General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Aug 04, 2024

RBL Bank Launches RuPay Credit Cards with UPI and NCMC Functionalities

RBL Bank introduced a new RuPay Credit Card, integrating both Unified Payments Interface (UPI) and National Common Mobility Card (NCMC) features. This innovation makes RBL Bank the first private sector bank in India to offer these combined payment capabilities in a single card.
The integration allows cardholders to make payments via UPI and get hassle-free travel with the NCMC feature.

India Ranks 2nd Largest Aluminium Producer in the World

India solidified its position as a global leader in mineral production, with impressive rankings across several key minerals. The country stands as the 2nd largest aluminium producer, the 3rd largest lime producer, and the 4th largest iron ore producer in the world. These rankings underscore India's significant contribution to the global mineral industry and highlight its growing importance in the sector.
The fiscal year 2023-24 witnessed unprecedented levels of mineral production in India, setting a strong foundation for continued growth. Two key minerals, iron ore and limestone, emerged as the backbone of India's mineral sector, collectively accounting for an impressive 80% of the total MCDR mineral production by value. The production figures for these crucial minerals in FY 2023-24 were as follows:
Iron Ore: 275 million metric tons (MMT) and limestone: 450 million metric tons (MMT)

Zomato Announces Launch New App called District for 'Going-Out' Business

Zomato announced the launch of 'District,' a new app consolidating 'going-out' business, including dining and ticketing (movies and events), an ambitious expansion beyond its core food delivery services and hyper commerce.
This move, unveiled by CEO Deepinder Goyal in a letter to shareholders, marks Zomato's entry into a broader array of lifestyle services, encompassing dining out, movies, sports ticketing, live performances, shopping, staycations, and more — all within a single platform.

Aug 03, 2024

Board of Indian Oil Corporation Approves Construction of Greenfield Terminal at Bihta, Patna

The Board of Indian Oil Corporation accorded stage-1 approval for construction of greenfield terminal at Bihta, Patna, Bihar on Barauni - Kanpur product pipeline (BKPL) and Patna - Motihari - Baitalpur (PMBL) at an estimated cost of Rs. 1698.67 crore as combined re-sitement of existing marketing terminal and pipeline pump station in Patna and for undertaking pre project activities related thereto.

Air France-KLM Carrier Appoints Stefan Gumuseli as GM for India-ME Markets

European air carrier Air France-KLM appointed Stefan Gumuseli as the new General Manager for the India-Middle East markets.
Gumuseli will oversee the passenger business for India and the Middle East, which includes a range of diverse and multicultural countries such as India, UAE, Saudi Arabia, Lebanon, and Egypt as well as additional offline countries.
He will be based at the regional office in Dubai, and Claude Sarre will continue to lead India and the Sub-continent as Country Manager based in New Delhi, ensuring continuity and focused leadership in this key market.

RBI Re-approves MDs and CEOs for Unity Small Finance Bank

The Reserve Bank of India (RBI) re-approved the appointments of Inderjit Camotra as Managing Director and Chief Executive Officer (MD and CEO) of Unity Small Finance Bank for two years, reflecting his effective leadership in expanding his banks' operations and reach.He previously held the role of Executive Director at Centrum Financial Services Ltd.

IRDAI Fines HDFC Life Rs. 2 Crore for Violations

The Insurance Regulatory and Development Authority of India (IRDAI) fined HDFC Life Insurance Rs. 2 crore for breaching regulatory norms. The penalty, detailed in an order dated August 1, 2024, follows an inspection covering the financial years 2017-18 to 2019-20. The penalty must be paid within 45 days, and additional directives were issued to address the violations.

Aug 02, 2024

India Retains Eighth Position in Global Agriculture Exports in 2023

India held onto its position as the world's eighth-largest exporter of agricultural products in 2023, despite a decline in exports from $55 billion in 2022 to $51 billion. This stability came amid a general decrease in agricultural exports among seven of the top ten exporting nations.
The WTO's Trade Statistics 2023 report highlights that only three countries among the top ten, Brazil, the European Union (EU), and Thailand, increased their agricultural exports in 2023. Brazil saw an increase of 6% to $157 billion, maintaining its third place, while the EU's exports rose by 5% to $836 billion, preserving its top spot. Thailand's exports grew by 0.2%, although it remains outside the top three.
The United States, despite a decrease to $198 billion, retained its second position. China, holding the fourth spot, saw a minor drop to $95 billion. Other countries in the top ten include Canada, Mexico, Indonesia, and Australia.

Govt Extends Minimum Public Shareholding Deadline for PSUs till August 2026

The government extended until August 2026 the deadline for central public sector enterprises (CPSEs) and public sector financial institutions to adhere to the minimum public shareholding (MPS) norm.
According to a Finance Ministry memorandum, the government granted an exemption in the public interest and allowed CPSEs, public sector banks and financial institutions until August 1, 2026, to increase their public shareholding to at least 25 per cent.

UGRO Capital and SIDBI Forge Co-Lending Partnership

UGRO Capital, a data-tech non-banking financial company (NBFC), entered into a co-lending agreement with the Small Industries Development Bank of India (SIDBI) to provide timely and affordable credit to micro, small, and medium enterprises (MSMEs). This initiative aligns with the Reserve Bank of India's (RBI) co-lending framework, aimed at enhancing priority-sector lending by combining the strengths of banks and NBFCs.
Prakash Kumar, Deputy Managing Director of SIDBI, emphasized that this partnership aligns with SIDBI's mission to expand its reach and impact through strategic collaborations. The co-lending arrangement with UGRO Capital is expected to deliver affordable business loans to MSMEs.
Small Industries Development Bank of India (SIDBI) is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India. It is under the jurisdiction of Ministry of Finance, Government of India headquartered at Lucknow and having its offices all over the country.
SIDBI was established on April 2, 1990, by Government of India, as a wholly owned subsidiary of IDBI Bank. It was delinked from IDBI on March 27, 2000.

Aug 01, 2024

Sanjay Shukla Assumes Charge as MD of National Housing Bank

The National Housing Bank announced that Sanjay Shukla officially taken on the role of Managing Director (MD). A seasoned chartered accountant with over three decades of experience in housing and retail asset finance, Shukla has a distinguished history of leading and transforming financial institutions.
He began his career in 1991 as an officer at LIC Housing Finance Limited. Shukla's career also includes key positions such as business head of consumer assets at ING Vysya Bank, where he was instrumental in establishing and expanding the consumer loan segment. He played a critical role in launching Tata Capital's retail housing finance business as its first business head.
Before joining NHB, Shukla was the founding managing director and chief executive officer (CEO) of Centrum Housing Finance Limited (CHFL) from October 2016.

Jul 31, 2024

Shriram Capital Receives RBI Approval to Launch ARC

Shriram Capital received in-principle approval from the Reserve Bank of India (RBI) to establish an Asset Reconstruction Company (ARC). The approval, granted after Shriram Capital's application in November 2023, marks a significant step for the company.
The ARC will concentrate on acquiring retail loans, excluding microfinance loans, leveraging its extensive network and collection capabilities.

RBI's 5th Cohort Regulatory Sandbox

The Reserve Bank of India (RBI) selected five entities for the test phase of its theme-neutral fifth cohort of the regulatory sandbox, following the receipt of 22 applications. Announced in October 2023, this initiative allows firms to test new financial innovations in a controlled environment.
Selected entities are: Connectingdot Consultancy, Epifi Technologies, Finagg Technologies, Indian Banks' Digital Infrastructure Company (IBDIC) and Signzy Technologies.
The sandbox involves several stages including preliminary screening, application assessment, test design formulation, and evaluation. It provides a controlled environment for live testing of financial products or services, allowing for regulatory relaxations to facilitate testing. This approach helps regulators, financial service providers, and customers assess the benefits and challenges of new innovations while managing associated risks.
The sandbox targets fintechs, banks, and firms that support or partner with financial services businesses. Each cohort is limited in size and duration, ensuring a focused and manageable testing process.

Parle Remains India's Most-chosen FMCG Brand for 12th Year

Parle, the biscuit brand owned by Parle Products, continues to be India's top FMCG brand, according to the latest edition of Brand Footprint, Kantar World panel's annual ranking of the most chosen consumer brands in India. In fact, seven of the top 10 brands are owned by home-grown companies.
Parle with 7.98 billion CRP has been on the top since the launch of its brand footprint twelve years ago followed by Britannia that had CRP of 7.93 billion. Both these brands gained 6% and 16% each. Hindustan Unilever's shampoo brand Clinic Plus was the only non-food exception in the top five brands although it declined 5% to 4.14 billion.

Aditya Birla Group Launches Indriya to Enter Indian Jewellery Market

Aditya Birla Group Chairman, Mr. Kumar Mangalam Birla announced the launch of the Group's jewellery retail business, marking the Group's foray into the rapidly expanding Indian jewellery market. This strategic move marks another significant milestone as the Group strengthens its consumer portfolio, leveraging its strong brand equity and deep market insights.
The brand name 'Indriya' has its origins in Sanskrit, deeply rooted in India's rich cultural heritage. Indriya is an ode to the five senses.
The jewellery business, launched under the brand Indriya, aims to secure a position among India's top three jewellery retailers over the next 5 years. This ambitious venture is backed by an unprecedented investment of Rs 5,000 Cr, underscoring the Aditya Birla Group's commitment to revolutionising the jewellery retail landscape in India.

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