General Awareness

BUSINESS AND ECONOMY - January 2019

Jan 2019

Sep 03, 2025

Former DEA Secretary Ajay Seth Takes Charge as IRDAI Chairman

Ajay Seth assumed charge as Chairman of the Insurance Regulatory and Development Authority of India (IRDAI).
The central government had appointed Seth, former secretary of the Department of Economic Affairs (DEA), as chairman, after the three-year tenure of Debasish Panda ended in March 2025. Seth is a 1987-batch IAS officer from the Karnataka cadre.
The Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, approved Seth's appointment for a period of three years, or until he attains the age of 65, or until further orders, whichever is earlier.

Apple Opens its First Retail Store in South India

Apple opened its first retail store in Bengaluru, marking its debut in South India and the company's third outlet in the country.
Named Apple Hebbal, the store will offer customers the full range of Apple products, services, and support, along with free Today at Apple sessions designed to help users get the most out of their devices.
Apple launched its first India store, Apple BKC, in Mumbai, followed by Apple Saket in Delhi, in addition to its online platform.

RBI Clears Reappointment of R. Gandhi as Yes Bank Chairman till 2027

Private sector lender Yes Bank said that the Reserve Bank approved the reappointment of former RBI Deputy Governor R. Gandhi as non-executive chairman of the bank. R. Gandhi will hold the post till May 13, 2027.
He served as the Deputy Governor of the Reserve Bank of India for three years from 2014 to 2017. He had been a seasoned and accomplished central banker for 37 years.

Nestlé Appoints Philipp Navratil as CEO

Nestle appointed Philipp Navratil as the CEO of the company. Navratil's appointment came just a day after Laurent Freixe was fired over his alleged affair with a direct subordinate at the office.
Philipp started his career with Nestle in 2001 as an internal auditor and went on to occupy various commercial positions in Central America. In 2009, he was appointed as the Country Manager for Nestle' Honduras, and in 2013, headed the coffee and beverage business in Mexico. In 2020, he joined Nestle's Coffee strategic business unit and in 2024, he took charge as the CEO of Nestle's Nespresso division.

Sep 02, 2025

Nestlé Dismisses its CEO

Swiss food giant Nestlé said dismissed its Chief Executive Officer (CEO) Laurent Freixe.
The maker of Nescafé drinks and Purina pet food said that the dismissal was effective immediately. An investigation found the undisclosed romantic relationship with a direct subordinate violated Nestlé's code of conduct.
Freixe, who had been CEO for a year, will be replaced by Philipp Navratil, a long-time Nestlé executive.

SBI and AFD Sign Euro 100 Million Line of Credit to Boost Green Financing in India

State Bank of India signed a Line of Credit agreement of EUR 100 million with Agence Francaise de Developpement (AFD) at its GIFT City branch.
As per reports, the funds mobilised through this partnership will be utilised in Climate Mitigation Actions aimed at reducing greenhouse gas emissions to slow down global warming and climate adaptation measures designed to adjust systems, practices, and infrastructure to minimise the damage caused by current or anticipated impacts of climate change.
The partnership is a strategic step towards SBI's goal of achieving a green portfolio constituting 7.5-10 per cent of its domestic gross advances by 2030.

Indian Railways & State Bank of India Sign MoU for Enhanced Insurance Benefits to Railway Employees

A Memorandum of Understanding (MoU) was signed between two of India's leading institutions – Indian Railways (IR), and the State Bank of India (SBI), the country's largest public sector bank. The ceremony was honoured in the presence of the Minister for Railways, Information & Broadcasting, Electronics & Information Technology, Ashwini Vaishnaw; the Chairman, Railway Board, Satish Kumar; and the Chairman, SBI, C.S. Setty.
Under this MoU, insurance coverage for Railway employees maintaining salary accounts with SBI has been significantly enhanced. In case of accidental death, the insurance benefit has been increased to ₹1 crore, compared to the current coverage of ₹1.20 lakh, ₹60,000 and ₹30,000 for Group A, B, and C employees respectively covered under CGEGIS.

India Opens First Mobile Tempered Glass Factory

Union Minister of Electronics and Information Technology Ashwini Vaishnaw inaugurated India's first Tempered Glass Manufacturing Facility for Mobile Devices at Noida, Uttar Pradesh. The facility has been set up by Optiemus Electronics in collaboration with Corning Incorporated, USA, and will produce high-quality tempered glass under the globally recognised brand "Engineered by Corning". The products will be supplied to both domestic and international markets.

Aug 31, 2025

Reliance to Build Solar Project Three Times the Size of Singapore

Reliance Industries announced a transformative energy plan to make Jamnagar and Kutch in Gujarat global centres for clean energy production. At the 48th Annual General Meeting, Anant Ambani, Director of Reliance New Energy, showcased the company's massive infrastructure and technology push in solar, battery storage, and hydrogen. These developments promise to redefine India's position in the global green energy economy.
The upcoming Dhirubhai Ambani Giga Energy Complex in Jamnagar is being built on an unprecedented scale. It includes gigafactories for solar panels, green hydrogen, battery storage, and electrolyser production, all within one complex.
In Kutch, Reliance is setting up one of the world's biggest solar projects, spanning 550,000 acres—about three times the size of Singapore. At full pace, the site will install,
55 MW of solar modules daily
150 MWh of battery containers daily
Meeting India's Power Needs

Aug 30, 2025

India's 1st Made-in-India Chip to Roll out from Sanand's CG Semi Plant

India's first 'made-in-India' semiconductor chip will roll out of Gujarat's CG Semi Pvt Ltd in Sanand, Information Technology (IT) Minister Ashwini Vaishnaw said at the inauguration of CG Semi's pilot OSAT (Outsourced Semiconductor Assembly and Test) facility.
The Sanand OSAT facility is the country's first end-to-end unit, the government said, developed by CG Semi, which holds a 92.3% stake. The project is in collaboration with Renesas Electronics and Stars Microelectronics, which hold around 6.8% and 0.9% equity, respectively.

Mastercard, Infosys Partner to Boost Cross-Border Payments

Infosys announced a partnership with Mastercard to offer financial institutions enhanced access to Mastercard Move, its portfolio of money movement capabilities.
The solution's seamless integration with Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys, will play a key role in creating an efficient pathway for financial institutions to access Mastercard Move's cross-border capabilities in a fraction of the typical implementation time and without the intensive resourcing traditionally needed for integration projects.

Aug 29, 2025

TCS Appoints Amit Kapur as Head of the Newly Formed AI and Services Unit

Tata Consultancy Services (TCS) created a new Artificial Intelligence (AI) and Services Transformation unit, highlighting AI's increasing role in the company's plans.
The company named Amit Kapur, who heads TCS's UK and Ireland business as the head of its newly formed AI and services transformation unit. He will assume the role of Chief AI and Services Transformation Officer from September 1, 2025. Kapur has worked with TCS for over 26 years and will report to Aarthi Subramanian, Executive Director, President and Chief Operating Officer.

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