General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Sep 01, 2023

Bandhan Bank Authorized by RBI for Civil Pension Disbursement

Bandhan Bank was appointed by the Reserve Bank of India (RBI) as an authorised pension disbursement bank on behalf of the Central Pension Accounting Office (CPAO), Ministry of Finance, for civil pensioners. The Bank will soon be integrating with the office of the CPAO to operationalise the disbursement process.
This authorisation entitles the Bank to disburse pensions to the Central Government employees in Civil Ministries and Departments (other than Railways, Posts, and Defence), the National Capital Territory of Delhi, Union Territory Administrations without legislatures, retired Judges of the High Courts and the Supreme Court, and All India Service Officers.
This Scheme also covers the payment of pensions to former Members of Parliament and the payment of pensions and other amenities to former Presidents and Vice Presidents of India.

Aug 31, 2023

JLL Appointed as Global Real Estate Facilities Manager by Rolls-Royce

Rolls-Royce appointed real estate group JLL to run global facilities management operations across the company's real estate portfolio in China, Germany, India, Singapore, the United Kingdom and the United States.
According to a statement by JLL, as part of the long-term contract starting February 2024, JLL will operate as Rolls-Royce's strategic global facilities management partner across 15 million square feet of manufacturing, warehouse and office space at 44 sites in six countries.

Axis Bank Launches Paid Saving a/c with No Charges for Services

Axis Bank, a private sector lender, launched its 'Infinity Savings Account', offering special features for its customers, including no domestic transaction charges in exchange for monthly fees. The move aims to appeal to those who frequently adopt subscription-based models.
This innovative savings account provides Axis Bank customers with exclusive privileges such as a waived average monthly balance (AMB) requirement, complimentary debit cards, and a waiver of all domestic charges against a small monthly recurring fee of Rs. 150 or an annual fee of Rs. 1,650.

Aug 30, 2023

Isha, Akash and Anant Ambani Join RIL Board

Mukesh Ambani's children - Isha, Akash and Anant, were appointed to the board of Reliance Industries Ltd, in what is seen as a clear path for succession planning at India's most valuable company.
The board of the energy-to-technology conglomerate met ahead of the company's annual general meeting (AGM) to approve the appointment of twins Isha and Akash, as well as Anant, as non-executive directors of the company.

HCLTech Signs Professional Services Deal with Cloud Software Group

IT major HCLTech announced a preferred professional services agreement with Cloud Software Group, to help implement, upgrade, modernise and provide services for its TIBCO products for enterprise customers across the globe.
A business unit of Cloud Software Group, TIBCO Software provides real-time data for making faster, smarter decisions. Its data intelligence platform connects any application or data source and unifies data for greater access, trust and control.
As part of the deal, around 400 professional services employees from Cloud Software Group with expertise in TIBCO products will transition to HCLTech, bringing their domain knowledge to serve ongoing customer relationships and scale up HCLTech's existing TIBCO Centre of Excellence.
With the new partnership, TIBCO customers will have access to enhanced digital transformation capabilities through HCLTech's technology offerings and consulting expertise across digital, cloud, automation, engineering and process optimisation.

Maruti Suzuki Appoints Arnab Roy as CFO

Maruti Suzuki India Ltd appointed Arnab Roy as Chief Financial Officer (CFO) of the company with effect from January 1, 2024.
According to the company, Arnab Roy will join in as CFO – Designate with effect from October 16, 2023, and as a whole-time CFO of the company from January 2024.
Ajay Seth, the company's current CFO, will be superannuating from his post as the company's full-time CFO with effect from the end of business on December 31, 2023. After that he will remain a Member of the Executive Board (MEB).

Yes Bank Teams up with fintech Zaggle for Next-gen Corporate Credit Card

Yes Bank launched co-branded Corporate Credit Card in collaboration with spend management platform Zaggle, to empower businesses to re-imagine their payment processes, streamline reconciliation, and efficiently manage company expenditures.
The new card 'YES BANK Zaggle Corporate Credit Card', provides businesses direct control over company expenditures. This includes the ability to set individual spending limits, apply merchant category restrictions, and implement diverse controls. Additionally, cardholders gain access to an array of exclusive benefits, spanning rewards, golf privileges, lounge access, and travel insurance.

Aug 29, 2023

Indian Oil, L&T, ReNew form JV for Green Hydrogen Projects

A joint venture of Indian Oil Corporation, L&T and ReNew to focus on green hydrogen projects was incorporated with the three partners investing Rs. 1 crore each in its authorised capital.
The JV company GH4India Private Ltd., incorporated has been formed for the purpose of development of green hydrogen and its derivatives, including green ammonia and methanol, besides production assets and associated renewable assets through any model of ownership and operatorship.

Jharkhand Govt. Inks MoU with TGESPL for India's First Hydrogen Fuel Project

The Jharkhand Government inked a pact with TCPL Green Energy Solutions Private Limited (TGESPL). It is a joint venture between Tata Motors and Cummins Inc, USA to set up the country's first hydrogen fuel project in Jamshedpur at an estimated cost of over Rs. 350 crore. Jharkhand CM Hemant Soren said that for the first time in the country Tata Cummins and Jharkhand government's Industrial department have taken such a step. Now vehicles will work on hydrogen. Its developmental work will be held in Jharkhand. This will be used in the whole country. This decision of Jharkhand is like a milestone for the rising concerns on the environment.

Shriram Finance's Umesh Revankar Takes Charge as Chairman of FIDC

The Finance Industry Development Council (FIDC), the representative body for asset and loan financing of Non-Banking Finance Companies (NBFCs), appointed Umesh Revankar as its new chairman. The managing committee elected Revankar unanimously during a meeting held in Mumbai. Currently serving as the Executive Vice Chairman for Shriram Finance, he brings with him decades of experience and expertise in the financial services industry.

Aug 28, 2023

Akola Merchant Co-operative Bank and Jalgaon Peoples Co-Operative Bank Get Approval for Voluntary...

The Reserve Bank of India (RBI) sanctioned the amalgamation of Akola Merchant Co-operative Bank with Jalgaon Peoples Co-operative Bank.
The branches of Akola Merchant Co-operative Bank will function as branches of The Jalgaon Peoples Co-operative Bank.

Airtel Payments Bank, Mastercard and Frontier Markets partner to Support 1 lakh Women-owned Small...

Airtel Payments Bank, Frontier Markets and the Mastercard Center for Inclusive Growth announced the launch of 'She Leads Bharat: Udyam', an initiative to elevate 1,00,000 women-owned small businesses with resources, tools and opportunities to grow and diversify their incomes.
'She Leads Bharat: Udyam' is a first-of-its-kind initiative that brings together the private sector, social enterprise, and philanthropy in the banking, financial services, and insurance sector to demonstrate a digital-first model designed to unlock ways for women-owned small businesses to increase their incomes.
This initiative will be funded by the Mastercard Impact Fund, while Mastercard will bring the catalytic capital and global expertise of its Center for Inclusive Growth to unlock tools, resources, and networks for the women-owned small businesses.

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