General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

May 06, 2024

HDFC Life Introduces 'No Jhanjhat Life Insurance Fatafat' Campaign:

HDFC Life launched the 'No Jhanjhat Life Insurance Fatafat' campaign, aimed at simplifying and expediting life insurance purchases through its online platform. The campaign underscores the importance of addressing India's low insurance penetration and vast protection gap.
Bid farewell to cumbersome paperwork and long waiting periods. HDFC Life's campaign promises a seamless and swift life insurance purchasing experience, leveraging cutting-edge technology for accessibility and convenience.
Through initiatives like the 'No Jhanjhat Life Insurance Fatafat' campaign, HDFC Life reaffirms its commitment to the mission of 'Insurance for All by 2047,' encouraging individuals across the nation to secure themselves and their families financially through the digital platform, designed for anytime purchase and service.

YES Bank Collaborates with ANQ to Launch Pi and Phi Credit Cards

YES Bank partnered with ANQ to introduce two innovative credit cards, Pi and Phi, aiming to blend traditional banking with fintech solutions. The Pi card offers digital-only credit on UPI for domestic transactions, while the Phi card provides physical access for both domestic and international purchases.
Digital-Only Convenience: Seamless credit transactions on UPI for domestic purchases.
Domestic and International Usage: Physical card usable for both domestic and international transactions.

RBI Approves Appointment of Sanjeev Nautiyal as MD&CEO of Ujjivan SFB

The Reserve Bank of India (RBI) approved the appointment of Sanjeev Nautiyal as the Managing Director & CEO of Ujjivan Small Finance Bank from July 1, 2024, for a period of 3 years. Nautiyal had retired as a Deputy Managing Director in the country's largest lender State Bank of India.
He will be the third MD & CEO of the bank in five years. In 2019, group head of HDFC Bank's digital banking Nitin Chugh was appointed at the helm of the Small Finance Bank (SFB).

May 05, 2024

Former BharatPe COO Dhruv Bahl Launches Eternal Capital VC Fund

In the dynamic landscape of Indian start-ups, former BharatPe COO Dhruv Dhanraj Bahl stepped into the world of venture capital with the launch of his maiden fund, Eternal Capital, with a substantial corpus of Rs. 240 crore, including a greenshoe option.
Eternal Capital is sector-agnostic, focusing on building a diversified portfolio of startups addressing future solutions. Key sectors of interest include SaaS, clean tech, sports tech, and consumer/D2C startups, aligning with evolving market trends.
With commitments from notable operators and entrepreneurs like Suhail Sameer, Deep Kalra, and Tarun Mathur, Eternal Capital boasts a robust support network. The fund's strategy involves investing in 40 start-ups in their seed to pre-Series A stages over the next three years.

Adani Green Energy Secures $400 Million Financing for 750 MW Solar Projects

Adani Green Energy Ltd (AGEL) successfully secured $400 million (approximately Rs. 29,600 crore) from a consortium of five leading international banks.
The funds will be used for its ongoing 750 MW solar power projects in Rajasthan and Gujarat.
It will support the completion and commissioning of these solar projects, with operations expected to begin from November 2024 onwards.
One of the key projects, located in Rajasthan, boasts a capacity of 500 MW and has a long-term power purchase agreement (PPA) in place with the Solar Energy Corporation of India (SECI).
The second project, situated in Gujarat's Khavda region, is a 250 MW standalone merchant power project within the world's largest renewable energy (RE) cluster.
The consortium of lenders includes Cooperative Rabobank UA, DBS Bank Ltd, Intesa Sanpaolo SpA, MUFG Bank Ltd, and Sumitomo Mitsui Banking Corporation.

May 04, 2024

ICICI Bank Joins India's Top 5 Companies with Market Cap Surpassing Rs. 8 Trillion

ICICI Bank etched its name among India's top five companies by market capitalization, surpassing the Rs. 8 trillion mark.
ICICI Bank become the second bank in India to cross the Rs. 8 trillion market capitalization milestone, following the footsteps of HDFC Bank. This achievement underscores the bank's strong financial performance, robust growth prospects, and investor confidence.
The elite club of India's top five companies by market capitalisation is led by Reliance Industries with a staggering Rs. 19.8 trillion, followed by Tata Consultancy Services (TCS) at Rs. 14 trillion. Among banks, HDFC Bank holds the top position with a market capitalisation of Rs. 11.6 trillion, while State Bank of India stands at Rs. 7.4 trillion.

NPCI Partners with Bank of Namibia to Develop UPI-Like Instant Payment System

In a groundbreaking move, NPCI International Payments Limited (NIPL) joined hands with the Bank of Namibia (BoN) to introduce a real-time payment system akin to India's Unified Payment Interface (UPI) in Namibia. This partnership marks NPCI's first collaboration with a central bank for deploying the UPI stack in an international market, aiming to revolutionise digital payments in Namibia.
The agreement focuses on leveraging India's UPI expertise to enhance accessibility, affordability, and connectivity within Namibia's financial ecosystem. By providing BoN access to cutting-edge technology and insights from NIPL, the initiative aims to create a robust platform for digital transactions, driving financial inclusion and modernization in Namibia.

May 03, 2024

Worldline ePayments India Receives RBI Approval as Payment Aggregator

Worldline ePayments India received approval from the Reserve Bank of India (RBI) to operate as a payment aggregator. This approval underscores the company's dedication to the Indian market and emphasises its commitment to compliance within a well-regulated payments landscape.
Ramesh Narasimhan, CEO of Worldline ePayments India, expressed gratitude for the RBI's authorisation, highlighting the company's focus on compliance and dedication to the Indian market. This approval came in the wake of the RBI granting an in-principle approval to Prosus-backed PayU to also operate as a payment aggregator.

Micron's Venture in India: Rollout of First India-Made Chips

Micron India's Sanand unit gears up to unveil its inaugural batch of domestically manufactured semiconductor chips in 2025, with a focus on global exportation. Anand Ramamoorthy, the managing director, underscores the burgeoning global demand, strategic partnerships, and the diverse applications spanning various sectors, notably emphasizing agility and the scarcity of talent in niche domains such as cybersecurity.
The chips packaged at the Sanand unit are slated for utilization across diverse sectors including data centers, smartphones, notebooks, IoT devices, and automotive applications.

MCA Approves Hitesh Sethia as Jio Financial Services' MD and CEO for 3 Years

The Ministry of Corporate Affairs (MCA) granted its approval for the appointment of Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer of Jio Financial Services for a three-year period, effective from November 15, 2023.
The MCA's approval came with a condition that Sethia must hold a valid Employment Visa throughout his tenure in India.
The ministry's nod is subject to the provisions of the Companies Act 2013 and does not cover security clearance requirements, for which the company and appointee are responsible.

May 02, 2024

Indian Oil Corporation's Investment in Renewable Energy: Rs. 5,215 Crore for 1 GW Capacity

Indian Oil Corporation (IOC) announced a significant investment of Rs. 5,215 crore to develop 1 gigawatt (GW) of renewable energy capacity in India. This strategic move aligns with IOC's broader diversification strategy beyond traditional oil and gas ventures.
The investment plan, approved by the board, focuses on establishing standalone ground-mounted solar, onshore wind, or wind-solar hybrid projects.
IOC will inject Rs. 1,304 crore in equity for this initiative.
The projects will be implemented through a proposed wholly-owned subsidiary dedicated to low-carbon, clean energy ventures.

Uttarakhand Suspends Licences of 14 Patanjali Ayurved Products

The Uttarakhand government has suspended the manufacturing licenses of 14 products from Patanjali Ayurved, founded by Baba Ramdev, citing misleading advertisements about their efficacy. This move comes amid ongoing scrutiny and legal proceedings against Ramdev for non-compliance with directives to cease misleading advertising.
The drug regulator of Uttarakhand has suspended the manufacturing licenses of 14 products made by Patanjali Ayurved due to repeatedly publishing misleading advertisements regarding their effectiveness. The government's order, dated April 24, highlights the company's failure to comply with regulations regarding truthful advertising.

RBI Cancels Acemoney (India) NBFC License for Irregular Lending Practices

The Reserve Bank of India (RBI) cancelled the license of Acemoney (India) Limited, a Delhi-based non-banking financial company (NBFC), citing irregular lending practices. This action stems from the company's violation of RBI guidelines regarding excessive interest charges and inadequate protection of customer information. Specifically, the RBI noted discrepancies in Acemoney's management of risks and code of conduct in its digital lending operations through third-party apps.
The RBI exercised its authority under Section 45-IA (6) of the Reserve Bank of India Act, 1934, to cancel Acemoney India's NBFC license. The company, registered in February 2017, operated loan services through various apps such as AgMoney, NiceCash, Leading Cash, and others. This enforcement action underscores the RBI's commitment to maintaining the integrity and stability of India's financial system.

Jamshyd Godrej and Smita Crishna, Godrej & Boyce's Owner after Split

The 127-year-old business empire of the Godrej Group is all set for a shareholding realignment. In the redistribution, the billion-dollar company will now be split between Adi and Nadir Godrej and their cousins Jamshyd Godrej and Smita Crishna Godrej.
While Adi and Nadir will lead Godrej Industries, Jamshyd and Smita will inherit Godrej & Boyce, along with its affiliates and substantial real estate assets, including prime property in Mumbai.
Jamshyd Godrejis presently the Chairman and Managing Director of Godrej & Boyce, a flagship company within the Godrej Group, known for products ranging from consumer goods to engineering solutions.
He was awarded the Padma Bhushan, the third-highest civilian award in India, in 2003.
Smita Crishna Godrej is India's third-richest woman, according to Forbes, with a substantial net worth of $3.8 billion.
She was honoured with the Extraordinary Leadership Award by Education World at their Education World Grand Jury Awards in 2016.

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