General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jan 05, 2023

India Accelerator, ICICI Bank and Infosys Finacle Join Hands

India Accelerator, a seed-stage accelerator program, announced the launch of the i3 Launchpad, a program created to nurture and co-innovate with the start-up ecosystem in India. This has been developed in collaboration with ICICI Bank and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned product subsidiary of Infosys. The objective of the i3 Launchpad is to support a community of entrepreneurs who are on a mission to create brands that can have a global impact. It is designed to help start-ups accelerate their success by leveraging mentorship, resources, and opportunities from Infosys Finacle, ICICI Bank, and India Accelerator (IA).
The program is open to start-ups across all industries and will onboard two cohorts a year, with a target of 12-18 start-ups in each cohort. Sectors in focus for the first cohort include fintech, enterprise tech & SaaS, proptech, wealthtech, sustainability & greentech, and insurtech. Founders can join a mix of remote and in-person group learning sessions. Start-ups who wish to apply can learn more at the I3 Launchpad website.

ONGC Top Profit Making Public Sector Enterprises in 2021-22

The net profit of operating public sector enterprises jumped 50.87 per cent to Rs. 2.49 lakh crore during 2021-22, with ONGC, Indian Oil Corp, Power Grid, NTPC and SAIL emerging as the top five performers. The net profit of operating central public sector enterprises (CPSEs) stood at Rs. 1.65 lakh crore in the previous fiscal. The Public Enterprises Survey 2021-22 also revealed that the net loss of loss-making CPSEs narrowed to Rs. 0.15 lakh crore in FY 2021-22 from Rs. 0.23 lakh crore in FY 2020-21, showing a decrease of 37.82 per cent. Major loss-making CPSEs include Bharat Sanchar Nigam Ltd (BSNL), Mahanagar Telecom Nigam Ltd (MTNL), Air India Assets Holding Ltd, Eastern Coalfields Ltd and Alliance Air Aviation Ltd.

Bandhan Bank Launches 'Jahaan Bandhan, Wahaan Trust' Campaign

Bandhan Bank launched its 'Jahaan Bandhan, Wahaan Trust' campaign featuring cricketer Sourav Ganguly as its brand ambassador. According to the company, this is the first time that Bandhan Bank appointed a pan-India brand ambassador. The campaign was conceptualised by Leo Burnett Orchard, which was brought in as the bank's creative agency in August 2022. The marketing campaign will be visible across TV, print, out-of-home (OOH), cinema and digital media.

Indus Towers Appoints Prachur Sah as MD & CEO

Telecom infrastructure company Indus Towers appointed Prachur Sah as Managing Director and Chief Executive Officer of the company.
The position was vacant since the resignation of Bimal Dayal in July 2022.
Prior to his appointment as MD and CEO of Indus Towers, Sah led the oil and gas vertical of Vedanta, Cairn.

Jan 04, 2023

Bank of Singapore Appoints Jason Moo as New CEO

One of Asia's largest private banks, Bank of Singapore, appointed Jason Moo, formerly of wealth manager Julius Baer, as its new Chief Executive Officer from March 6, 2023.
He will succeed Bahren Shaari who retired on December 31, 2022 after 13 years with the bank.
Moo has more than 25 years of experience in private banking, wealth management and capital markets including 22 years with Goldman Sachs.
The appointment came at a time of growing competition in Asia's private banking industry as global wealth management firms battle to expand their share in a fast-growing market.

India, ADB sign $1.2 bln Loan Agreements for Infrastructure Projects in Several States

The Indian government and the Asian Development Bank (ADB) signed a loan agreement of $1.22 billion to improve the connectivity of key economic areas in several states in India.
As per the finance ministry, the agreements would cover projects for improving the power sector and highways in the north-eastern states of Tripura and Assam, metro rail connectivity in the southern city of Chennai, and improvement of key economic areas in the western state of Maharashtra.

Hong Ju Jeon New MD of LG Electronics India

South Korean electronics major LG Electronics appointed Hong Ju Jeon as the company's a new Managing Director for LG Electronics India Pvt. Ltd.
Jeon was previously in charge of the Gulf region as its subsidiary president. Additionally, he also held other senior positions at LG Electronics as Managing Director of Iraq, Jordan, Lebanon and Syria subsidiaries.
LG India's previous Managing Director Young Lak Kim was promoted to the position of executive vice president.
LG Electronics India Pvt. Ltd. (LG Electronics) is a wholly-owned subsidiary of LG Electronics, South Korea. It was established in January 1997 in India.

NTPC Begins India's First Green Hydrogen Blending Operation in PNG Network

State-owned power generator NTPC Ltd. commissioned the country's first green hydrogen blending project.
Green hydrogen blending was started in piped natural gas (PNG) network of NTPC Kawas township, Surat. The project is a joint effort of NTPC and Gujarat Gas Limited (GGL).
The foundation stone of the project was laid by Prime Minister Narendra Modi in July 2022.
The blending project will supply H2- NG (natural gas) to households in the Kawas township at Adityanagar, Surat. The green hydrogen in Kawas is produced through the electrolysis of water using power from a 1 MW floating solar project.

HDFC Bank Partners with Microsoft for Digital Transformation Journey

HDFC Bank partnered with Microsoft in the next phase of its digital transformation journey and aims to unlock business value by transforming the application portfolio, modernising the data landscape, and securing the enterprise with Microsoft Cloud.
The bank, as a part of its 'future ready' strategy, is developing in-house intellectual properties (IP) as well as partnering with several companies, including fintechs, to co-create technology IPs.
The bank will leverage Microsoft Azure to consolidate and modernise its enterprise data landscape through a Federated Data Lake to scale its information management capabilities across enterprise reporting, and advanced analytics using artificial intelligence.

Jan 03, 2023

SBI, ICICI, HDFC Bank Continue to be Systemically Important Banks

According to the Reserve Bank of India (RBI), State Bank of India (SBI) and privately owned ICICI Bank and HDFC Bank continue to be Domestic Systemically Important Banks (D-SIBs) or institutions that are too big to fail.
It is the structure followed in 2021: ICICI Bank and HDFC Bank fall under bucket 1 and SBI falls in bucket 3. The classification is based on data collected from the banks as on March 31, 2022.
Under bucket 1, banks require 0.2 per cent of additional common equity Tier 1 (CET1) capital as a percentage of risk weighted assets (RWAs). Banks under bucket 3 require 0.6 per cent of CET1 capital as a percentage of RWAs.
In 2015 and 2016, RBI had classified SBI and ICICI Bank as D-SIBs. Further, based on data collected from banks as on March 31, 2017, HDFC Bank was also classified as a D-SIB, along with SBI and ICICI Bank.

Tata Group Remains the Top Business Group

The Tata Group remained India's top business group in terms of market capitalisation (m-cap) in 2022 but Adani Group companies were among the biggest gainers on the bourses for the second consecutive year. Tata companies ended CY22 with a combined group m-cap of Rs. 21.2 trillion, down 9.4 per cent year-on-year (YoY) from Rs. 23.4 trillion at the end of December 2021.

BharatPe CEO Suhail Sameer to Step Down

Home-grown fintech start-up BharatPe said that Suhail Sameer, who has been overseeing the firm's operations since its co-founder Ashneer Grover was ousted last year, will step down from his role as Chief Executive Officer (CEO) to Strategic Advisor effective January 7, 2023.
BharatPe's current CFO Nalin Negi will be taking over the position of interim CEO amid the major rejig in leadership positions.

Jan 02, 2023

IDBI MF Inks Pact to Transfer Schemes to LIC MF

IDBI Bank-promoted IDBI Mutual Fund signed an agreement with LIC Mutual Fund to transfer its schemes to the latter. The decision was taken to comply with the Section 7B of Securities and Exchange Board of India's (SEBI) Mutual Fund Regulations.
According to these regulations, the sponsor of a mutual fund and the asset management company of the mutual fund cannot individually, collectively, directly or indirectly hold more than 10% of the shareholding or voting rights in another asset management company or trustee company. In the event of a merger or an acquisition, sponsors of fund houses have one year to comply with the norms.

Ajay Kumar Srivastava New MD and CEO of Indian Overseas Bank

Ajay Kumar Srivastava was elevated as Managing Director and CEO of Indian Overseas Bank from his posting as Executive Director.
He started his banking career as a probationary officer in 1991 with Allahabad Bank where he worked in various capacities in different parts of the country. He is an astute and hardcore banker with vast field-level experience and has the distinction of having successfully led the largest and most critical areas of Uttar Pradesh, Gujarat, and Delhi while working at a senior level in Allahabad Bank.
After the successful completion of about 27 years in Allahabad Bank he was elevated as Executive Director of IOB in October 2017. At Indian Overseas Bank as Executive Director, he had a very challenging journey. Bank was incurring losses since 2014, was in PCA since 2015 and financial parameters were in bad shape besides many other challenges.

Jan 01, 2023

Reserve Bank of India Imposes Monetary Penalty on Mynd Solutions Private Limited

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 13.9 lakh on Mynd Solutions Private Limited citing non-compliance with certain rules.
The penalty was imposed for not complying with the guidelines on trade receivables discounting system (TReDS) updated as on July 02, 2018.
It was imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act).
This action was based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers.

India-Australia FTA to Provide Relief to Indian Textile Exporters

As per the Confederation of Indian Textiles Industry, the India-Australia Economic Cooperation and Trade Agreement, which came into force on December 29, is set to provide a big relief to Indian textile exporters.
Under the pact, Australia is offering zero-duty access to India for about 96.4 per cent of exports (by value) from day one.
India's goods exports to Australia stood at USD 8.3 billion and imports from the country aggregated to USD 16.75 billion in 2021-22.

Adani Group Acquires NDTV Promoters' additional 27.26% Stake

Billionaire Gautam Adani now owns a majority stake in Prannoy and Radhika Roy-promoted news broadcasting company New Delhi Television Ltd.
Adani Enterprises, through its indirect subsidiary RRPR Holdings, acquired additional 1.76 crore shares of NDTV for around Rs. 602 crore (Rs. 342.65 apiece) from the Roys, amounting to 27.26% in the company.
The transfer of shares was done through an inter-se transfer under the Securities and Exchange Board of India Regulations, 2011, which allows share transfer at a premium to current market price, if the company is an existing promoter group.
The Adani Group owns 64.71% in NDTV after acquiring Roy's stake.

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