General Awareness

BUSINESS AND ECONOMY - July 2020

Jul 2020

Sep 25, 2024

FCRA Licence of International Cooperative Alliance Cancelled

The Foreign Contribution Regulation Act (FCRA) licence of the International Cooperative Alliance (ICA) was cancelled by the Union Home Ministry for alleged rule violations. The ICA, established in 1895, is an apex body representing cooperatives worldwide and has over 1 billion members.
The MHA placed 10 foreign donors from Australia, America, and Europe on its watchlist, resulting in the Reserve Bank of India instructing banks not to clear funds without MHA permission. These donors work in fields like climate change, environment, and child rights.

Sep 24, 2024

KVS Manian Assumes Office as Federal Bank CEO

KVS Manian has officially taken charge as the Managing Director and CEO of Federal Bank, effective September 23, 2024. He succeeds Shyam Srinivasan, who retired after successfully leading the bank since 2010. Manian joins Federal Bank following a distinguished career at Kotak Mahindra Bank, where he worked for over 25 years and played a key role in its transformation from a non-banking financial company to one of India's leading private sector banks.
An electrical engineer from IIT (BHU) Varanasi, he also holds a postgraduate degree in Financial Management from Jamnalal Bajaj Institute of Management Studies and is a qualified Cost and Works Accountant.

Sep 23, 2024

PM Modi Lays Foundation Stone for PM Mega Integrated Textile Regions and Apparel Park in Maharashtra

Prime Minister Narendra Modi laid the foundation stone for the PM Mega Integrated Textile Regions and Apparel Park (PM MITRA) in Maharashtra's Amravati.
The 1000-acre park is being developed by the Maharashtra Industrial Development Corporation (MIDC) as the State Implementation Agency. The central government had approved setting up 7 PM MITRA Parks for the textile industry.

Sep 22, 2024

Govt. Cuts Port Charges to Reduce Export Costs

The government announced a cut in certain charges at ports and the purchase of five additional used container vessels by Shipping Corp as part of steps to resolve shipping-related woes being faced by exporters and importers.
These decisions were taken in an inter-ministerial meeting, held here under the chairmanship of Commerce and Industry Minister Piyush Goyal.
The meeting was held to address rising freight costs, shipping delays, shortage and non-availability of containers and congestion at ports being faced by exporters.

Yes Bank and Paisabazaar Launch Feature-rich 'PaisaSave' Cashback Credit Card

Paisabazaar, India's leading online marketplace for consumer credit and free credit score platform, partnered with Yes Bank, India's sixth largest private sector bank, and unveiled their co-branded credit card – Yes Bank Paisabazaar PaisaSave Credit Card.
The PaisaSave Credit Card is designed to reward frequent shoppers by offering substantial cashback on everyday purchases, both online and offline, making it a must-have for the value-conscious customers.

Sep 21, 2024

Razorpay Launches Integration Platform DataSync

Fintech giant Razorpay launched DataSync, a no-code data integration platform that provides real-time data access, allowing businesses to enhance business intelligence, improve financial reporting, strengthen fraud and security monitoring, and uncover new revenue opportunities.
The new platform is expected to significantly reduce operational costs for businesses by up to 50 per cent, while offering greater efficiency in tracking and reconciling financial data.
Built on Amazon Redshift and Snowflake AI Data Cloud, DataSync enables seamless integration of payment, transaction, refund, chargeback, and settlement data in real-time, eliminating the traditional manual processes of data extraction and transformation.

TCS Opens Delivery Centre in Poland

Indian IT giant Tata Consultancy Services (TCS) announced the launch of its new delivery centre in Warsaw, Poland, expanding its operations in the country.
"With the new delivery centre, TCS expects to double its workforce to 1200-plus in a year to support its further growth in the region. Located in the heart of the city, the new delivery centre showcases TCS' capabilities across industries and technologies.
Poland is home to one of the largest European technology talent pools and the centre will tap into the growing Polish Information and Communication Technology (ICT) talent pool to support the needs of customers in niche technology skills and cognitive business and domain processes.

India among Top Overworked Nations

India emerged as one of the most overworked countries globally, with its workforce putting in some of the longest hours per week. According to the latest data from the International Labour Organization (ILO), the average Indian worker clocks 46.7 hours each week, placing the nation among the top countries with the longest working hours.
A staggering 51 per cent of India's workforce logs more than 49 hours weekly, positioning India second in the world for extended working hours. In this ranking, Bhutan leads with an overwhelming 61 per cent of its workforce surpassing the 49-hour threshold. Other South Asian countries like Bangladesh (47 per cent) and Pakistan (40 per cent) also feature prominently in the top 10, underscoring a regional trend of extended working hours.
The study also highlighted significant disparities in global working patterns. Vanuatu, a country in Oceania, has the lowest average working hours, with employees averaging just 24.7 hours per week. Only 4 per cent of its workforce exceeds the 49-hour mark, contrasting sharply with the work culture in South Asia.

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