General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Aug 10, 2023

SBI Life appointed Amit Jhingran as MD & CEO

The Insurance Regulatory and Development Authority of India (IRDAI) has given its official approval and appointed Amit Jhingran as the managing director & CEO of SBI Life Insurance Company in Aug 2023
He had a successful career with the State Bank of India spanning over 30 years.
Currently, he serves as the chief general manager of the Hyderabad Circle.
He started as a probationary officer in August 1991 and has held various positions in international banking.

Indian Oil Chairman SM Vaidya gets rare tenure extension of 1 year

The government has given a one-year post-retirement extension to Indian Oil Corporation (IOC) chairman Shrikant Madhav Vaidya — a rare event for anyone on board of a state-owned company. "The Appointments Committee of the Cabinet (ACC) approved the proposal of the Ministry of Petroleum and Natural Gas for re-employment on a contract basis of Shri Shrikant Madhav Vaidya, Chairman, Indian Oil Corporation Limited (IOCL) for a period of one year beyond the date of his superannuation ie with effect from September 1, 2023, till August 31, 2024, or till the appointment of a regular incumbent to the post, or until further orders, whichever is the earliest," an official order dated August 4 said. Vaidya, who took over as chairman of IOC on July 1, 2020, turned 60 on Monday and as per the rules was to superannuate from service at the end of the month. But now, he will continue for one more year as the head of India's largest oil company.

Bajaj Finance partners with new partner ICICI Lombard General Insurance to offer motor insurance...

Bajaj Finance has partnered with ICICI Lombard General Insurance along with other partners to provide car and two-wheeler insurance plans on the platform Bajaj Finance Insurance Mall.
These policies can be bought instantly on the platform through an all-digital and seamless customer experience journey.
The ICICI Lombard Car and Two-wheeler Insurance policies offer comprehensive damage coverage, including third-party cover and various add-on benefits to vehicle owners.
These policies provide extensive coverage against various risks and damages to vehicles. Here are some of the key features and benefits offered by ICICI Lombard two-wheeler and car insurance policies: Offers comprehensive coverage: Get complete coverage for the insured vehicle as well as for the third party. Offers own damage cover: These policies cover damages caused to the insured vehicle by accidents, thefts, natural calamities and fire. Offers third-party cover: Get financial coverage for third-party liabilities.

WTO ranks India 18th in merchandise exports

The World Trade Organization (WTO) released its 2023 edition of the World Trade Statistical Review (WTSR), its annual flagship publication featuring key data on global trade in merchandise and commercial services.
According to the World Trade Statistical Review 2023, (WTSR 2023) the annual flagship publication of the World Trade Organization (WTO) featuring key data on global trade in merchandise and commercial services, India is ranked 18th among the Leading exporters in world merchandise trade (2022).
India is ranked 9th among the merchandise importers.
China, the United States of America(USA), and Germany are the top 3 exporters in world merchandise trade 2022.
USA, China and Germany are the top 3 importers in World Merchandise Trade 2022.

Aug 09, 2023

PayPal becomes first major fintech to launch dollar-backed stablecoin

Payments giant PayPal has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers.
While stablecoins - crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility - have been around for years now, they are yet to successfully make headway into the mainstream consumer payments ecosystem.
PayPal's announcement, which lifted its shares 2.5% in afternoon trading, reflects a show of confidence in the troubled industry that has over the last 12 months grappled with regulatory headwinds that were exacerbated by a string of high-profile collapses.
Prior attempts by major mainstream companies to launch stablecoins have met fierce opposition from financial regulators and policymakers. Meta's, then Facebook, 2019 plans to launch a stablecoin, Libra, were foiled after regulators raised fears it could upset global financial stability.A string of major economies, from Britain to the European Union, have since laid out rules to govern stablecoins. The EU's policies will come into force in June 2024.

Mumbai's NITIE to become IIM-Mumbai; first in country's financial capital

Mumbai, the country's financial capital, gets its own prestigious Indian Institute of Management as National Institute of Industrial Engineering (NITIE) will be renamed as the IIM-Mumbai, after both Houses of the Parliament passed the IIM (Amendment) Bill 2023 Tuesday.
The NITIE will be 21st IIM in the country and a second in Maharashtra, after the IIM Nagpur which was first among the six new-generation IIMs established by the Government of India in 2015.
The reputed city institute made the much-awaited announcement through a Twitter post, which states, "Both Houses of Parliament has passed IIM (Amendment) Bill 2023. The National Institute of Industrial Engineering (NITIE), Mumbai – well known for its techno-managerial strength and expertise in Supply Chain and Management, has been included in the Schedule of IIM Act."

Star Health Insurance enters into bancassurance tie-up with Standard Chartered Bank

Star Health and Allied Insurance (Star Health), a standalone health insurer, has entered into a strategic corporate alliance with Standard Chartered Bank (SCB).
Under this tie-up, SCB will offer Star Health's insurance products through their extensive branch network across India. SCB currently has 100 branches spread across 42 cities.
With this branch network, SCB will serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.
Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both the bank and the insurance company get to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from the bank's distribution network.
This strategic alliance will enhance Star Health's distribution network. As of June 30, 2023, the standalone health insurer had over 6.4 lakh agents and 38 bancassurance partners.

Aug 08, 2023

Keki Mistry New Strategic Advisor for Cyrus Poonawalla Group's Financial Services Ventures

Cyrus Poonawalla Group appointed Keki Mistry, former HDFC CEO and Vice Chairman as the strategic advisor to all the financial services ventures spearheaded by Adar Poonawalla.
Mistry served as the CEO and Vice Chairman of HDFC Ltd since 2010. Post its merger with HDFC Bank, he joined the bank as an additional and Non- Executive Director (Non-Independent) on June 30, 2023. He is also the Non-Executive Chairman of HDFC Ergo General Insurance Company Limited.
The Cyrus Poonawalla Group, based in Pune, has businesses across pharmaceuticals, biotechnology, finance, clean energy, hospitality realty and aviation.
Cyrus Poonawalla founded the Serum Institute of India in 1966, now led by Adar Poonawalla as India's top biotech firm and the world's largest vaccine manufacturer.

Qualcomm India Appoints Savi Soin as President

Qualcomm appointed Savi Soin as the senior vice president, and president of its India business.
Soin will lead the company and execute its strategy in the country by developing relationships with industry partners and the government across the mobile, automotive, semiconductor, industrial, IoT, and communication infrastructure sectors.
He has been with Qualcomm for over 20 years and was previously the head of strategy and business development at Qualcomm Technologies' semiconductor division.
Soin succeeded Rajen Vagadia who was Qualcomm India's president for the last five years. Vagadia will take up a new role as a vice president to lead global distribution and global carrier strategy in Qualcomm's San Diego headquarters.

Aug 07, 2023

Microsoft has Appointed Puneet Chandok as the New Corporate Vice President

Microsoft has appointed Puneet Chandok as the new Corporate Vice President of Microsoft India and South Asia, effective from September 1, 2023.
He will take over operational responsibilities from Anant Maheshwari and will lead the integration of Microsoft's businesses across South Asia, including countries like Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka. Puneet aims to strengthen Microsoft's presence in the region and focus on key industries through a customer-centric approach, with generative AI as a core technology.
This appointment comes during a period of significant market expansion for Microsoft, especially in cloud technology and digital innovation.
With a massive partner ecosystem globally, including a substantial network in India generating high cloud revenue, and investments in local infrastructure, such as a new data center in Hyderabad, Microsoft's growth aligns with India's emergence as a global innovation hub. The company is dedicated to serving the market with transformative digital technology to contribute to India's economic progress and inclusive growth agenda.

Jio Ties up $2.2 billion Funding from Swedish Export Credit Agency.

According to the telco's website, its 5G services are available in 6,258 neighbourhoods currently. "To fulfil its ambitious pan-India 5G rollout plan, Jio has committed to an investment of Rs 2 lakh crore," RIL said.Jio Infocomm tied up $2.2 billion in funding from Swedish Export Credit Agency (EKN) in the last financial year to buy 5G equipment, the company said on Sunday.
During FY 2022-23, Reliance and its subsidiary Jio Infocomm Limited (JIL) tied up $3 billion equivalent through syndicated term loan facilities, the conglomerate said in its annual report 2022-23.
As on March 31, 2023, Jio's 5G services under Jio True 5G were available in 2300 cities and towns.

RBI fines ONGC Videsh, Indian Oil, GAIL and Oil India for Delayed Reporting of Overseas Investments.

RBI fines ONGC Videsh, Indian Oil, GAIL and Oil India for delayed reporting of overseas investments. he Reserve Bank of India (RBI) has imposed late submission fees amounting to ₹2,000 crore on four major public sector undertakings namely, ONGC Videsh Ltd, Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for failing to promptly report their overseas investments.
The delayed reporting has prompted RBI to take restrictive measures, affecting further remittances and transfers until the discrepancies are resolved.
In response to the delayed reporting, the authorized dealer banks have been directed not to facilitate any outward remittance or financial commitments by individuals residing in India towards foreign entities until the reporting issues are regularized. This regulatory measure has raised concerns among the affected companies regarding the smooth functioning of their overseas subsidiaries.

Aug 06, 2023

Adani Group's Ambuja Cements to Acquire Stake in Sanghi Industries

Gautam Adani-owned Ambuja Cements announced the acquisition of a majority stake in Sanghi Industries at an enterprise value of Rs. 5,000 crore, in a first major deal since Adani Group was rocked by allegations of financial misconduct by Hindenburg Research. Ambuja Cements, a part of Adani Cement Ltd (ACL), will buy a 56.74 per cent stake in Sanghi Industries Ltd (SIL) from its existing promoter group - Ravi Sanghi & family.
The acquisition will be fully funded through internal accruals. Besides, it would make an offer to acquire another 26% or 6.71 crore equity shares from SIL's public shareholders.
The acquisition of SIL will help ACL strengthen its market leadership and increase its cement capacity to 73.6 MTPA from the current 67.5 MTPA.

Fusion Microfinance to Enter Andhra and Telangana

Fusion Microfinance Ltd, a microfinance lender, is set to establish up to 30 branches across the southern states of Andhra Pradesh and Telangana. This move follows a High Court ruling which allayed concerns regarding dual regulatory control over microfinance institutions' (MFIs') operations.
According to Devesh Sachdev, Managing Director and Chief Executive of Fusion Microfinance, the lender plans to open 12-15 branches in each state as part of calculated network expansion efforts. In the initial phase, the company intends to move slowly, focusing on building human capital, implementing processes, and understanding the local culture, given that these states have been disconnected from microfinance activities for many years.

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