General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Feb 21, 2024

Kotak Mahindra Bank Announces Changes in Senior Management

The Kotak Mahindra Bank announced changes in the senior management of the company. The bank re-designated KVS Manian as the new Joint MD with effect from March 1, 2024.
Manian was serving as the whole-time Director and a key managerial personnel of the bank.
Shanti Ekambaram was appointed as the Deputy MD with effect from March 1, 2024.
The current Chief Financial Officer (CFO) Devang Gheewalla was appointed as the President and Group Chief Financial Officer with effect from April 1, 2024. This came as a consequence of the superannuation of Jaimin Bhatt.

HDFC Life International Launches Health Plan for Overseas Indian Students

GIFT IFSC based HDFC Life International announced the launch of a comprehensive US Dollar Student Health Insurance Plan, under the plan name 'Global Student Health Care'. The product is designed for students who are currently studying abroad.
The Global Student Health Care plan with cashless facility offers comprehensive coverage, allowing worldwide access to top-notch medical facilities outside the home country, with an extensive network of hospitals, clinics, doctors, and professionals.
The plan enables customers to access top private medical facilities and services while avoiding the conventional hassle of going through lengthy appointment wait times, as seen in various countries. Enhancing the usefulness of this plan is its cashless facility that makes the claims process convenient for the student.

TVS Supply Chain Solutions Extends Contract with Rolls-Royce for 5 Years

TVS Supply Chain Solutions (TVS SCS), one of the largest integrated supply chain solutions providers in India, announced that their contract with Rolls-Royce, a global leader in technology and innovation, was extended for five years until 2029. The partnership extension is for the state-of-the-art Parts Distribution Centre (PDC) in Singapore serving the Asia Pacific markets for Rolls-Royce's Power Systems business unit.
This extension reflects the confidence and trust placed by Rolls-Royce in TVS SCS's service performance and underscores the continued success of the collaborative efforts between the two companies.

Feb 20, 2024

Bandhan Bank Authorised to Collect Revenues on Behalf of West Bengal Govt.

Private lender Bandhan Bank was authorised by the West Bengal government to collect tax and non-tax receipts on its behalf.
The mandate will enable the bank to collect revenues through the Government Receipt Portal System (GRIPS).
By virtue of this mandate, people will be able to pay various taxes like property tax, motor vehicle tax and professional tax using this portal.

India Ranks First in the World in Terms of the Number of IPOs in 2023

According to a report by EY India, a leading global professional services organisation, Indian stock exchanges, including the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), have emerged as global leaders in terms of the number of IPOs in 2023, with no cross-border deals reported.
India's primary markets, comprising BSE and NSE, recorded 31 IPOs (including one InvIT) in the fourth quarter of 2023, marking a significant uptick compared to the same period in 2022 and the third quarter of 2023. This represents a remarkable 72% increase over Q4 2022 and a substantial 41% increase over the third quarter (Q3) 2023.

IEPFA and DBS Bank Collaborate to Enhance Investor Awareness

The Investor Education and Protection Fund Authority (IEPFA), operating under the Ministry of Corporate Affairs, partnered with DBS Bank to bolster awareness regarding investment safety and fraudulent schemes. The Memorandum of Understanding (MoU) between these entities aims to utilise DBS Bank's digital platforms to disseminate crucial messages to investors across India.

Feb 19, 2024

India Achieves Global Digitalisation Milestone as Third Largest Digital Economy

India cemented its position as the third-largest digitalised nation in the world, trailing only behind the technological powerhouses of the United States of America (USA) and China. This significant finding is part of the 'State of India's Digital Economy Report, 2024', unveiled by the Indian Council for Research on International Economic Relations (ICRIER), a renowned Delhi-based think tank. The report painted a comprehensive picture of India's digital landscape, comparing it favourably with some of the world's most developed economies, yet highlighting areas for improvement in user-level digital engagement.
The report's findings underscored India's formidable presence on the digital stage. Surpassing developed nations like the United Kingdom, Germany, and Japan in aggregate levels of digitalisation, India has showcased its ability to leverage digital technology for economic and social advancement. However, the country's rank as the 12th in terms of individual user digitalization among G20 nations points to a disparity between overall digital infrastructure and the personal digital engagement of its citizens.

Pradeep Kumar Sinha Appointed as Non-Executive Part-time Chairman of ICICI Bank

ICICI Bank appointed Pradeep Kumar Sinha as the Non-Executive Part-time Chairman at its board meeting. This decision follows the retirement of G. C. Chaturvedi, the current Chairman, effective June 30, 2024.
Pradeep Kumar Sinha has an illustrious career spanning over four decades in the Indian Administrative Service (IAS). He holds a Masters's degree in Economics from the Delhi School of Economics and has completed an M. Phil in Social Sciences. Throughout his career, he has held various key positions, including serving as the Cabinet Secretary, the highest-ranking civil servant in India, for over four years. He has extensive experience in government ministries, particularly in the Power and Oil & Gas sectors.

UP Emerges as Top State in Total Vehicle Sales

Uttar Pradesh recorded the highest number of vehicle sales in October-December 2023, followed by Maharashtra, Gujarat and Tamil Nadu, according to Society of Indian Automobile Manufacturers. As per data from Society of Indian Automobile Manufacturers (SIAM), Uttar Pradesh clocked a total sales of 8,22,472 units across passenger and commercial vehicles; and two and three-wheeler categories.
Maharashtra was second with 6,88,192 units across the four categories followed by Gujarat with 4,21,026 units and Tamil Nadu 4,19,189 units in the quarter.

Feb 18, 2024

LIC Launches a Non-Participating Product 'Amritbaal' for Children

The Life Insurance Corporation of India (LIC) launched a non-participating product – 'Amritbaal'.
The product, designed for children, is a non-linked, non-participating, individual, savings, life insurance plan.
The plan is designed to meet the higher education and other needs of the child. It facilitates the accumulation of a corpus through guaranteed additions at the rate of Rs. 80 per thousand basic sum assured at the end of each policy year from the inception till the end of the Policy term, provided the policy is in force.
The minimum entry age is 30 days, with the maximum being 13 years. The age of maturity has to be between 18 years to 25 years at the last age of birthday.

Feb 17, 2024

SpiceJet promoter Ajay Singh, Busy Bee Airways bid for Bankrupt Go First

Apart from SpiceJet, other entities such as Sharjah-based Sky One, Africa-focused Safrik Investments, and U.S.-based NS Aviation have also shown interest in acquiring Go First. However, SpiceJet was considered a serious contender as it had more experience in handling passenger flights compared to the other airlines.
Earlier this year (2024), Go First's lenders - Bank of Baroda, Central Bank of India, and IDBI Bank - decided to begin liquidating the airline after failing to secure new investors. The airline owes a total of Rs 65.21 billion ($784.38 million) to creditors, including the Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank.
However, in February, the National Company Law Tribunal (NCLT) extended Go First's insolvency process by 60 days following the resolution professional's (RP) disclosure of three parties that expressed interest in taking over the carrier. However, some lessors objected to this extension.

Axis Bank Appoints Pranam Wahi as Additional Director

The Board of Directors of Axis Bank appointed Pranam Wahi as an additional independent director of the bank for four years. This appointment is subject to approval of shareholders.
A Chartered Accountant by qualification, Wahi has over 40 years of banking experience across various countries, including India, the United Arab Emirates/GCC, Indonesia, and Singapore.
Wahi began his career with HSBC in 1982 where he was part of various functions and corporate banking within the HSBC Group in India.

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