General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

May 20, 2024

Coal India, NMDC, ONGC Videsh Seek Overseas Critical Mineral Assets

The Indian government announced plans for public sector companies like Coal India, NMDC, and ONGC Videsh Ltd (OVL) to actively seek critical mineral assets overseas. This strategic move aims to secure vital mineral resources essential for various industries, including clean energy technologies and electric vehicles.
Coal India, NMDC, and ONGC Videsh Ltd (OVL) are set to explore critical mineral assets abroad under the guidance of a group of secretaries. These public sector undertakings (PSUs) are already established players in the international market and are well-positioned to expand their presence in search of essential mineral resources.

Pradeep Natarajan: Director of IDFC FIRST Bank

In May 2024, RBI approved the appointment of Pradeep Natarajan as Whole Time Director on the Board of IDFC FIRST Bank. Natarajan is designated as Executive Director of the bank for a three-year term. The bank will undertake necessary formalities to complete Natarajan's appointment as Executive Director.
The appointment is subject to shareholder approval. IDFC FIRST Bank reported a net profit of Rs 724 crore for the fourth quarter ended March 2024.
Gross NPAs reduced to 1.88% of gross advances as of March 31, 2024, from 2.51% in March 2023. Net NPAs decreased to 0.60% of advances from 0.86% at the end of 2024.

IFC Extends $500 Million Credit Line to HDFC Bank for Micro Loans

The International Finance Corporation (IFC) provided a $500 million loan to HDFC Bank on May 17, 2024. This loan will support women microfinance borrowers, specifically those in self-help groups (SHGs) and joint liability groups (JLGs) engaged in sustainable livelihood initiatives. Unlike non-banking finance companies, which charge higher rates, HDFC Bank can offer cheaper loans due to its access to lower-cost funds from CASA deposits.
Women, especially microloan borrowers in semi-urban and rural areas, will have increased access to finance on the back of the funding which is aimed to support lending for income generation purposes, fostering financial inclusion and socio-economic growth in the country.
The lender will use IFC's financing for on-lending as microloans to Self-Help Groups (SHGs) and Joint Liability Groups (JLGs) enrolled in the Sustainable Livelihoods Satwik
Initiative (SLI).

Government-Backed ONDC Attracts 10 Unicorns and 125 Start-ups

The Open Network for Digital Commerce (ONDC), backed by the government, garnered significant interest from key players in India's digital ecosystem. Among the 125 start-ups committed to the platform are renowned unicorns like Zerodha, EaseMyTrip, and Cars24, signaling a strong push towards democratizing digital commerce.
At a event, which was organized by the Department for Promotion of Industry and Internal Trade (DPIIT), over 125 start-ups, including high-growth businesses and unicorns, pledged their preliminary commitment to ONDC. This list includes prominent names such as Of Business, Winzo, Livspace, GlobalBees, Pristyn Care, Physics Wallah, and Policybazaar.
ONDC aims to revolutionize digital commerce by offering visibility to products and services, thereby empowering small and local sellers who have previously been underserved by digital platforms. With over 500,000 sellers already on board, including a majority of small or medium-sized sellers, ONDC is poised to reshape the landscape of e-commerce in India.

May 19, 2024

Angel One Launches Fin One to Boost Financial Awareness among Young Indians

Angel One Ltd, a prominent fintech brokerage in India, announced the launch of Fin One, a digital-first initiative set to transform financial literacy for a billion Indians.
Fin One integrates engagement and entertainment to empower young Indians to make informed financial decisions and develop resilient investing habits. Young Indians, especially Gen-Z and millennials, are diving into the market now, and it's important for them to know about the virtues of early investing, staying in the market for the long term, the risks involved, and how to make the most of their investments. Fin One isn't just a social identity; it's a movement designed to make finance cool, engaging, and irresistibly fun, according to Angel One.

May 18, 2024

M&M Gears Up For a Rs. 26,000 Crore Investment in Automotive Business

In anticipation of increased demand in the automotive sector, Mahindra & Mahindra Ltd unveiled an ambitious plan to invest Rs. 26,000 crore in its automotive business over the next three years. This significant investment will span from FY25 to FY27 and is aimed at developing new vehicles and enhancing production capacity.
A substantial portion of the investment, Rs. 12,000 crore, is allocated to Mahindra Electric Automobile Limited (MEAL), the company's electric vehicle unit.
The remaining investment will be distributed as follows:
SUV Business: Rs. 8,500 crore will be invested to bolster the company's SUV lineup.
Commercial Vehicles: Rs. 4,000 crore is allocated to enhance the commercial vehicle segment.
Farm Equipment: Rs. 5,000 crore will be directed towards the farm equipment business.

May 17, 2024

ReNew Inks Initial Pact with Societe Generale for $1 Billion Debt Financing

Energy firm ReNew signed an initial pact with European bank Societe Generale for up to $1 billion financing as debt and advisory solutions over the next three years.
ReNew signed a Memorandum of Understanding (MoU) with Societe Generale, to support the financing and development of the company's various strategic energy transition projects both in India and globally.
Both parties will leverage their respective expertise to strengthen the collaboration on utility-scale energy projects including solar, wind, complex renewables, green hydrogen, energy storage and solar modules manufacturing.

May 16, 2024

IndiaFirst Life Insurance Names Rushabh Gandhi as its Next MD & CEO

IndiaFirst Life Insurance's board approved the appointment of Rushabh Gandhi as the Managing Director (MD) and Chief Executive Officer (CEO) for five years effective July 1, 2024, or the date of regulatory approvals, whichever is earlier.
Gandhi is the deputy chief executive officer of the insurer. The new appointment is subject to the approval of the Insurance Regulatory and Development Authority of India (IRDAI), shareholders, and other statutory approvals.
R. M. Vishakha, the current MD and CEO of the life insurer, will retire on June 30, 2024.
Rushabh Gandhi has over 29 years of experience in the financial services industry and across national and international markets. He is an alumnus of Narsee Monjee Institute of Management Studies (NMIMS) and INSEAD, Fontainebleau.
Gandhi has worked at Canara HSBC OBC Life Insurance, Aviva Life Insurance and Birla Sun Life Insurance.

PhonePe Partners with LankaPay

PhonePe partnered with LankaPay to allow its users to pay using UPI across Sri Lanka.
At an event to mark the collaboration, PhonePe said that its app users travelling to Sri Lanka can make payments using UPI across LankaPay QR merchants.
The transactions will be facilitated by UPI and LankaPay National Payment Network.
Users can scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. The amount will be debited in INR, showing the currency exchange rate.

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