General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Jan 12, 2024

DealShare Elevates Kamaldeep Singh as CEO

Beleaguered e-commerce firm DealShare announced the elevation of Kamaldeep Singh as its Chief Executive Officer (CEO) as the company entered its next phase of growth. Following this development, Sourjeyndu Medda, another co-founder, also departed from the company. Prior to this, co-founders Vineet Rao and Sankar Bora had left the company in November 2023. The e-commerce platform underwent multiple rounds of job cuts and business restructuring in 2023. Rajat Sikhar remains the only founder at the firm but does not hold any stake in the company.

Govt. Appoints Rajay Kumar Sinha as IRDAI's Member for Three Years

The government appointed Rajay Kumar Sinha as the Whole-Time Member (Finance and Investment) of the Insurance Regulatory and Development Authority of India (IRDAI) for a period of three years.
The post of Whole-Time Member in IRDAI had become vacant after Rakesh Joshi retired in November 2023, having reached the age of 62.
Sinha is currently serving as the Managing Director and Chief Executive Officer of SBI Capital Markets, the investment banking arm of the State Bank of India. He also holds the position of Deputy Managing Director at SBI, Corporate Centre, Mumbai.
Sinha, who joined SBI as a probationary officer in 1991, has worked across several banking verticals such as Treasury, International Banking, and Retail Banking.

Jan 11, 2024

Experian Appoints Manish Jain as its Country Managing Director, India

Experian, a leading global information services company, appointed Manish Jain as its new Country Managing Director for Experian in India. He will lead the company's strategic initiatives, drive business growth, and cultivate strong partnerships with clients and stakeholders.
Manish Jain has more than two and a half decades of experience in financial services and technology. Before joining Experian, Manish led transformative initiatives in global organisations, ensuring sustainable business expansion.

Vedanta's Hindustan Zinc Ranks No. 1 in S&P Global Corporate Sustainability Assessment 2023

Vedanta's Hindustan Zinc (HZL), the zinc, lead, and silver producer, secured the coveted first position in the S&P Global Corporate Sustainability Assessment 2023 in the metals and mining sector. With an impressive score of 85, Hindustan Zinc stood out as the top-ranked company among the 238 global peers in the sector. Vedanta Limited, the parent company secured the third position globally, moving up three ranks with a notable score of 80.
The accomplishment reflects the company's commitment to sustainable business practices and responsible corporate citizenship. The score also makes Vedanta eligible for inclusion in The Dow Jones Sustainability World Index, one of the world's most trusted environmental, social, and governance (ESG) indices, The Dow Jones Sustainability Emerging Markets Index, and the S&P Global LargeMidCap ESG Index.

Jan 10, 2024

PFC Secures RBI Approval for IFSC Finance Company in GIFT City

Power Finance Corporation (PFC) received approval from the Reserve Bank of India (RBI) to set up a wholly-owned finance company in the GIFT City in Gujarat. The entity at the International Financial Services Centre (IFSC) will present new business opportunities for PFC and contribute to the growth of the country's power sector.

IndusInd Bank Introduces 'Samman RuPay Credit Card' for Government Employees

In a strategic collaboration with the National Payments Corporation of India (NPCI), IndusInd Bank launched the UPI-enabled 'Samman RuPay Credit Card,' exclusively tailored for government sector employees. This initiative aligns with the RBI permission allowing RuPay credit cards to integrate with UPI payment applications.
The Samman RuPay Credit Card combines traditional credit card advantages with advanced UPI features, streamlining financial transactions.
Benefits include cashback on various expenditures, complimentary movie tickets, no cash advance charges, and surcharge waivers for IRCTC and fuel transactions.

Jan 09, 2024

Indian Bank to Float Operations Support Subsidiary

Chennai-based Indian Bank plans to set up an operations support subsidiary to provide value-added services while optimising costs, especially for operations beyond large cities.
Two large public sector banks, State Bank of India and Bank of Baroda, have already formed such units for servicing customers in rural and semi-urban areas.
According to Indian Bank's Request for Proposal (RFP) to empanel manpower consultants for the subsidiary, the bank has received in-principle approval from the Reserve Bank of India (RBI).
'The proposed subsidiary would be providing services related to Business Correspondent Activities, Business Operations Activities, Customer Service and Grievance Handling, Call Centre operations and Support functions pertaining to IT, Vendor Management.

Fino Payments Bank Applies for SFB License after Board's Agreement

The Reserve Bank of India (RBI) said that Fino Payments Bank applied for a licence to become a Small Finance Bank (SFB).
According to the guidelines, payments banks were allowed to apply for a conversion into SFB post five years of operations along with meeting other guidelines mandated by the RBI. The bank must also have a minimum paid-up voting equity capital or net worth of Rs. 200 crore.

Jan 08, 2024

Vikas Sheel New Executive Director Asian Development Bank

India appointed seven accomplished civil servants to crucial positions abroad, showcasing the country's global engagement. Notably, Vikas Sheel, a seasoned bureaucrat, was appointed as Executive Director of the Asian Development Bank (ADB) in Manila, emphasising India's commitment to international development.
Vikas Sheel is a 1994-batch Indian Administrative Service (IAS) officer. He brings valuable experience from his current role as Additional Secretary and Mission Director of Jal Jeevan Mission, contributing to India's representation at this prestigious institution.
Smita Sarangi was appointed as Adviser to the Executive Director at ADB in Manila, Philippines. Her expertise will play a vital role in India's collaboration with ADB on important development initiatives.
The Asian Development Bank (ADB) is a regional development bank established on December 19, 1966, which is headquartered in 6 ADB Avenue, Mandaluyong, Metro Manila 1550, Philippines. The bank also maintains 31 field offices around the world to promote social and economic development in Asia.
The ADB offers 'hard' loans on commercial terms primarily to middle income countries in Asia and 'soft' loans with lower interest rates to poorer countries in the region.
Masatsugu Asakawa a Japanese civil servant is the president of the Asian Development Bank (ADB) (as in January 2024). Asakawa, who took office on January 17, 2020, is the 10th president of ADB.

Rajiv Shah among New York Fed Board of Directors

The Rockefeller Foundation president and former head of the United States Agency for International Development (USAID) Rajiv Shah was appointed to the Board of Directors of the Federal Reserve Bank of New York. Shah was appointed by the Board of Governors of the Federal Reserve System as a 'Class C' director for a three-year term ending December 31, 2026. Class C directors on the New York Fed's Board of Directors represent the interests of the public.

RBI Turns Down Federal Bank MD & CEO Extension

In a surprising move, the Reserve Bank of India turned down a proposal from Federal Bank seeking an extension of its MD & CEO Shyam Srinivasan for one year.
Srinivasan, who took charge of the Aluva-based private sector lender in 2010, was eligible to continue for one more year. According to RBI norms, a CEO can continue in a bank for 15 years, in case the person is not a promoter. His current term expires on September 22, 2024.
An alumnus of the Indian Institute of Management-Kolkata, Srinivasan was instrumental in increasing the presence and visibility of the bank at the national level. He was earlier with British lender Standard Chartered Bank, which he joined in 2008 as the country head of consumer banking.

Karnataka Bank, Satin Creditcare Network Sign Co-lending Agreement

Mangaluru-headquartered private sector lender Karnataka Bank and Satin Creditcare Network entered a co-lending arrangement to provide financial support to joint liability groups (JLG) of economically active women, in both rural and semi-urban areas, and to give impetus to the micro credit facilities segment of the country.

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