General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Dec 19, 2024

RBI Lifts Restrictions on Edelweiss Group's ECL Finance and ARC

The Reserve Bank of India (RBI) lifted the supervisory restrictions on two entities of the Edelweiss Group—ECL Finance Ltd. and Edelweiss Asset Reconstruction Company Ltd. (Edelweiss ARC). These restrictions were imposed in May 2024 due to concerns over regulatory compliance. After significant engagement and corrective actions by the companies, the RBI is satisfied with their adherence to regulatory norms and has allowed their normal operations to resume.
ECL Finance Ltd: In May 2024, ECL Finance was prohibited from conducting structured transactions involving wholesale exposures, except for closures or repayments.
Edelweiss ARC: Edelweiss ARC faced a halt in acquiring financial assets and reorganising security receipts under the SARFAESI Act.

The 22nd Edition of CII Connect 2024

Confederation of Indian Industry (CII) Tamil Nadu hosted the 22^nd edition of CII Connect in Chennai. Based on the theme 'Artificial Intelligence in Action: Real-World Applications in Business,' the summit focused on the transformative potential of Artificial Intelligence (AI) in revolutionising operations, enhancing efficiencies and driving innovation across industries.
The event was chaired by Srivats Ram, Chairman, CII Tamil Nadu State Council & Managing Director Wheels India Ltd. and co-chaired by Rajesh Varrier, EVP, Global Head of Operations and Chairman & Managing Director, Cognizant India.
It was inaugurated by IT Minister Palanivel Thiaga Rajan.

Dec 18, 2024

Ambuja Cements to Merge Sanghi Industries, Penna Cement with Self

Ambuja Cements announced an amalgamation of its two subsidiaries Sanghi Industries Limited (SIL) and Penna Cement Industries Limited (PCIL) with itself.
The Adani Group-promoted firm, which had announced acquisition of SIL and PCIL in 2023 and 2024 respectively, said that it has entered separate Schemes of Arrangement of the two subsidiaries.
The move aims at enhancing shareholder value, and streamline the organisation structure and simplify compliance requirements for effective governance.

DPIIT Signs MoU with HDFC Bank to Strengthen Start-up Ecosystem and Foster Innovation

Department for Promotion of Industry and Internal Trade (DPIIT) inked a partnership with HDFC Bank, India's largest private sector bank by assets, to empower start-ups with world-class banking and financial services.
The collaboration aims to strengthen the overall star-=up ecosystem by offering knowledge sharing, mentorship, and capacity-building programs to foster innovation and growth.
Start-ups will benefit from customized banking and financial products designed to cater their specific requirements, such as working capital, credit access, and cash flow management. Besides, the Start-ups will also have access to HDFC Bank's vast network and resources thus enabling them to scale up their operations, attract investments, and establish their market presence far more effectively.

Dec 17, 2024

RBI Raises Collateral-Free Agricultural Loan Limit to Rs. 2 Lakh

In a significant move to enhance financial access for farmers, the Reserve Bank of India (RBI) raised the limit for collateral-free agricultural loans from Rs. 1.6 lakh to Rs. 2 lakh. Effective January 1, 2025, the directive aims to address inflationary pressures and rising input costs while providing small and marginal farmers with sufficient credit support to meet their operational and developmental needs.
Banks were directed to implement the revised guidelines by January 1, 2025, and run awareness campaigns to ensure farmers are well-informed about the enhanced loan provisions.

Google Appoints Preeti Lobana as India Head

Tech giant Google announced the appointment of Preeti Lobana as its new Country Manager and Vice President for India. This strategic move comes as Google aims to bolster its presence and commitment to India's rapidly evolving digital economy. Lobana, a seasoned professional with over three decades of experience, took over the reins from Sanjay Gupta, who transitioned to a larger role as the President of the Asia Pacific region.
Before joining Google, Lobana served in prominent leadership roles at renowned organisations, including: NatWest Group, American Express, Standard Chartered Bank and ANZ Grindlays Bank.
Her academic credentials include being an alumnus of the prestigious Indian Institute of Management (IIM) – Ahmedabad, where she honed her expertise in strategy, change management, and leadership.

RBL Bank Reappoints R. Subramaniakumar as MD & CEO

RBL Bank's board of directors reappointed R. Subramaniakumar, the current Managing Director and Chief Executive Officer (MD and CEO) of the bank, for a period of three years, effective June 23, 2025.
The reappointment is, however, subject to approval from the Reserve Bank of India (RBI). The bank will make an application to the RBI seeking approval for reappointing Subramaniakumar as MD and CEO for a further period of three years under Section 35B of the Banking Regulation Act, 1935.
Subramaniakumar was initially appointed for a period of three years as MD and CEO of the bank in June 2022, making him the second public sector banker after Prashant Kumar to head a private sector bank.

Dec 16, 2024

World's Richest Families 2024: Waltons Family Leads

The Bloomberg list of the world's richest families for 2024 reveals significant wealth disparities among the global elite. The Walton family ($432.4 billion), which owns Walmart, tops the list, surpassing not just other billionaire families but also the wealth of the world's richest individual, Elon Musk. Notable families from India, including the Ambanis and Mistrys, also made it to the top 25, reflecting the growing influence of Indian billionaires on the global wealth stage.
Ambanis ($99.6 billion) ranked 8^th on the list reflecting Reliance's growing influence in the global market.
Mistrys ($41.4 billion) ranked 23^rd showcasing their significant presence in the Indian and global construction sectors.

Manish Jain Appointed Executive Director at YES Bank

YES Bank announced that the Reserve Bank of India (RBI) had approved the appointment of Manish Jain as the Executive Director (Whole-Time Director) of the bank. Jain's appointment is for a period of three years, starting from December 11, 2024, to December 10, 2027. This move follows a prior resolution by the bank's board of directors and will be subject to the approval of YES Bank's shareholders. Manish Jain, who has been with YES Bank since September 2023, brings a wealth of experience in corporate and wholesale banking.
Manish Jain has been serving as the Country Head of Wholesale Banking since his arrival at YES Bank in September 2023.
Jain brings over three decades of work experience, including over 23 years with Standard Chartered Bank.
He holds a Post Graduate Diploma in Management from IIM Bangalore and a B.Tech in Mechanical Engineering from IIT Delhi.

FAME-III: New Milestone for Electric Mobility in India

India is aggressively advancing its electric vehicle (EV) ecosystem, and the launch of the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme marks a significant step in this journey. With an outlay of Rs. 10,900 crore over two years (April 2024 to March 2026), the scheme aims to promote electric mobility and reduce the country's dependence on fossil fuels.
The Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme is gearing up for its third phase (FAME-III), expected to roll out within the next two months. The government is determined to ensure that India becomes a global leader in electric mobility, with a vision of a 'Viksit Bharat.'

BOBCARD Launches TIARA Credit Card

BOBCARD has launched the TIARA Credit Card, a premium, women-centric offering designed to empower modern women. This card is packed with rewards across various categories such as travel, lifestyle, dining, entertainment, and health, providing women with the tools to manage their finances without compromising on lifestyle. The launch event, held at Pinkathon, featured notable personalities like Milind Soman and Ankita Konwar. TIARA is powered by the RuPay network and promises to be a game-changer for women's financial autonomy.
The TIARA card not only offers a wealth of benefits but also challenges the societal perception of the "woman card," making it a symbol of pride, success, and financial empowerment. With the slogan 'Your Woman Card is Your Power Move', BOBCARD aims to inspire women to take control of their financial future and live without limits.

Dec 15, 2024

Tivolt, Tata Power Renewable Partner to Boost EV Charging Infrastructure

Tivolt Electric Vehicles Pvt Ltd, the EV division of the diversified business conglomerate Murugappa Group, signed a memorandum of understanding (MoU) with Tata Power Renewable Energy Ltd to enhance e-mobility for commercial vehicles.
The partnership aims to build a robust electric vehicle charging ecosystem by leveraging Tata Power's expertise in diversified EV charging solutions and Tivolt Electric Vehicles' rapidly growing network of small electric commercial vehicles across the country.
As per the MoU, Tata Power Renewable Energy Ltd will bring its extensive experience in setting up and managing an expansive EV charging infrastructure to Tivolt Electric Vehicles' dealerships, public spaces, and customer locations.

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