General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jun 27, 2022

Tata Power Solar Commissions India's Largest Floating Solar Power Project

Tata Power Solar Systems, a wholly-owned subsidiary of Tata Power, accomplished a remarkable feat by commissioning India's largest floating solar power project in Kayamkulam, Kerala on a 350-acre water body, backwaters area, having an installed capacity of 101.6 Megawatt Peak.
This installation was completed within the stipulated period, despite the arduous challenges of variable water depths, high sea tides, and severe water salinity concerns faced throughout the project's construction duration.
This project is the first one in the Floating Solar Photovoltaic (FSPV) through Power Purchase Agreement category. This plant boasts a floating inverter platform having a 5 Megawatt (MW) capacity.

ONGC Finally Gets a Director on Hindustan Petroleum Board

After over five months, Oil and Natural Gas Corporation (ONGC) finally got a director appointed on the board of Hindustan Petroleum Corporation Ltd -- a firm it had acquired for Rs. 36,915 crore.
The Ministry of Petroleum and Natural Gas conveyed its consent for the appointment of Pankaj Kumar, Director (Offshore), ONGC as a director on the board of HPCL.

Puducherry and Punjab Have the Highest GST Revenue Shortfall

The implementation of Goods and Services Tax (GST) has been a boon for most north-eastern states, such as Arunachal Pradesh, Mizoram, Manipur, and Sikkim, with GST revenue collections higher than the guaranteed annual 14 per cent increase in states' GST revenue by the Centre.
However, states/UTs like Puducherry, Punjab, Nagaland, and Uttarakhand have the highest revenue shortfall, which is met by GST compensation cess that is coming to an end on June 30.
The good news is the revenue shortfall of all the states have narrowed from FY21 level to FY22 level.
At the national level, the GST revenue shortfall has narrowed to 27.2 per cent in FY22 from 37.9 per cent in FY21.

Axis Bank Reappoints Rajiv Anand as Dy Managing Director

Private sector lender Axis Bank reappointed Rajiv Anand as Deputy Managing Director for a period of three years from August 4, 2022 to August 3, 2025.
Anand joined Axis AMC in 2009 and was the founding MD and Chief Executive Officer of the company. He subsequently went on to become the President (Retail Banking) of Axis Bank in 2013 and then joined the bank's board in 2016.
Anand, who assumed his current position as Deputy MD in December 2021, leads Wholesale Banking and Digital Banking.

Jun 26, 2022

Dr. D. J. Pandian Appointed to Lead NDB's India Regional Office in Gift City

Shanghai-headquartered New Development Bank (NDB) of the BRICS countries appointed former bureaucrat Dr. D. J. Pandian as the Director-General of its India Regional Office in Gujarat International Finance Tec-City (GIFT City), the bank announced. Pandian earlier served as the Vice President and Chief Investment Officer of the Beijing-based Asia Infrastructure Investment Bank (AIIB) in which India is the 2nd largest shareholder after China.
During his tenure at the AIIB, he was instrumental in securing USD 6.7 billion in funding for 28 projects in India, stated to be the highest project finance extended by the bank. A retired IAS officer, Pandian had also served as Chief Secretary of Gujarat.
The announcement of Pandian's appointment comes as China, which is the chair of this year's BRICS, is set to host the summit of the five-member bloc via video link on June 23-24 in which Prime Minister Narendra Modi is scheduled to take part.

ICICI Bank Launches 'Campus Power'

ICICI Bank launched a digital platform called 'Campus Power' to help students aspiring to pursue higher education in India and abroad. The platform caters to the varied needs of the entire student ecosystem comprising students, parents, and institutes.
In addition to this, the Campus Power platform offers information regarding various value-added services related to higher studies in India and abroad including Canada, UK, Germany, USA, and Australia.
ICICI Bank launched the platform right before the commencement of the fall season abroad and at the beginning of the next academic year in India. The initiative claimed as first-of-its-kind and is available for anyone including customers of other banks.

Jun 25, 2022

P. Udayakumar Assumes Office as Chairman-cum-Managing Director, NSIC

P. Udayakumar, Director (Plng & Mktg), NSIC assumed additional charge of CMD NSIC. He is a mechanical engineer from College of Engg, Guindy with post-graduation from IIM Bangalore with 12 years of Board experience. He is an expert in the MSME domain.
He was part of many initiatives of Ministry of MSME and NSIC's growth story over 12 years. He is also an Investment Committee member of the PE growth fund namely SRI Fund, the Fund of Fund of Ministry of MSME. He will also be Chairman of NSIC Venture capital fund Ltd. He writes on MSME development issues.
National Small Industries Corporation (NSIC), is an ISO 9001-2015 certified Government of India Enterprise under the Ministry of Micro, Small and Medium Enterprises (MSME). NSIC has been working to promote, aid and foster the growth of micro, small and medium enterprises in the country. NSIC operates through countrywide network of offices and Technical Centres in the Country. In addition, NSIC has set up Training cum Incubation Centre managed by professional manpower.

Karnataka Bank Launches "V-CIP" for Account Opening

Karnataka Bank launched online savings bank (SB) account opening facility through 'Video-based Customer Identification Process (V-CIP)'. The facility enabled in the corporate website of the bank, empowers prospective customers to open an SB account through online process and complete KYC (know your customer) verification through a video call at their place of convenience.
The end-to-end paperless digital process leverages the bank's API (Application Programming Interface) that auto fills the account opening form, validates PAN/Aadhaar number instantly and completes the KYC process through a video call. Online SB Account opening facility through V-CIP will take the customers experience to a new high as it reduces the turnaround time of account opening by eliminating the need of customer's physical presence at the branch to complete Know Your Customer (KYC) process."

World Bank Approves Project to Promote Rain-fed Farming in Uttarakhand

The World Bank approved a project worth Rs. 1,000 crore for taking rain-fed farming to new heights in the hilly regions of Uttarakhand.
The project named Uttarakhand Climate Responsive Rain-fed Farming Project will be implemented by the watershed department.
The State government had proposed the project which is aimed at reducing green house gas emissions for funding by the World Bank.
The project will also help in springshed management, boosting agricultural productivity, controlling migration and promoting cluster based agriculture.

Jun 24, 2022

South Indian Bank Launches SIB TF Online, EXIM Trade Portal

South Indian Bank launched a new portal called 'SIB TF Online' for its corporate EXIM customers. The portal facilitates a platform for trade-related payments to foreign entities remotely. The customer can initiate the payment request over SIB TF Online after uploading the relevant supporting documents for the transaction.
SIB TF Online is yet another accomplishment by the bank to make its operations more tech-driven. It comes close on the heels of launching the internet banking facility targeting retail savings and NRE SB customers to initiate foreign remittances without visiting the branch.
The bank plans to launch SIB TF Online in phases, with the initial version allowing three types of import remittances such as advance remittance for Imports, remittance against import bill received from overseas bank for collection (Bank-to-Bank Foreign Inward Collection Bill) and payment against Import documents received by the importer directly from overseas suppliers.

Former SBI Official Appointed Member of Advisory Committee of SIFL & SEFL

The Reserve Bank appointed Venkat Nageswar Chalasani, former Deputy Managing Director of SBI, as a member of the Advisory Committee of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL).
After superseding the boards of SIFL and SEFL in October 2021, the RBI had appointed a three-member advisory committee to assist Rajneesh Sharma, the administrator of the two crisis-ridden firms.
Consequent upon resignation of R. Subramaniakumar from the Advisory Committee, it was decided to appoint Venkat Nageswar Chalasani as a member of the Advisory Committee with immediate effect.
The Advisory Committee shall advise the Administrator in the operations of the SIFL and SEFL during the corporate insolvency resolution process.

Max Life, Policybazaar Launch Life Insurance Savings Plan

Max Life Insurance Company Ltd launched the 'Max Life Smart Fixed-return Digital Plan', a non-linked, non-participating, individual life insurance savings plan. The offer helps customers meet short-term financial goals with a minimum policy tenure of five years.
The plan offers guaranteed tax-free returns up to 6.14% along with life cover protection at monthly premiums as low as Rs. 3000 and is also available to purchase on Max Life's website and Policybazaar.com.
The Smart Fixed-return Digital Plan is designed for a generation that wants a short-term guaranteed product with tax-free returns topped with life insurance. The combination of easy liquidity and agile onboarding makes this new-age product a valuable fit in the millennials' savings journey.

Jun 23, 2022

AU Small Finance Bank Launches Credit Card that Lets Customers Choose Features

India's largest small finance bank and one of the fastest-growing retail banks, launched a customisable credit card, in which cardholders can choose the features they want and for the time period they want.
This type of offering is for the first time in the industry, claimed the bank.
While credit card companies offer attractive products in different categories, it is often difficult for customers to find the combination of all such features in one single card. This forces them to opt for multiple credit cards offering specific category rewards.
However, with the AU Bank 'LIT' (Live-It-Today) Credit Card, the bank has put the power to choose these features in the hands of the customers – all categories in one card. Further, they also get the freedom to switch on or off these features as per their changing lifestyle requirements.

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