General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Aug 21, 2022

Wipro Bags Deal from UK Government Treasury, to Deliver Service Integration

IT company Wipro Limited bagged a multi-year contract to deliver service integration and management services to the UK government treasury.
The service will enable seamless integration of IT services across multi-functional suppliers and partners, enhancing the user experience across HMT and its arm's length bodies.
Wipro and Her Majesty's Treasury (HMT) will collaborate to enable end-to-end SIAM (Service Integration and Management) services, from strategy, design, and implementation to running business-as-usual services such as day-to-day coordination of service integration across HMT's vendors.

NHPC Ltd Inks Pact to Develop Nepal Hydropower Plant Left by China

Nepal signed a pact with an Indian company NHPC to develop a hydroelectric plant in the west of the nation years after a Chinese firm backed out.
Nepal opened its rivers, which it sees as having a combined potential to generate more than 42,000 megawatts of hydroelectric power, to foreign players to develop its economy and export electricity to narrow the trade deficit of more than $13 billion.
NHPC Ltd signed a memorandum of understanding allowing it to study details like feasibility, environmental impact, inundation of land and construction costs for two projects - West Seti (750 megawatts) and SR 6 (450 megwatts).
Both plants are to be located on the West Seti River in Nepal's least developed far western region.
China's biggest hydropower developer, Three Gorges International Corp, was previously lined up to develop the West Seti plant, but Nepal scrapped the deal in 2017 amid haggling over the terms.

RBI Cancels Licence of Deccan Urban Co-operative Bank

The RBI cancelled the licence of Deccan Urban Co-operative Bank, Karnataka, as the lender did not have adequate capital and earning prospects.
As per the data submitted by the bank, more than 99 per cent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
The RBI has requested the Commissioner for Cooperation and Registrar of Cooperative Societies, Karnataka, to issue an order for winding up the bank and appoint a liquidator for the bank.

Aug 20, 2022

Shiprocket Becomes India's 106th Unicorn, Raises $33.5 Million

Zomato-backed logistics technology platform Shiprocket became India's 106th unicorn after raising $33.5 million (about Rs. 270 crore) in a funding round co-led by Temasek and Lightrock India.
Shiprocket was valued at around $1.2 billion with the fresh round of funding.
The fresh funds will help Shiprocket extend its operating system by building newer software and intelligence products along with deepening its capability on the fulfilment and same-day delivery experience.
Launched in 2017, Shiprocket delivers packets to more than 66 million consumers annually and is growing 3 times year on year.

HDFC Bank Opens First All-women Branch in North Kerala's Kozhikode

Private sector bank major HDFC opened its first all-women branch in north Kerala region in Kozhikode.
The branch, located in Cherootty Road, the hub of traders in the district, will have 4 women bankers.
This adds to all-women branches opened by the Bank in southern India and takes forward the bank's inherent values of diversity and inclusion.
The branch was inaugurated by city Corporation Mayor Beena Philip.

Aug 19, 2022

HDFC Bank Introduces "Vigil Aunty" to Promote Secure Banking Practices

HDFC Bank launched a new campaign called "Vigil Aunty". Vigil Aunty Campaign attempts to motivate citizens all around the nation to adopt secure banking practices. This will go along with the bank's "Mooh Band Rakho" campaign, which implores consumers to keep their banking information private. A campaign to promote Vigil Aunty and persuade people to follow her on social media and/or WhatsApp will be run for four to six weeks.
The Vigil Aunty Campaign's protagonist is Anuradha (Anu) Menon. Menon, playing the role of Vigil Aunty, will be raising awareness of safe banking practises through a series of videos, reels, and chat programmes.

Centre Approves Limit of Emergency Credit Line Guarantee Scheme to 5 Lakh crore

The Union Cabinet approved the enhancement in the limit of the Emergency Credit Line Guarantee Scheme (ECLGS) by Rs. 50,000 crore to Rs. 5 lakh crore, with the additional amount being earmarked exclusively for enterprises in hospitality and related sectors. ECLGS is a continuing scheme and the additional amount of Rs. 50,000 crore would be made applicable to enterprises in hospitality and related sectors till validity of the scheme in March 31 next year.
The enhancement is expected to provide much-needed relief to enterprises in these sectors by incentivizing lending institutions to provide additional credit of up to Rs. 50,000 crore at low cost, enabling these business enterprises to meet their operational liabilities and continue their businesses.

Aug 18, 2022

Centre Appoints Rajkiran Rai as NaBFID Managing Director

The Centre and the board of National Bank for Financing Infrastructure and Development (NaBFID) appointed Rajkiran Rai G as its Managing Director (MD).
After the Financial Services Institutions Bureau (FSIB) recommended Rai's name for the top job at the government-backed development finance institution (DFI), the Reserve Bank of India (RBI) and central government agencies gave their nod for the recommended candidate. The board of NaBFID approved Rai's appointment based on clearance by the RBI, centre and the DFI's nomination and remuneration committee.

Axis Bank Inks MoU with Food Corporation of India

Axis Bank signed an MoU with Food Corporation of India (FCI) to provide 'Ultima Salary package', a best-in-class salary account with exclusive benefits & features to all its employees. With this MoU, the Bank reinstated its commitment towards offering holistic banking services to the employees of Public Sector Undertakings (PSU) sector.
This MOU is a reflection of Axis Bank's constant endeavour to address the banking requirements of different customer segments, helping them meet their financial aspirations & milestones.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

Japanese Lender MUFG Bank Commences Operations from GIFT City

Japanese lender MUFG Bank began operations from Gujarat International Finance Tec-City (GIFT City) in India.
In May 2022, MUFG had received approval from the International Financial Services Centres Authority in India and the Financial Services Agency of Japan for the opening of this branch office in Gujarat.
MUFG opened its first branch in 1953 in Mumbai and with the latest one at GIFT City, its total number of branches reached six. The other centres are New Delhi, Chennai, Bengaluru and Neemrana.

ONGC Inks Agreement with ExxonMobil for Deepwater Exploration in India

Indian oil explorer and producer Oil and Natural Gas Corp signed a Heads of Agreement (HoA) with global petroleum giant ExxonMobil Corp for deep water exploration in India's East and West coasts.
The Heads of Agreement document was signed in the Ministry of Petroleum & Natural Gas by Rajesh Kumar Srivastava, Director (Exploration), ONGC and Monte K Dobson, CEO & Lead Country Manager, ExxonMobil India in the presence of Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas.
The collaboration areas focus on the Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore.

Aug 17, 2022

India Ranks Fourth with 24 Firms in 'Forbes Asia Best Under A Billion'

Forbes Asia published its 2022 edition of the best 200 mid-sized companies in the Asia-Pacific region. These are publicly listed companies with annual revenue of below one billion dollars. This year (2022), 24 Indian firms made the list titled "Best Under A Billion", down from 26 in 2021.
This placed India in the fourth position among Asian countries, one position ahead of China which has 22 companies on the list. Taiwan has the greatest number of companies listed at 30, followed by Japan with 29 and South Korea has 27.
The list which is unranked was compiled from a long list of over 20,000 publicly traded companies in the Asia-Pacific region with annual sales of above USD10 million but less than USD1 billion.

State Bank of India Launches First Branch Dedicated to Start-ups

State Bank of India (SBI) launched its first branch dedicated to start-ups in Koramangala, Bengaluru.
Apart from providing funding and regular banking service to start-ups, SBI will also support such players through associated services such as investment banking, treasury operations, advisory and other ancillary financial services through its subsidiaries.
The branch would provide services ranging from the stage of formation of start-ups to Initial Public Offerings and Follow-on Public Offerings.

Bajaj Electricals Elevates Anuj Poddar as Managing Director, CEO

Consumer durable products maker Bajaj Electricals elevated its Executive Director Anuj Poddar to Managing Director and Chief Executive Officer (CEO).
The company separated the post of Chairman & Managing Director and its patron Shekhar Bajaj would continue as Executive Chairman of the company.

Paytm Partners with Samsung Stores to Deploy Smart PoS Devices

Digital financial services firm Paytm partnered with Samsung stores across India to facilitate smart payments as well as its loan service Paytm Postpaid through deployment of point of sale devices. The partnership would enable consumers purchasing Samsung devices — laptops, smartphones, television, smart watches etc — from any authorised store in the country to pay through Paytm payment instruments, including UPI, wallet, buy now pay later scheme, debit cards and credit cards.
Paytm through its postpaid or buy-now-pay-later service will provide credit limit of up to Rs. 60,000 per month. It will also give customers an option to avail personal loan of up to Rs. 2 lakh through financial institution partners of Paytm.

State Bank of India Launches Utsav Fixed Deposit Scheme

The largest lender in the nation, State Bank of India (SBI) introduced a unique term deposit programme called "Utsav Deposit Scheme". This fixed deposit scheme has higher interest rates and is only available for a limited time.
SBI is offering an interest rate of 6.10% per annum on fixed deposits with a tenure of 1000 days. And senior citizens will be eligible to get an additional interest rate of 0.50% over and above the regular rate.

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