!

Maruti Suzuki India Limited (MSIL) has embarked on a mission to raise awareness about career opportunities among the youth in Northeastern India.
To achieve this goal, MSIL has joined hands with the Indian Navy for the 'Khamree Mo Sikkim' outreach program, a collaborative effort dedicated to the progress and well-being of the region.

PhonePe Launches its Own App Store to End Google's Monopoly

PhonePe announced the launch of the Indus Appstore Developer Platform.
PhonePe wants all Android developers to register and upload their apps using the Indus Appstore.
According to PhonePe, these apps will be listed on the soon-to-be-launched.
Indus Appstore, offering a localised experience in 12 languages.

Sep 26, 2023

India Fourth in Number of Start-ups with over $50 mn Funding

According to the first edition of Startup Genome's Scaleup Report, India ranks fourth in the world in the number of scaleups or start-ups that have received over $50 million of disclosed venture capital (VC) investment.
In the survey involving 12,400 startups, India ranked fourth with 429 scaleups, after the US (7,184), China (1,491), and the UK (623). However, India is ahead of the UK in total VC investment that has gone into these scaleups and in cumulative tech value investment of scaleups. The report stated that India recorded 429 scaleups, with a VC investment of $127 billion and a total value of tech investment of $446 billion.
Startup Genome, an innovation policy advisory and research firm, surveyed start-ups in over 80 cities across more than 40 countries and looked at 60-plus metrics.

Utkarsh Small Finance Bank Leads the Way with ICCW

The Bank announces the launch of Interoperable Cardless Cash Withdrawal (ICCW) service that utilises UPI (Unified Payments Interface) on its ATM networks. This is in line with the Reserve Bank of India's directive in May 2022, urging all banks to provide Interoperable Cardless Cash Withdrawal (ICCW) options at their ATMs, and Utkarsh Small Finance Bank took the lead in fulfilling this mandate.
The ICCW service empowers bank customers who are active on UPI to conveniently withdraw cash from Utkarsh Small Finance Bank ATMs designated for UPI-ATM - ICCW transactions, all without the need for a physical debit card.
Notably, this ground-breaking service extends its convenience not only to Utkarsh Small Finance Bank customers but also to customers of other Banks who employ BHIM Utkarsh, BHIM UPI, or any other ICCW-enabled UPI application on their mobile devices. It's an exciting development that underscores our commitment to enhancing customer experiences.

RBI Imposes Monetary Penalty on SBI, Punjab & Sind Bank and Indian Bank

The Reserve Bank of India (RBI) imposed a monetary penalty on the State Bank of India (SBI), Punjab & Sind Bank, and Indian Bank owing to non-compliance with certain regulations.
As per the RBI circular, SBI was penalised with Rs. 1.30 crore due to lack of compliance with directions on 'Loans and Advances – Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures'.
Meanwhile, Indian Bank was charged with Rs. 1.62 crore for non-compliance with 'Loans and Advances – Statutory and Other Restrictions', along with 'Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016' and 'Reserve Bank of India (Interest Rate on Deposits) Directions, 2016'.
Punjab & Sind Bank paid a fine of Rs. 1 crore for failing to comply with regulations on 'The Depositor Education and Awareness Fund Scheme, 2014–Section 26A of Banking Regulation Act, 1949–Operational Guidelines'.

Sep 25, 2023

ICICI Lombard General Insurance Appoints Sanjeev Mantri as MD & CEO

ICICI Lombard General Insurance Company appointed Sanjeev Mantri as the Managing Director (MD) and Chief Executive Officer (CEO) of the company.
He will take over from Bhargav Dasgupta, who will be officiating his duties until the close of business hours on November 30, 2023.
Mantri will serve for a period of five years or his date of retirement, whichever is earlier, subject to approval from the IRDAI.
Mantri, who is a cost and chartered accountant, has over 20 years of experience and has held key leadership positions with BNP Paribas and ICICI Bank.

Asian Development Bank Appoints Bhargav Dasgupta as VP of Market Solutions

The Asian Development Bank (ADB) appointed Bhargav Dasgupta as vice-president for Market Solutions for three years. This development follows Dasgupta's resignation as Managing Director and Chief Executive Officer of ICICI Lombard General Insurance Company.
Having joined ICICI Lombard in May 2009 as Managing Director and CEO, Dasgupta served the general insurance company for over 14 years. In his resignation letter, he highlighted his role in increasing the company's revenue sixfold and net profit by 78 times over the years.
Dasgupta also spearheaded ICICI Lombard's initial public offering, making it India's first listed general insurance company.
The Asian Development Bank (ADB) is a regional development bank established on December 19, 1966, which is headquartered in the Ortigas Centre located in the city of Mandaluyong, Metro Manila, Philippines. The bank also maintains 31 field offices around the world to promote social and economic development in Asia.
The bank admits the members of the UN Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE), and non-regional developed countries. Starting with 31 members at its establishment, ADB now has 68 members.

HCLTech Expands Partnership with ANZ Banking Group with a New Deal

IT services major HCLTech extended its decade-old partnership with Australia and New Zealand Banking Group Limited (ANZ) with a new digital transformation deal for the bank's workplace operations across 33 countries.
HCLTech will provide ANZ with digital workplace services and experience management across end-user devices and applications, including laptops, mobile phones, and tablets.
One of Australia's four largest banks and the largest banking group in New Zealand and the Pacific, ANZ Banking Group provides banking and financial products and services to over 8.5 million retail and business customers. It operates in more than 30 markets globally with representation in Australia, New Zealand, Asia, the Pacific, Europe, America, and the Middle East.

Sep 24, 2023

Rupert Murdoch Steps Down as Chairman of Fox, News Corp

Australian-American business magnate and media proprietor Rupert Murdoch stepped down as the chairman of Fox Corp and News Corp, ending a more than seven-decade career during which he created a media empire spanning from Australia to the United States. He will step down as chairman of each board effective as of the upcoming Annual General Meeting of Shareholders of each company in mid-November.
His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox.

TCS and BankAxept AS Partner to Enhance Norway's Payment System

Tata Consultancy Services (TCS) entered into a partnership with BankID BankAxept AS, the provider of Norway's national payment and electronic identity systems. This alliance aims to establish and manage an operations command centre.
BankAxept, the dominant national payment system in Norway, facilitates 80 per cent of card payments in the country. Meanwhile, BankID serves as Norway's primary eID verification solution, relied upon by over 90 per cent of the population, as well as banks, public institutions, and commercial enterprises. New regulations mandate BankID to deliver users a compliant, trustworthy, and secure electronic identity solution, complemented by round-the-clock support.
As per the agreement, TCS will construct and oversee a 24x7 operations command centre in Oslo, Norway, catering to all BankID BankAxept AS users and clients. This facility will ensure responses to any service disruptions, security concerns, or client requests pertaining to Norway's crucial national payments and electronic identity verification systems.

RBI Proposes Lenders Identify 'Wilful Defaulters' Within Six Months

The Reserve Bank of India proposed that lenders should label defaulting borrowers as wilful defaulters within six months of an account turning non-performing.
The central bank identifies wilful defaulters as those who have the ability to pay a bank's dues but do not or divert bank funds. The RBI did not earlier have a specific timeline within which such borrowers had to be identified.
The regulator proposed that non-banking finance companies (NBFCs) should also be allowed to tag accounts using the same parameters.

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