General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jun 27, 2023

DBS Bank India Appoints Rajat Verma as MD, Head of Institutional Banking

DBS Bank India appointed Rajat Verma as Managing Director and head of institutional banking in India. The previous head of institutional banking Niraj Mittal moved to a new role as country head of DBS Bank in Australia.
Prior to this appointment, Verma was with HSBC India where he was Managing Director and country head of commercial banking in India. Verma brings a wealth of knowledge and deep industry expertise to DBS. He holds an MBA from the Indian Institute of Management, Lucknow, and a Bachelor of Electrical Engineering from the Delhi College of Engineering.
DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, which 'DBS' was derived from, before the present abbreviated name was adopted on July 21, 2003 to reflect its role as a global bank.
Established on July 16, 1968 by the government to take over the industrial financing activities from the Economic Development Board, the bank's main purpose was to provide loans and financial aid to the manufacturing and processing industries and to help establish and upgrade existing industries in Singapore.

TCS Enters Strategic Partnership with Standard Life International DAC

Tata Consultancy Services (TCS) entered into a strategic partnership with Standard Life International DAC (SLIDAC), a wholly-owned subsidiary of the Phoenix Group, to transform its operating model and enhance the customer experience for its policyholders in Europe, using the TCS Digital Platform for Life and Pensions.
TCS has had a long-standing partnership with the Phoenix Group in the UK, where its UK subsidiary Diligenta has digitally transformed the operating model and administers more than 10 million policies for the latter. The two organizations are keen to replicate this successful model, extending the same enhanced digital experience to policyholders in Germany and Austria and, after that, in other European markets.
With this partnership, TCS will set up a customer operations centre in Germany and a future-ready life and pensions digital platform for Germany and Austria, with capabilities to extend into other European markets.

Cleartax Forays into Crypto Tax Segment

Online tax filing platform, Cleartax forayed into the crypto tax calculation and filing segment with its new product 'CryptoTax'. The platform has integrated with over 100 crypto exchanges, including Coinbase, CoinDCX, Binance, and WazirX, among others, to enable taxation services to the investors.
The amalgamation of various exchanges will provide users a single view of all their investments across platforms.

Infosys Wins $454-million Deal from Danske Bank

IT major Infosys bagged a digital transformation deal from Denmark-based Danske Bank estimated to be around USD 454 million for five years.
As part of the strategic collaboration with Danske Bank, Infosys will acquire Danske Bank's IT centre in Bengaluru, which employs 1400 digitally skilled professionals.
The deal, which can be extended for three more additional years, is to accelerate the Nordic-based bank's digital transformation initiatives with scale. This collaboration will help Danske Bank better its customer experiences and technology modernisation.
Infosys will accelerate the Danske Bank's digital agenda by enhancing their IT operations and capabilities through Infosys Topaz– its AI-first set of services, solutions and platforms.

Jun 26, 2023

Manipal Technologies, Indian Bank Join Hands to Offer Banking Products

Manipal Technologies Limited partnered with state-owned Indian Bank to drive financial inclusion by offering customised banking products.
The partnership aims to build a sustainable network of corporate business correspondents (CBCs) that will enhance the availability, affordability, and accessibility of financial services, particularly in underserved markets and rural areas.
As part of this association, Manipal Technologies Limited (MTL) will work closely with Indian Bank to offer tailor-made banking products in rural locations.
The initial focus will be serving more than 600 locations and gradually expanding the presence in newer regions in states such as Tamil Nadu, Chhattisgarh, Uttar Pradesh, Kerala, Maharashtra, Haryana, and Punjab.
MTL has diversified businesses across domains, including fintech, financial inclusion, doorstep banking, fraud risk management, gold loans, digital solutions, print management, cards, commercial print, and secure solutions.

Paytm Collaborates with Arunachal Pradesh to Foster Start-up Ecosystem

Paytm Payment Services Limited (PPSL) entered into a memorandum of understanding (MoU) with Arunachal Pradesh Innovation and Investment Park (APIIP) to establish a thriving start-up ecosystem for the youth in the north-eastern state. The partnership aims to nurture entrepreneurship and encourage young business ventures during their early stages of development.
As per the terms of the MoU, the Paytm Incubation Center will extend its products to early-stage startups at a discounted price. Furthermore, it will provide free credits through the Paytm Startup Toolkit, offering valuable support to young entrepreneurs as they navigate the initial phases of their business ventures. These initiatives are expected to facilitate the growth of the startup ecosystem in Arunachal Pradesh.
The MoU was formally signed at the Arunachal Pradesh Innovation and Investment Park, which serves as the state's inaugural marquee incubator. The CEO of APIIP, Tabe Haider, was present during the signing ceremony, underscoring the significance of the collaboration.

RBI Allows Remittances under LRS for Paying Fees to Foreign Institutions in IFSCs

The Reserve Bank of India (RBI) allowed remittances under liberalised remittance scheme (LRS) for payments of educational fees in foreign universities or foreign institutions in International Financial Services Centres (IFSCs).
Presently, remittances to IFSCs under liberalised remittance scheme (LRS) can be made only for making investments in securities.
Under the LRS scheme, all resident individuals, including minors, are allowed to freely remit up to $2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both. After the exhaustion of the limit, all resident individuals can approach RBI through their authorised dealer bank for consideration.

RBI Fines Three Banks

The Reserve Bank imposed a penalty of Rs. 2.5 crore on Jammu and Kashmir Bank for non-compliance with certain directions, including one related to 'time-bound implementation and strengthening of SWIFT-related operational controls'.
A penalty of Rs. 1.45 crore was also imposed on Bank of Maharashtra for non-compliance with certain directions issued by RBI on Loans and Advances Statutory and Other Restrictions' and Advisory on Man in the Middle (MiTM) Attacks in ATMs'.
RBI also imposed a penalty of Rs. 30 lakh on Axis Bank. The penal charges were levied in certain accounts for late payment of credit card dues though the customers had paid the dues by the due date, through third-party platforms.
As per RBI, the penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Jun 25, 2023

IOB Inks MoU with the Tamil Nadu State Rural Livelihood Mission

Indian Overseas Bank (IOB) signed a Memorandum of Understanding (MoU) with the Tamil Nadu State Rural Livelihood Mission (TNSRLM) to foster the growth of Self Help Groups (SHGs) in the State and provide them with vital financial support.
Under the terms of the MoU, TNSRLM will facilitate eligible SHGs for credit linkage with IOB. This strategic collaboration aims to streamline access to financial resources for SHGs, enabling them to undertake entrepreneurial activities, expand their ventures, and contribute to the economic development of the state.
The collaboration is expected to catalyse the growth of SHGs targeting Rs. 1,875 crore and increase the disbursal under DAY-NRLM (Deendayal Antyodaya Yojana-National Rural Livelihoods Mission) during this fiscal.

Egypt to Offer Exclusive Industrial Cluster to India in Suez Canal EZ

Egypt is ready to provide India with an exclusive cluster in the industrial and logistics hub, which could act as a portal for New Delhi to reach other markets more effectively, the chairman of the Suez Canal Economic Zone (SCZONE) stated.
Waleid Gamal Eldien's remarks about the SCZONE came before Prime Minister Narendra Modi's two-day official visit to Egypt.
During Egyptian President Abdel Fattah Al-Sisi's New Delhi visit in January 2023, India was offered full support to build a formidable industrial presence in the SCZONE. Egypt offers unique opportunities to Indian investors to reach out to markets such as Africa, Europe, West Asia, and Latin America.

Jun 24, 2023

Airtel Payments Bank Ties up with Care for Health Insurance

Airtel Payments Bank (APB) partnered with Care Health Insurance to offer its customers health insurance products via the Airtel Thanks app.
Customers of APB, the payments banking arm of Bharti Airtel, will have access to family health insurance products with a host of sum-insured options, ranging from Rs. 50,000 to Rs. 5 lakh. The offerings will also include coverage towards pre-existing ailments and day care treatment.
Customers can opt for the health insurance services through the Airtel Thanks app and pay using an APB account.

Mahendra Lodha New MD and CEO of PTC Indian Financial Services

PTC Indian Financial Services (PFS) appointed its Director (Finance) Mahendra Lodha as Managing Director and Chief Executive Officer after the Reserve Bank of India (RBI) asked MD & CEO Pawan Singh to go on leave.
PFS, a non-banking finance company promoted by PTC India, was granted the status of an infrastructure finance company by the RBI.
The company offers financial products to infrastructure companies in the entire energy value chain and other infrastructure industries.

Jun 23, 2023

UK's Lloyds Banking Group to set up Tech Centre in Hyderabad

British financial services major Lloyds Banking Group (LBG) is setting up a technology centre in Hyderabad as part of a larger 3 billion pound strategic investment aimed at transforming its digital offering.
Forming a part of the investment, to be made over the next three years, the Lloyds Technology Centre in the Hyderabad will hire 600 highly skilled technology, data and cyber specialists by the end of 2023. The centre, which will open later this year, reflects the commitment to enhance digital capabilities and innovation, for customers, by leveraging specialist skills and capabilities of people, technology and data in Hyderabad.
The facility in Hyderabad will contribute to technology initiatives focused on improving the Group's customer experience by building in-house technical capability. LBG operates the U.K.'s largest digital bank and has over 20 million digitally active users.

Axis Bank Launches 'One-View' Feature

Axis Bank launched the 'one-view' feature on its mobile application which enables account management across multiple bank accounts, including non-Axis accounts.
According to the bank, the feature was launched using the open banking principle leveraging the account aggregator (AA) ecosystem—an industry-first initiative.
AA or data aggregator platforms provide secure sharing of information while maintaining customer consent and data privacy.
Customers can link their non-Axis Bank accounts and get a comprehensive view of their balance, transactions and statements on a real-time basis, thus simplifying the process of managing finances and providing access to multiple bank accounts on one platform.
The feature eliminates the need for multiple mobile banking applications and also allows customers to download and e-mail transaction details from their linked accounts.

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