General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Sep 23, 2022

RBI directs Mahindra Finance to Stop Outsourcing its Recovery Activity through Agents

The Reserve Bank of India (RBI) directed Mahindra & Mahindra Financial Services Ltd (MMFSL) to immediately stop any recovery or repossession operations through outsourcing arrangements, till further orders.
However, RBI said the NBFC may continue with recovery or repossession activities through its own employees.
The RBI action comes after a 27-year-old pregnant woman was crushed to death under the wheels of a tractor being forcibly driven away by the recovery agent of MMFSL in Hazaribagh district of Jharkhand.

Swiggy, Zomato Make it to top 10 Global Online Food Delivery Firms

Home-grown online food delivery platforms Zomato and Swiggy made it to the list of the world's 'Top 10' e-commerce-based food delivery companies, says a new report.
According to the Canada-headquartered global research firm ETC Group, Swiggy was placed in 9th place and Zomato on 10th.
Meanwhile, China's Meituan, the UK's Deliveroo, and the US' Uber Eats, a subsidiary of Uber, captured the top 3 positions, respectively.

India's Rich Club Grows to 1,103; Zepto's Kaivalya Youngest in Hurun List

One hundred and forty nine new individuals joined the rich list club of 1,103 Indians across 122 cities who cumulatively accumulated a wealth of Rs. 100 trillion. Bengaluru -based Kaivalya Vohra, 19, of grocery delivery application Zepto is the youngest self-made and the youngest rich individual, according to IIFL Wealth Hurun India Rich List 2022.
The report found 1,103 Indians with a networth of Rs. 1,000 crore each — an increase of 62 per cent over five years. There are 221 billionaires (Rs. 100 crore networth) in India on the 2022 list — down 16 compared with last year, while 13 people born in the 1990s made it to the list, all self-made.

Sep 22, 2022

HDFC Bank Signs Multi-year Data and Technology Deal with Refinitiv

HDFC Bank signed a multi-year data and technology agreement with Refinitiv, a London Stock Exchange Group business, as the Mumbai-based lender looks to reach more customers and cut costs.
HDFC Bank, India's largest private sector lender, would get comprehensive access to Refinitiv's data and products under the agreement, enabling cost savings across several bank divisions.
HDFC Bank would also get access to Refinitiv Workspace, which provides access to tools including real-time market data, news and fundamentals data. The lender would use the Workspace to provide data analysis to its treasury customers.

Mahindra & Mahindra to Acquire Stake in Swaraj Engines from Kirloskar Industries

Mahindra & Mahindra (M&M) would acquire an additional 17.41 per cent stake in Swaraj Engines Ltd from Kirloskar Industries Ltd (KIL) for Rs. 296 crore.
The acquisition would result in increasing the company's stake in Swaraj Engines (SEL) to 52.13 per cent from 34.72 per cent.
Consequently, SEL, which is currently an associate of the company, would become a subsidiary of M&M.
Based in Mohali, Punjab, SEL is in the business of manufacturing diesel engines and its components. It was promoted in 1985 by erstwhile Punjab Tractors, which has since merged with M&M, and the then Kirloskar Oil Engines (now KIL).

RBI Governor Launches Three Key Digital Payment Initiatives at Global Fintech Fest 2022

Reserve Bank of India (RBI) Governor Shaktikanta Das launched RuPay Credit Card on UPI, UPI Lite, and Bharat BillPay Cross-Border Bill Payments to further boost digital payments in India.
With the linkage of RuPay Credit Card on UPI, customers will benefit from the increased opportunity to use their credit cards, and merchants will benefit from the increase in consumption by being part of the credit ecosystem with the acceptance of credit cards using assets like QR codes.
The launch of Bharat BillPay Cross-Border Bill Payments would make bill payments easier for people residing out of India but also maintaining a house in India. The facility would enable NRIs to pay utility, water, and telephone-related bills on behalf of their families in India. Federal Bank with UAE's Lulu Exchange would be the first to go live with Bharat BillPay Cross-Border Bill Payments.

Sep 21, 2022

CCI Approves Amalgamation of Jio Cinema OTT Platform with Viacom18 Media

Fair-trade regulator Competition Commission of India (CCI) approved the proposed merger of Jio Cinema OTT with Viacom18 Media.
In April, Reliance Industries Ltd (RIL) and Viacom18 had announced a strategic partnership with Bodhi Tree Systems, where Bodhi Tree would invest Rs. 13,500 crore in Viacom18 while Reliance Projects & Property Management Services, a wholly-owned subsidiary of RIL, would invest Rs. 1,645 crore in the broadcaster as part of the tripartite partnership, to form one of the largest TV and digital streaming firms in India.
Under the partnership, Reliance's popular Jio Cinema OTT app would be transferred to Viacom18.

RBI Removes Central Bank of India from PCA Framework after More than 5 Years

Reserve Bank of India removed the Central Bank of India from the Prompt Corrective Action (PCA) framework on complying with parameters like net non-performing assets (net NPAs) and capital ratios.
While removal paves way for normal functioning for business growth, Mumbai-based public sector lender would still be subject to certain conditions and continuous monitoring.
RBI had placed Central Bank under PCA in June 2017 due to high net NPAs and negative return on assets. Central Bank was the last of the public sector lenders to come out of PCA.

RBI Approves Appointment of R. Gandhi as Non-executive Chairman of Yes Bank

The Reserve Bank approved the appointment of its former deputy governor R. Gandhi as non-executive part time chairman of Yes Bank for three years.
The appointment followed recommendation of its board of directors to the RBI.
A seasoned central banker with 37 years of experience, Gandhi was a deputy governor of the Reserve Bank of India (RBI) for three years from 2014 to 2017.

Singapore Central Bank, India's IFSCA to Pursue Fintech Innovations

The Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) signed a FinTech Co-operation Agreement to facilitate regulatory collaboration and partnership in FinTech technology.
The agreement is expected to leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations. It will include referral of companies to each other's regulatory sandboxes and enable innovative cross-border experiments in both jurisdictions.
The agreement will also allow both the organisations to evaluate the suitability of use cases which could benefit from collaboration across multiple jurisdictions, and invite relevant jurisdictions to participate in a Global Regulatory Sandbox.

Sep 20, 2022

IBBI Amends Regulation to Boost Value of Stressed Companies Undergoing Insolvency

In a move that will provide better market-linked solutions for stressed companies, watchdog IBBI amended its regulations to allow sale of one or more assets of an entity undergoing insolvency resolution process, besides other changes.
Also, the Committee of Creditors (CoC) can now examine whether a compromise or an arrangement can be explored for a corporate debtor during the liquidation period.
The Insolvency and Bankruptcy Board of India (IBBI) amended the regulations with the objective to maximise value in resolution.

Jawahar Goel Quits as Dish TV Director

Paving the way for Yes Bank to take charge of Dish TV India board, Jawahar Lal Goel tendered his resignation from Dish TV India's board and ceased to be the Chairman of the company. The resignation comes within days of the company announcing that Goel would not seek a reappointment to the board.
Yes Bank, which holds about 25 per cent stake in Dish TV, has been pushing for a board reconstitution, including the removal of Goel, Narang and other members, citing corporate governance issues.
The Goels own only 6 per cent stake in the company and lost control over the company after banks seized the promoter's pledged shares.

RBI Introduces Compliance Function for UCBs in Tier-3 and 4 Categories

To further strengthen the corporate governance framework of urban co-operative banks (UCBs), the Reserve Bank of India (RBI) is introducing certain principles, standards and procedures for compliance function in such entities under Tier-3 & 4 categories.
The compliance function is an integral part of effective governance, along with internal control and risk management processes. UCBs under Tier-3 and Tier 4 categories shall treat the guidelines as a set of minimum guidelines only and accordingly frame their own guidelines taking into account their corporate governance framework, the scale of operations, risk profile, organisational structure and code of conduct, etc.
Essentially, the compliance function would ensure strict observance of all statutory and regulatory requirements for these banks. UCBs with deposits of more than Rs 1,000 crore fall under the Tier-3 & 4 categories.

Sep 19, 2022

India Stands Fourth in Global Crypto Adoption Index 2022

A Chainalysis 2022 Global Crypto Adoption report revealed that for the second consecutive year, Vietnam ranked first in cryptocurrency adoption with an overall index ranking of 1.000, and India stood at 4th with an index score of 0.663.
Interestingly, the report cited that overall crypto adoption has slowed down worldwide in the bear market, but remains above pre-bull market levels.

Senior IAS B.V.R. Subrahmanyam Appointed as Next CMD, ITPO

B.V.R. Subrahmanyam (lAS) was appointed as the new Chairman & Managing Director of the India Trade Promotion Organization (ITPO). He will be replacing L.C. Goyal. The Appointments Committee of the Cabinet approved the appointment of Subrahmanyam. Subrahmanyam is a 1987 batch Indian Administrative Services officer of Chhattisgarh cadre.
B.V.R. Subrahmanyam belongs to Andhra Pradesh. He also has a management degree from London Business School. Subrahmanyam worked in the PMO between 2004–2008 and March 2012–March 2015, serving under Prime Minister Manmohan Singh and Narendra Modi. In between his PMO stints he worked with the World Bank.

Federal Bank Ranks 63rd in Best Workplaces in Asia 2022

Federal Bank was ranked 63rd on the Best Workplaces in Asia 2022 and became the only bank in India to be listed by Great Place to Work, the global authority on workplace culture.
The list was based on over one million survey responses across Asia and West Asia, representing the experience of over 4.7 million employees in the region.
This recognition was based on confidential survey data assessing employee experiences of trust, innovation, company values and leadership. Companies are also evaluated on how well they are creating For All workplace experience, inclusive of all employees no matter who they are or what they do.

Govt . Permits Invoicing, Payment and Settlement of Trade in Rupee

The commerce ministry allowed invoicing, payment and settlement of exports and imports in Indian rupee, a move aimed at facilitating trade in the domestic currency.
In July, the Reserve Bank of India (RBI) had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.
To align the Foreign Trade Policy (FTP) with this decision of the RBI, the Directorate General of Foreign Trade (DGFT) added a new paragraph in the FTP.
DGFT is an arm of the ministry which deals with export and import related matters.

Adani Group Overtakes Tatas to be India's most Valued Conglomerate

Gautam Adani's group of companies overtook the ones under the Tata umbrella and became India's most valuable conglomerate.
The market value of the Ahmedabad-based group is for its nine listed firms starting with the family name Adani and also for the Ambuja Cements and ACC.
In comparison, Tata Group has 27 listed companies, of which Tata Consultancy Services (TCS) accounts for 53 per cent of the conglomerate's market capitalisation. The Mukesh Ambani group has nine listed companies.

IDFC FIRST Bank and WhatsApp Enable FASTag Recharge through 'Payments on WhatsApp'

WhatsApp users can now recharge FASTag directly through the app. IDFC FIRST Bank announced the launch of its integration with payments on WhatsApp. The service is available within IDFC FIRST's WhatsApp chatbot.

Munoth Industries Commission India's 1st lithium-ion cell Factory in Andhra Pradesh

The Minister of State for Electronics and Information Technology (MeitY), Rajeev Chandrasekhar, will inaugurate India's first lithium cell manufacturing facility at Tirupati, Andhra Pradesh.
"The inauguration of this plant will be a step in the direction for realizing Prime Minister Modi's vision of making India the global hub of electronic manufacturing," Chandrasekhar said.
The unit has been set up by Chennai-based Munoth Industries Limited with an outlay of Rs. 165 crore. It is located in one of the two electronics manufacturing clusters set up in the temple town, by Prime Minister Narendra Modi in 2015.
At present, India imports 100 percent of its lithium-ion batteries, either as cells or as battery packs, the latter being sold exactly as is, after passing a few government-mandated torture test, primarily from China, South Korea, Vietnam and Hong Kong.

SIAM Appoints Vinod Aggarwal as New President for 2022-23

Automotive industry body Society of Indian Automobile Manufacturers (SIAM), elected Vinod Aggarwal, MD & CEO, Volvo Eicher Commercial Vehicles Ltd (VECV), as its new president for the fiscal year 2022-23.
Aggarwal, who was the Vice President of SIAM succeeded Kenichi Ayukawa, Executive Vice Chairman & Whole Time Director, Maruti Suzuki India.
The members of SIAM also elected Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility as the Vice President of SIAM for FY2023.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

August GK, July GK, June GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26