General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jul 02, 2025

PNB Removes Fine for Minimum Balance Default

In a bid to strengthen financial inclusion and customer empowerment, Punjab National Bank (PNB) waived penal charges for non-maintenance of minimum average balance in all savings accounts.
This customer-first initiative, effective from July 1, is particularly aimed at supporting priority segments, such as women, farmers and low-income households, ensuring easier and more inclusive access to banking services without the stress of balance maintenance penalties.

Rajendra Prasad Goyal Gets Additional Charge as NHPC CMD

Rajendra Prasad Goyal, Director (Finance), was assigned again the additional charge of Chairman and Managing Director of NHPC Limited.
Goyal took over the additional charge from July 1, 2025.
He was assigned the charge on the directions of the power ministry.
Earlier, he had also held the charge of NHPC Chairman and Managing Director between March 1, 2024, and August 7, 2024.
Goyal is a member of the Institute of Cost Accountants of India and also holds a Master's Degree in Commerce from the University of Rajasthan, Jaipur. He has vast experience of more than 36 years in NHPC.

Kesavan Ramachandran is RBI's New Executive Director

The Reserve Bank of India (RBI) appointed Kesavan Ramachandran as Executive Director (ED), effective July 1, 2025. As Executive Director, Kesavan Ramachandran will look after the Department of Regulation (Prudential Regulation Division).
With over three decades of experience, Ramachandran has worked extensively in diverse areas such as currency management, banking and non-banking supervision, training, and administration. He has also served as the Principal of the Reserve Bank Staff College during his career.

NMDC Expands Global Footprint with Its New office in Dubai

National Mineral Development Corporation (NMDC), India's largest iron ore producer, marked a significant milestone with the inauguration of its new international office in Dubai, United Arab Emirates.
This strategic expansion fortifies NMDC's global presence and propels its vision to become a multinational mining powerhouse.
The office was inaugurated by the Union Minister H. D. Kumaraswamy, Minister of Steel, and Heavy Industries, in the presence of Sunjay Sudhir, Ambassador of India to the UAE.

Jul 01, 2025

Jindal Steel Commissions First Continuous Galvanising Line in Odisha

Naveen Jindal-controlled Jindal Steel commissioned its first continuous galvanising line at Angul integrated steel complex in Odisha. This is part of a Rs. 3,400 crore investment in a cold rolling mill (CRM) complex.
The new line will produce galvanised and galvalume products under the Jindal Panther Galvanised and Zinkalume brands, catering to various industries, including appliances, automotive, infrastructure, and construction.

Jun 30, 2025

Karnataka Bank's MD, ED Resign

Karnataka Bank's Managing Director & CEO, Srikrishnan Hari Hara Sarma, resigned from his position.
Sarma cited personal reasons, including his decision to relocate back to Mumbai, for his resignation. The Board of Directors of Karnataka Bank accepted his resignation, which will be effective from July 15, 2025.
The Bank's Executive Director, Sekhar Rao, also submitted his resignation, citing his inability to relocate to Mangaluru and other personal reasons. His resignation was also accepted by the Board and will be effective from July 31, 2025.
The Bank formed a search committee to identify suitable candidates for the positions of Managing Director & CEO and Executive Director.

Ravi Agrawal Re-appointed CBDT Chairman

The Appointments Committee of the Cabinet approved the re-appointment of Ravi Agrawal, as Chairman of the Central Board of Direct Taxes (CBDT) on a contract basis for one year, effective from July 1, 2025, to June 30, 2026, or until further orders.
Last year (2024), Agrawal, a 1988-batch IRS officer, was appointed as the new Chairman of the Central Board of Direct Taxes, the administrative body for the Income Tax Department.
The CBDT is headed by a Chairman and can have six members who are in the rank of special secretary.

Jun 29, 2025

India's First Quantum Computing Valley to Launch in Amaravati by January 2026

In a leap towards making the state a global hub for deep-tech innovation, the state government is establishing the Quantum Valley in Amaravati, first-of-its-kind in India.
Spearheaded by Chief Minister N. Chandrababu Naidu and aligned with India's Rs. 6,003 crore National Quantum Mission, the Amaravati Quantum Valley is expected to become a game-changer for both the state's economy and India's position in the global quantum ecosystem.
The project is scheduled for inauguration on January 1, 2026.
Spread over 50 acres, this futuristic tech park will house India's most powerful quantum computer, the 156-qubit IBM Quantum System Two, and is being developed by Larsen & Toubro (L&T).

Jun 28, 2025

Adani and Reliance Join Forces to Share Fuel Infrastructure

Adani Total Gas Ltd (ATGL) and Reliance BP Mobility Ltd (Jio-bp), two leading private energy firms, entered into a strategic partnership to dispense each other's fuels at select outlets across India. This marks a noteworthy collaboration between two corporate giants, aimed at strengthening their footprint in a market still dominated by public sector oil companies.
The agreement marks the second major partnership between the Adani Group and Reliance Industries within months.

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