General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Feb 01, 2024

RBI Orders Halt on Paytm Payments Bank Transactions

The Reserve Bank of India (RBI) directed Paytm Payments Bank to cease all deposits and credit transactions after February 29, 2024. This action stems from persistent non-compliances and ongoing supervisory concerns within the bank, raising questions about the impact on its customers.
Starting from the specified date, Paytm Payments Bank customers will face restrictions on several key transactions. No further deposits, credit transactions, or top-ups will be allowed in customer accounts, prepaid instruments, wallets, FASTags, or National Common Mobility Cards.

AU SFB Appoints Former RBI Deputy Governor H. R. Khan as Non-executive Chairman

Private sector lender AU Small Finance Bank appointed Harun Rashid Khan, former Deputy Governor of the Reserve Bank of India (RBI), as non-executive chairman following approval from the shareholders.
Khan took charge from Raj Verma, whose tenure as Part-time Chairman ended in January.
Khan is a former deputy governor of the Reserve Bank of India (RBI) and has vast experience of more than four decades in the areas of banking & finance, payment and settlement systems, economics, financial markets, and has held leadership positions.

Reliance Industries Most Valuable Indian Company: Hurun Global 500 2023

Reliance Industries continued to be the most valuable company in India, according to the 2023 Hurun Global 500, a list of the 500 most valuable non-state-controlled companies in the world.
However, globally, no Indian company featured in the top 40 ranks. Reliance Industries stood on the 44th spot with a total valuation of $198 billion. The report highlighted that Reliance, which was the most valuable Indian company last year too, fell ten spots in the rankings as its net worth decreased by 2 per cent in the year.
Reliance Industries was followed by Tata Consultancy Services (60) and HDFC Bank (68). The net worth of TCS rose by 14 per cent to $158 billion during the year. Its rank improved by five spots in 2023.
Two companies, Titan Company and Sun Pharmaceutical Industries, entered the top 500 rankings.

ACC Approves Sanjay Mudaliar as Bank of Baroda Executive Director

The Appointments Committee of the Cabinet (ACC) approved the Department of Financial Services (DFS) proposal to post Sanjay Vinayak Mudaliar as Executive Director at Bank of Baroda.
Mudaliar will serve his new post from the day he assumes charge for the remainder of his term, i.e. up to December 31, 2025, or until further orders, whichever is earlier.
Simultaneously, ACC approved the DFS proposal to post Joydeep Dutta Roy, Executive Director, Bank of Baroda, as Executive Director in the Indian Overseas Bank. Roy will serve his new posting from the day he took charge for the remainder of his term, i.e. up to October 20, 2024, or until further orders, whichever is earlier, according to the DoPT order.

Jan 31, 2024

GAIL Secures 10-year LNG Deal with UAE

GAIL, India's leading gas company, inked a 10-year partnership with the United Arab Emirates' (UAE) ADNOC Gas. Under this deal, GAIL is set to procure 0.5 million tonnes of LNG annually for a decade, marking a crucial step towards meeting India's growing demand for natural gas.
This deal with ADNOC Gas underscored GAIL's commitment to diversifying its LNG portfolio and ensuring a stable supply of natural gas for India's energy needs. With a focus on long-term sustainability and strategic partnerships, GAIL is positioning itself as a key player in the global LNG market.
This agreement with ADNOC Gas marked the second long-term LNG purchase deal signed by GAIL in the same month. Earlier, the company sealed a deal with global commodity trader Vitol, wherein GAIL committed to purchasing one million tonnes of LNG annually for a decade, also starting in 2026.

NTPC Limited Certified as a Top Employer 2024 in India by the Top Employers Institute

CPSU power major NTPC Limited was certified as a Top Employer in India by Top Employers Institute, the global HR authority on certifying excellence in HR best practices.
NTPC completed the required steps and qualify for the certification: HR Best Practice Survey, Validation and Audit. NTPC's performance score was rated against an international standard and the company achieved 'Top Employer' status.
Director (HR), Dillip Kumar Patel received the Award on behalf of NTPC at the Top Employers 2024 certification celebration event held in Singapore.
Top Employers Institute is a global HR authority on certifying excellence in HR best practices. For over 33 years, the firm has been dedicated to accelerating the impact of HR strategies to enrich the world of work through certification, benchmarking, aligning and connecting Top Employers around the globe.

Toyota Retains its Position as the World's Top-Selling Automaker in 2023

Toyota, the renowned Japanese automaker, has once again secured its position as the world's top-selling automaker in 2023. This achievement underscores Toyota's continued dominance in the global automotive market and its commitment to innovation, quality, and customer satisfaction.
A key factor in Toyota's success has been its pioneering work in hybrid and electric vehicle technology. The company's investment in eco-friendly vehicles, such as the Prius and its expanding line-up of hybrid models, demonstrates its commitment to sustainable transportation solutions.

Jan 30, 2024

THDCIL Inaugurates India's Largest Green Hydrogen Pilot Project

THDC India Limited (THDCIL), a prominent Power Sector PSU, unveiled India's largest electrolyser end fuel cell-based Green Hydrogen Pilot Project at its office complex in Rishikesh, Uttarakhand. The initiative aligns with the 'National Green Hydrogen Mission', showcasing THDCIL's commitment to sustainable energy practices.
R. K. Vishnoi, Chairman and Managing Director, THDCIL, inaugurated the project.

Amit Shah Launches Computerisation Projects for Agri, Rural Dev Banks, Registrar of Coop Societies

Union Minister of Cooperation Amit Shah inaugurated a significant initiative – the Computerisation Project of Agriculture and Rural Development Banks (ARDBs) and the Registrar of Cooperative Societies (RCSs) in all states and union territories.
This collaborative effort by the Ministry of Cooperation and the National Cooperative Development Corporation (NCDC) aligns with the vision of 'Sahkaar Se Samriddhi', and targets 1,851 units across 13 states and UTs, aiming to connect them with the National Bank for Agriculture and Rural Development through a common national software.
This initiative standardises business procedures, reduces transaction costs, facilitates streamlined loan distribution to farmers, and provides real-time data access for improved monitoring and assessment.

Bank of Baroda's Subsidiary 'BOB Financial Solutions Limited' Rebranded as 'BOBCARD Limited'

Bank of Baroda's wholly-owned subsidiary for cards, 'BOB Financial Solutions Limited', was rebranded as 'BOBCARD Limited' with the tagline 'Credit Reimagined'.
The NBFC also unveiled a new logo called 'Baroda Sun', which comprises dual 'B' letterforms that hold the rays of the rising sun.
The rebranding signifies a revitalized commitment to providing excellent credit solutions and customer-centric offerings. BOBCARD aims to differentiate itself as a forward-thinking financial partner, emphasizing adaptability and a focus on elevating financial experiences.

Jan 29, 2024

Tata Group, Airbus Team Up to Make Helicopters

The Tata Group and European aerospace company Airbus signed an agreement to manufacture H125 civilian helicopters together in India. This announcement came as India and France adopted a joint defence production road map and an agreement on defence space partnership, following talks between Prime Minister Narendra Modi and French President Emmanuel Macron.

Shriram Group to Enter Wealth Management in FY25

Shriram Group is all set to enter the wealth management business in the next financial year FY 25 while it awaits regulatory approval from the Reserve Bank of India (RBI) to venture into asset reconstruction activities.
The Chennai-based conglomerate will launch its wealth management business through a subsidiary Shriram Credit, which is a subsidiary of Shriram Capital. Asset reconstruction would come under Shriram Capital.

Jan 28, 2024

Dhanlaxmi Bank's CEO to Continue Till the Successor Assumes Charge

The Reserve Bank of India (RBI) approved Dhanlaxmi Bank's proposal of continuing with J. K. Shivan as Managing Director and Chief Executive Officer till a successor assumes charge.
Shivan's term would have ended on January 29, 2024.
The reason behind allowing Shivan to continue is that he is the only whole time director on the board of the bank. A similar approach was taken in the case of Tamilnad Mercantile Bank after its Managing Director and Chief Executive Officer S. Krishnan resigned, who was asked to continue till a new Chief Executive Officer took charge.

Mukund Rao Joins Xoriant as President, Global Markets

Global engineering services firm Xoriant announced the appointment of Mukund Rao as President, global markets.
The appointment is part of a transformation at the ChrysCapital Company that commenced in 2023, including a series of senior appointments, acquisitions, and the introduction of new service offerings.
Mukund Rao took on the role of leading market expansion, strengthening strategic partnerships, and driving overall business growth as President, global markets at Xoriant.
Rao has an MBA from the University of Texas and has held leadership positions at Cognizant's Banking Financial Services team. Additionally, he also had a stint at Mphasis prior to that, where he led core accounts and was an early member of the consulting team.

Samina Hamied of Cipla Steps Down from Her Executive Role

Samina Hamied, the Executive Vice Chairperson of Cipla, announced her decision to step down from her current position. However, she will continue to remain associated with the company as a non-executive director who is liable to retire by rotation.
The company said that she would continue as a non-executive director.

Bhavish Aggarwal's AI Start-up Krutrim Turns Unicorn

Krutrim, an artificial intelligence (AI) venture co-founded by Bhavish Aggarwal of Ola, achieved unicorn status, a term used to describe start-ups valued at $1 billion or above, following its inaugural funding round. The round, which saw participation from notable investors, such as Matrix Partners India, garnered investments worth $50 million in equity at a valuation of $1 billion.
With this, Krutrim claimed the distinction of being India's first AI company to reach unicorn status and also the title of the country's fastest unicorn.

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