General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Sep 08, 2022

Axis Bank Ties up with PayNearby

Axis Bank aims to meet its priority sector lending targets in an organic manner, and partnered with technology-based company PayNearby to boost its credit growth in the segment.
The tie-up will be used to set up current and savings accounts for both retail and individual customers in remote areas.
As per Reserve Bank of India guidelines, 40 per cent of net bank credit is to be extended to the priority sector, which includes agriculture and micro, small and medium enterprises.

Mahanagar Gas Ltd Appoints Mahesh V. Iyer as New Chairman

State-run city gas utility, Mahanagar Gas Limited (MGL), appointed Mahesh Vishwanathan Iyer as the company's new Chairman. Iyer was director (Business Development) with GAIL (India) Limited till last month. Gail is the promoter of MGL. Iyer is an electrical engineer with more than 36 years of experience in the execution of projects in the areas of gas pipelines, LNG terminals, city gas distribution projects, renewables etc, amounting to Rs. 40,000 crore.
Iyer was part of the core team of Gail for the implementation of various long-term and short-term strategies and is chairperson of Konkan LNG Limited and Central U.P. Gas Limited in addition to holding directorship in ONGC Tripura Power Company Limited.
Mahanagar Gas Limited (MGL) is an Indian natural gas distribution company, incorporated on 8 May 1995. MGL is an enterprise of GAIL (India) Limited (Maharatna Company of Government of India) and the Government of Maharashtra.

PSU Banks Set to Open about 300 Branches in Unbanked Areas by December 2022

As part of the financial inclusion drive, public sector banks would open about 300 brick-and-mortar branches in the unbanked areas of various states by December 2022. These new branches would cover all remaining unbanked villages with a population of more than 3,000. A Maximum number of 95 branches would be opened in Rajasthan followed by 54 in Madhya Pradesh. The public sector banks would open 38 branches in Gujarat, 33 in Maharashtra, 32 in Jharkhand and 31 in Uttar Pradesh.
Bank of Baroda will open 76 branches, while State Bank of India will establish 60 branches. Financial Inclusion is a national priority of the government as it is an enabler for inclusive growth.

Jubilant FoodWorks Appoints Sameer Khetarpal as CEO and Managing Director

Jubilant FoodWorks Limited appointed of Sameer Khetarpal as its new CEO and Managing Director. Shareholders also approved the appointment in the 27th Annual General Meeting of the Company. The company operates fast-food chains, Domino's Pizza and Dunkin' Donuts. Khetarpal succeeded Pratik Pota.
In a career spanning 25 years, Khetarpal has worked in e-commerce and management consulting. Before joining Jubilant FoodWorks, Khetarpal had worked at Amazon for 6.5 years. At the e-commerce firm, he had conceptualised, launched and scaled several businesses like Amazon Fresh, Amazon Food and Amazon Pharmacy. Prior to this, he had served as a partner at McKinsey and Company and served clients on topics related to business building and transformation and also built data driven service lines used by several Fortune 500 companies. He has also worked with GE Capital and Hindustan Unilever.

Sep 07, 2022

IndiGo's New CEO Pieter Elbers Takes Over

Pieter Elbers took over as the new Chief Executive Officer (CEO) of IndiGo.
Elbers, who spent three decades at KLM Royal Dutch Airlines, replaced Ronojoy Dutta at the top post.
At present, IndiGo commands over half of the domestic market share. With 276 aircraft and over 1,500 daily flights, it is also among the largest airlines in the world.
Elbers started his aviation career as an aircraft loading manager at KLM in 1992 and went on to become its CEO in 2014. He is credited with turning KLM into a financially healthy and innovative airline. In June, at his farewell, the Dutch king accorded him the title of 'Commander in the Order of Orange-Nassau' for his "binding capacity and decisiveness".

28th Edition of Status Report on India's External Debt 2021-22

The External Debt Management Unit (EDMU) in the Department of economic Affairs, Ministry of Finance, released 28th edition of the Status Report on India's External Debt 2021-22. India's external debt, at US$ 620.7 billion as at end-March 2022, grew by 8.2 per cent over US$ 573.7 billon as at end-March 2021. While 53.2 per cent of it was denominated in US dollar, Indian rupee denominated debt, estimated at 31.2 per cent, was the second largest. External debt as a ratio to GDP fell marginally to 19.9 per cent as at end-March 2022 from 21.2 per cent a year ago. Foreign currency reserves as a ratio to external debt stood slightly lower at 97.8 per cent as at end-March 2022 than 100.6 per cent a year ago.
The long-term debt estimated at US$ 499.1 billion, constituted the largest chunk of 80.4 per cent, while the short-term debt, at US$ 121.7 billion, accounted for 19.6 per cent of the total.

IDBI Bank Re-appoints S. Jebaraj as Deputy MD

IDBI Bank's board of directors approved re-appointing Samuel Joseph Jebaraj as deputy managing director for three years with effect from September 20.
Jebaraj handles verticals for large and mid-sized corporates, trade finance and NPA (non-performing assets) management and he has been a member of internal committees for more than a decade, said IDBI Bank.
The government holds 45.48 per cent in the bank, and Life Insurance Corp of India, which is currently the promoter of the bank, owns a 49.24 per cent stake.

HAL-L&T Consortium Bags Rs. 860 crore Contract for PSLV

A space consortium formed by Hindustan Aeronautics (HAL) and Larsen & Toubro (L&T) was awarded a Rs. 860-crore contract for the next five Polar Satellite Launch Vehicles (PSLVs), pointing to the healthy growth and consolidation of the domestic space and satellite launch industry.
The HAL-L&T consortium bagged a Rs. 860-crore contract for end-to-end realisation of five PSLVs over a period of four years from NewsSpace India (NSIL)".

India's Urban Unemployment Rate Improves across Genders

India's urban unemployment rate improved remarkably in the April-June quarter, revealed the National Statistical Office.
It dipped to 7.6 per cent during the April-June quarter from 12.6 per cent during the corresponding quarter a year ago. It is a clear indication that the country's economy is coming out the grip of Covid-induced slowdown.
India's urban unemployment rate improved across genders and age groups to its best-ever level in the quarter ending June 2022.
The 15th Periodic Labour Force Survey (PLFS) showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 9.5 per cent in April-June, 2022 from 14.3 per cent a year ago. It was 10.1 per cent in January-March, 2022.
Among males, the unemployment rate in urban areas dipped to 7.1 per cent in April-June 2022 compared to 12.2 per cent a year ago. It was 7.7 per cent in January-March 2022.

Sep 06, 2022

Tata Motors Rolls Out India's First CNG-powered Truck in M&HCV Segment

Tata Motors launched the country's first CNG truck in the medium and heavy commercial (M&HCV) vehicle segment in the 28- and 19-tonne nodes.
Most truck makers, including Tata Motors, currently offer CNG only in the small and light commercial vehicle segments. The company also launched a fleet of seven trucks in the intermediary and light commercial vehicle (I&LCV) segment, meant for varied applications.
With the launch of the new advanced trucks that boast a host of features, including the new-age Advanced Driver Assistance System (ADAS), Tata Motors is hoping to create strong differentiation and recoup some market share it has had lost.

Blue Energy Motors Opens India's First LNG Truck Plant

Blue Energy Motors launched India's first Liquified Natural Gas (LNG) fuelled green truck manufacturing plant at Chakan, Pune. The facility was inaugurated by Nitin Gadkari, Union Minister of Road Transport and Highways.
The facility reflects Blue Energy Motors's focus to disrupt the trucking industry in India by manufacturing clean energy, near-zero emissions trucks. Blue Energy Motors' trucks will be LNG-fueled, long-haul, heavy-duty trucks.
Blue Energy Motors has already signed an agreement with FPT Industrial, the global powertrain brand of Iveco Group (MI: IVG) headquartered in Italy, to introduce the first LNG trucks powered by FPT Industrial engines which are BSVI compliant.

Binesh Kumar Tyagi Takes over as CMD Shipping Corporation of India

Binesh Kumar Tyagi took over as Chairman and Managing Director (CMD) of Shipping Corporation of India.
Tyagi was heading the Liner and Passenger Services Division as Director (L&PS) since January 7, 2021 in the company.
Tyagi joined SCI in 1990 as Trainee Nautical Officer (TNOC). He served onboard various ships, in different ranks, including as Master.
In 2004, he was absorbed ashore, wherein he served at various management level positions and performed technical, vetting, chartering, training, marine HR, liner, passenger, inland waterways, offshore, among others.

HDFC Bank, Precision Bio to Test Applications under RBI's Sandbox Scheme

HDFC Bank and Precision Biometric India were selected by the Reserve Bank for testing their 'on tap' retail payments applications under the regulatory sandbox scheme.
Regulatory sandbox (RS) refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain relaxations for the limited purpose of the testing.
The regulatory sandbox allows the regulator, innovators, financial service providers and customers to conduct field tests to collect evidence on the benefits and risks of new products and systems.

Krishnan Sankarasubramaniam Takes over as Tamilnad Mercantile Bank MD & CEO

Tamilnad Mercantile Bank Ltd said that veteran banker Krishnan Sankarasubramaniam took over as its Managing Director and Chief Executive Officer with immediate effect.
Sankarasubramaniam succeeded K. V. Rama Moorthy and his term would be for a period of three years, which was approved by the Reserve Bank of India.
Prior to taking up the new role, Sankarasubramaniam was serving Punjab and Sind Bank as its Managing Director and CEO.

Sep 05, 2022

Karnataka Launches the VentuRISE Global Start-up Challenge

The Government of Karnataka launched – the Global Start-up Challenge – "VentuRISE" to recognise, reward, and support growth stage start-ups in manufacturing and sustainability-related sectors.
"VentuRISE" – is a part of the flagship event Global Investors Meet – "Invest Karnataka 2022″ from 2nd – 4th November 2022 at the Bangalore Palace. The Global Challenge will provide budding entrepreneurs across the globe with a platform to showcase their innovative products/solutions and connect with potential investors.
A cash prize of USD 100,000 is earmarked for the winners. The winners get access to customers, exclusive pitch sessions at Invest Karnataka & curated One on One investor meetings, and mentoring sessions. Marquee PEs, VCs, and Angel Investors are expected to participate.

IndusInd Bank, ADB Partner to Support Supply Chain Financing

IndusInd Bank announced a strategic partnership with Asian Development Bank (ADB) to support and promoter Supply Chain Finance (SCF) solutions in India. The Bank entered into a partial guarantee programme with ADB with an initial outlay of USD 70 million (Rs. 560 crore), exclusively towards promoting SCF solutions in India.
IndusInd Bank aims to grow its presence in MSME financing and this partnership will further strengthen various initiatives of the Bank in this domain.
With SCF being a focus area, the Bank has initiated a host of strategic efforts including the launch of new product structures for SCF. In addition to this, the Bank recently launched a state-of-the-art digital portal for SCF -'earlyCredit' enabling 24*7 seamless processing of SCF transactions for corporates, suppliers & dealers.

RBI Takes Up Project to Digitise Farm Loan Delivery under Kisan Credit Card (KCC) Scheme

The Reserve Bank of India (RBI) would take up a pilot project for end-to-end digitization of Kisan Credit Card (KCC) lending, developed by the central bank and its subsidiary Reserve Bank Innovation Hub (RBIH), aiming to accelerate loan turnaround times
Commencing in September, the project would entail automation of various processes within banks and integration of their systems with the service providers. The proposed digitization aims to make it more efficient and reduce costs for borrowers.
This pilot project on digitization of KCC lending is expected to play a pivotal role in facilitating credit flow to the unserved and underserved rural population by making the credit process faster and more efficient.
The Kisan Credit Card (KCC) scheme was introduced in 1998 to issue such cards to farmers based on their land holdings for uniform adoption by the banks.

India Overtakes the UK as World's Fifth-largest Economy

India became the world's fifth-largest economy after it overtook the United Kingdom in end-March 2022, according to the latest calculations by Bloomberg. While this was anticipated for a while, Bloomberg reached this conclusion by using the IMF database and historic exchange rates.
The news came close on the heels of Prime Minister Narendra Modi urging countrymen to resolve to become a "developed" country by 2047 — the centenary of India's Independence. As such, moving past one of the biggest economies in the world, especially one that ruled over the Indian sub-continent for two centuries, is a major milestone.

Bank of Baroda's Arm Launches Snapdeal BoB JCB RuPay Credit Card

BOB Financial Solutions Ltd (BFSL), the wholly-owned subsidiary of Bank of Baroda (BoB), and Snapdeal in partnership with National Payments Corporation of India (NPCI) and Japan's JCB International Co. Ltd. have launched the "Snapdeal BoB JCB RuPay Credit Card".
Users of the co-branded contactless credit card will receive up to 5 per cent unlimited cashback (accrued as 20 reward points on every Rs. 100 spent) on the Snapdeal app and website.

Sep 04, 2022

Mike Frank Elevated as CEO of UPL Ltd, to be a Member of Board of Directors

Agriculture solutions provider UPL Corporation elevated Mike Frank as the Chief Executive Officer (CEO) of UPL Ltd.
Frank would also be a member of the UPL Crop Protection Board of Directors.
UPL's Global Crop Protection (CP) business manages all CP assets outside of India.
Frank joined UPL Ltd in early 2022 as president and Chief operating officer of UPL's Crop Protection business based out of its London headquarters.

Yamuna Kumar Chaubey Takes over as NHPC CMD

State-owned hydro power giant NHPC said that its Director (Technical) Yamuna Kumar Chaubey was given the charge of Chairman and Managing Director for three months beginning September 1.
Abhay Kumar Singh ceased to be the Chairman and Managing Director (CMD) of the company with effect from August 31, 2022, upon attaining the age of superannuation.
Chaubey is a graduate in Civil Engineering from IIT, Kharagpur. He joined NHPC Limited in 1985 as a Probationary Executive (Civil) at 540 MW Chamera Hydro-Electric Project, now Chamera-I Power Station, Himachal Pradesh.

Department for Promotion of Industry and Internal Trade Develops User-interactive Dashboard for I...

The Department for Promotion of Industry and Internal Trade (DPIIT) developed a user-interactive dashboard for industry associations and trade bodies. This new digital initiative would allow authorised user associations to lodge issues and suggestions for the Government so that their issues related to various departments can be resolved in a transparent manner.
The initiative is expected to help in the identification of procedural issues that lead to lower efficiency in logistics and higher logistics costs. The dashboard is expected to be launched for all authorised associations soon.

RBI Unlikely to Accept NBFCs' Requests for Bad-loan Exemptions

India's central bank is unlikely to give "shadow banks" exemptions from stricter bad-loan rules coming into force, essentially ending an advantage the non-bank financial firms have had over standard banks.
Non-banking financial companies (NBFCs) have asked the Reserve Bank of India to exempt smaller loans from the rules taking effect next month that are in line with those covering banks.
India had 10,000 shadow banks as of March 2021, the latest RBI data available, with assets of Rs. 54 trillion ($680 billion) or about one-fourth that of the banking sector.
Under the new norms, shadow banks will have to recognise bad loans on a daily basis, rather than monthly, as some now do. Non-performing loans can only be upgraded to performing after borrowers have paid all arrears.

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