General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Feb 19, 2025

RBI Launches Mobile App Offering Financial Statistics Related to Economy

Reserve Bank launched mobile application 'RBIDATA' which will provide access to more than 11,000 different series of economic data related to the Indian economy.
The mobile app offers macroeconomic and financial statistics relating to the Indian economy in a user-friendly and visually engaging format.
Users will be able to view time series data in graphs/charts and download data for analysis. There will also be details such as data source, unit of measurement, frequency and recent updates.
Further, the app's 'Banking Outlet' section will help users find banking facilities within 20 kilometres of their location and they can also access data about SAARC countries through the 'SAARC Finance'.

Standard Chartered Appoints P.D. Singh as India CEO

Standard Chartered Bank secured approval from the Reserve Bank of India (RBI) to appoint P.D. Singh as its Chief Executive Officer for India and South Asia. Singh, a veteran in corporate banking and former CEO of JP Morgan India, will assume his new role on April 1, 2025. He will replace Zarin Daruwala, who is set to retire on March 31, 2025, after leading the bank for nearly a decade.

LIC Launches Marketing Tech Platform under Project DIVE

State-owned Life Insurance Corporation of India (LIC) launched its marketing technology (MarTech) platform to redefine customer engagement. The platform is the first major milestone in project DIVE (Digital Innovation and Value Enhancement).
This launch represents LIC's first step towards becoming a global digital champion in the insurance industry, leveraging world-class technology to revolutionise customer engagement at an unprecedented scale.
This initiative strengthens LIC's ability to connect with policyholders, prospects and agents in a seamless and personalised manner.

Feb 18, 2025

Financial Services Firm Navi Appoints new CEOs

Financial services player Navi Group announced the appointment of two new Chief Executive Officers (CEOs) for its companies, including Navi Technologies and Navi Finserv.
Sachin Bansal resigned from his position as CEO of the companies and will serve as the executive chairman of Navi Group.
Rajiv Naresh was appointed CEO of Navi Technologies, whereas Abhishek Dwivedi was appointed as Navi Finserv's CEO.
Both have been part of Navi since its inception.

Madhya Pradesh Unveils India's First GCC Policy

Madhya Pradesh took a major step in India's economic landscape by introducing the country's first dedicated Global Capability Centre (GCC) Policy 2025. This initiative aims to attract multinational corporations by creating a strong ecosystem for global innovation and collaboration, particularly in Tier-2 cities like Indore, Bhopal, and Jabalpur. By providing a business-friendly environment, financial incentives, and infrastructure development, the state plans to position itself as a preferred destination for GCCs.
The policy targets sectors such as IT, finance, engineering, human resources, and emerging technologies, with a particular emphasis on artificial intelligence (AI) and cybersecurity.

RBI Fines Shriram Finance, Ujjivan SFB, and Nainital Bank for Violations

The Reserve Bank of India (RBI) took strict action against three financial institutions, Shriram Finance, Ujjivan Small Finance Bank, and Nainital Bank, by imposing monetary penalties for non-compliance with various regulatory norms. The penalties were imposed under the Banking Regulation Act, 1949, following the RBI's Inspection for Supervisory Evaluation (ISE 2023), which assessed the financial health of these institutions as of March 31, 2023. The violations ranged from non-adherence to interest rate directives, loan documentation irregularities, and risk categorization lapses.
Nainital Bank faced a penalty of Rs. 61.40 lakh for failing to follow RBI's norms on 'Interest Rate on Advances' and 'Customer Service in Banks.'
Ujjivan Small Finance Bank was fined Rs. 6.70 lakh for not issuing loan agreements to some borrowers at the time of loan disbursement.
Shriram Finance received a penalty of Rs. 5.80 lakh for not setting up a system to review risk categorisation of accounts periodically, which is essential for regulatory compliance.

Feb 17, 2025

Indian Banks' Margins to Drop 10 Bps in FY26

Indian banks are set to experience a decline in their net interest margins (NIMs) by an estimated 10 basis points in the financial year 2025-26, as per a report by Fitch Ratings. This forecast follows the Reserve Bank of India's (RBI) decision to lower the key policy rate by 25 basis points to 6.25% in February 2025.
The rate cut marks the first such move in nearly five years, signaling the beginning of an easing cycle aimed at boosting economic activity. However, it also brings challenges for banks as lower lending rates are expected to squeeze margins, especially in the short term.

Meta's 50,000 km Cable to Boost India-US Digital Connectivity

Meta has launched an ambitious project named Project Waterworth, which will lay down a 50,000-kilometre undersea cable to improve digital connectivity between India and the United States. This initiative is expected to offer faster and more reliable internet services across multiple regions, not just between India and the US, but also in South America and Africa. With the growing importance of digital connectivity, this project is set to become a crucial infrastructure for facilitating economic growth, digital inclusion, and innovation on a global scale.

Bank of Maharashtra Receives RBI Approval to Establish Branch in GIFT City

The Reserve Bank of India (RBI) has granted permission to the Bank of Maharashtra (BoM) to set up a branch in Gujarat International Finance Tec-City (GIFT City). This strategic move aims to enhance BoM's offshore banking operations from India, aligning with the bank's expansion plans in the region.
With the new branch in GIFT City, BoM is poised to significantly boost its business in Gujarat. The bank currently operates 101 branches in the state and has set an ambitious target to increase its business by 25%, aiming to surpass Rs. 15,000 crore by the second quarter of the financial year 2024-25. This expansion is part of BoM's broader strategy to strengthen its presence in key financial hubs across India.

Campa Cola Replaces Thums Up as IPL 2025 Co-Presenter

Campa Cola, a beverage brand owned by Reliance Consumer Products, has secured the co-presenting rights for the Indian Premier League (IPL) 2025. The deal, valued at Rs. 200 crore, marks a significant shift in India's beverage market, traditionally dominated by global giants like Coca-Cola.
The move highlights Reliance's strategy to rapidly scale its presence across India and to introduce more products, including sports drinks, during the IPL season.

Feb 16, 2025

JioCinema and Disney+ Hotstar Merge and Launch JioHotstar

JioCinema and Disney+ Hotstar officially merged and created a new streaming platform, JioHotstar. The new service was launched by JioStar, a joint venture between Reliance Industries and The Walt Disney Company.
The merger brings together two of India's most popular streaming platforms, combining their content libraries, sports coverage, and technology to offer a wider range of entertainment.
JioHotstar introduced a new subscription model. Existing Disney+ Hotstar subscribers will continue with their current plans without any changes. The pricing for these plans is Rs. 149 for mobile, Rs. 299 for the Super plan, and Rs. 349 for the Premium (Ad-Free) plan for three months.
The new platform will offer a wide range of content, including Hollywood films and series from NBCUniversal Peacock, Warner Bros, Discovery, HBO, and Paramount.
This makes JioHotstar the only platform in India to feature content from multiple global studios in one place.

Asia's 20 Richest Families: Mukesh Ambani Leads

Indians are increasingly making their mark on the global stage, not just for their expertise but also for their remarkable business strategies. A testament to this rising prominence is the inclusion of an Indian family at the top of Bloomberg's list of Asia's richest families, with several others securing spots in the top 20.
Topping the list is Mukesh Ambani's family with $90.5 billion in wealth. Mukesh Ambani oversees Reliance Industries, one of India's largest conglomerates.
Ranked second, Thailand's Chearavanont family has amassed $42.6 billion through its Charoen Pokphand conglomerate, which spans food, retail, and telecom businesses across Asia.
With a net worth of $42.2 billion, the Hartono family of Indonesia, third in the rankings, made its fortune in banking, primarily through Bank Central Asia, and from its origins in the tobacco industry.

Feb 15, 2025

TCS Joins UPM for IT Overhaul in Nordic Region

Tata Consultancy Services (TCS) secured a significant IT transformation deal with UPM, a Finland-based company specialising in sustainable materials. This strategic partnership aims to modernise UPM's IT infrastructure, focusing on cloud migration, digital transformation, and improving operational efficiency. TCS will manage key IT functions, including data centre operations, network services, and end-user support, ensuring a seamless and advanced technology-driven ecosystem for UPM's 19,000 employees.
TCS will play a critical role in reshaping UPM's IT landscape by migrating its core services to cloud platforms. The deal includes:
Cloud adoption: Transitioning IT services to cloud-based systems for better scalability.
Workplace transformation: Implementing AI-driven tools and chatbots to enhance employee experience.
Operational management: Overseeing UPM's data centers and network infrastructure for improved efficiency.

RBI Injects Rs. 2.5 Lakh Crore to Strengthen Banking Liquidity

The Reserve Bank of India (RBI) announced a significant liquidity infusion of Rs. 2.5 lakh crore into the banking system through a Variable Rate Repo (VRR) auction. This move is aimed at addressing the current liquidity shortfall in the financial system, which has been impacted by various economic factors.
The liquidity support will help stabilise the banking sector, ensuring the smooth flow of credit and preventing any major disruptions in financial markets.

Tata Elxsi & Garuda Aerospace to Boost India's UAV Sector

In a step towards boosting India's self-reliance in unmanned aerial vehicle (UAV) technology, Tata Elxsi and Garuda Aerospace partnered to establish a Centre of Excellence for drone design, engineering, and certification. The Memorandum of Understanding (MoU) was signed at Aero India 2025, marking a crucial development in India's UAV sector. The collaboration aligns with the government's 'Make in India' initiative and aims to develop indigenous drone solutions for defence, agriculture, and smart city applications.

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