General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Aug 12, 2022

Kotak Mahindra Bank Launches Lifestyle-focused Corporate Salary Account

Kotak Mahindra Bank launched a lifestyle focused salary account named Kotak Creme. The bank claims that this account would offer an upgraded experience to its customers working in MNCs, retails, law firms, unicorns etc.
The account would be available to all corporates in India and will also come with a host of privileges and rewards across lifestyle, travel, healthcare, dining, skilling and learning experiences.
Each account will come with preferential banking services, including a complimentary Zen Credit Card. The account holders will be able to enjoy a lot of benefits like subscription to top lifestyle brands offering health and wellness, lifestyle, entertainment, and access to complimentary airport lounges.

Paytm Partners with Piramal Finance

To expand distribution of merchant loans to small cities and towns in India One 97 Communications (Paytm) announced a partnership with Piramal Capital & Housing Finance, herein referred as Piramal Finance, to expand distribution of merchant loans to the small cities and towns of India.
Piramal Capital & Housing Finance is a wholly-owned subsidiary of Piramal Enterprises and an established financial services company in India.
This partnership will expand Paytm's loan distribution business, supported by Piramal Finance's wide network of over 300 branches across India. It will also help drive financial inclusion by bringing access-to-credit to small businesses and retailers.

Yes Bank Team Up with IBSFINtech to Provide Digital Services

Yes Bank and IBSFINtech, a TreasuryTech Solution provider, teamed up to explore untapped opportunities emerging out of digitisation of corporate finance. This partnership would empower the corporate treasury ecosystem with a robust decision-making tool and automated workflows backed by seamless bank connectivity.
As per Yes Bank Ajay Rajan, Country Head-Transaction Banking, this partnership with IBSFINtech is a step forward towards providing next gen technology solutions across cash, liquidity, treasury, risk, trade finance and supply chain finance functions of corporations. It is focused on co-creating and delivering deeply integrated treasury solutions via IBSFINtech's platform.

Aug 11, 2022

Power Grid Corporation Appoints Pramod Kumar as CFO

Power Grid Corporation of India Limited appointed Pramod Kumar as Chief Financial Officer (CFO) of the company.
Before his appointment to the new position, Kumar served as Executive Director (Finance) of Power Grid Corporation.
Pramod Kumar is a fellow member of the Institute of Chartered Accountants of India (ICAI), having 35 years of experience in the power sector involving almost all areas of finance and accounting function i.e. finalisation of corporate accounts, formulation of capital budget, coordination with internal/statutory/government auditors, concurrence of award activities, MIS, Fund Management etc.

Axis Bank Launches One-stop Cash Management Solution to Automate Receivables

Axis Bank is the first Indian bank to introduce the Axis Receivables Suite (ARS), a cutting-edge cash management solution that simplifies Receivables reconciliation, increases cash flow, improves customer experience, and reduces the cost of doing business.
ARS is an end-to-end proposition, along with a mobile app to automate reconciliation of receivables against sales invoices raised by clients. Using ARS, Axis Bank clients can customize and automate fully what has traditionally been a very time consuming, costly, manual and error-prone activity.
Clients also benefit from knowing their upcoming/pending payments, and gives them real-time control over all their receivables.

Aug 10, 2022

Finance Ministry Invites Application for Post of PFRDA Chairperson

The government started the search for a successor to Pension Fund Regulatory and Development Authority (PFRDA) chairman Supratim Bandyopadhyay whose term is ending in January 2023.
PFRDA chairperson holds office for five years or till the age of 65 years.
The chairperson is entitled to a consolidated salary of Rs. 4.50 lakh per month without facility of house and car.
Besides senior government officials, private sector employees who have worked at the level of CEO, CFO, COO or equivalent are also eligible to apply for post. The position is also open for persons from academic background.
The appointment would be made by the central government on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC).

HDFC Gets National Housing Bank Nod for Merger with Subsidiary Bank

Mortgage major HDFC received approval from the National Housing Bank (NHB) for its merger with subsidiary HDFC Bank.
The NHB also approved the merger of two wholly-owned subsidiaries -- HDFC Investments and HDFC Holdings Limited -- of the housing finance company with HDFC.
The country's largest mortgage lender by asset size had already received approval from the Reserve Bank, Sebi and the stock exchanges (NSE and BSE) for the proposed merger between HDFC and HDFC Bank.
The merger scheme remains subject to various statutory and regulatory approvals including approvals from the Competition Commission of India, the NCLT and the respective shareholders and creditors of the two companies.

Aug 09, 2022

RBI Prescribes Norms for Small Finance Banks Looking to Deal in Forex

According to the Reserve Bank, small finance banks which have completed two years of operations and have a minimum net worth of Rs. 500 crore can deal in foreign exchange.
The RBI said that this is being permitted with the objective of giving more flexibility to small finance banks (SFBs) to meet their customers' foreign exchange business requirement.
Other criteria for entering the forex business include profit in the preceding two years and net NPAs not being more than 6 per cent in the previous four quarters.

Varun Mehta Inducted into Torrent Power Board

Torrent Power announced the appointment of Varun Mehta as a director on its board. About a week back, the group's pharmaceutical arm had appointed Aman Mehta as a director on its board.
As per reports, with the new generation slowly taking charge, the Group plans to diversify into various sectors.
Varun has worked across different business segments of the company — renewables, thermal generation and distribution.
Varun started his career in the renewables business, where he formulated the entry strategy of the Group into the sector. He even set up the initial set of renewable energy projects, and eventually moved on to the thermal generation business. Here he spearheaded the strategic initiative of importing LNG directly from overseas, and Torrent Power was the first Indian power company to do so.

Aug 08, 2022

Max-life Launches 3 in 1 Protection Plan

Max Life Insurance Company Ltd launched Max Life Smart Secure Easy Solution, a three-in-one protection solution offering benefits of life, critical illness and disability and accidental cover.
Aimed primarily towards self-employed individuals, the solution is available for multiple customer cohorts, including salaried and other professionals to comprehensively guard against life's uncertainties.
The solution is a combination of Max Life's Smart Secure Plus Plan that aims at providing financial protection in case of any uncertainties in life with an accidental cover option and Max Life Critical Illness and Disability Health Rider, which offers an added layer of financial protection in case of critical illnesses, total and permanent disability and provides extra coverage against death due to accident.

SEBI Constitutes Committee to Attract Foreign Investment; Former Chief Economic Advisor K. V. Sub...

The Securities and Exchange Board of India (SEBI) constituted an expert group of Foreign Portfolio Investors (FPIs) to boost overseas flows into the country. The FPI Advisory Committee (FAC) is chaired by former Chief Economic Adviser K. V. Subramanian and consists of 14 other members representing foreign banks, stock exchanges depositories and RBI.
The FAC was tasked with advising on issues related to investments and operations of FPIs in the financial markets, including measures to facilitate ease of doing business by FPIs in India. The committee will review investment avenues available for FPIs and to advise on the feasibility of new investment avenues. It will also suggest measures required to encourage FPI participation in the bond market.

RBI Hikes Repo Rate by 50 bps to 5.40%

The Reserve Bank of India's Monetary Policy Committee (MPC) announced a 50 basis point hike in the repo rate to 5.40 per cent, citing continued upside risks to inflation.
The Standing Deposit Facility (SDF) rate is now at 5.15 per cent, while the Marginal Standing Facility (MSF) Rate stands at 5.65 per cent. The SDF represents the lower band of the interest rate corridor and the MSF the higher.
The latest rate action takes the total tally of rate hikes since May to 140 basis points. Accounting for the introduction of the SDF at a higher rate than the reverse repo rate in April, effective rate hikes stand at 180 bps so far in 2022.

Indian Bank Inks MoU with SRM University in Andhra

Indian Bank collaborated with Hatchlab Research Centre, TBI of SRM University-AP to launch 'IND Spring Board', an initiative for financing start-ups and MSMEs. The bank will extend loans of up to Rs. 50 crore to start-ups incubated at SRM Hatchlab for their working capital requirements or purchase of machinery and equipment. This collaboration is one of its kind in the state of Andhra Pradesh.

Unity SFB Appoints Inderjit Camotra as MD & CEO

Unity Small Finance Bank Limited (Unity Bank) announced the appointment of Inderjit Camotra as the managing director and chief executive officer. A senior banker with over 25 years of experience across India, Camotra held various leadership positions at Standard Chartered Bank, ANZ and Citibank.
Unity Small Finance Bank is a new age, digital first bank which was recently elevated to a 'Scheduled Bank' and was included in the Second Schedule of the RBI Act. The bank is promoted by Centrum Financial Services Ltd and Resilient Innovations Pvt Ltd as a joint investor. The bank commenced its operation in November 2021.

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