General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Jun 26, 2023

Manipal Technologies, Indian Bank Join Hands to Offer Banking Products

Manipal Technologies Limited partnered with state-owned Indian Bank to drive financial inclusion by offering customised banking products.
The partnership aims to build a sustainable network of corporate business correspondents (CBCs) that will enhance the availability, affordability, and accessibility of financial services, particularly in underserved markets and rural areas.
As part of this association, Manipal Technologies Limited (MTL) will work closely with Indian Bank to offer tailor-made banking products in rural locations.
The initial focus will be serving more than 600 locations and gradually expanding the presence in newer regions in states such as Tamil Nadu, Chhattisgarh, Uttar Pradesh, Kerala, Maharashtra, Haryana, and Punjab.
MTL has diversified businesses across domains, including fintech, financial inclusion, doorstep banking, fraud risk management, gold loans, digital solutions, print management, cards, commercial print, and secure solutions.

Paytm Collaborates with Arunachal Pradesh to Foster Start-up Ecosystem

Paytm Payment Services Limited (PPSL) entered into a memorandum of understanding (MoU) with Arunachal Pradesh Innovation and Investment Park (APIIP) to establish a thriving start-up ecosystem for the youth in the north-eastern state. The partnership aims to nurture entrepreneurship and encourage young business ventures during their early stages of development.
As per the terms of the MoU, the Paytm Incubation Center will extend its products to early-stage startups at a discounted price. Furthermore, it will provide free credits through the Paytm Startup Toolkit, offering valuable support to young entrepreneurs as they navigate the initial phases of their business ventures. These initiatives are expected to facilitate the growth of the startup ecosystem in Arunachal Pradesh.
The MoU was formally signed at the Arunachal Pradesh Innovation and Investment Park, which serves as the state's inaugural marquee incubator. The CEO of APIIP, Tabe Haider, was present during the signing ceremony, underscoring the significance of the collaboration.

RBI Allows Remittances under LRS for Paying Fees to Foreign Institutions in IFSCs

The Reserve Bank of India (RBI) allowed remittances under liberalised remittance scheme (LRS) for payments of educational fees in foreign universities or foreign institutions in International Financial Services Centres (IFSCs).
Presently, remittances to IFSCs under liberalised remittance scheme (LRS) can be made only for making investments in securities.
Under the LRS scheme, all resident individuals, including minors, are allowed to freely remit up to $2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both. After the exhaustion of the limit, all resident individuals can approach RBI through their authorised dealer bank for consideration.

RBI Fines Three Banks

The Reserve Bank imposed a penalty of Rs. 2.5 crore on Jammu and Kashmir Bank for non-compliance with certain directions, including one related to 'time-bound implementation and strengthening of SWIFT-related operational controls'.
A penalty of Rs. 1.45 crore was also imposed on Bank of Maharashtra for non-compliance with certain directions issued by RBI on Loans and Advances Statutory and Other Restrictions' and Advisory on Man in the Middle (MiTM) Attacks in ATMs'.
RBI also imposed a penalty of Rs. 30 lakh on Axis Bank. The penal charges were levied in certain accounts for late payment of credit card dues though the customers had paid the dues by the due date, through third-party platforms.
As per RBI, the penalties are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Jun 25, 2023

IOB Inks MoU with the Tamil Nadu State Rural Livelihood Mission

Indian Overseas Bank (IOB) signed a Memorandum of Understanding (MoU) with the Tamil Nadu State Rural Livelihood Mission (TNSRLM) to foster the growth of Self Help Groups (SHGs) in the State and provide them with vital financial support.
Under the terms of the MoU, TNSRLM will facilitate eligible SHGs for credit linkage with IOB. This strategic collaboration aims to streamline access to financial resources for SHGs, enabling them to undertake entrepreneurial activities, expand their ventures, and contribute to the economic development of the state.
The collaboration is expected to catalyse the growth of SHGs targeting Rs. 1,875 crore and increase the disbursal under DAY-NRLM (Deendayal Antyodaya Yojana-National Rural Livelihoods Mission) during this fiscal.

Egypt to Offer Exclusive Industrial Cluster to India in Suez Canal EZ

Egypt is ready to provide India with an exclusive cluster in the industrial and logistics hub, which could act as a portal for New Delhi to reach other markets more effectively, the chairman of the Suez Canal Economic Zone (SCZONE) stated.
Waleid Gamal Eldien's remarks about the SCZONE came before Prime Minister Narendra Modi's two-day official visit to Egypt.
During Egyptian President Abdel Fattah Al-Sisi's New Delhi visit in January 2023, India was offered full support to build a formidable industrial presence in the SCZONE. Egypt offers unique opportunities to Indian investors to reach out to markets such as Africa, Europe, West Asia, and Latin America.

Jun 24, 2023

Airtel Payments Bank Ties up with Care for Health Insurance

Airtel Payments Bank (APB) partnered with Care Health Insurance to offer its customers health insurance products via the Airtel Thanks app.
Customers of APB, the payments banking arm of Bharti Airtel, will have access to family health insurance products with a host of sum-insured options, ranging from Rs. 50,000 to Rs. 5 lakh. The offerings will also include coverage towards pre-existing ailments and day care treatment.
Customers can opt for the health insurance services through the Airtel Thanks app and pay using an APB account.

Mahendra Lodha New MD and CEO of PTC Indian Financial Services

PTC Indian Financial Services (PFS) appointed its Director (Finance) Mahendra Lodha as Managing Director and Chief Executive Officer after the Reserve Bank of India (RBI) asked MD & CEO Pawan Singh to go on leave.
PFS, a non-banking finance company promoted by PTC India, was granted the status of an infrastructure finance company by the RBI.
The company offers financial products to infrastructure companies in the entire energy value chain and other infrastructure industries.

Jun 23, 2023

UK's Lloyds Banking Group to set up Tech Centre in Hyderabad

British financial services major Lloyds Banking Group (LBG) is setting up a technology centre in Hyderabad as part of a larger 3 billion pound strategic investment aimed at transforming its digital offering.
Forming a part of the investment, to be made over the next three years, the Lloyds Technology Centre in the Hyderabad will hire 600 highly skilled technology, data and cyber specialists by the end of 2023. The centre, which will open later this year, reflects the commitment to enhance digital capabilities and innovation, for customers, by leveraging specialist skills and capabilities of people, technology and data in Hyderabad.
The facility in Hyderabad will contribute to technology initiatives focused on improving the Group's customer experience by building in-house technical capability. LBG operates the U.K.'s largest digital bank and has over 20 million digitally active users.

Axis Bank Launches 'One-View' Feature

Axis Bank launched the 'one-view' feature on its mobile application which enables account management across multiple bank accounts, including non-Axis accounts.
According to the bank, the feature was launched using the open banking principle leveraging the account aggregator (AA) ecosystem—an industry-first initiative.
AA or data aggregator platforms provide secure sharing of information while maintaining customer consent and data privacy.
Customers can link their non-Axis Bank accounts and get a comprehensive view of their balance, transactions and statements on a real-time basis, thus simplifying the process of managing finances and providing access to multiple bank accounts on one platform.
The feature eliminates the need for multiple mobile banking applications and also allows customers to download and e-mail transaction details from their linked accounts.

Jun 22, 2023

Reliance Emerges as Most Valuable Private Company in India

Reliance Industries Limited (RIL), led by Mukesh Ambani, emerged as the most valuable private sector company in India, according to Burgundy Private Hurun India 500-Special report released in June 2023. Meanwhile, Serum Institute of India (SII), helmed by Adar Poonawalla and renowned for its Covid-19 vaccines, took the title of India's most valuable unlisted company.
The report is based on the data from October 30, 2022 to April 30, 2023.
Tata Consultancy Services (TCS) secured the second spot on the list. HDFC Bank occupied the third position. These companies demonstrated relative stability and showcased their significance within India's corporate landscape.

TCS Signs $1.1-billion Contract with UK's Largest Workplace Pension Scheme NEST

India's largest software service provider Tata Consultancy Services (TCS) signed a contract worth 840 million pounds ($1.1 billion) with National Employment Savings Trust (NEST), UK's largest workplace pension scheme, for an initial tenure of 10 years.
The total maximum estimated value of the contract, if extended to the entirety of its 18-year tenure, will be 1.5 billion pounds, TCS said in an exchange filing.
The contract is to digitally transform NEST's scheme administration services, delivering enhanced member experiences and furthering the scheme's mission of delivering better retirement outcomes for people across the UK.
The partnership will deliver enhanced member experiences and further the scheme's mission of delivering better retirement outcomes for people across the UK. NEST and TCS have worked closely since 2011 when the digital, auto-enrolment pension scheme was first launched.

Alibaba Names New Chairman and CEO

Alibaba Group announced that Eddie Wu will succeed Daniel Zhang as its chief executive, a move that will free Zhang to focus on the company's cloud intelligence business.
This succession plan came after China's largest e-commerce company had said in March it will restructure its company into six business groups in the most significant reorganization in its history, aiming to reinvigorate the company after slowing economic growth in its home market and tougher Beijing regulations combined to hit its bottom line.
The company also announced Joe Tsai will take Zhang's place as the group's chairman.
Zhang will continue to lead the Alibaba Cloud Intelligence Group as chairman and chief executive after this change.

Reliance Group Appoints Parul Sharma as Group President

The Reliance Group appointed Parul Sharma as the Group President. As a global communications strategist, Parul brings a rich experience to power the Group.
Parul Sharma steered the communications strategy for Rupert Murdoch's 'Star India' for 15 years, shaping its corporate image, publicity and relationships. Prior to that, she was with the German broadcaster 'Deutsche Welle', based in Cologne.

Tata Power, Amazon India's most Attractive Employers in 2023

Tata Power emerged as the most attractive employer brand in India in 2023, followed by Amazon and Tata Steel, according to research by HR organisation Randstad India. Big Basket topped the list of most attractive start-up employers in the country.
According to Randstad Employer Brand Research 2023, Tata Power scored high on financial health, good reputation and career progression opportunities, the three Employee Value Proposition (EVP) drivers for the organisation as per the survey. It helped the brand get to the winning spot from rank 9 in 2022.
The other companies that featured in the top ten rankings were Tata Consultancy Services, Microsoft, Samsung India, Infosys, Tata Motors, IBM and Reliance Industries. Interestingly, four out of the top 10 were the companies of the Tata Group.

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