General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jan 21, 2022

SIDBI Sanctions Rs. 650-crore Loan to AU SFB and Jana SFB

Small Industries Development Bank of India (SIDBI) has sanctioned Rs. 650 crore to two small finance banks — AU SFB and Jana SFB - to provide funds to finance companies and Micro Finance Institutions (MFIs).
An amount of Rs. 530 crore was already released to these SFBs.
The financial assistance has been extended out of the Special Liquidity Facility sanctioned by the Reserve Bank of India. This liquidity line has been provided to SIDBI to meet the challenges being faced by the MSMEs due to the prevailing Covid-19 pandemic situation.

RBI Approves Vinod Rai's Appointment as Independent Chairman of Unity SFB

Vinod Rai, the former comptroller and auditor general of India, was granted approval by the Reserve Bank of India to be appointed as the independent chairman of Unity Small Finance Bank (SFB), a joint venture between Centrum group and Bharat Pe.
Apart from Rai, the SFB appointed Sandip Ghose, an RBI veteran, Basant Seth, the former chairman and managing director of erstwhile Syndicate Bank, and Subhash Kutte, former chairman RBL Bank to its board to guide its journey in becoming a successful digital bank.
Unity SFB started its operations in November last year after receiving a final nod from the central bank.

L&T Technology Services Wins $45 Million EV Deal from US Auto Tier 1

L&T Technology Services, a global pure-play engineering services company was awarded a deal worth $45 million from an automotive Tier 1 company based in the United States to be its strategic engineering partner and provide engineering services for its Electric Vehicle (EV) product portfolio.
LTTS will work with the customer to deliver solutions leveraging its e-mobility technology competence under the terms of the five-year agreement. This will be delivered from LTTS' ER&D centre in Krakow, Poland.
The company plans to have more than 300 engineers working from its Krakow, Poland centre in the next three years as part of its expansion into Eastern Europe.

Jan 20, 2022

Dileep Sanghani is IFFCO Chairman

Dileep Sanghani was elected as the chairman of the Indian Farmers Fertiliser Cooperative (IFFCO). Since 2019, Sanghani has served as vice-chairman. The elections were called after incumbent chairman Balvinder Singh Nakai died in October of last year.
The elected board of directors of IFFCO unanimously elected Dileep Sanghani as the 17th chairman of the Cooperative.
Dileep Bhai Sanghani is a senior co-operator from Gujarat and he is also the chairman of Gujarat State Cooperative Marketing Federation Ltd. (GUJCOMASOL), a post he has held since 2017.

Santhosh Viswanathan Appointed as Managing Director - SMG of Intel India

Intel Corporation announced the appointment of Santhosh Viswanathan as Managing Director-Sales, Marketing and Communications Group (SMG) for Intel India.
Viswanathan is Vice President in Intel's Sales, Marketing and Communications Group. He will be responsible for Intel's overall business in India, including driving new revenue opportunities, engaging with the local ecosystem, and strengthening existing customer and partner relationships.
In his prior role, Viswanathan was managing director for Southeast Asia, and Australia/New Zealand in the Asia Pacific and Japan region. In one of his other previous Intel roles, he was the Global Director of Operations for the Regional Sales Group, managing sales operations, strategy & planning for the global sales force.

NSE World's Largest Derivatives Exchange for Third Straight Year

According to the Futures Industry Association (FIA), the National Stock Exchange of India emerged as the world's largest derivatives exchange for the third consecutive year in 2021 in terms of the number of contracts traded.
In addition, the exchange was ranked fourth by the number of trades in cash equities, as per the statistics maintained by the World Federation of Exchanges (WFE) for 2021.

Hero Electric, Mahindra Group Team up to Manufacture Electric Vehicles

Hero Electric, India's largest electric two-wheeler maker, struck five-year strategic partnership with Mahindra Group, marking the first such deal between an electric vehicle (EV) maker and a traditional internal combustion engine company.
The move comes at a time when EV sales in India have touched a record high.
The partnership will help Hero Electric, which has a close to 36 per cent share in the EV two-wheeler market, to more than double capacity to 1 million units by 2022 and will result in extra revenue for M&M at a time when auto sales have slowed.

Jan 19, 2022

Fashion Retailer Myntra Names Nupur Nagpal as Chief HR Officer

Walmart-owned online fashion retailer Myntra appointed Nupur Nagpal as its chief human resources officer (CHRO) and elevated Raghu Krishnananda who was the chief technology officer, to be its chief technology and product officer (CTPO).
Nupur Nagpal will be responsible for leading the HR roadmap towards building and scaling the organisation as well as enriching Myntra's human capital. Nagpal joins Myntra from Sprinklr, where she was leading the people function for JAPAC markets as VP-HR. Her past experience includes leadership roles with Prione Group of Companies and Amazon in addition to stints with Tata Group, Virgin Mobile, WNS Global Services among others. An HR veteran, Nupur has over 20 years of experience in initiating and delivering organisational change, culture building, and delivering sustained business results across the e-commerce, telecom, and insurance industries.

MobiKwik, Bharat BillPay Tie-up to Launch ClickPay for Bill Payments

Fintech firm MobiKwik collaborated with National Payments Corporation of India (NPCI) Bharat BillPay to launch ClickPay for its customers. Through ClickPay, MobiKwik customers would be able to pay recurring online bills, such as mobile, gas, water, electricity, DTH, insurance and loan EMIs with ease by eliminating the need to remember individual bill details and due dates.
ClickPay is a two-step payment feature wherein the billers generate a unique payment link within the bill-pay message and send it to the customer allowing them to make payments directly on the payment page.

Vikram Dev Dutt is New CMD of Air India

Senior bureaucrat Vikram Dev Dutt was appointed as the Chairman & Managing Director of Air India Ltd as part of a senior-level bureaucratic reshuffle effected by the Centre.
Dutt, a 1993-batch IAS officer of AGMUT (Arunachal Pradesh, Goa, Mizoram and Union Territory) cadre, is at present Principal Secretary (Tourism) in Delhi government.

SEBI Reduces Timeline for Filing Settlement Application to 60 Days

Markets regulator SEBI cut the timeline for filing settlement applications to just 60 days from the current 180 days in its effort to make the system more efficient.
Currently, a settlement application can be filed within 60 days of the date of receipt of the show-cause notice. However, an additional 120 days can be availed by the applicants in case they pay an additional 25% over the settlement charges.
Now, the regulator has done away with the additional time provision of 120 days, according to a notification.
The move is aimed at rationalising norms on settlement proceedings.

Meta Appoints Meghna Apparao as E-commerce Director for India Market

Meta (formerly Facebook) appointed Meghna Apparao as the Director of e-commerce in India to lead the strategy and solutioning that is focused on the company's e-commerce advertisers.
Apparao's appointment comes on the back of a series of senior leadership recruitments in the past two years, and many in the recent months, across policy, partnerships, and other key verticals, demonstrating the company's expanding charter and commitment to India.
As a part of her role, Apparao will spearhead the company's strategic relationship with the country's leading brands in the e-commerce space, enabling a stronger partnership through Meta platform solutions.
Apparao comes with 20 years of experience in senior sales, marketing, and business strategy roles at companies such as Unilever, Amazon, Godrej, and Licious. Her last assignment was with Licious, where she was the Chief Business Officer.

Jan 18, 2022

Narendra Goenka Takes over as New Chairman of AEPC

Founder and Managing Director of Texport Industries Narendra Kumar Goenka took over as the Chairman of the Apparel Export Promotion Council (AEPC) and expressed hope that the sector's outbound shipments would record healthy growth in the coming months.
He replaced A. Shakthivel.
Goenka's Texport Industries is one of the largest apparel manufacturer-exporters in India and he has been associated with the council for more than two decades. He was the Vice Chairman of the apex body of the Indian apparel exporters before taking charge as Chairman.

Tata Power Renewable Energy Commissions 100 MW Solar Projects in Uttar Pradesh

Tata Power Renewable Energy Ltd (TPREL) commissioned two solar power projects of 50 MW each in Uttar Pradesh.
A subsidiary of Tata Power, TPREL commissioned the solar projects at Prayagraj and Banda.
The projects were completed by TPREL within the agreed timelines despite COVID challenges. The plants are expected to generate more than 221.26 million units annually.

Tech Mahindra Taps into Insurance Biz with Acquisition of Com Tec Co IT

IT services major Tech Mahindra announced acquisition of Com Tec Co IT Ltd (CTC) for €310 million (Rs. 2,625 crore), including earnouts and synergy-linked payouts. This will be eight acquisition the company has made in FY22.
CTC is an IT solutions and service provider serving the insurance and financial services industries with development centres in Latvia and Belarus. For the CY2020, CTC had revenue of Euro 71.3 million (around Rs. 604 crore) and for the nine months ended September 30, 2021 the company had revenue of euro 58.8 million (around Rs. 498 crore).
The acquisition will enable Tech Mahindra to tap onto the potential in the insurance sector, expand its offerings to high-end digital engineering services for some of the largest insurance, re-insurance and financial services organisations globally and scale its nearshore delivery presence.

Exide Life Appoints Sanjay Vij as Executive Director

Exide Life Insurance announced the appointment of Sanjay Vij as the Executive Director and Principal Officer.
Earlier in January 2022, HDFC Life Insurance Company Limited announced the completion of the acquisition of Exide Life Insurance Company Limited, subsequent to receiving all relevant regulatory approvals.
Exide Industries now holds 4.1 per cent stake in HDFC Life. The process for merger of Exide Life into HDFC Life will be initiated shortly.

Jan 17, 2022

DCB Bank Appoints Rupa Devi Singh as Chairman

Private sector lender DCB Bank appointed Rupa Devi Singh as its new part time chairman following the retirement of Nasser Munjee from that position. Her appointment is subject to approval from regulatory authorities like Reserve Bank of India and the shareholders of the Bank.
Singh's appointment will be effective from the date of receipt of the RBI approval. Munjee was the chairman of the bank since August 2005.
Rupa Devi Singh has been a non-executive independent director of the bank from January 22, 2015. She has over 35 years of experience in various sectors viz. commercial banking, project structuring, infrastructure, etc.

Shersingh B. Khyalia is as CEO of Adani Power

The Board of Directors of Adani Power Limited (APL), a subsidiary of Adani Group, approved the appointment of Shersingh B Khyalia as the Chief Executive Officer (CEO) of Adani Powers with effect from 11th January 2022. He is a Chartered Accountant, who has served as the Managing Director in Gujarat Power Corporation. Earlier, Khyalia has worked as Managing Director in Gujarat Power Corporation, where he got experience of the Renewable Power Sector especially the development of Ultra Mega Renewable Parks.

Marwadi Financial Services Ties up with NSDL Payments Bank

Marwadi Financial Services continues to expand its bouquet of partnerships to provide a faster & effective investment and trading experience to our customers. Their latest affiliation with NSDL Payments Bank will allow Marwadi Financial Services to offer its clients an integrated 3-in-1 savings account that combines the features of savings, Demat and trading accounts.
Using this account, investors would be able to seamlessly transfer funds in real-time and execute trades in almost no time. Users would also be able to avail margins without actually moving funds between their savings and trading accounts. The 3-in-1 account provides the additional advantage to users of availing savings interest on funds lying idle in their trading account. This strategic partnership would help Marwadi to boost customer experience while allowing NSDL Payments Bank to access Marwadi's clients and expand its customer base.
NSDL Payments Bank is a subsidiary of NSDL (National Security Depository Limited), the firs and the largest depository in India.
Marwadi Financial Services is a Rajkot, Gujarat based financial service group dealing in equities/commodities/currencies broking and portfolio management services.

Oil India Exits US Shale Venture, Sells 20% Stake

State-owned Oil India Ltd (OIL) exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for USD 25 million -- the second exit of an Indian firm from the US shale business in two months.
Oil India (USA) Inc (wholly owned subsidiary of OIL), divested its entire stake in Niobrara shale asset, USA.
OIL and Indian Oil Corporation (IOC) had together in October 2012 bought a 30 per cent stake in Houston-based Carrizo Oil & Gas's Niobrara shale asset in Colorado for USD 82.5 million.
While OIL had acquired 20 per cent, IOC bought 10 per cent in Carrizo's Niobrara basin acreage assets through their respective subsidiaries.

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