General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Sep 08, 2023

SBI Card Unveils Additional Features on its Super-premium Card 'AURUM'

SBI Card, India's largest credit card issuer, launched new features of its super-premium card 'AURUM', targeted at the premium section of society, such as high-net-worth individuals. With the enhancements, AURUM cardholders will be able to avail benefits worth up to Rs. 2 lakh annually, based on their spending. The card offers unlimited international lounge access to cardholders, as well as four international lounge visits for accompanying guests. In addition, the card also offers a one-year Club Marriott membership as a welcome gift.
AURUM has been tailored to meet the discerning taste and lifestyle of the globetrotting and high-flying executives who pursue excellence in every aspect of their life. It has become one of the most coveted cards in the super-premium segment.

India Launches 'Hello UPI' and 'Bharat BillPay Connect' for Conversational Payments

In a significant move aimed at enhancing convenience and accessibility for users, the National Payments Corporation of India (NPCI) unveiled two conversational payments initiatives during the Global Fintech Fest. These initiatives, 'Hello UPI' and 'Bharat BillPay Connect,' mark a significant step forward in facilitating seamless digital transactions through natural language conversations.
'Hello UPI' empowers users to conduct payments effortlessly through interactive conversations with their smart phones. Whether it involves splitting a restaurant bill, sending money or settling utility bills, this initiative simplifies the payment process.

Sep 07, 2023

Hitachi Payment Services Launches India's first-ever UPI-ATM with NPCI

Hitachi Payment Services, a subsidiary of Japan-based Hitachi Ltd, launched of India's first-ever UPI-ATM as a White Label ATM (WLA) named Hitachi Money Spot UPI ATM, with the National Payments Corporation of India (NPCI).
According to the company, the ATM offers cardless cash withdrawals, eliminating the need for physical cards. A UPI-ATM allows users to withdraw cash from multiple accounts using the United Payments Interface (UPI) app.
Hitachi Payment Services has been at the forefront of bringing innovative offerings in the payments domain and presently is the only White Label ATM operator to offer Cash Deposit facility. This service can be accessed at more than 3,000 ATM locations.

TCS Signs £800 Million Contract with Digital Unit of JLR

India's largest IT services company Tata Consultancy Services (TCS) signed a £800 million contract with the digital unit of Jaguar Land Rover (JLR), aiming to drive transformation, simplification, and effective management of JLR's digital assets.
This collaboration between the Tata Group companies seeks to forge a cutting-edge technology architecture, aligning with JLR's 'reimagine' strategy.
With a decade-long history of collaboration, TCS has been a trusted partner to JLR Digital, assisting the luxury automaker in optimising its growth and innovation endeavours. The new alliance, valued at 800 million pounds over the next five years, represents an expansion and deepening of this enduring relationship.

IREDA Inks MOUs with Bank of Baroda, Union Bank of India to Fund Renewable Energy Projects

Indian Renewable Energy Development Agency (IREDA) signed a Memorandum of Understanding (MOU) with the Union Bank of India and Bank of Baroda to co-finance renewable energy (RE) projects. Through the agreement, IREDA will collaborate with the banks in co-lending and loan syndication of emerging and established RE projects.
Union Bank of India said that the MOU came into effect immediately and is valid for a period of 5 years. The MOU will be extended if both parties consent. Union Bank said that the collaboration will include co-originating projects including small hydro projects and ethanol projects.

Sep 06, 2023

Pepperfry Elevates Ashish Shah as CEO

Pepperfry, the e-commerce furniture and home goods marketplace, elevated its co-founder, Ashish Shah, to the position of Chief Executive Officer (CEO). This appointment follows the untimely demise of Ambareesh Murty, Pepperfry's co-founder and former CEO.
Shah, who co-founded the company alongside Ambareesh Murty in 2012, brings with him a wealth of experience spanning two decades in the Indian e-commerce landscape.

IDFC First Bank Makes Digital Rupee App Interoperable with UPI QR Codes

IDFC First Bank announced the integration of UPI QR codes with its Central Bank Digital Currency (CBDC) app aimed to enhance the adoption of digital rupee and boost its utilisation.
Being one of the banks that are a part of RBI's CBDC initiative for retail users, this new feature will simplify payment acceptance for merchants, enabling them to seamlessly accept payments made with digital rupee.
The digital rupee is an initiative by the Reserve Bank of India launched last year. This digital form of legal tender is issued by the central bank and shares the essential attributes of physical currency, such as trustworthiness, security, and transaction finality with instantaneous settlement in the digital realm.

Coherent Corp. Picks Chennai for its Global Centre of Excellence in India

Coherent Corp, an American manufacturer of optical materials and semiconductors, signed an agreement with Guidance Tamil Nadu, a state government agency, and IIT Madras Research Park (IITMRP) to establish a global centre of excellence (CoE) in Chennai.
The CoE, the first such by the company, will be set up in the IITMRP campus in Taramani to research and develop products and services for lasers, optical networking components and systems, electric vehicle (EV) batteries, and semiconductor devices. Coherent, which is headquartered in Saxonburg, Pennsylvania, is a global leader in materials, networking, and lasers for industrial, communications, electronics, and instrumentation markets.
The company has research and development (R&D), manufacturing, sales, and distribution facilities in more than 130 locations across over 20 countries.

Bharti Airtel to Acquire 23,000 MWh of Energy for Nxtra Data Centres

Bharti Airtel announced its commitment to purchase 23,000 MWh of renewable energy by Q4 FY 23–24 to power its data centre subsidiary, Nxtra. Airtel will acquire stakes in renewable energy project companies Continuum Green India Pvt. Ltd. and Vibrant Energy Holdings Pte. Ltd. to facilitate this endeavour.
This initiative is aligned with Airtel's goal to reduce its carbon footprint and promote sustainability. Through an open access route, Airtel will acquire stakes in Continuum Green's project company, which will supply green power from solar and wind projects to six Nxtra Edge data centres located in Madhya Pradesh.

Mukesh Ambani, Gautam Adani Top the Fortune India Rich List for 2023

Mukesh Ambani, the patriarch of Reliance Industries (RIL), and Gautam Adani, the chairman of Adani Group of companies, secured the top positions on the Fortune India Rich List, created in partnership with Waterfield Advisors, with respective wealth of $99.7 billion and $63.71 billion.
With a wealth of $34.6 billion, the Mistry family of Shapoorji Pallonji Group held the third position on the list, while the Poonawalla family, owners of vaccine maker Serum Institute, with a wealth of $32.9 billion, stood fourth. Stockbroker and founder of D-Mart-branded grocery stores, Radhakishan Damani, claimed the fifth spot on the India Rich List with a wealth of $23.4 billion.
The Who's Who of India Inc, including the Shiv Nadar family, Azim Premji, Godrej, Bajaj, and Kumar Mangalam Birla, have made it to the top 10 rich list.

SBICAP Securities Appoints Suresh Shukla as Chief Business Officer

SBICAP Securities announced the appointment of Suresh Shukla as its Chief Business Officer, strengthening its top management team. In his new role, Shukla will be at the helm of driving the company's business operations and play a strategic role in spearheading the next level of growth.
With more than 2.5 decades of rich industry experience, Shukla brings an understanding of equity markets, sales and revenue, digital transformation, business strategy, and customer experience. Before joining SBI Securities, he held key leadership positions at Kotak Securities Ltd, where he played a pivotal role in initiating and scaling up businesses, contributing significantly to Kotak Securities' business growth.

Sep 05, 2023

Bajaj Auto's Subsidiary Receives RBI Approval for NBFC Operations

Bajaj Auto's subsidiary, Bajaj Auto Consumer Finance, received the Certificate of Registration from the Reserve Bank of India (RBI) to start the business of the non-banking finance company (NBFC), the company informed.
Bajaj Auto had, in October 2021, announced setting up of a wholly-owned captive finance subsidiary, Bajaj Auto Consumer Finance, to offer financing solutions for vehicles manufactured or endorsed by Bajaj Auto and associate entities.

State Bank of India Announces Introduction of UPI Interoperability on CBDC

The State Bank of India (SBI) implemented UPI interoperability in its digital rupee, called Central Bank Digital Currency (CBDC).
With this move, the bank aims to deliver unprecedented convenience and accessibility to its customers.
This cutting-edge feature, accessible through the 'eRupee by SBI' application will empower SBI CBDC users to effortlessly scan any merchant UPI QR code for swift and secure transactions.
SBI was among the first few banks to participate in the RBI's retail digital e-rupee project in December 2022.
The seamless integration of CBDC with UPI marks a significant leap for the bank, enhancing the acceptance and utilization of digital currencies in everyday transactions.

Indian Bank Partners with OneCard to Launch Mobile-first Co-branded Credit Cards

Indian Bank, a public sector bank in India, announced its partnership with OneCard, aimed at introducing state-of-the-art, mobile-first, contactless, metal co-branded credit cards. This partnership will empower users with full digital control over their credit card interactions — ranging from real-time transactions tracking, spends management, EMI conversion, reward redemption, repayments, monthly budget planning to credit limit adjustments and seamless payments, all in-app.
For the unversed, OneCard is a mobile-first metal credit card launched and managed by FPL Technologies in partnership with issuer banks. FPL Technologies was founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, who come from banking backgrounds with deep expertise in payments, credit and building and scaling digital businesses. FPL is on a mission to re-imagine credit and payments from first principles.

NASSCOM Appoints Cognizant Chairman, MD Rajesh Nambiar as New Chairperson

Technology industry body National Association of Software and Services Companies (NASSCOM) announced the appointment of Rajesh Nambiar, Chairman and Managing Director, Cognizant India, as its chairperson.
NASSCOM is the premier trade body and chamber of commerce of the tech industry in India and consists of over 3,000 member companies.
Nambiar has previously served as the vice-chairperson of NASSCOM and will succeed Anant Maheshwari, former president of Microsoft India as its new chairperson.
Founded in 1988, NASSCOM operates as a non-profit organisation and serves as a key entity within the Indian technology sector.
It has its headquarters in Noida, Uttar Pradesh, India and New Delhi, Delhi, India.

CCI Approves Vistara-Air India Merger

The Competition Commission of India (CCI) gave the green light to the merger of Tata SIA Airlines, which operates under the Vistara brand, with Air India, a subsidiary of Tata Sons Pvt. Ltd. This landmark merger also involves Singapore Airlines (SIA) and entails the acquisition of shares in the merged entity, Air India, subject to certain voluntary commitments. TSAL (Tata SIA Airlines Limited) is a joint venture between the Tata Group and the Singapore Airlines with the former holding 51% and the latter 49%.
With the CCI's approval, the merger between Tata SIA Airlines (Vistara) and Air India is set to redefine the Indian aviation industry. This strategic alliance between two renowned giants in the business, Tata Group and Singapore Airlines, promises to reshape the aviation landscape, offering passengers enhanced services, expanded routes, and improved travel experiences.

Sep 04, 2023

Uday Kotak Steps Down as MD & CEO of Kotak Mahindra Bank

Uday Kotak has resigned from the position of Managing Director (MD) & Chief Executive Officer (CEO) of Kotak Mahindra Bank effective September 1, 2023, the bank said.
Uday Kotak has now become a non-executive director of the bank.
In the interim, Dipak Gupta, the joint Managing Director, will carry out the duties of the MD & CEO until December 31, 2023, subject to the approval of the Reserve Bank of India (RBI) and the members of the Bank.
Uday Kotak is the founder and promoter of the bank and has been the MD & CEO of Kotak Mahindra Bank Limited (earlier known as Kotak Mahindra Finance Limited) since August 1, 2002.

Biocon Acquires Eywa Pharma's US-based Manufacturing Facility

Biopharma company Biocon's wholly owned subsidiary, Biocon Generics, acquired the oral solid dosage manufacturing facility of US-based Eywa Pharma Inc located in Cranbury, New Jersey for $7.7 million (Rs. 63 crore). The acquisition is effective September 1.
The company stated that this facility in the US could further expand its capacity up to two billion tablets or capsules per year.
As part of the acquisition, the factory's workforce will transition to Biocon Generics Inc.
This latest acquisition comes on the heels of Biocon's expansion venture, as in 2022, its subsidiary, Biocon Biologics, successfully completed the acquisition of the global biosimilars business of its partner, Viatris Inc., in a deal worth $3.33 billion.

Zomato Launches AI Chatbot for Seamless Food Ordering

Food delivery and restaurant aggregation platform Zomato introduced 'Foodie Buddy,' also known as Zomato AI, a personalised artificial intelligence (AI) based chatbot.
As per the company, the chatbot has been designed to assist customers in making their dining choices.
This feature will be accessible exclusively to Zomato Gold members and will be launched in a phased manner.
The platform revealed that Zomato AI operates on a multiple-agent framework, endowing it with a diverse range of prompts for various tasks, essentially granting it multiple capabilities to cater to customer needs around the clock.

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