General Awareness

BUSINESS AND ECONOMY - July 2019

Jul 2019

Dec 14, 2021

SBI Cards Launches Fitness-focused Credit Card

SBI Cards, in a bid to target fitness and health enthusiasts, launched a first of a kind credit card 'SBI Card PULSE' that offers a host of fitness and health related benefits.
The contactless card comes with annual membership fee of Rs. 1,499 and has been launched on Visa Signature platform. The renewal fee waiver is applicable on achieving annual spend milestone of Rs. 2 lakh within the card membership year.
SBI Card PULSE provides the customers Noise ColorFit Pulse Smartwatch of worth Rs. 4,999 as a welcome gift on payment of the joining fee.

BPCL, BARC Collaborate to Scale up Tech for Green Hydrogen Production

Bharat Petroleum Corporation (BPCL) collaborated with Bhabha Atomic Research Centre (BARC) to scale up Alkaline Electrolyser technology for Green Hydrogen production.
Presently, Electrolyser Plants are imported. This is a first of its kind initiative to support the country's commitment to achieve renewable energy targets and reduce greenhouse gas emissions.
Through collaboration with BARC, BPCL intends to scale up Indigenous Alkaline Electrolyser Technology and look forward to commercializing it for large use especially in refineries.

RBI Enforces 20-digit LEI for Cross-border Deals

The Reserve Bank of India (RBI) made Legal Entity Identifier (LEI) mandatory for cross-border transactions for capital or current account transactions of Rs. 50 crore and above, from October 1 next year. The LEI is a 20-digit number used to uniquely identify parties to financial transactions worldwide to improve the quality and accuracy of financial data systems.
The identifier norm has been introduced in a phased manner for participants in the over the counter (OTC) derivative, non-derivative markets, large corporate borrowers, and large value transactions in centralised payment systems. Starting October 1, 2022, banks will have to obtain the `LEI` number from the resident entities (non-individuals) undertaking any capital or current account transactions. For LEI holders, it would be mandatory to furnish the number in all transactions irrespective of the transaction size.

PepsiCo India Enters Thin Wafer Market with Lay's Wafer Style

PepsiCo India entered the Rs. 1,000 crore thin wafer market with a new variant of chips called Lay's Wafer Style, a flat cut chip that is its thinnest range of chips ever launched.
Lay's Wafer Style would be available in three flavours--Salt & Pepper, Tangy Treat and Sundried Chilli.
It will be launched across all channels of distribution in India.
The company would launch a new television commercial campaign featuring Lay's brand ambassador and Bollywood actress, Alia Bhatt, and actor Siddhant Chaturvedi across multiple platforms.

Equitas SFB, Cholamandalam MS Tie up for Women-centric Health Insurance Policy

Equitas Small Finance Bank (SFB) tied up with Cholamandalam MS General Insurance and launched a women-centric health insurance policy Chola Sarva Shakti.
The product has been launched to empower Indian women with good health and finances.
The Chola Sarva Shakti Policy initiative aims to provide women with an independent and comprehensive policy, which secures their future against various contingency health situations.
The policy benefits include insurance in case of personal accidents or any health crisis, health indemnity and maternity cover, support for child's education and EMI benefit to the insured in case of termination or temporary suspension from employment owing to health problems, among others.

Sterlite Power to Expand Transmission Projects in Brazil

Sterlite Power Transmission Ltd's Brazilian arm Sterlite Power Brasil plans to expand projects in two regions of Brazil (Minas Gerais and Paraiba) with a capital expenditure of Rs. 250 crore.
The requests for an authorizing resolution for the construction of an additional scope came from the National Electric Energy Agency (ANEEL).
The company's portfolio is located strategically in important areas from the perspective of transmission connectivity and intends to continue to increase its capacity.

OMD India Appoints Anisha Iyer as CEO

Omnicom Media Group India's media network OMD appointed Anisha Iyer as its new chief executive officer. The appointment is effective from January 2022. In her new role, Iyer will be responsible for leading the organisational vision and steering strategic goals across the business. She will focus on leading future-ready teams, enhancing client relationships and delivering best-in-class solutions across the board. Iyer will report to Kartik Sharma, group CEO, Omnicom Media Group India. "Anisha embodies OMD's vision efficaciously. With her digital prowess and creative mindset, I am confident that she will lead the organization to greater heights and accelerate the momentum of growth.
Iyer brings with her over 18 years of experience in the advertising business. She has worked with agencies such as Mindshare, Madhouse and Group M. She is credited for delivering cutting-edge solutions and best-in-class strategies for a range of clients spanning FMCG, pharma, auto, travel, telecom, e-commerce, food and retail businesses.

Worldline Partners with Major Card Networks to Launch Tokenisation Solution

Worldline, a global leader in payments solutions, partnered with major card networks including Visa, Mastercard, and RuPay and leading card issuing banks in building a tokenisation solution to enable businesses to comply with the Reserve Bank of India's (RBI) diktat on storage of card details.
The RBI guidelines on card storage will come into effect from January 1, 2022. It would, essentially, mean that merchants, payment aggregators, and acquiring banks can no longer store the card details of customers. Under the new guidelines, only card issuers, and card networks will be able store card details (card on file). Merchants and other entities who have stored card details of customers so far will have to purge the data.
Worldline has developed a fully interoperable plug-and-play solution to enable card on file tokenisation using single integration. Businesses will be able to enable the Worldline tokenisation solution with minimal technical upgrades and continue to offer seamless payment experience to their customers in compliance with the latest guidelines.

Dec 13, 2021

Centre Accepts Mithila Makhana GI tag

The Geographical Indications Registry (GIR) under the Central ministry of commerce has accepted the plea to rename Bihar Makhana as Mithila Makhana and also suggested further amendments in the brand logo to better reflect its origins apart from identifying and protecting the product's Geographical Indications (GI) rights.
The development has put an end to the controversy over the branding of the mithila region's one of the most famous produce in makhana or fox nut. After assessment of the application for amendment in name, a consultative group of experts and a senior examiner at GIR, Prashanth Kumar S Bhairappanavar, decided that certain post registration conditions will have to be met.
A geographical indication (GI) is a name or sign used on certain products which corresponds to a specific geographical location or origin . Such products with a GI tag are protected under the Geographical Indications of Goods (Registration and Protection) Act, 1999.

PLI Scheme Approved for Manufacturing 'Advanced Chemistry Cell'

The Government told the Rajya Sabha that a Production-Linked Incentive scheme has been approved for manufacturing 'Advanced Chemistry Cell ACC' in the country to reduce the prices of battery cells.
Minister of State for Heavy Industries Krishan Pal Gurjar said, the development of the cell will bring down the prices of electric vehicles.
He said, the GST on e-vehicles has been reduced from 12 percent to 5 percent. He said, the demand incentive for electric two-wheelers has been increased from 10-thousand rupees per Kilo Watt hour to 15-thousand rupees per kilowatt hour.

Dec 12, 2021

Over 326 Lakh Tonnes of Paddy Procured in Kharif Marketing Season 2021-22: Govt

The government has said that over 326 Lakh tonnes of Paddy has been procured in Kharif Marketing Season 2021-22. Consumer Affairs Ministry said, around 26 lakh farmers have been benefitted from the procurement with a Minimum Support Price value of over 63 thousand crore rupees.
It said, the paddy procurement is progressing smoothly at MSP from farmers, as it was done in previous years. The Ministry said, Paddy, has been procured from the procuring States and Union Territories of Chandigarh, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Punjab, Uttar Pradesh, Uttrakhand, Telangana, Rajasthan, Kerala, Tamil Nadu, Bihar, Odisha, Maharashtra, Chhattisgarh, Andhra Pradesh and Madhya Pradesh.

Dec 11, 2021

Asian Development Bank approves Rs 2,645-crore loan to improve urban services in India

Asian Development Bank has approved a Rs 2,644.85 crore (USD 350 million) loan for India to help improve its urban services.
The loan supports the policies established by the Ministry of Housing and Urban Affairs to accelerate universal coverage of piped water supply and improved sanitation.
Asian Development Bank (ADB) has approved a USD 350 million policy-based loan to improve urban services in India.

Dec 10, 2021

Italy fines Amazon $1.3 billion

Italy's anti-trust authority fined Amazon 1.13 billion euros (USD 1.3 billion), accusing the company of exploiting its dominant position against independent sellers on its website in violation of European Union competition rules.
The fine is one of the largest leveraged in Europe against the online retail giant, which expanded in particular in Italy during a coronavirus lockdown that prevented residents from going to stores to buy items considered nonessential.

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