General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

May 11, 2024

India Becomes First Country to Get over $100 Billion in Remittances

India became the first country to receive over $100 billion in remittances in 2022, according to the United Nations migration agency.
The International Organisation for Migration (IOM) revealed in its World Migration Report 2024 that India's remittances surged to $111 billion, surpassing all other nations.
"India was well above the rest, receiving more than USD 111 billion, the first country to reach and even surpass the USD 100 billion mark. Mexico was the second-largest remittance recipient in 2022, a position it also held in 2021 after overtaking China, which historically had been the second-biggest recipient after India.
The report highlighted that India, Mexico, China, the Philippines, and France were the top five recipients of remittances in 2022.

L&T Elevates R. Shankar Raman as President

R. Shankar Raman, the current Whole-time Director and CFO of L&T, was elevated to the position of President. Following this promotion, Raman will continue to hold his existing roles as the Whole-time Director and Chief Financial Officer (CFO) of the company.
In another significant move, Subramanian Sarma, the Senior Executive Vice President (EVP) of the Energy vertical, was appointed as the Whole-time Director and President, Energy. Sarma's current responsibilities include overseeing the hydrocarbon, power, and green manufacturing and development businesses.
R Shankar Raman joined the L&T Group in November 1994 to establish L&T Finance Ltd, a wholly-owned subsidiary of the company. He later assumed the role of CFO at L&T and was appointed to the company's board in October 2011.
Larsen & Toubro (L&T) is a USD 27 billion Indian multinational enterprise engaged in Engineering, Procurement, and Construction (EPC) projects, hi-tech manufacturing, and services. The company operates across multiple geographies and has a diverse portfolio of businesses.

RBI Appoints R. Lakshmi Kanth Rao as Executive Director

The Reserve Bank of India (RBI) appointed R. Lakshmi Kanth Rao as Executive Director, effective from May 10, 2024. Rao brings over 30 years of experience at the RBI, having previously served as Chief General Manager in charge of the Department of Regulation.
Rao will oversee operations related to the Deposit Insurance and Credit Guarantee Corporation, ensuring the protection of depositors' interests.
In his role as Executive Director, Rao will be responsible for handling matters concerning the Right to Information Act and managing communications within the RBI.

May 10, 2024

Mumbai and Delhi Feature among the World's Top 50 Wealthiest Cities

Two Indian cities — Mumbai (#24) and Delhi (#37) — made it to the top-50 of the world wealthiest cities in 2024, according to the latest rankings in this respect by the Henley & Partners and New World Health.
While the US still dominated the list with 11 of its cities securing slots among top 50, an imminent slowdown in growth of the west's wealth hubs was evident. The report which tracks millionnaires and the richer, reported a rise of the Asia Pacific, with 5 out of the top 10 wealthiest cities being in this region.

IREDA Establishes Subsidiary in GIFT City, Gujarat

IREDA, a state-owned entity under the Ministry of New and Renewable Energy (MNRE), formed a subsidiary named IREDA Global Green Energy Finance IFSC Limited at the International Financial Services Centre (IFSC) within GIFT City, Gujarat. This move aims to leverage global financial markets to support the growth of the renewable energy sector in India.
The subsidiary's primary objectives include extending IREDA's global outreach, securing competitive funding from international markets, and driving growth within the renewable energy sector.
By entering the IFSC, IREDA anticipates unlocking new business opportunities and solidifying its global presence in renewable energy financing. This move aligns with India's commitment to promoting renewable

Sri Lanka Inks 20-Year Power Purchase Deal with Adani Green Energy

The Sri Lankan government approved an agreement with Adani Green Energy, led by Gautam Adani, for the development of wind power stations in Mannar and Poonerin. The agreement was given the green light by the Sri Lankan cabinet. Under the power purchase agreement, which has a duration of 20 years, Adani Green Energy will be paid 8.26 cents per kilowatt-hour (kWh) for the electricity generated from the wind power stations.

Setu Unveils Sesame, India's First BFSI-Focused Large Language Model

Setu, a leading Indian fintech company and part of the Pine Labs Group, unveiled Sesame, India's first Large Language Model (LLM) specifically designed for the banking, financial services, and insurance (BFSI) sector. Developed in collaboration with indigenous AI research firm Sarvam AI, this groundbreaking initiative marks a significant milestone in the adoption of advanced AI technologies in the financial services industry.
The unveiling of Sesame took place at Adbhut India, an event organised by the non-profit People+ai, in the presence of prominent figures from the fintech, AI, and digital public infrastructure domains. Setu and Sarvam AI have hailed this development as a "ChatGPT moment" for the BFSI sector, underscoring its potential to revolutionize financial services.
Sesame leverages the rich data ecosystem enabled by India's digital infrastructure to power various features, including improved credit underwriting, fraud detection, loan monitoring, upsell or cross-sell, and personal finance advisory. By combining a domain-specific LLM with delivery models, Setu and Sarvam AI have created a solution that is both domain- and region-specific, tailored to the unique requirements of India's BFSI sector.

HDFC Bank and Atal Innovation Mission Foster Social Sector Innovation with Rs 19.6 Crore Grants

HDFC Bank and Atal Innovation Mission, under NITI Aayog, empowered social sector start-ups in India by providing grants totaling Rs. 19.6 crore in FY24. This initiative, known as the 'Parivartan Start-up Grants programme,' supported 170 start-ups through 41 incubators, focusing on critical areas such as climate innovation, financial inclusion, agriculture, healthcare, education, livelihood enhancement, and gender diversity.
A notable aspect of this initiative is its inclusive reach, with over half of the supported startups originating from more than 60 tier 2 and 3 cities. This underscores the program's commitment to fostering innovation beyond metropolitan areas and ensuring a more equitable distribution of resources and opportunities.

Enhancing Global Commerce Opportunities: YES BANK and EBANX Partnership

YES BANK, a leading private sector bank in India, is collaborating with EBANX, a global fintech firm specializing in payment solutions for emerging markets. Together, they aim to provide a comprehensive range of scalable payment solutions to merchants, facilitating seamless cross-border transactions and expanding global commerce opportunities for both merchants and customers in India.
Ajay Rajan, from YES BANK, emphasizes the strategic importance of this collaboration in unlocking India's payment acceptance capabilities for global merchants.

RBI Lifts Restrictions on Bank of Baroda's 'BoB World' Mobile App

The Reserve Bank of India (RBI) announced the lifting of restrictions on Bank of Baroda's BoB World mobile application, permitting the bank to onboard customers immediately. This decision follows the RBI's directive in October 2023 to suspend customer onboarding on the app due to supervisory concerns.
The lifting of restrictions by the RBI takes immediate effect, allowing Bank of Baroda to proceed with customer onboarding through the BoB World app in accordance with applicable laws and regulations.

May 09, 2024

IRDAI Approves Appointment of Keki Mistry as Chairman of HDFC Life

Following Deepak Parekh's resignation from the post of Chairman, HDFC Life Insurance appointed Keki Mistry to fill the position. Subsequently, the Insurance Regulatory and Development Authority of India (IRDAI) granted approval for Mistry's appointment.
On May 7, 2024, IRDAI officially approved Keki Mistry's appointment as Chairman of HDFC Life. This endorsement came after the insurer's board unanimously selected Mistry for the role, effective immediately upon regulatory approval.
Keki Mistry, a Chartered Accountant and Fellow Member of the Institute of Chartered Accountants of India, previously served as Vice Chairman and CEO of Housing Development Finance Corporation (HDFC) Limited. With HDFC's amalgamation with HDFC Bank, Mistry transitioned to a Non-Executive Director role on HDFC Bank's Board. Additionally, he holds directorial positions in several other prominent companies.

India Leads Global Remittances, Surpassing $100 Billion Mark

India emerged as the global leader in remittances in 2022, receiving over $111 billion, surpassing the $100 billion mark for the first time. The International Organisation for Migration (IOM) highlighted India, alongside Mexico, China, the Philippines, and France, as the top five remittance recipient countries.
The UN's World Migration Report 2024 underscored India's consistent growth in remittances, noting a rise from $53.48 billion in 2010 to $111.22 billion in 2022. This significant increase showcases India's pivotal role in the global remittance landscape.
The IOM emphasized Southern Asia's importance as a major recipient of global remittances, attributed to its high proportion of migrant workers and emigrants. India, Pakistan, and Bangladesh all ranked among the top ten recipients worldwide, highlighting the sub-region's reliance on labor migration.

Indian Coast Guard and Jindal Steel & Power sign MoU to Enhance Indigenous Shipbuilding

The Indian Coast Guard (ICG) and Jindal Steel and Power (JSP) have inked a Memorandum of Understanding (MoU) in New Delhi, aimed at bolstering the supply of indigenous marine-grade steel for shipbuilding projects.
According to a Ministry of Defence press release, the MoU underscores the commitment of both entities to boost indigenization efforts and enhance the utilization of marine-grade steel in domestic shipbuilding initiatives.
Key provisions of the MoU include specifications regarding the quality, grades, and dimensions of marine-grade steel, as well as the identification of designated steel plants responsible for manufacturing the product. These measures are set to ensure a timely and high-quality supply of marine-grade steel for the Indian Coast Guard's shipbuilding endeavors.

May 08, 2024

ICICI Bank Introduces UPI for NRIs Using International Mobile Numbers

ICICI Bank has unveiled a groundbreaking feature allowing non-resident Indian (NRI) customers to utilize Unified Payments Interface (UPI) transactions in India through their international mobile numbers. This innovation aims to simplify daily payments for NRIs by eliminating the need to register an Indian mobile number with their NRE/NRO accounts, thereby enhancing convenience.
Previously, NRIs had to link an Indian mobile number to their NRE/NRO accounts to use UPI, restricting their payment capabilities. With ICICI Bank's new offering, NRIs can now leverage their international mobile numbers registered with their accounts for seamless UPI transactions, transforming their payment experience.
To activate UPI on their international mobile numbers, customers can follow a straightforward process through the iMobile Pay app. By verifying their mobile number, creating a UPI ID, and selecting their account number, NRIs can easily initiate UPI transactions without switching to an Indian mobile number.

Galytix Launches GenAI Credit Agent Solution, CreditX, for Indian Banking Sector

Galytix, a London-headquartered GenAI-focused fintech, launched a Generative AI-based Credit Agent solution, CreditX, for the Indian banking sector that would help banks here to deliver credit better, faster, and cheaper. Generative AI is a recently developed type of artificial intelligence—a general-purpose technology— capable of producing new and original content.

Paytm President and COO Bhavesh Gupta Resigns

One97 Communications (OCL), which owns brand Paytm, said the company's president and chief operating officer (COO) Bhavesh Gupta has resigned from his position. Gupta, whose resignation comes amid a series of recent top level exits at the Noida-based fintech, will however move to an advisory role in the CEO office.
Gupta quit citing personal reasons and his last day with the organisation—which has come under regulatory scrutiny due to non-compliance at its banking unit—will be on May 31.
The Company has accepted his resignation and he will be relieved from the services of the Company w.e.f. close of business hours on May 31, 2024.
Varun Sridhar has been appointed as CEO of Paytm Services Pvt Limited.
The firm also welcomed Rakesh Singh as CEO of Paytm Money.
Vijay Shekhar Sharma - Founder & CEO, of Paytm
Parent organization: One97 Communications
According to the filing, Gupta in a letter said that his resignation would be effective as of the close of business hours on May 31, 2024. He, however, expressed his intention to continue supporting the company in an advisory capacity within the chief executive's office.

Visa Appoints Sujai Raina as India Country Manager

Visa, the global digital payments platform, appointed Sujai Raina as the new Country Manager for India. In this role, Raina will be responsible for leading and executing Visa's strategic initiatives in the Indian market, partnering with clients and the broader payments ecosystem.
Additionally, Sandeep Ghosh will continue in his role as Group Country Manager for India and South Asia, overseeing Visa's operations in India and other markets across the subcontinent, including Bangladesh, Sri Lanka, Nepal, Bhutan, and the Maldives.

Lanka Inks Pact with Adani for Wind Energy

After months of procrastination, the Sri Lankan Government signed a 20-year power purchase agreement with Adani Green Energy to construct two wind power stations. Under the terms of the agreement, the company will receive compensation of 8.26 cents per kilowatt-hour (kWh).
Adani Green Energy had secured approval to invest $442 million in February last year. The power plants are located in Mannar town and Pooneryn village in Northern Province.
The Adani Group is already engaged in the construction of a $700 million terminal project at Colombo, Sri Lanka's largest port.
Adani Green Energy currently has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonnes of CO2 emissions cumulatively. The company has set a target of 45 GW by 2030 aligned to India's decarbonisation goals.

May 07, 2024

Sterlite Power Appoints Reshu Madan as CEO Global Products and Services Business

Power transmission developer Sterlite Power appointed Reshu Madan as the Chief Executive Officer of global products and services business.
Madan succeeded Manish Agarwal, who decided to pursue an opportunity outside the company. Madan will work closely with Agarwal as he transitions into his new role.
Madan has spent over 25 years in leadership positions across power and infrastructure. Over the last five years at Sterlite, he has driven the growth of the company's power cables vertical.

American Express Announces Inauguration of 1 Million Sq Ft Campus in Gurugram

American Express is set to inaugurate its expansive new campus in Gurugram, spanning nearly one million square feet, showcasing the company's commitment to fostering a vibrant work environment. The move signifies a strategic step in leveraging global expertise and local talent to drive innovation and value for customers worldwide.
The new campus, located in Sector 74A, Gurugram, Haryana, is designed to promote employee well-being and collaboration. It features state-of-the-art amenities such as a diverse cafeteria, fitness center, outdoor sports courts, and indoor games, fostering a sense of community among colleagues.
The facility has been awarded LEED Gold certification for Building Design and Construction, underscoring its commitment to environmental stewardship.

Ujjivan Small Finance Bank Names Sanjeev Nautiyal as MD & CEO

Ujjivan Small Finance Bank has announced the appointment of Sanjeev Nautiyal as its Managing Director and Chief Executive Officer (MD & CEO) for a tenure of three years, effective from July 1, 2024. The Reserve Bank of India (RBI) has approved this appointment. Nautiyal will assume the role of President in the interim period before officially taking charge as MD & CEO. With over thirty years of experience in various banking domains, including retail, SME, financial inclusion, and international banking, Nautiyal brings a wealth of strategic expertise to his new role.
Sanjeev Nautiyal holds a Bachelor's degree in Arts, a Master's degree in Business Administration, and is a Certified Associate of the Indian Institute of Bankers. He has held significant positions in the State Bank of India (SBI), including Deputy Managing Director for financial inclusion & micro markets, and MD & CEO of SBI Life Insurance. Currently serving as an independent director of Life Insurance Corporation, Nautiyal is recognized for his leadership in innovation, collaboration, and teamwork.

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