General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Jul 31, 2023

Indradhanush Gas Grid Limited, GAIL Sign Interconnection Agreement

Indradhanush Gas Grid Limited (IGGL) and GAIL India signed an interconnection agreement to connect the North East Gas Grid (NEGG) of IGGL with the Barauni Guwahati Pipeline (BGPL) of GAIL.
The agreement was signed by IGGL chief executive officer Ajit Kumar Thakur and GAIL's zonal chief general manager R. Choudhury.
The interconnection agreement will facilitate connection of the NEGG with the BGPL at three locations - Jalpaiguri in West Bengal and Baihata and Panikhaiti in Assam.
The interconnection agreement will pave the way for making the NEGG a part of the National Gas Grid.

India and ADB Signs $200 mn Loan Deal to Enhance Urban Services in Rajasthan

The Central Government and the Asian Development Bank (ADB) inked a $200 million loan agreement to bolster the ongoing Rajasthan Secondary Towns Development Sector Project. The project's objective is to expand water supply and sanitation systems, while also enhancing urban resilience and promoting heritage conservation in selected towns.
The loan agreement was signed by Vumlunmang Vualnam, Additional Secretary of the Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India, and Takeo Konishi, the country director of ADB's India Resident Mission, representing ADB.

BSNL's Shivendra Nath Set to be Next CMD of EPIL

Shivendra Nath was appointed as the Chairman and Managing Director (CMD) of Engineering Projects (India) Ltd., a public sector undertaking (PSU) under the Ministry of Heavy Industries and Public Enterprises.
Currently, Nath is serving as the senior general manager in Bharat Sanchar Nigam Limited (BSNL) and has been recommended for the CMD position by the Public Enterprises Selection Board (PESB) panel.
In his new role, Nath will be the Chief Executive of the company working under the board and directors. He will be responsible for the smooth functioning of the company in order to achieve the organisational objectives.

Jharkhand CM Hemant Soren Nod for Country's First Hydrogen Fuel Related Industry

Jharkhand Chief Minister Hemant Soren gave nod to the nation's first hydrogen fuel related industry to be set up at an investment of over Rs. 350 crore in Jamshedpur.
The capacity of the proposed unit will be over 4000 Hydrogen IC Engine/Fuel Agnostic Engine and 10,000+ Battery system, for which an investment is Rs. 354.28 crore would be made.
According to an estimate, the unit will provide employment to more than 310 people directly or indirectly.

Jul 30, 2023

Mahindra & Mahindra Buys 3.53% Stake in RBL Bank

Mahindra & Mahindra, a prominent Indian conglomerate, invested in RBL Bank by acquiring a 3.53% stake for Rs. 417 crore. The acquisition was announced through a regulatory filing, and Mahindra & Mahindra expressed its potential to make further investments in RBL Bank, subject to pricing, regulatory approvals, and required procedures. However, the company clarified that it would not exceed a stake of 9.9%.
RBL Bank has experienced a turbulent period over the last few years. Vishwavir Ahuja, the former Managing Director and CEO of the bank, stepped down in December 2021 when the Reserve Bank of India (RBI) chose not to extend his term. Following his departure, the RBI appointed one of its officials to the bank's board, raising concerns about RBL Bank's financial strength and asset quality.

Qatar Sovereign Fund in Talks for Minority Stake in Reliance Retail

As per reports, Qatar's sovereign wealth fund is in talks to invest up to $1 billion for a one per cent stake in the retail business holding firm of Reliance Industries Ltd (RIL).
Qatar Investment Authority's investment will likely be at a valuation of around $100 billion for Reliance Retail Ventures Ltd (RRVL). RIL is looking at ways to unlock the potential of its retail and telecom arm, including listing them separately and giving an exit option to investors who had invested in RRVL in 2020 at a valuation of $55 billion.

Jul 29, 2023

HDFC Bank Partners Dvara KGFS for Micro Loans

Dvara KGFS, a Chennai-based NBFC, entered into a co-lending partnership with HDFC Bank to provide capital to micro business units operating primarily in the unorganised sector.
The tie-up aligns with the NBFC's this year's (2023) Annual Operating Plan (AOP) looking to enable credit for micro businesses across the 10 states that it serves.
As per LVLN Murty, MD, and CEO of Dvara KGFS, the co-lending partnership with HDFC Bank will enhance the company's capabilities in empowering micro businesses operating in rural areas.
Dvara KGFS had launched its enterprise loan vertical in 2020, focusing on three value chains viz., grocery, dairy, and agri. So far, "the company has assisted numerous beneficiaries with working capital and business growth loans, improving their livelihood generation capabilities and facilitating their inclusion in the Indian economy.

MRPL Becomes Largest Single-location PSU Refinery in India

The Mangalore Refinery and Petrochemicals Limited (MRPL), a mini-Ratna CPSE PSU refinery based in coastal Karnataka and a subsidiary of ONGC, became the single largest PSU-refinery (single location) in the country for the year 2022-23. MRPL achieved this feat by processing 17.14 million metric tonnes of crude oil during the past financial year.
This is also the highest-ever throughput processed by any single-location PSU refinery in India's petroleum refining history. MRPL processes 10 per cent of the total crude oil refined by the PSU petroleum refineries in the country. Set up as a joint venture refinery in 1988 with a 3.69 MMTPA (million metric tonnes per annum) capacity, MRPL later underwent a second and third-phase expansion to raise its capacity to 15 MMTPA.

Razorpay Launches MoneySaver Export Account

Payment and banking company Razorpay launched an account for Indian exporters, the MoneySaver Export Account.
With this product, Indian exporters can now open a smart account in any country of their choice and receive payments locally via bank transfers on the Razorpay platform.
The initiative allows exporters to receive international bank transfers from 160 countries.
This is India's first smart account to offer 50% savings on international bank transfers for exporters, and helps save them from high transfer costs, chargebacks and payment failures.

Jul 28, 2023

Federal Bank Launches NR Savings Accounts for NRI Women

Federal Bank, on the occasion of the start of the FIFA Women's World Cup, announced the launch an exclusive NR savings account scheme, specifically curated for NRI women.
This scheme, named NRE Eve+, is designed to cater to the unique financial needs of NRI women, offering a range of benefits tailored to enhance the financial journey of NRI women. The global virtual launch witnessed the unveiling of the product theme by Shyam Srinivasan, MD & CEO, Federal Bank.
With NRE Eve+, account holders will enjoy complimentary access to international and domestic airport lounges, providing a seamless and luxurious travel experience. The power-packed NRE Eve+ debit card unlocks a world of customised offers, including exclusive deals on beauty, healthcare, shopping, dining, travel, and entertainment, tailored to suit women's preferences. Zero balance savings accounts are available for two children below 12 years of age. Complimentary insurance coverage is available up to Rs. 78 Lakh, including child education benefits, accidental death, hospital cash, and card protection.

Asian Paints Appoints former Ashok Leyland MD R. Seshasayee as Chairman

Asian Paints announced that its board approved the appointment of R. Seshasayee, as the Chairman of the board and the company, with effect from October 1, 2023. He will continue to hold the position till January 22, 2027.
Seshasayee will replace Deepak Satwalekar, whose term ends on September 30.
Seshasayee was the Managing Director of Ashok Leyland Limited from 1998 to 2011, the Executive Vice Chairman from 2011 to 2013 and the Non-Executive Vice Chairman from 2013 to 2016.
He was also the Non-Executive Chairman of IndusInd Bank from 2007 to 2019. He has served as an Independent Director on the Boards of various companies, including ICICI Bank and Infosys Ltd (Chairman from 2015 to 2017). He was the President of Society of Indian Automobile Manufacturers during 2001- 2003 and President of Confederation of Indian Industry during the year 2006-2007.
Seshasayee was appointed as an Independent Director of Asian Paints Limited on January 23, 2017.

Jul 27, 2023

Swiggy Enters Credit Card Space, Launches Co-branded Product with HDFC Bank

HDFC Bank and Swiggy jointly launched a co-branded credit card. The move marked Swiggy's entry into the credit card space, and the card will operate on Mastercard's payment network. The rollout of the credit card will occur in phases on the Swiggy app over the next 7-10 days, and after that, all eligible customers will have the opportunity to apply for it.
With this new credit card, users will get benefits like 10 per cent cashback on their Swiggy spends, covering food delivery, grocery delivery, dining out, and other services. Moreover, shoppers will receive a 5 per cent cashback on purchases made across various platforms, including Amazon, Flipkart, Nykaa, Ola, Uber, and more. The 5 per cent cashback offer also applies to websites like Nike, H&M, Adidas, and Zara. Additionally, customers can avail themselves of 1 per cent cashback on all other expenses. The cashback will be in the form of Swiggy Money, which can be used for transactions within the Swiggy platform.

HDFC Bank Overtakes SBI in CRISIL's Corporate Banking Ranking for 2023

India's largest private lender HDFC Bank overtook State Bank of India (SBI) and earned the top spot on the list of 2023 CRISIL's Greenwich market share leaders in large corporate banking.
For middle market corporates, HDFC Bank again topped the list of 2023 leaders among local banks, and joined ICICI Bank as the year's joint Greenwich Quality Leaders.
As per coalition Greenwich, a division of CRISIL, many of the gains for large private sector and foreign banks came at the expense of the smaller banks, including some of India's public sector banks.
Even among the PSUs, the trend toward consolidation among the largest providers persisted, with SBI doing a better job than smaller banks at maintaining corporate relationships.
From 2021 to 2022, the share of Indian corporates working with one of the largest Indian private sector banks for overall corporate banking services increased to 38 per cent from 33 per cent.

First Rupee Trade Shipment from Petrapole Border to Bangladesh

The first Rupee trade shipment from West Bengal's Petrapole border to Bangladesh took place. Petrapole, located in North 24 Parganas, is the major land port for bilateral trade with the neighbouring country.
The Indian government has been promoting Rupee trade with several countries to save forex, aiming at reducing dependence on the US Dollar and strengthening regional currency and trade.
As per reports, it was a shipment of vehicle chassis from Tata Motors. The value of the shipment was Rs 1.23 crore.
Banks in Bangladesh and India has earlier this month (July 2023) given permission to open nostro accounts. It is an account in a bank of another country for the purpose of foreign currency transactions.

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