General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Jun 22, 2025

NPCI Introduces Real Time PAN-bank Account Validation on income Tax Portal

The National Payments Corporation of India (NPCI) launched a new facility to streamline Permanent Account Number (PAN) and bank account validation on the income tax e-filing website. This aims to speed up and simplify the process for taxpayers and government departments.
NPCI introduced a new Application Programming Interface (API) designed to enable real-time verification of PAN details, bank account status, and account holder identity. The data will be verified directly from the Core Banking Systems (CBS) of banks.
An API is a software bridge that allows two systems to communicate and share data. In this case, the API will allow government platforms such as the income tax portal to fetch validation details securely and instantly from a bank's internal systems.

RBI Eases Project Finance Norms, Slashes Provisioning Requirements

In a major relief to banks and financial institutions, the Reserve Bank of India (RBI) eased final norms on provisioning for project finance loans. Under the revised guidelines, the provisioning requirement for under-construction project loans has been reduced to 1%, significantly lower than the 5% proposed in the draft norms issued in May 2024. These new norms will come into effect from October 1, 2025.
The RBI's latest move reflects its consultative approach under Governor Sanjay Malhotra and aims to ease credit flow for infrastructure and commercial projects, which are critical to economic growth. The change is particularly significant given the high concerns voiced by banks over earlier, tighter draft regulations.

Ambani Heirs Dominate India's Under-40 Wealth Icons List 2025

In a report titled '360 ONE Wealth Creators List', launched jointly by 360 ONE Wealth (WAM) and CRISIL, India's top 143 active wealth creators under 40 were profiled. Leading the list are Aakash, Anant, and Isha Ambani, with other notable young entrepreneurs like Nikhil Kamath (Zerodha) and Bhavish Aggarwal (Ola Electric) also featuring prominently.
Below are the top 10 under-40 wealth creators:
Aakash Ambani/Reliance Industries
Anant Ambani/Reliance Industries
Isha Ambani/Reliance Industries
Varun Jaipuria/Varun Beverages
Nikhil Kamath/Zerodha
Bhavish Aggarwal/Ola Electric Mobility
Devansh Jain/Gujarat Fluorochemicals
Anant Nahata/HFCL
Siddharth Jain/Inox Group

Jun 21, 2025

Australia, Singapore, Kenya most Curious on Investing; India Ranks 13th

According to a new analysis by forex broker platform BrokerChooser, India ranked 13^th globally for online interest in investing. Based on monthly Google search volumes per capita, the study found that Indian users are especially drawn to stock market queries, reflecting a growing appetite for retail investing among younger generations.
India's interest in stock investing is more than 4 times that of South Africa. It surpasses Malaysia's stock-related search volumes by over 50%.
Australia ranked first globally with 29,359 monthly investment-related searches per million people, Singapore came second (22,527), and Kenya third (17,288).

RBI Imposes Rs. 29.6 Lakh Penalty on Fino Payments Bank for Regulatory Lapses

In a regulatory action, the Reserve Bank of India (RBI) announced a monetary penalty of Rs. 29.6 lakh on Fino Payments Bank Limited. The penalty was levied for non-compliance with certain provisions of the guidelines on the Licensing of Payments Banks, which were detected during an inspection by the central bank.
During the inspection, the RBI observed that the bank had breached key regulatory norms, specifically related to the end-of-day balance ceiling mandated for Payments Banks.

Sampath Kumar Becomes First Indian MD of Nippon Koei India

Nippon Koei India (NKI), the Indian arm of Japan-based ID&E Holdings, appointed G. Sampath Kumar as its Managing Director (MD). This marks the first time an Indian was appointed to this top leadership role in the company, signalling a renewed strategic focus on regional expansion and local leadership.
Kumar had over 35 years in civil engineering and IT consultancy.
He is known for project execution expertise, strategic planning, and infrastructure consultancy leadership.

PNB Supports Martyrs' Families Under Rakshak Plus Scheme

Punjab National Bank (PNB), one of India's leading public sector banks, extended financial assistance worth Rs. 17.02 crore to the families of 26 defence and paramilitary personnel who lost their lives in the line of duty. This support was delivered under the bank's dedicated Rakshak Plus Scheme, which aims to provide critical financial and insurance support to uniformed personnel and their families during times of loss or injury. The initiative stands as a symbol of gratitude and respect for the ultimate sacrifice made by India's brave soldiers.

Jun 20, 2025

Reliance Infra & Dassault Aviation to Build Falcon 2000 Jets in India

Reliance Aerostructure Limited (RAL), a subsidiary of Reliance Infrastructure, and Dassault Aviation of France announced a strategic partnership to manufacture Falcon 2000 business jets in Nagpur, Maharashtra. The announcement, made at the Paris Air Show 2025, marks the first time Dassault will produce these aircraft outside France, positioning India as a new hub for high-end aerospace manufacturing.

DPIIT Partners with YourStory to Empower 1 Million Entrepreneurs across India

To further promote inclusive entrepreneurship and strengthen the start-up ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, signed a Memorandum of Understanding (MoU) with a private digital platform, YourStory Media Private Limited, with a focus on start-ups, innovation, and entrepreneurship.
According to the Ministry of Commerce and Industry, this partnership aligns with DPIIT's vision of fostering grassroots entrepreneurship and supporting emerging talent across Tier II, Tier III, and rural India.
The collaboration aims to empower 1 million entrepreneurs through AI-powered tools, venture launchpads, and regional language storytelling initiatives under the Bharat Project.

Bajaj Allianz Launches State-Wise Health Insurance Policies Tailored to Regional Needs

Bajaj Allianz General Insurance, one of India's leading private general insurers, unveiled a pioneering initiative — the 'State-wise Health Insurance Policy', a first-of-its-kind health insurance product thoughtfully tailored to address the distinct healthcare realities of each Indian state.
More than just another health plan, this product reflects the company's commitment to making quality healthcare truly accessible. Recognising that healthcare needs, treatment availability, and medical costs vary significantly across regions, these policies are customised to align with each state's unique healthcare ecosystem.

India Tops South Asia in FDI Receipts

Asia remained the highest recipient of Foreign Direct Investment in 2024 while global investments fell 11 per cent, revealed a new UN report released in June.
In 2024, developing economies of Asia attracted $605 billion in foreign direct investment (FDI), according to the latest World Investment Report released by UN Trade and Development (UNCTAD).
Within the South Asian region, India was the top FDI recipient.

Jun 19, 2025

Bank of Maharashtra Signs MoU with SBI Card for Co-Branded Credit Cards

State-owned Bank of Maharashtra entered into a strategic co-branding partnership with SBI Card to launch co-branded credit cards tailored to meet the evolving financial and lifestyle needs of its customers.
Under this partnership, bank customers will be able to access a range of co-branded credit cards, designed with attractive features including reward points, cashback offers, fuel surcharge waivers, EMI facilities, and exclusive merchant discounts across key spending categories like dining, travel, and e-commerce.

Swiggy Names Saurav Goyal SVP to Head Driver and Delivery Organisation

Swiggy Ltd, one of India's largest on-demand convenience platforms, appointed Saurav Goyal as Senior Vice President and head of its Driver and Delivery Organisation, the company said.
Goyal, who joined Swiggy in June 2020, has been serving as head of the business finance function. In that role, he played a key part in advancing the company's strategic objectives, working closely with operational leaders to align financial planning with business outcomes.

OpenAI Secures $200 Million AI Contract with U.S. Defense Department

OpenAI, the creator of ChatGPT, was awarded a $200 million contract by the U.S. Department of Defense to develop advanced artificial intelligence (AI) tools tailored to national security and military operations. Announced by the Pentagon, the deal positions OpenAI at the forefront of defense-related AI innovation, with work expected to continue through July 2026, primarily near Washington, D.C.
The contract showcases the deepening ties between tech firms and defense institutions.
It marks OpenAI's entry into national security AI systems, signaling a shift beyond commercial use.

Jun 18, 2025

RBI Hikes Agency Commission for Banks on Government Transactions

In a move aimed at enhancing efficiency in government-related banking services, the Reserve Bank of India (RBI) revised the agency commission rates paid to banks for handling government business transactions. The revised structure includes increased payouts for electronic revenue transactions, pension disbursements, and non-pension government payments, signalling RBI's intent to bolster digital handling of public funds and incentivise banks accordingly.

HCLTech Partners with E.ON to Create Private Cloud Infrastructure

HCLTech entered into a strategic partnership with E.ON, a European energy company, to support the transformation of E.ON's cloud infrastructure under the terms of the contract.
As part of the multi-year agreement, HCLTech will create a private cloud platform for E.ON and manage its cloud and network infrastructure across global hyperscalers, which operate large-scale cloud data centres.
Headquartered in Germany, E.ON has a distribution network of 1.6 million kilometres and approximately 47 million customers. It is one of Europe's largest energy companies, focusing on power and gas distribution and sustainable energy solutions across key European markets.

Bata Group Names Panos Mytaros Global CEO, Replacing Sandeep Kataria

The Bata Group announced the appointment of Panos Mytaros as its new global Chief Executive Officer, effective 15 September. He will succeed Sandeep Kataria, who has led the group since 2020.
Mytaros comes with over 30 years of experience in the footwear and leather industry. Prior to joining Bata, he was at ECCO, where he held several senior positions, including, most recently, chief executive officer from 2021 to 2024.

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