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BUSINESS AND ECONOMY - December 2018

Dec 2018

May 27, 2025

LIC Creates History with Guinness World Record in Insurance Sales

  • In a historic achievement, the Life Insurance Corporation of India (LIC), India's largest public sector life insurer, has been awarded a Guinness World Record for selling the highest number of life insurance policies in a single day. 
  • On January 20, 2025, LIC sold a staggering 588,107 life insurance policies across the country through its massive agent network, setting a global benchmark in life insurance sales within a 24-hour period.
  • The LIC's record-setting sales feat was recently acknowledged by the Guinness World Records on May 25, 2025. 
  • This recognition marks a milestone moment for India's insurance sector and reaffirms LIC's dominant presence and deep penetration in the Indian financial landscape.

Saudi Arabia and Kuwait Discover Oil in Neutral Zone After 5 Years

  • In a major development that could bolster global energy supply and Gulf cooperation, Saudi Arabia and Kuwait have announced a significant oil discovery in the neutral zone, specifically in the North Wafra Wara-Burgan field. 
  • This marks the first such discovery since the resumption of production in 2020, with the new well yielding over 500 barrels of crude oil per day. 
  • The find is expected to enhance both countries' status as reliable energy exporters and showcase their continued leadership in exploration and production efforts.

RBI Transfers Record Rs. 2.69 Lakh Crore Surplus to Centre for FY25

  • In a landmark fiscal development, the Reserve Bank of India (RBI) has approved a record surplus transfer of Rs. 2.69 lakh crore to the Central Government for the financial year 2024-25. The decision, taken during the 616th meeting of the Central Board of Directors chaired by RBI Governor Sanjay Malhotra, reflects strong financial performance and macroeconomic stability. 
  • The transfer follows a hike in the Contingent Risk Buffer (CRB) to 7.5%, under the revised Economic Capital Framework (ECF).

May 26, 2025

India Surpasses Japan to Become the World's 4th Largest Economy

  • India has marked a historic economic milestone by surpassing Japan to become the fourth-largest economy in the world. 
  • With a nominal Gross Domestic Product (GDP) of USD 4 trillion, India now stands just behind the United States, China, and Germany. 
  • This achievement reflects the country's sustained economic momentum and resilience amid global uncertainties, and its ambition to become a developed nation by 2047 under the "Viksit Bharat" vision.

RBI Transfers Record ₹2.69 Lakh Crore Surplus to Centre for FY25

  • In a landmark fiscal development, the Reserve Bank of India (RBI) has approved a record surplus transfer of Rs. 2.69 lakh crore to the Central Government for the financial year 2024-25.
  • The decision, taken during the 616th meeting of the Central Board of Directors chaired by RBI Governor Sanjay Malhotra, reflects strong financial performance and macroeconomic stability. 
  • The transfer follows a hike in the Contingent Risk Buffer (CRB) to 7.5%, under the revised Economic Capital Framework (ECF).

Ram Mohan Appointed as New Director of MPEDA

  • In a significant development in India's marine export sector, Ram Mohan M K has been appointed as the new Director of the Marine Products Export Development Authority (MPEDA).
  • A seasoned professional with over two decades of service in the organisation, Mohan brings deep expertise in marketing, quality control, and international trade, including a tenure as Resident Director in Tokyo.
  • This leadership change is expected to reinforce India's strategy to boost seafood exports and ensure compliance with global quality standards.
  • Ram Mohan is an alumnus of the Central Marine Fisheries Research Institute (CMFRI) postgraduate programme in mariculture, affiliated to Cochin University of Science and Technology (CUSAT).
  • He holds a Ph.D. from the ICAR–Central Institute of Fisheries Education (CIFE), Mumbai.

RBI Notifies New Six-Member Payments Regulatory Board Including Government Nominees

  • On May 21, 2025, the Reserve Bank of India (RBI) officially notified the establishment of a new Payments Regulatory Board (PRB), a six-member body tasked with regulating and supervising payment systems in India. 
  • This new board replaces the earlier Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) and notably includes, for the first time, three nominees from the central government. 
  • The PRB will be chaired by the RBI Governor, reflecting the central bank's continued leadership role in the payments ecosystem.

Tamannaah Bhatia Named Brand Ambassador of Karnataka Soaps & Detergents Limited (KSDL)

  • Karnataka Soaps & Detergents Limited (KSDL), a century-old state-owned enterprise, has appointed acclaimed actress Tamannaah Bhatia as its brand ambassador for a period of two years. 
  • This strategic move aims to enhance KSDL's visibility and appeal among younger consumers and expand its footprint both nationally and globally. 
  • The announcement was made by Karnataka's Large and Medium Industries Minister M.B. Patil on May 22, 2025, highlighting Tamannaah's pan-India appeal and strong digital presence.

May 25, 2025

India Post Payments Bank & Aditya Birla Capital Join Hands to Broaden Loan Access Nationwide

  • India Post Payments Bank (IPPB), in collaboration with Aditya Birla Capital Limited (ABCL), has announced a strategic partnership aimed at enhancing the accessibility of loan products across India, especially in rural and underbanked areas. This initiative integrates ABCL's wide range of lending solutions with IPPB's massive postal network and digital infrastructure to offer seamless credit options to the common man.
  • This news is significant because it marks a major milestone in India's journey towards deeper financial inclusion. The collaboration empowers millions of IPPB customers with digital access to personal, business, and property loans, especially benefiting rural and underbanked populations.

May 24, 2025

India Post Payments Bank & Aditya Birla Capital Join Hands to Broaden Loan Access Nationwide

  • India Post Payments Bank (IPPB), in collaboration with Aditya Birla Capital Limited (ABCL), has announced a strategic partnership aimed at enhancing the accessibility of loan products across India, especially in rural and underbanked areas. This initiative integrates ABCL's wide range of lending solutions with IPPB's massive postal network and digital infrastructure to offer seamless credit options to the common man.
  • This news is significant because it marks a major milestone in India's journey towards deeper financial inclusion. The collaboration empowers millions of IPPB customers with digital access to personal, business, and property loans, especially benefiting rural and underbanked populations.

May 23, 2025

RBI Cancels HCBL Co-operative Bank Licence Over Capital Shortfall

  • Reserve Bank of India (RBI) cancelled the licence of HCBL Co-operative Bank, a Lucknow-based urban cooperative bank, citing inadequate capital and no earning prospects.
  • With immediate effect, the bank has ceased all banking operations, and the Uttar Pradesh Registrar of Cooperative Societies has been requested to appoint a liquidator to wind up the bank's operations.
  • The action was taken under provisions of the Banking Regulation Act, 1949. It is part of RBI's effort to protect depositors and maintain public confidence in the cooperative banking sector.
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