General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Dec 29, 2024

Akums Group Signs 200 Million Euro Deal for European Market Expansion

Akums Group, India's largest contract development and manufacturing organisation (CDMO), entered into a 200 million euro (Rs. 1,760 crore) partnership with a global pharmaceutical major to manufacture and supply a range of pharmaceutical formulations for the European market.
The company will receive an upfront payment of 100 million euro (Rs 880 crore) to support product development and secure European regulatory approvals for its oral liquid manufacturing facility.
The collaboration involves the production of multiple SKUs of oral liquid formulations at Akums' manufacturing facilities in India, which will be marketed by the partner company across various European countries.

Dec 28, 2024

RBI Sets Up 8-member Panel to Develop Framework for Ethical Use of AI

The Reserve Bank announced the setting up of an eight-member committee to develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector.
Headed by IIT Bombay professor Pushpak Bhattacharyya (Department of Computer Science and Engineering), the panel will assess the current level of adoption of AI in financial services, globally as well as in India.
It will also review regulatory and supervisory approaches on AI with focus on the financial sector globally.
The panel will also identify potential risks associated with AI, if any, and recommend an evaluation, mitigation and monitoring framework and consequent compliance requirements for financial institutions, including banks, NBFCs, FinTechs, PSOs, etc.

Dec 27, 2024

North East Bankers Conclave 2024

Union Home Minister Amit Shah addressed the North East Bankers Conclave 2024 in Agartala, Tripura, which aimed to encourage financial institutions to invest in the region's development.
Amit Shah told the necessity of economic growth across all regions and emphasized that the development of the Northeast is a national responsibility, urging bankers to view it as a vital opportunity for growth rather than a mere business venture.

Dec 26, 2024

Aditya Birla Capital Becomes First to Integrate Financial Services on ONDC

Aditya Birla Capital become the first BFSI company to offer all three core financial services lending, insurance, and mutual fund investments on the Open Network for Digital Commerce (ONDC) platform. This move aims to provide broader access to financial products, particularly in underserved markets, and support financial inclusion across the country.
Through the ONDC network, various live Buyer Apps will now be able to offer Aditya Birla Capital's personal loans, health insurance, and mutual funds to their users.

Amitava Chatterjee New MD & CEO of J&K Bank

The Reserve Bank of India (RBI) appointed Amitava Chatterjee as the Managing Director and Chief Executive Officer (MD & CEO) of the Jammu and Kashmir Bank for a period of three years.
This appointment marks a new chapter for J&K Bank with Chatterjee's leadership expected to bring strategic insights and innovation to the institution.

Dec 25, 2024

New Consumer Protection Apps Launches on National Consumer Day 2024

Union Minister of Consumer Affairs, Food and Public Distribution and Minister of New and Renewable Energy, Pralhad Joshi presided over the celebrations of National Consumer Day 2024, in Vigyan Bhawan in New Delhi with the launch of several pro-Consumer initiatives.
On this occasion, Pralhad Joshi launched the 'Jago Grahak Jago App,' 'Jagriti App,' and 'Jagriti Dashboard' to protect Consumers from Dark Patterns. The Apps would equip the Department of Consumer Affairs with means and resources to identify dark patterns on e-commerce platforms and is soon going to empower consumers with these tools. He also launched National Legal Metrology e-Mapp, which enhances transparency, efficiency, and accountability in governance and operations.
The Jago Grahak Jago App provides consumers with crucial information about e-commerce platforms, helping them identify potentially unsafe websites. The app alerts users to online shopping risks, aiming to raise awareness and empower consumers to make informed decisions when shopping online.
Designed to encourage proactive consumer engagement, the Jagriti App allows users to report websites suspected of using deceptive online practices, such as dark patterns. These reports are sent to the Central Consumer Protection Authority (CCPA) for further investigation, making it easier for consumers to voice their concerns and take action against unfair practices.
The Jagriti Dashboard aggregates data from the complaints submitted through the Jagriti App, offering a comprehensive view of consumer trends. It helps authorities track the prevalence of dark patterns across different platforms, enabling more effective regulation and intervention.

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