General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Mar 26, 2022

Maruti Suzuki Names Hisashi Takeuchi as New Managing Director and CEO

The country's largest carmaker Maruti Suzuki India (MSI) appointed Hisashi Takeuchi as the new Managing Director and CEO with effect from April 1, 2022.
In order to facilitate a smooth transition, Ayukawa will continue as a whole-time Director designated as Executive Vice Chairman till September 30, 2022, and will continue to provide guidance to the auto major.
Maruti Suzuki India Limited, formerly known as Maruti Udyog Limited, is an Indian automobile manufacturer, based in New Delhi. It was founded in 2001 and owned by the Government of India until 2003, when it was sold to the Japanese automaker Suzuki Motor Corporation.

AU Small Finance Bank to Finance Tata Cars, UVs

AU Small Finance Bank signed an agreement with Tata Motors offering finance options for its new Forever range of passenger cars and UVs.
This scheme will offer maximum financing on the vehicle as per each individual's requirements. Customers can also enjoy the benefit of unique EMI options with a repayment tenor of up to seven years.
The offer is applicable to a spectrum of customers like salaried, self-employed professionals, self-employed non-professionals, agriculture, dairy farmers, etc., including new to credit customers.

Former SBI Chairman Rajnish Kumar Joins Advisory Board of Dun & Bradstreet

Former State Bank of India (SBI) chairman Rajnish Kumar joined the international strategic advisory board of data and analytics firm Dun & Bradstreet.
Kumar, a veteran banker, currently sits on the boards of HSBC Asia Pacific, L&T Infotech, Hero MotoCorp and BharatPe.
Dun & Bradstreet is contributing to empowering MSMEs through technology-based finance, risk, compliance, data and marketing solutions in India.

Mar 25, 2022

SBI Signs co-lending Pact with PNB Housing, IIFL Home Finance, Three other HFCs

India's largest lender State Bank of India (SBI) entered into a co-lending agreement with 5 Housing Finance Companies (HFCs) to sanction home loans to the unserved and underserved sector in line with the Reserve Bank of India (RBI) guidelines.
The 5 HFCs are: PNB Housing Finance Limited, IIFL Home Finance Limited, Shriram Housing Finance Limited, Edelweiss Housing Finance Limited, and Capri Global Housing Finance Limited.
The partnership agreement, which was signed in Mumbai, was handed over by SBI's chairman, Dinesh Khara, to the respective heads of the HFCs.
This collaboration will enhance SBI's distribution network, as SBI aims to extend its credit reach to more Home Loan borrowers of the unserved and underserved segments.

ICICI Bank Launches Credit Card in Partnership with Chennai Super Kings

ICICI Bank announced that it has launched a co-branded credit card in partnership with Chennai Super Kings (CSK), an IPL franchise. Called 'Chennai Super Kings ICICI Bank Credit Card', the card has been specially designed with a range of exclusive privileges for millions of cricket fans of the iconic team.
The new card is another addition to an exclusive set of co-branded credit cards offered by the bank to enable sports enthusiasts to connect with their favourite teams as well as avail benefits of a credit card. Four years ago, ICICI Bank launched a co-branded credit card with Manchester United, a professional football club of England.

Ola Signs Agreement to Acquire Neo Bank Avail Finance

Mobility firm Ola signed an agreement to acquire neo bank Avail Finance which provides financial services to the blue-collared workforce and has over 6 million users.
The acquisition is a key step in Ola's broader push into the fintech space as it looks to build a mobility-focused financial services business under Ola Financial.
With this expansion, Ola will be able to cross-sell multiple lending products to its large driver-partner base.

Mar 24, 2022

SBI Group Gets RBI Nod to Increase Stake in ICICI Bank

The Reserve Bank of India (RBI) approved SBI Mutual Fund, along with other SBI Group companies, to hold a 9.99% stake in ICICI Bank, the country's second largest lender.
At the end of the December quarter, SBI Mutual Fund had 5.72% stake in ICICI Bank.
Last year the banking regulator accepted a set recommendation of an Internal Working Group (IWG) which was formed to review ownership guidelines and corporate structure for Indian private sector banks. Among others, RBI allowed financial institutions, supranational institutions, public sector undertakings to have 15% stake in private sector banks.

Commerce Ministry to Extend Foreign Trade Policy

The commerce ministry will extend the existing foreign trade policy (FTP) for some more months beyond March 31.
In September 2021, the government extended the Foreign Trade Policy 2015-20 till March 31, 2022, due to the COVID-19 pandemic. The present policy came into force on April 1, 2015.
The policy provides guidelines related to imports and exports in India. The ministry announces the policy every five years.

Infosys Tops List of Firms with Strongest ESG Scores

Infosys topped the list of companies with the strongest ESG scores, according to a study conducted by corporate governance firm Stakeholders Empowerment Services (SES).
Mahindra & Mahindra (M&M), Tech Mahindra, HDFC and Adani Ports & SEZ are the other firms in the top-five, with ESG scores between 80 and 90 (A rating).
SES–in its first such study–has also ranked companies on the basis of individual metrics such as environment, social and governance.

Mar 23, 2022

India Climbs Five Spots in Global Home Price Movement

India climbed five spots in the global home price index to 51st rank in the fourth quarter of 2021 against 56th rank in the same period last year, according to Knight Frank's Global House Price Index report.
The price increase of 2.1% yearly in the fourth quarter makes it the best quarter in 2021.
With respect to quarterly changes, Q1 and Q2 witnessed a decline of 1.6% and 0.5%, respectively. The Q3 and Q4 were positive towards the residential price change, witnessing a growth of 0.1% and 2.1%, respectively.
The Global House Price Index tracks the movement in mainstream residential prices across 56 countries and territories worldwide using official statistics.

Adani Power Board Okays Merger of Six Wholly-owned Subsidiaries

Adani Power's board approved an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself.
The subsidiaries to be merged with Adani Power are Adani Power Maharashtra Ltd, Adani Power Rajasthan Ltd, Adani Power (Mundra) Ltd, Udupi Power Corporation Ltd, Raipur Energen Ltd, and Raigarh Energy Generation Ltd.
The six arms of Adani Power are also engaged in the business of generation and sale of power.

HDFC Bank to Launch "SmartHub Vyapar Programme" & 'AutoFirst' App

HDFC Bank announced to launch the "SmartHub Vyapar Programme" & 'AutoFirst' app, the following two initiatives/applications to give a digital push to small business loans. The financial institution onboarded over 2.7 million retailers and is buying 100 thousand retailers each month. HDFC Bank has plans to onboard 20 million retailers in three years. More than half of the newly onboarded retailers solely function by means of the app platform.
'AutoFirst' application:
The financial institution now clocks not less than Rs. 1,000 crore in service provider loans each month and is wanting to triple the run fee. HDFC Bank can even launch a utility 'AutoFirst' that may provide totally automated auto loans.
The SmartHub Vyapar programme for retailers will probably be launched quickly. It is an app that bundles all cost platforms – playing cards, UPI, QR code, faucet pay and SMS-based funds.

Tata Coffee Board Approves Re-appointment of Chacko Thomas as MD and CEO

Tata Coffee board approved the re-appointment of Chacko Purackal Thomas as Managing Director and Chief Executive Officer for a term of three years starting from April 1.
Thomas is the managing director and chief executive officer of the company since April 2019. He has been associated with Tata Coffee since August 2015.
The board also approved the appointment of P. G. Chengappa as an independent director of the company for a second term of office.

Mar 22, 2022

Equitas SFB, Equitas Holdings Okay Scheme of Amalgamation

The boards of Equitas Holdings and its subsidiary Equitas Small Finance Bank (ESFBL) approved their merger plan.
The scheme proposes the amalgamation of Equitas Holdings into and with Equitas SFB and the dissolution without winding-up of the transferor company pursuant thereto.
The amalgamation between the two entities is subject to approvals from RBI, stock exchanges, SEBI as well as the National Company Law Tribunal (NCLT).
The amalgamation between the holding company and the subsidiary SFB is aimed to meet RBI's licensing conditions to bring down the shareholding of the holding company to 40 per cent within a period of five years from the date of commencement of business of the bank.

PhonePe Acquires GigIndia

Walmart-owned fintech firm PhonePe acquired GigIndia, the country's leading network for freelance micro-entrepreneurs. As a part of the acquisition, GigIndia which has 1.5 million entrepreneurs, and over 100 enterprises as customers, will integrate with PhonePe. GigIndia has about 100 employees and they will join PhonePe.
PhonePe will leverage GigIndia's network of freelance micro-entrepreneurs to help corporates and enterprises acquire more customers and scale up their distribution channels. This acquisition will also strengthen PhonePe's offerings and value proposition to its enterprise partners and result in the creation of millions of opportunities for individual freelance micro-entrepreneurs in India.

Bank of India Invests Nearly Rs. 109 crore in NARCL

Bank of India (BoI) invested nearly Rs. 109 crore in National Asset Reconstruction Company Ltd (NARCL).
The bank's shareholding in NARCL came to 9 per cent as in March 2022.
Incorporated in July 2021, NARCL is an asset reconstruction company backed by the government.

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