General Awareness

BUSINESS AND ECONOMY - December 2019

Dec 2019

Aug 22, 2021

World Bank Launches New Cybersecurity Multi-Donor Trust Fund

The World Bank announced the launch of a new Cybersecurity Multi-Donor Trust Fund under the broader Digital Development Partnership (DDP) umbrella program.
Digital transformation is accelerating in many countries, offering new opportunities for economic growth and enabling low- and medium-income countries to leapfrog development through increased productivity and improved service delivery across key sectors, including finance, health, education, and agriculture.
Embracing technological transformation has increased cyber risks and threats to digital infrastructure, services, and data, which rely on increasingly connected systems.

Wipro, HCL Feature among 12 Indian Firms in Hurun Global 500 List

Wipro, HCL Technologies and Asian Paints were the new Indian entrants among the top 500 companies in the world, as per the latest Hurun Global 500 list.
A total of 12 Indian companies featured in the list, which saw India rise above Australia to the ninth position.
With $188 billion, Reliance Industries (RIL) is the most valuable company, followed by Tata Consultancy Services ($164 billion) and HDFC Bank ($113 billion).
Globally, Apple was ranked the most valuable company, up 15 per cent to $2.4 trillion.
The 'Big 4' -- Apple, Microsoft, Amazon and Alphabet -- doubled in value since Covid, adding $4 trillion to take their combined value to $8 trillion, and making up 14 per cent of Hurun Global 500 Most Valuable Companies.
The US led with 243 companies, followed by China with 47 firms. Japan was third with 30 companies, followed by the UK with 24 companies.

Facebook India Launches Loans Programme for Small Businesses

Facebook India announced a new programme called the "Small Business Loans Initiative", in partnership with online lending platform Indifi, to help small and medium businesses (SMBs) that advertise on Facebook to get quick access to credit through independent lending partners.
India is the first country where Facebook is rolling out this programme. It is open to businesses registered across 200 towns and cities of India.
Indifi is the first lending partner that Facebook has tied up with and the programme is built with the potential to bring more partners on board.

NPCI Global Arm Ties up with Mashreq Bank for UPI Payments in UAE

NPCI's global arm NPCI International Payments Ltd (NIPL) has partnered with UAE-based Mashreq Bank to provide its mobile-based real-time payment system UPI in the gulf nation.
This strategic partnership will be a significant game-changer in the digital payment ecosystem in the UAE.
With this tie-up, more than 2 million (20 lakh) Indians travelling to the UAE are expected to benefit from Unified Payments Interface (UPI) enabled mobile applications to pay for their purchases in a shop or merchant establishment across the country.
Developed by National Payments Corporation of India, UPI facilitates inter-bank transactions.

Ujjivan SFB Likely to Elevate Carol Furtado as Interim MD, CEO

Troubled with huge NPAs and top-level exits, Ujjivan Small Finance Bank is expected to elevate its head of operations Carol Furtado as an interim chief early next week.
The bank's managing director and chief executive Nithin Chugh has resigned, citing personal reasons.
The bank in a concall with analysts, presided by founder Samit Ghosh, hinted about the appointment of Furtado as the interim MD and CEO.
Carol Furtado is the Head of Operations at the bank. She has worked with foreign banks before joining Ujjivan in 2005 and has good experience in the microfinance space.

Aug 21, 2021

Nitin Chugh Resigns as MD & CEO of Ujjivan Small Finance Bank

Nitin Chugh the Managing Director and Chief Executive Officer (MD&CEO) of Ujjivan Small Finance Bank, has resigned from his position sighting personal reasons, effective September 30, 2021.
Further, Chugh will cease to be a director of the bank from the same date. And, he will also cease to be key mana¬gerial personnel of the bank in terms of section 203 of the Companies Act, 2013.
The board of the bank has taken note of the letter it received from Chugh, resigning from his position as the MD&CEO of the bank, and has appreciated his valuable contribution to the board and the bank during his association.
Ujjivan Small Finance Bank Limited is an Indian small finance bank based in Bangalore, which commenced operations on 1 February 2017. Ujjivan Financial Services holds an 80 per cent stake in the bank.

Government Amends FEMA to Enable FDI Hike in Insurance Sector to 74%

The government has amended the Foreign Exchange Management (non-debt instruments) Rules, 2019 to enable the increase in foreign direct investment limit in the insurance sector to 74 per cent.
According to the Foreign Exchange Management (non-debt instruments) (second amendment) Rules, 2021, applications for FDI in private banks having joint ventures or subsidiaries in the insurance sector may be addressed to the Reserve Bank of India for consideration in consultation with the Insurance Regulatory and Development Authority of India to ensure that the limit of foreign investment of 74 per cent for the insurance sector is not breached.
According to the notified rules, if insurance companies--with foreign ownership above 51 per cent--repatriate profit in the form of dividend to their shareholders, but cannot meet the 180 per cent margin requirement, they will have to set aside 50 per cent of their net profit in a general reserve.
The rules also require such insurance companies to have 50 per cent of their directors as independent directors unless the chairperson of its board is herself or himself one. In that case at least one-third of its board should have independent directors. Foreign-owned insurance companies are also mandated to have the majority of its directors and key management persons as resident Indians.
The Foreign Exchange Management Act, 1999 (FEMA), is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.

India Ranks Second in Terms of Crypto Adoption in the World

India has ranked second in terms of crypto adoption worldwide behind Vietnam, but ahead of countries such as the US, UK, and China, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. This comes even as worldwide crypto adoption grew by 880% between June 2020 and July 2021, according to the report.

BARC Appoints Nakul Chopra as CEO

Broadcast Audience Research Council announced the appointment of Nakul Chopra as its chief executive.
Chopra will replace Sunil Lulla, who is leaving the TV audience body to pursue entrepreneurial ambitions.
He has served as the chairman of BARC in FY19, after being appointed to the board in 2016.
The resignation of Lulla, who had joined the body in October 2019, succeeding Partho Dasgupta, had come few days back.

Aug 20, 2021

HCL Tech Appoints Fabiano Funari as the Country Head for Brazil

Technology services firm HCL Technologies said it has appointed Fabiano Funari as the country head for Brazil.
Funari joined the organization to spearhead HCL's growth for all industries and capabilities in Brazil, where HCL employs more than 800 people across its national headquarters in Sao Paulo and delivery centers in Sao Paulo, Sau Leopoldo and Curitiba.
HCL services more than 30 clients across Brazil.
Funari has held leadership positions at various global technology companies.

IFSCA Does Pilot Run of International Bullion Exchange

The International Financial Services Centres Authority (IFSCA) chairperson did the pilot run of the International Bullion Exchange.
Scheduled to go live in October 2021 on the Foundation Day of IFSCA, the exchange falls under the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 which was notified on December 11, 2020 following the announcement by the Finance Minister in Union Budget 2020-21.
The IFSCA has envisioned the International Bullion Exchange as a 'Gateway for Bullion Imports into India', wherein all the bullion imports for domestic consumption shall be channelised through the exchange.

GMR Group Can Operate Nagpur Airport

GMR group will be able to operate the Nagpur airport with the Bombay High Court ruling in its favour in a legal dispute against Mihan India Limited.
The Nagpur bench of Bombay High Court set aside Mihan's March 2020 order to cancel the award letter issued to GMR Group. The court has also ordered it to execute a concession agreement with the GMR Group in six weeks. The group plans to invest over Rs. 1,200 crore to build a new integrated terminal.
The GMR group operates Delhi and Hyderabad airports and is also constructing greenfield airpots in Goa and Bhogapuram in Andhra Pradesh. In October 2018 the group emerged as the highest bidder for operation and management of Nagpur airport for period of thirty years.

Govt. Appoints Shanti Lal Jain as MD and CEO of Indian Bank

The Appointment Appointments Committee of Cabinet (ACC) has appointed Shanti Lal Jain as the Managing Director (MD) and Chief Executive Officer (CEO) of lndian Bank for a period of three years.
Jain is presently the Executive Director of Bank of Baroda. His tenure of three years would start from Sep 1, and will be extendable for another two years or until attaining the age of superannuation, whichever is earlier.
Jain will replace Padmaja Chunduru whose term at the public sector bank would end on August 31.
The Banks Board Bureau (BBB), after interviewing nine candidates, had recommended Jain as the MD of Indian Bank.

Aug 19, 2021

Radhakishan Damani is among World's Top 100 Richest People

Reclusive investor and billionaire Radhakishan Damani who owns retail chain DMart is now among the 100 richest people in the world.
Damani is now ranked 98 on the Bloomberg Billionaires Index with a net worth of $ 19.2 billion.
The Bloomberg Billionaires Index is a daily ranking of the world's richest people.
The other Indians in the top 100 are Mukesh Ambani, Gautam Adani, Azim Premji, Pallonji Mistry, Shiv Nadar and Lakshmi Mittal.

RBI Issues New Guidelines for Locker in Banks

The Reserve Bank came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees.
As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers.
The revised instructions will be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks.

Uttar Pradesh Govt. Presents Supplementary Budget

The Uttar Pradesh government presented a supplementary budget of Rs. 7,301.52 crore in the state Legislative Assembly for financial year 2021-22 to meet additional expenditure.
The supplementary budget was presented by Finance Minister Suresh Kumar Khanna in the presence of Chief Minister Yogi Adityanath.
It is only 1.33 per cent of the annual budget of Rs. 5.5 lakh crore presented by the government earlier.

TCS: 2nd Indian Company to Cross M-cap of Rs 13 lakh crore

Tata Consultancy Services crossed the Rs. 13-lakh crore mark in market capitalisation, recording fresh highs. It recorded a fresh 52-week high of Rs. 3,530.00. The company's M-cap stood at Rs. 13,03,083.32 crore.
TCS became the second listed company in India after Reliance Industries and the first information technology (IT) company to cross the Rs. 13 trillion market capitalisation (market-cap) milestone.

SBI Life Launches New-age Term Insurance Policy "SBI Life eShield Next"

SBI Life Insurance announced the launch of a unique new age protection solution called 'SBI Life eShield Next', which 'levels up' the protection coverage as the insured achieves life's major milestones. This means that the policy is neither linked to the stock market nor shares any profit or dividends with the policyholders.
It is an individual, non-linked, non-participating, life insurance pure risk premium product and works by 'levelling up' the required insurance protection, through an increase in sum assured linked to the significant 'level-up milestones in one's life, like getting married, becoming a parent or buying a new house.

Tata Steel Commissions its First Steel Recycling Unit in Rohtak

Tata Steel has commissioned its new 0.5 MnTPA Steel Recycling Plant at Rohtak, Haryana. The plant has been set up in collaboration with Aarti Green Tech, as a 'Build, Own, Operate' (BOO) partner. It is the first such facility in India, equipped with modern & mechanised equipment such as Shredder, Baler, Material Handler etc. The scrap would be procured from various market segments such as end-of-life vehicles, obsolete households, construction & demolition, industrial etc., through an App FerroHaat.
The scrap would then be processed through mechanised equipment and the high-quality processed scrap would be supplied for downstream steel making. Steel produced through the recycled route entails lower carbon emissions, resource consumption & energy utilisation.
Simultaneously, Tata Steel has also launched two new brands - Tata FerroBaled and Tata FerroShred for the baled & shredded ferrous scrap produced in its new facility.

Aug 18, 2021

Cognizant Acquires Hunter Technical Resources

IT services major Cognizant has acquired digital engineering assets from Hunter Technical Resources, a privately-held digital engineering and project management agency headquartered in Atlanta, Georgia.
This is Cognizant's sixth announced acquisition in 2021 as the company continues expanding in key strategic focus areas for digital -- digital engineering, data and artificial intelligence, cloud and the Internet of Things, to provide clients with capabilities to compete as modern digital businesses.
This acquisition expands Cognizant's access to the highly-specialized expertise our clients require to accelerate their digital transformation journey," said Rajesh Nambiar, President, Digital Business and Technology, Cognizant. Hunter Technical Resources has a long track record of sourcing high-value IT talent for blue chip clients.

JK Tech Rebrands Itself

JK Tech, an information technology services company, has rebranded itself with a new corporate website and logo, its first rebranding after two and a half decades.
The website features a clean and modern design, with seamless and simplified user interface, portraying JK Tech as a young and vibrant organisation.
The new branding features a curation of primary and secondary colours. Primary colours evoke the values that JK Tech is as an organisation strive to stand for.

Climate Group Appoints Sumant Sinha as Trustee on UK Board

London-based Climate Group announced the appointment of Sumant Sinha, chairman and managing director of domestic renewable energy company ReNew Power, as a trustee on its UK board for three years.
Besides, Meryam Omi, head (sustainability and responsible investment strategy) at Legal and General Investment Management (LGIM), has also joined as a trustee on the board of the non-profit organisation.

Govt. Announces RoDTEP Rates for Exporters

The government announced the much-awaited guidelines and tax refund rates for the export boosting scheme Remission of Duties and Taxes on Export Products (RoDTEP) for 8,555 export items.
The outlay for the scheme is Rs. 12,454 crore in the current fiscal, with the refund rates ranging from 0.5 per cent to 4.3 per cent.
The scheme replaced the controversial Merchandise Exports from India Scheme (MEIS) after a World Trade Organisation (WTO) ruling stated that it violated the provisions of the global trade body by giving export subsidies for a wide range of goods. RoDTEP aims to refund to exporters the embedded non-creditable central, state and local levies paid on inputs. These taxes were not being refunded till now.

RBI Allows HDFC Bank to Issue New Credit Cards

The Reserve Bank of India (RBI) allowed HDFC Bank to issue new credit cards after 8 months of imposing a ban as a penalty due to technical glitches.
However, RBI stated that its temporary ban on the lender for introducing new, digital initiative continues.
As per reports, the central bank has asked the lender to submit a board-approved letter indicating continued compliance with its IT examination report.
In December 2020, the RBI acted against repeated technological outages at HDFC Bank over two years by slapping unprecedented penalties, which included a ban on any new credit card issuance and also prohibition on launching new digital initiatives.

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