General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Jul 15, 2023

Enkash Launches Accounting Automation Solution Olympus

Spend management platform Enkash launched Olympus, which will enable the automation of business payables and receivables of start-ups and small to medium-sized businesses.
The company's Olympus stack aims to empower businesses with efficiency and accuracy in accounting and auditing processes. The tech automates processes associated with transaction entries, bank reconciliation, payment management, collection management, expense tracking, and invoice management.
Olympus enables end-to-end AP management using features like remittance automation and real-time automated payment entry into the underlying accounting platform.

HDFC Bank Offers Interoperability of UPI and CBDC QR Code Payments

HDFC Bank announced the launch of UPI QR code interoperable with India's sovereign digital currency, Central Bank Digital Currency (CBDC). With this, HDFC Bank became one of the first banks in the country to complete the integration process.
The lender has registered over 1 lakh customers and 1.7 lakh merchants under CBDC pilot programme.
HDFC Bank customers can now transact money available in their CBDC wallet across UPI QR code and there will be no need to scan different QR codes at the same merchant.
The interoperable UPI QR code allows HDFC Bank merchants who have been onboarded on the bank's CBDC platform, to accept payments from their customers in the form of Digital Rupee currency, boosting usage of CBDC in day-to-day transactions.

Jul 14, 2023

A New Campaign for Banks under Agri Infra Fund Launched

Manoj Ahuja, Secretary of the Ministry of Agriculture & Farmers Welfare, inaugurated a new campaign for banks under the Agri Infra Fund called BHARAT (Banks Heralding Accelerated Rural & Agriculture Transformation). The campaign, which will run from July 15, 2023 to August 15, 2023, aims to raise Rs. 7200 crore.
The launch took place via a video conference attended by over 100 banking executives, including Managing Directors, Chairpersons, and Executive Directors from commercial banks in the public and private sectors, regional rural banks, small finance banks, NBFCs, and select cooperative banks.
During the conference, Samuel Praveen Kumar, Joint Secretary (AIF), highlighted the progress achieved since the inception of this ambitious flagship scheme.
So far, the scheme has facilitated the creation of more than 31,850 agricultural infrastructure projects across the country, with a loan amount of Rs. 24,750 crore under the Agri Infra Fund, which has a total outlay of Rs. 42,000 crore.

Max Life, DCB Bank Join Hands to Offer Insurance Products

Max Life Insurance Company Ltd. entered into a strategic partnership with DCB Bank Ltd., a new-generation private sector bank in India. The collaboration aims to provide a diverse range of life insurance products to DCB Bank's customers, including term, savings, and retirement plans, enabling them to secure their financial future and expand their investment portfolio.
The partnership aims to leverage DCB Bank's extensive reach and customer-centric approach, along with Max Life's expertise in protection and long-term savings solutions. By combining their strengths, the two organizations aim to deliver superior customer experience, digital servicing, and an omni-channel approach.
DCB Bank is a new-generation private sector bank with 427 branches across India.
It is regulated by the Reserve Bank of India and is professionally managed.
The bank provides contemporary technology infrastructure, including internet and mobile banking services.
DCB Bank serves various business segments, including retail, micro-SME, SME, mid-corporate, agriculture, commodities, government, public sector, Indian banks, co-operative banks, and NBFCs.
With approximately one million customers, DCB Bank aims to empower its customers through innovative financial solutions.

Jul 13, 2023

RBI to Introduce UPI QR Codes for CBDC Transactions

The Reserve Bank of India (RBI) will implement interoperability between central bank digital currency (CBDC) and United Payments Interface (UPI) by the end of July 2023, Deputy Governor T. Rabi Sankar said at an Indian Banks' Association conference.
The customers would be able to use a single QR code to pay through UPI and CBDC. Thirteen banks have placed the system, and the central bank aims to reach 1 million transactions through CBDC per day by the end of the current calendar year. At present, banks process 5,000-10,000 transactions per day.
UPI is a platform that facilitates digital transactions, where the beneficiary will be able to make payments through debit or credit cards, internet banking or by mobile wallets.

ONGC Becomes India's First PSU to Achieve Anti-Bribery Management System Certification

Oil and Natural Gas Corporation (ONGC) made history by becoming the first Central Public Sector Enterprise (CPSE) in India to receive certification for its Anti-Bribery Management System (ABMS). The certification was awarded by the internationally accredited certification body InterCert USA. ONGC's commitment to combat bribery was previously demonstrated in 2005 when it became the first organization in India to adopt the Integrity Pact (IP) initiated by Transparency International.
ONGC's pursuit of an ABMS certification marks a significant milestone in its journey as an Energy Maharatna, further solidifying its position as a trusted business partner. The certification was achieved by successfully implementing the ISO 37001:2016 International Standard, following a thorough assessment and validation process conducted by InterCert USA.

Razorpay Launches First International Payment Gateway in Malaysia through Curlec

Fintech major Razorpay India launched its first international payment gateway in Malaysia with Curlec, known as 'Curlec by Razorpay'.
In February 2022, Razorpay had acquired a majority stake in Kuala Lumpur-based fintech firm Curlec at a valuation of $20 million, kicking off its global expansion plans. The balance stake acquisition was to be completed in 2023.
The company currently works with over 700 Malaysian businesses, including Tune Protect, CTOS, Courts, Mary Kay and The National Kidney Foundation. "The new Curlec payment gateway will serve more than 5,000 businesses with a target of RM10 billion ($2 billion) in annualized gross transaction value (GTV) by 2025.

ITC Board Reappoints Sanjiv Puri as Chairman & Managing Director

ITC Ltd's board reappointed Sanjiv Puri as the company's Chairman & Managing Director for a period of five years.
Puri was appointed as chief executive officer in February 2017 and re-designated as the managing director in May 2018. He was appointed as the chairman of the tobacco-to-hotels conglomerate effective May 13, 2019.
Puri joined ITC in January 1986. With a career spanning over three decades at ITC and its subsidiaries, he has held several business leadership positions and also handled a wide range of responsibilities in manufacturing, operations and information & digital technology.

Jul 12, 2023

CoinDCX Appoints Rajnish Vedi as the New Head of Customer Experience

Rajnish Vedi was appointed as the Head of Customer Experience of CoinDCX.
With over 15 million users, the company is looking at bolstering customer journey and experience on its platform.
In his new role at CoinDCX, Vedi will lead customer experience across all product lines, including self-help platforms, voice and back-office inquiries and core product experience. He will work towards improving the net promoter score (NPS) and customer satisfaction score (CSAT) by building seamless customer journeys, transparent customer communication and top-notch customer support practice.
Before joining CoinDCX, Vedi was vice-president of customer experience at MakeMyTrip, where he designed and implemented successful digital innovation and transformation programmes to exceed user demands and enhance overall digital experience.

SBI Appoints Abhijit Chakravorty as SBI Card's CEO

SBI Cards & Payment Services (SBI Card), the country's largest pure-play credit card issuer, appointed Abhijit Chakravorty as MD & CEO.
Chakravorty, who is presently a Deputy Managing Director at SBI, will assume charge of his new role on August 12, 2023.
He has been appointed as SBI Card's MD&CEO for two years.
Incumbent MD & CEO Rama Mohan Rao Amara tendered his resignation owing to his transfer to SBI.
Chakravorty, who started his banking career as a Probationary Officer with SBI in 1988, has gained over 34 years of rich experience in Retail and Corporate Banking, Overseas Operations and IT verticals of the bank.
He also served at the Hongkong branch of the Bank. He had a long tenure in Commercial Credit Group and was involved in high value Corporate Lending.
Chakravorty managed the Bangladesh Operations of SBI as CEO and Country Head.

India, Bangladesh Start Bilateral Trade in Rupees

Bangladesh and India launched a much-anticipated trade transaction in rupees, a move aimed at reducing dependence on the US dollar and strengthening regional currency and trade.
This is the first time Bangladesh has done bilateral trade with a foreign country in addition to the US dollar.
Bangladesh Bank Governor Abdur Rouf Talukder described the start of trade settlement in rupees as the first step in a great journey.
Banks in Bangladesh and India have been given permission to open nostro accounts, an account in a bank of another country for the purpose of foreign currency transactions.

Jul 11, 2023

India Overtakes China as Most Attractive Emerging Market for Investing

India overtook China as the most attractive emerging market for investing, according to 85 sovereign wealth funds and 57 central banks representing USD 21 trillion in assets.
India is increasingly viewed positively for its improved business and political stability, favourable demographics, regulatory initiatives, and a friendly environment for sovereign investors, according to a report by global investment management firm Invesco.
The report titled 'Invesco Global Sovereign Asset Management Study' included views from 142 chief investment officers, heads of asset classes along with senior portfolio strategists from 85 sovereign wealth funds and 57 central banks.

Deutsche India Expands Tech Operations in Country

Deutsche India, which houses the largest technology centre of German investment bank Deutsche Bank, is expanding its operations in India and hiring thousands.
As banks undergo digital transformation, Deutsche India is hiring people with skills in cloud migration, artificial intelligence (AI), and machine learning.
The India centre is the largest within Deutsche Bank's global network with other such locations in Europe and the US. It plays a key role in the German bank's technology transformation through emerging technologies to deliver innovative products and services to its clients.

Four Indian-origin Business Leaders on 2023 Forbes' 100 Richest Self-made Women List

Four Indian-origin women made it to the Forbes list of America's 100 most successful self-made women. Building supply distributor Diane Hendricks, with a $15 billion net worth, retained the top spot for the sixth year in a row. This year's (2023) list had eight entrants, including television producer Shonda Rhimes and Insitro CEO Daphne Koller.
The four Indian-origin women are Jayshree Ullal, president and CEO of computer networking firm Arista Networks, ranked 15th on the list, the highest among Indian-origin business leaders.
Neerja Sethi, with a net worth of USD 990 million, was ranked 25th on the list. Sethi along with her husband Bharat Desai, co-founded IT consulting and outsourcing firm Syntel in 1980.
Neha Narkhede, co-founder and former chief technology officer (CTO) of cloud company Confluent, was ranked 50th on the list with a net worth of USD 520 million.
Indira Nooyi, the former chair and CEO of PepsiCo, retired in 2019 after 24 years with the company, half of which she spent in the top job. She has a net worth of USD 350 million and was ranked 77th on the Forbes list.

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