General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Jun 06, 2023

TCS Bags 10-year Contract for Managing Teacher's Pension Scheme in England, Wales

Tata Consultancy Services (TCS) bagged a 10-year contract from the Department for Education (DfE) to administer and further enhance customer experiences for the Teachers' Pension Scheme in England and Wales.
The Teachers' Pension Scheme is the UK's second largest public sector pension scheme, with over 2 million members. TCS will manage the scheme administration services using a digitally enabled, omnichannel platform powered by TCS BaNCS. This will enable accurate administration of pension records, payment of benefits, effective scheme finance management, proactive member engagement and easy access to information.

Godrej Consumer Products Appoints Aasif Malbari as CFO

Godrej Consumer Products Limited's (GCPL), board of directors approved the appointment of Aasif Malbari as Chief Financial Officer (CFO), effective August 10. 2023.
Aasif was an integral part of the leadership team at Tata Motors since joining in 2018. Prior to that, he worked at Hindustan Unilever Limited. He is a Chartered Account and Company Secretary and secured the All India First Rank in both the CA intermediate and final. He graduated from Sydenham College, University of Mumbai.
Over the 23 years of his career, Aasif has worked in roles ranging from business partnering, buying, planning & logistics, controllership, treasury, investor relations to group performance management, which have provided him with great experience in multiple FMCG segments in India and across the globe.

SBI Bengaluru Circle Launches 'Project Kuber'

To source, facilitate and cater to various banking needs of customers, State Bank of India, Bengaluru Circle launched 'Project Kuber', which will have four Transaction Banking Hubs and One Corporate Salary Package Hub. These hubs will help to increase the market share in liability products of SBI.
Nand Kishore, Chief General Manager, SBI, Bengaluru Circle, inaugurated these hubs. They are located at SBI Administrative Building, in KG Road, and Sampige Road, in Malleswaram.
Transaction Banking Hubs will offer services to corporate/non-corporate clients, from account opening to onboarding them on SBI's digital platforms.

BharatPe Appoints Kohinoor Biswas as Consumer Lending Head

Fintech platform BharatPe appointed Kohinoor Biswas as the Head of Consumer Lending. Biswas will take the helm of the company's 'Buy Now, Pay Later' (BNPL) product postpe and report to BharatPe's CFO and interim CEO, Nalin Negi.
Biswas brings in experience of over 14 years in various aspects of consumer lending, cards portfolio management, business strategy, and digital initiatives and has served in leadership positions at major banking and financial institutions. He has worked with ICICI Bank, HDFC Bank, Intellect Design Arena Ltd, JP Morgan Chase, and American Express.
Biswas' is BharatPe's third appointment for a leadership position. Earlier, the company had announced the appointment of Aparna Kuppuswamy as Chief Risk Officer, BharatPe Group, and Sandeep Indurkar as Chief Business Officer- Banking and Alliances.

Jun 05, 2023

Karbon Card Launches Mobile-based Expense Management Card

Karbon Card launched a mobile-based expense management card for businesses and individuals wherein it offers its users uncapped cashback of up to 1%.
In comparison to other prepaid instruments like UPI and debit cards, which do not offer any cashback, Card ++ differentiates itself by providing interesting cashback offers, incentivizing people for their spending. The unique feature adds value to the card, making it an option for users.
Karbon's Card++ offers an expense management solution, empowering businesses to operate and is gaining popularity among startups and small and medium-sized enterprises as a payment platform that offers uncapped cashback rewards without any charges. Its features include the ability to make payments on various platforms such as Google, Amazon, Swiggy, and Ola.
Since its founding in 2019 by Kartik Jain, Amit Jangir, and Sunil Kumar, Karbon Card has been committed to innovation, releasing products such as corporate cards, payout, and invoice management.

RBI Imposes Rs. 2.20 crore Penalty on Indian Overseas Bank for Rule Violations

The Reserve Bank of India (RBI) imposed monetary penalty of Rs. 2.20 crore on Indian Overseas Bank (IOB) for rule violations.
The penalty on IOB was imposed as bank failed to make minimum mandatory transfer of a sum equivalent to 25 per cent of its disclosed profit for the year 2020-21 to its reserve fund and there was significant divergence between the non-performing assets (NPAs) as reported by it and as assessed by the inspection.

Jun 04, 2023

Sanjay Varma Takes Charge as MRPL Managing Director

Sanjay Varma took over as the Managing Director (additional charge) of Mangalore Refinery and Petrochemicals Ltd (MRPL). Varma has been on the board of MRPL as Director (Refinery) since June 2020. He has also had extensive exposure by being on the boards of ONGC-Mangalore Petrochemicals Ltd and Shell-MRPL Aviation.
Varma joined MRPL in December 1993 and has played a pivotal role in the execution and operation of all three major phases of the refinery and its aromatic complex.
Mangalore Refinery and Petrochemicals Limited (MRPL) is a public sector oil refinery and petrochemical company located in Mangalore, Karnataka, India.
MRPL was incorporated on March 7, 1988, as a joint venture between Hindustan Petroleum Corporation Limited (HPCL) and the government of Karnataka. HPCL held a majority stake of 51%, while the government of Karnataka held a 49% stake.
The construction of the refinery began in 1989, and it was commissioned in 1996. The refinery was designed to process crude oil and produce various petroleum products such as petrol, diesel, liquefied petroleum gas (LPG), kerosene, aviation turbine fuel (ATF), and others.

NGEL, UPRVUNL Collaborate for Development of Renewable Energy Power Parks

NTPC Green Energy Limited (NGEL) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) signed a Memorandum of Understanding (MoU) in Lucknow with an aim to collaborate in the development of Renewable Energy Parks and Projects and to facilitate in Government of India's efforts towards energy transition. The MoU was signed by Mohit Bhargava, CEO (NGEL) and Nidhi Kumar Narang, Director (Finance), UPRVUNL in the presence of P. Guruprasad, MD (UPRVUNL), Praveen Saxena, Regional Executive Director (NR) of NTPC. V. V. Sivakumar, GM (NGEL) and other senior officials of NTPC, NGEL and UPRVUNL were present during the occasion.
The MoU envisages the two organizations to collaborate through setting up of floating and ground mounted Solar Projects in the Rihand reservoir, other water bodies and any available vacant land, development of solar PV Project dedicated for solarization of Ayodhya city and setting up of Renewable energy Parks and Projects wherever land is made available. NGEL and UPRVUNL shall jointly work for formation of Joint Venture Company (JVC) to meet the Renewable Generation Obligation, Flexibility in Generation and Scheduling of Thermal/Hydro Power Stations through bundling with Renewable Energy and Energy Storage.

Jun 03, 2023

TCS, Reliance, Jio Top Best Indian Brands 2023 Ranking

Technology giant TCS and India's most valuable company Reliance Industries topped the list of the country's most valuable brands, according to Interbrand, the renowned global brand consultancy. Tata Consultancy Services (TCS) topped the 2023 50 Most Valuable Indian Brands list with a brand value of Rs. 1.09 lakh crore.
Billionaire Mukesh Ambani's Reliance Industries Ltd is at No.2 spot with a brand value of Rs. 65,320 crore. His group's telecom and digital unit Jio is also in the top 5 with a brand value of Rs. 49,027 crore.
IT company Infosys is at No.3 with a brand value of Rs 53,323 crore.
The top three brands alone account for a staggering 46 per cent of the total value of the top ten brands.
Celebrating its 10th year, the Best Indian Brands report has become a definitive guide to the nation's brand landscape since its inaugural publication in 2014.

Meesho Becomes World's Fastest Shopping App

Bengaluru-based e-commerce firm Meesho emerged as the world's fastest shopping app to cross 500 million cumulative downloads across Google Play and iOS App Store combined, reaching this milestone in six years, according to data.ai (formerly App Annie), the leading mobile data analytics provider.
More than half of these downloads (274 million) came in 2022, with value-seeking consumers across India flocking to the SoftBank-backed e-commerce platform. Meesho competes with players such as Walmart-owned Flipkart, Amazon and Reliance's JioMart.
The entry into the 500 million club came on the back of strong value propositions and unique tech innovations. At just 13.6 MB, Meesho's Android app is the lightest e-commerce app in India on Play Store. This makes it compatible with low-end smartphones and ensures a seamless shopping experience even in areas with low internet bandwidth.

Jun 02, 2023

Aegon Life Launches Insurance Cover for Surrogate Mothers, Egg Donors

Aegon Life launched the first life insurance cover for surrogate mothers and egg-donors, effectively backing their financial well-being. This initiative supports the implementation of provisions in the Surrogacy (Regulation) Act, 2021 and the Assisted Reproductive Technology (Regulation) Act, 2021, spearheaded by India's Ministry of Health & Family Welfare.
Notably, the coverage provides a life cover of three years for surrogate mothers and one a year for egg donors to provide protection against any life-threatening complications arising out of the said procedures.
Aegon Life is digital India's life insurance company and claims to have pioneered the online term insurance plan in India.

Ashwani Kumar New MD & CEO of UCO Bank

The Appointments Committee of the Cabinet (ACC) approved the appointment of Ashwani Kumar, Executive Director, Indian Bank as Managing Director and CEO of UCO Bank.
Kumar replaced Soma Sankara Prasad, who superannuated on May 31. Prasad was in December 2021 appointed as MD & CEO of UCO Bank.
Ashwani Kumar will lead the public sector bank for period of three years.
Kumar will also be eligible for extension of the term of office, after a review of his performance, by two years or until further orders, whichever is earlier.
Kumar, a chartered accountant, rose through ranks serving various offices of five public sector banks -- Bank of Baroda, Corporation Bank, Oriental Bank of Commerce, Punjab National Bank and Indian Bank.

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