General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Oct 08, 2022

RBI Approves Prashant Kumar's Appointment as Yes Bank MD and CEO

The Reserve Bank of India approved the appointment of Prashant Kumar as MD and CEO of Yes Bank for three years.
Earlier in July this year, the alternate Board of the private sector lender had recommended to the Reserve Bank of India for its approval, the appointment of Kumar as Managing Director & Chief Executive Officer (MD &CEO) of the Bank for a period of three years.
Prior to joining Yes Bank, Kumar was Deputy Managing Director & CFO of India's largest bank SBI, where he served in various capacities.

FinMin Allows Airlines to Avail up to Rs. 1,500 crore Loan under ECLGS

The Union Finance Ministry allowed airlines to avail of up to Rs. 1,500 crore loan under the Emergency Credit Line Guarantee Scheme (ECLGS), to help them tide over their cash flow problems.
Earlier, an airline could avail of a loan of not more than Rs 400 crore under the ECLGS. The Centre had in 2020 started the ECLGS to provide collateral-free and government-guaranteed loans to businesses affected by the Covid pandemic.
The Finance Ministry's decision is likely to benefit financially-beleaguered airlines, such as SpiceJet, which have been looking for the Centre's assistance to run their operations. Last month, the airline took a loan of approximately Rs. 225 crore under ECLGS.

Hero's Vida Electric Scooter India Launch

Hero MotoCorp, India's largest two-wheeler manufacturer, ventured into the electric mobility space. The company launched its first-ever electric scooter in India under its new EV subsidiary – Vida. The company's maiden e-scooters might be called the Vida V1 and it is likely to be sold in two variants: V1 Plus and V1 Pro.
Hero MotoCorp launched the Vida electric scooter at the Hero Global Centre of Innovation and Technology (CIT) in Jaipur, Rajasthan. It is worth mentioning that the company's Vida sub-brand for electric mobility was introduced in March this year. The Indian two-wheeler major calls it a brand new identity for its emerging mobility solutions.

Oct 07, 2022

Bank of India Mutual Fund Appoints Mohit Bhatia as CEO

Bank of India Investment Managers Private Ltd appointed Mohit Bhatia as its Chief Executive Officer.
Bhatia has over 26 years of professional experience in mutual funds and financial services industry in areas of sales and distribution, team building, marketing & branding, building of digital eco-system.
His last assignment was with Canara Robeco Asset Management Company Ltd. as head-sales and marketing. During his tenure, the fund house reached assets under management (AUM) of Rs. 50,000 crore.

India Emerges as the World's Largest Producer, Consumer of Sugar

India emerged as the world's largest producer and consumer of sugar and its second largest exporter.
Brazil is the largest exporter of sugar.
In sugar season (October-September) 2021-22, a record over 5,000 lakh metric tons (LMT) sugarcane was produced in the country, out of which about 3,574 LMT was crushed by sugar mills to produce about 394 LMT of sugar (sucrose). Out of this, 35 LMT sugar was diverted to ethanol production and 359 LMT sugar was produced by sugar mills.

SBI General Insurance Appoints Kishore Kumar Poludasu as its new MD & CEO

SBI General Insurance Company Limited announced the appointment of Kishore Kumar Poludasu as its new Managing Director & Chief Executive Officer. He was nominated by the parent company, State Bank of India.
Kishore Kumar Poludasu has been associated with State Bank of India since 1991 and held several positions with the bank during his tenure. Prior to his current role at SBI General under State Bank Group, he was the Deputy Managing Director, as the Country Head of State Bank of India, Singapore Operations.
He is a seasoned BFSI professional with over 3 decades of experience in commercial banking including large Corporate/Infrastructure Credit, International Banking operations, Enterprise Management, Mergers & Consolidation, etc.

Oct 06, 2022

Sandeep Kumar Gupta Takes Charge as CMD of GAIL

Sandeep Kumar Gupta assumed charge as the chairman and managing director of GAIL (India) Limited. Gupta, who replaced Manoj Jain, has a wide experience of over 34 years in the oil and gas industry. Before joining GAIL, he was working with Indian Oil Corporation (IOC) since 2019. Gupta is a commerce graduate and a fellow of the Institute of Chartered Accountants of India. In June, the Public Enterprises Selection Board (PESB) had selected him for the top role at GAIL after interviewing 10 candidates.
GAIL Limited is a central public sector undertaking under the ownership of the Ministry of Petroleum and Natural Gas, Government of India. It is headquartered in GAIL Bhawan, New Delhi. Its operations are overseen by the Ministry of Petroleum and Natural Gas.

Historic MoU Signed to Launch India's Rupay Debit Card in Oman

The National Payments Corporation of India (NPCI) and the Central Bank of Oman (CBO) signed a landmark MoU to launch the Rupay Debit Card in Oman. This agreement between the two countries has opened the way for a new era of financial connectivity. The MoU was signed in the presence of Minister of State for External Affairs V Muraleedharan. Muraleedharan also met Tahir Al Amri, Executive Chairman of the Central Bank of Oman. The Minister of State for External Affairs arrived in Oman's capital Muscat on Monday for a two-day visit to strengthen ties between the countries.

Oct 05, 2022

Four Indian-Americans, Including IndiGo's Gangwal, in Forbes 400 Rich List

Indian-Americans Vinod Khosla, Romesh Wadhwani and Rakesh Gangwal made it to the Forbes 2022 list of 400 wealthiest Americans with Zscaler CEO Jay Chaudhry leading the pack with a net worth of $8.2 billion.
Overall, Tesla's Elon Musk earned the top spot for the first time, unseating former Amazon CEO Jeff Bezos, who had held the top spot for four consecutive years.
As a group, the 400 wealthiest Americans are worth $4 trillion, $500 billion less than last year.

T. Rajkumar Re-elected as Chairman of Confederation of Indian Textile Industry

Confederation of Indian Textile Industry (CITI), a leading trade body of Indian textile industry, unanimously re-elected T. Rajkumar as Chairman, Rakesh Mehra as Deputy Chairman, CITI and Ashwin Chandran as Vice Chairman of CITI.
The organisation held its 64th Annual General Meeting (AGM) with the newly reconstituted Committee electing the top team.
T. Rajkumar urged the industry captains to work hard to achieve the target of having a market size of US $ 350 billion, which includes the export target – set by the Union Minister of Textiles for textile and apparel Industry – of US $ 100 billion by 2025-2026.

EXIM Bank Extends $100- mn LoC to Maldives for Development Projects

Exim Bank extended a line of credit of USD 100 million to the Maldives for financing developmental projects.
Exim Bank's overall commitment to the strategically important island nation located in close proximity went to six lines of credit totalling USD 1.43 billion.
Projects being funded through the LOCs include Greater Male' Connectivity Project, Water and Sewerage Projects, Addu Development Project, International Cricket Stadium Project, Defence projects, Gulhifalhu Port Project, Hanimaadhoo Airport Project, Gan Airport Project, Fisheries Project, Road Construction Project and Sports Infrastructure.
An agreement was signed in Male by Maldives' Minister of Finance Ibrahim Ameer and Exim Bank's general manager Nirmit Ved.
With the signing of this LOC agreement, Exim Bank has now 311 lines of credit covering 67 countries in Africa, Asia, Latin America Oceania and the CIS, with credit commitments of around USD 32.31 billion.

Oct 04, 2022

Govt. Issues Draft Guidelines for Listing of Regional Rural Banks

In a bid to enable regional rural banks (RRBs) to raise resources by listing on stock exchanges, the government issued draft guidelines that set certain basic criteria, including net worth of at least Rs. 300 crore during the previous three years.
They should also have capital adequacy above the regulatory minimum level of 9% in each of the preceding three years.
The RRBs should have a track record of profitability and earned operating profit of minimum Rs. 15 crore for at least three out of the previous five years, according to the draft guidelines issued by the finance ministry.
Besides, there should not be any accumulated loss and the lender should have given return on equity of minimum 10% in three out of the preceding five years.

TCS Set to Win $2-billion Deal from BSNL for 4G and 5G Roll-out

Tata Consultancy Services (TCS) is set to secure a $2 billion deal from Bharat Sanchar Nigam (BSNL) to roll out its 4G and 5G services across the country. However, the final approvals from the publicly-owned telco may take a couple of months.
As part of the deal, TCS will develop 4G core and Radio Access Network (RAN) technology for BSNL's telecom services. The country's largest IT firm would be the first domestic company to provide these solutions on a large scale. Earlier, Texas-based Mavenir was considered to be the main contender to provide 4G core technology to BSNL.

Adani Greens Forms 3 New Subsidiary Companies for reNewable Energy Business

Adani Renewable Energy Holding Four Limited said that the company incorporated three new subsidiary companies for renewable energy business.
Adani Green Energy Ltd (AGEL) said that Adani Renewable Energy Holding Four Limited is its subsidiary and the newly incorporated entities are its step-down subsidiaries.
The main objective of the new subsidiaries is to generate, develop, transform, distribute, transmit, sale, supply any kind of power or electrical energy using wind energy, solar energy or other renewable sources of energy.
The three new subsidiary companies are Adani Renewable Energy Thirty Six, Adani Renewable Energy Forty Limited and Adani Renewable Energy Forty Seven Limited.

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