General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Feb 14, 2025

Adani Green Withdraws from Controversial Renewable Energy Project in Sri Lanka

The Adani Group withdrew from a 484 megawatt (MW) wind project in northern Sri Lanka after the government in Colombo allegedly moved to renegotiate the terms of the project.
Adani Green Energy Ltd told Sri Lanka's Board of Investment that it would "respectfully withdraw" from the wind project following discussions with officials who indicated that fresh committees would be formed to "renegotiate the project proposal".
The wind project has been under intense scrutiny since the election of Sri Lanka's President Anura Kumara Dissanayake in September last year (2024), after he promised to cancel the corrupt project in the run-up to the elections.

Suzlon Bags Order from Oyster Renewable to Supply Wind Turbine Generators

Suzlon Group secured a repeat order from Oyster Renewable to supply 64 wind turbine generators each having a rated capacity of 3.15 megawatts (MW).
It will supply 64 wind turbine generators (WTGs) of S144 series with Hybrid Lattice Towers (HLT) to Oyster Renewable in Madhya Pradesh.

SEBI Unveils MITRA to Track Inactive Mutual Fund Folios

The Securities and Exchange Board of India (SEBI) introduced the Mutual Fund Investment Tracing and Retrieval Assistant (MITRA), a platform designed to help investors track, trace, and reclaim inactive or unclaimed mutual fund folios. This move is aimed at addressing a growing issue in the mutual fund industry—investors losing access to their investments due to outdated contact details, unawareness, or lack of KYC compliance.
SEBI's MITRA provides investors with an industry-wide searchable database to track such unclaimed investments.
Additionally, MITRA promotes KYC compliance, helping investors update their details and reducing the number of non-KYC compliant folios, which are often at risk of fraudulent claims.

Feb 13, 2025

Mastercard Launches Anti-Money Laundering Service 'TRACE' to Combat Financial Crime in Asia Pacific

Mastercard officially launched of TRACE (Trace Financial Crime) in Asia Pacific, a sophisticated network-level solution that harnesses artificial intelligence to identify and prevent money laundering and financial crime.
Powered by timely and large-scale payments data from multiple financial institutions, TRACE provides holistic intelligence beyond an individual financial institution's soloed view, enabling tracing of financial crime across a payments network. The groundbreaking crime-fighting solution has been implemented in the Philippines' Real-Time Payment network, making it the second market in the world to offer the service after the United Kingdom.

IOC, BPCL to Sign Multibillion-dollar LNG Purchase Deals with Adnoc

Two of India's biggest state-run oil companies will sign agreements to buy liquefied natural gas from Abu Dhabi National Oil Co, as the world's most populous nation looks to secure long-term supplies to meet growing energy demand.
Indian Oil Corp, the nation's biggest refiner, will buy up to 1.2 million tons a year of LNG from Adnoc, valued at over $7 billion for the 14-year period of the deal starting 2026. Bharat Petroleum Corp. is looking to receive 2.5 million tons of the fuel from the UAE company over five years starting April, with an option to extend it by another five years.
Adnoc, which is competing with Qatar to secure buyers for LNG, has been offering lower prices and more flexible terms than its Gulf neighbour.

THDC India Enters Thermal Energy Sector

THDC India started commercial operations of a 660-MW unit at its Khurja Power Plant in Bulandshahr, Uttar Pradesh, marking an entry into the domestic thermal energy sector.
The project, with a total capacity of 1,320 MW (2×660 MW), is being developed at an investment of Rs. 13,000 crore. The second unit is expected to begin operations soon. Equipped with modern technologies like Flue Gas Desulfurisation (FGD), the plant aims to enhance India's power generation while ensuring environmental sustainability.

Easebuzz Gets RBI Authorisation to Operate as Online Payment Aggregator

Payment solutions provider Easebuzz received final authorisation from the Reserve Bank to operate as an online payment aggregator (PA). The nod allows the company to continue operating as an authorised payments platform and help process online payments for Indian businesses across sectors, including e-commerce, travel and tourism, education and real estate.
With this license, Easebuzz joined a select group of approved payment aggregators in India, who are authorised to facilitate digital transactions for merchants under the regulatory framework set by the Reserve Bank of India.

Feb 12, 2025

DPIIT & KOTI Ink MoU for Logistics & Infrastructure Growth

India and South Korea took a significant step towards strengthening their logistics and infrastructure collaboration. The Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, and the Korea Transport Institute (KOTI), Republic of Korea, signed a Memorandum of Understanding (MoU) at the Sejong National Research Complex in South Korea.
The agreement was formalised by Mr. Youngchan Kim, President of KOTI, and H. E. Amit Kumar, Ambassador of India to South Korea. This partnership aims to improve logistics efficiency, enhance infrastructure planning, and promote sustainable economic development through knowledge exchange and technical collaboration.

Reliance Unveils 'Spinner' Sports Drink with Muralitharan

Reliance Consumer Products Ltd (RCPL), the FMCG arm of Reliance Industries, entered the sports hydration drink segment with its new brand, Spinner. Co-created with Sri Lankan cricket legend Muttiah Muralitharan, Spinner aims to provide an affordable and effective hydration solution. Priced at Rs. 10 for a 150 ml bottle, it is significantly cheaper than competitors like Gatorade and Powerade.

India Establishes European Free Trade Association Desk

India and the European Free Trade Association (EFTA) – comprising Switzerland, Norway, Iceland, and Liechtenstein –took a significant step towards deeper economic collaboration with the inauguration of the India-EFTA Desk. This initiative follows the conclusion of India-EFTA Trade and Economic Partnership Agreement (TEPA), which positions EFTA as the first European bloc to formalise a trade pact with India. Union Minister for Commerce and Industry, Piyush Goyal hailed TEPA as a landmark agreement, emphasising India's growing role in global trade.
The India-EFTA Desk will provide structured support to EFTA businesses looking to invest, expand, or establish operations in India. High-ranking dignitaries from all four EFTA nations attended the launch, reaffirming their commitment to strengthening economic ties.

Feb 11, 2025

Nokia Names Intel's AI Chief Hotard as New CEO

Nokia named Justin Hotard as Chief Executive Officer (CEO). He will take over the new role on April 1, 2025, replacing Pekka Lundmark. Hotard brings vast expertise in artificial intelligence (AI) and data centres, crucial for Nokia's future growth. Nokia's Chair Sari Baldauf highlighted Hotard's track record in accelerating growth in technology firms. Lundmark, who led Nokia since 2020, will stay on as an advisor until the end of the year to ensure a smooth transition.

RBI Approves Voluntary Amalgamations of Urban Co-operative Banks

In a move to improve the financial stability of the urban co-operative banking sector, the Reserve Bank of India (RBI) approved the voluntary amalgamation of two urban co-operative banks in Hyderabad, Telangana. This step aligns with the RBI's long-term objective of strengthening smaller co-operative banks through consolidation, ensuring better management of financial risks and customer service.
The RBI gave its nod to the merger of Twin Cities Co-operative Urban Bank Ltd. with Kranti Co-operative Urban Bank Ltd. in Hyderabad. This merger will be effective from August 23, 2023, and post-merger, the branch of Twin Cities Co-operative Urban Bank will function as part of Kranti Co-operative Urban Bank.

IDFC FIRST Bank Expands AI Amitabh Bachchan Avatar

IDFC FIRST Bank, in collaboration with Ikonz Studios, introduced an AI-powered holographic avatar of its brand ambassador, Amitabh Bachchan, across five additional cities. This initiative aims to revolutionise customer interaction by providing an immersive and personalised banking experience.
The AI-powered holographic avatar is a digital representation of Amitabh Bachchan, utilising Holographic Extended Reality (HXR) technology. This technology creates lifelike 3D projections capable of interacting with users. Customers can engage with the avatar through touch-enabled devices to obtain information on various banking products and services, including Zero Fee Banking, Monthly Interest Credits, Mobile Banking, and the innovative Current Account BRAVO.

Feb 10, 2025

RBI Introduces Extra Security for International Online Payments with AFA

In a move aimed at enhancing the safety of online payments, the Reserve Bank of India (RBI) announced plans to introduce Additional Factor of Authentication (AFA) for cross-border "Card Not Present" (CNP) transactions. This decision will bring international digital transactions using Indian-issued cards under the same security standards that have been applied to domestic transactions.

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