General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Aug 21, 2023

YES Bank Launches New Mobile Banking App 'iris'

Private lender YES Bank introduced its state-of-the-art mobile banking app 'iris'.
Designed to cater to both existing and new customers, the app offers access over 100 features and services in just a few clicks on a single platform.
The iris app has a sleek and intuitive user interface that aims to offer a simplified banking experience for users of all age groups, and backgrounds.
It also ensures the safety of the customers' financial data by incorporating best-in-class safety features like biometric authentication, SIM binding as well as a two-factor verification.

Godrej Security Gets Central Vista Project

Whether it's scanners, vehicle access control, people access control, or barriers, India's upcoming Central Vista Avenue is set to have the influence of Godrej Security Solutions in ensuring safety and security. The company secured a significant deal to oversee the premises security of this iconic project.
This mega project is anticipated to be a catalyst, boosting the company's revenue by 18 per cent this financial year to Rs. 1,000 crore, up from Rs. 850 crore in the previous financial year. Godrej Security Solutions, one of the largest players in the transition from mechanical locks to technology-led integrated digital security systems, is part of the Rs. 12,000-crore Godrej and Boyce conglomerate.

Aug 20, 2023

RBI Appoints P. R. Seshadri as MD and CEO of South Indian Bank

The Reserve Bank of India approved the appointment of P. R. Seshadri as the Managing Director and CEO of the Thrissur based South Indian Bank.
The appointment will be for a period of three years with effect from October 1.
Seshadri is an accomplished banker with experiences spanning multiple businesses, functional lines and geographies. He has significant experiences in enterprise level management and in the management of all key commercial banking business lines.
He has served as, amongst other positions, MD & CEO of The Karur Vysya Bank Limited (KVB), MD & Regional Sales and Distribution Head, Citibank N.A., Asia Pacific, Singapore and so on.

Aug 19, 2023

Axis Bank Launches Two Products with RBI Innovation Hub to Extend Lending

Private lender Axis Bank launched two lending products powered by the Public Tech Platform for Frictionless Credit (PTPFC), introduced by the Reserve Bank Innovation Hub (RBIH). RBIH is a wholly-owned subsidiary of the Reserve Bank of India (RBI).
Axis Bank will offer Kisan Credit Card (KCC) and unsecured micro, small and medium enterprises (MSME) loans to customers powered by the platform.
Both products will be offered in a completely digital manner and require no submission of documents by customers.

Aug 18, 2023

RBI Launches 'UDGAM', Centralised Web Portal for Unclaimed Deposits

The Reserve Bank of India (RBI) launched a centralised web portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation), to make it easier for the public to search for their unclaimed deposits across multiple banks in one place.
The web portal will help users identify and approach their banks for either claiming unclaimed deposits or making their deposit accounts operative at their banks.
Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have jointly worked to set up the portal. Currently, users will be able to access the details of their unclaimed deposits in respect of seven banks available on the portal. These banks include the State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, DBS Bank India Ltd, and Citibank N A.
RBI said that the search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.

Cabinet Approves Mutual Recognition Arrangement of Authorised Economic Operators between India an...

The Government approved the Mutual Recognition Arrangement of Authorised Economic Operators between India and Australia in a Cabinet meeting. The arrangement is aimed at providing reciprocal benefits to accredited and trusted exporters of both the signatories in the clearance of goods by the Customs authorities of the importing country.
Mutual recognition of Authorised Economic Operators is a key element of the World Customs Organisation's SAFE Framework of Standards to secure and facilitate global trade. This arrangement will benefit exporters to Australia and promote a trade relationship between the two countries.

Cognizant Splits Global Growth Markets by Appointing 2 Internal Leaders

Cognizant Technology Solutions restructured its global growth markets (GGM) by appointing two internal leaders who will now share the responsibility.
The move follows the exit of former GGM leader Rob Walker and is among the slew of leadership changes the company has seen in the recent past.
GGM refers to the company's emerging markets outside of North America.
The two internal leaders, Manoj Mehta and Jane Livesey, will lead the two GGM units and join the Executive Committee, reporting directly to the CEO.

Canara Bank Introduces Canara Jeevan Dhara Savings Bank Account

Canara Bank unveiled a specialised savings account aimed at pensioners and those nearing retirement, designed to provide an array of benefits catering to their unique financial needs. This new offering, known as Canara Jeevan Dhara, extends its advantages to retirees who've opted for voluntary or regular retirement. Through this account, Canara Bank seeks to provide financial security and flexibility to individuals in their post-employment phase.
Canara Jeevan Dhara offers two account variants based on the pension credit:
Diamonds Account: Tailored for individuals with pension credits up to Rs. 50,000.
Platinum Account: Designed for those with pension credits exceeding Rs. 50,000.
Canara Jeevan Dhara presents a comprehensive solution for pensioners and those entering retirement, ensuring financial stability and value-added benefits. With tailored interest rates, loan facilities, healthcare concessions, and enticing FD rates, this account empowers individuals to confidently embark on their post-career journey.

Aug 17, 2023

Hyundai Motor's Unit to Buy General Motors' India Talegaon Plant in Maharashtra

Hyundai Motor Co's Indian unit will buy automaker General Motors' Talegaon plant in the state of Maharashtra, a move that will allow the U.S. automaker to exit the country as well increase Hyundai's annual production.
Through its Sriperumbudur facility outside Chennai city and now the Talegaon plant, Hyundai aims to increase its cumulative production capacity to one million units per year. The company had a production capacity of 820,000 units in the first half of this year.
The South Korean firm said it intends to upgrade the existing infrastructure at the Talegaon unit and start manufacturing in 2025. The plant currently has an annual production capacity of 130,000 units.

Infosys Announces $1.6 Billion Deal with Telecom Firm Liberty Global

Indian IT services company Infosys won a $1.6 billion deal from Liberty Global to build and scale the entertainment and connectivity platforms of the digital communications firm.
As per the current agreement between both parties, the initial tenure of the contract is five years. It can also be extended to eight years, which would take the deal value to $2.5 billion.
The IT services company added that this deal will allow Liberty Global to realise run-rate savings in excess of €100 million per annum inclusive of other savings and technology investments.
Moreover, Liberty Global would licence all the platforms that are built under the deal to Infosys. This means the IT company can offer similar services to new operators and new markets.

Govt. Appoints Two Whole Time Members to SEBI Board

The government appointed Kamlesh Chandra Varshney and Amarjeet Singh as whole time members to the board of markets regulator SEBI.
Varshney is a joint secretary at the Department of Revenue and Singh is an executive director at the Securities and Exchange Board of India (SEBI.
Both the appointments are for a period of three years from the date of assumption of taking charge or until further orders, whichever is earlier.
Currently, SEBI's board, chaired by Madhabi Puri Buch, has two whole-time members and four part-time members.

PayPal Names Alex Chriss as its New CEO

Digital payments giant PayPal Holdings named Alex Chriss, a top executive at tax-preparation software firm Intuit, its next CEO as it looks to grab a bigger share of the payments market for small businesses.
Chriss will take over for PayPal's longtime CEO Dan Schulman in September. Schulman had previously announced a plan to step down from the role by the end of the year. He will remain a director at the company until May 2024.

Parminder Chopra Takes over as First Full-time Women PFC Chairman, MD

Parminder Chopra took over as its first full-time women Chairperson and Managing Director of state-owned Power Finance Corporation (PFC).
Previously, she was holding the additional charge of Chairperson and Managing Director (CMD) from June 1, 2023, and was Director (Finance), PFC, since July 1, 2020.
During her term as Director (Finance), she spearheaded the Finance Division, leading to the highest net profit, highest net worth and lowest NPA levels. Such robust financial performance has also facilitated PFC getting the highest status of 'Maharatna'.
She also played a key role in the successful implementation of the Rs 1.12 lakh crore Liquidity Infusion Scheme (LIS) for the power distribution sector, which was rolled out as part of the Atmanirbhar Bharat initiative.
She has over 35 years of varied experience in the Power and Financial Sector.

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