General Awareness

BUSINESS AND ECONOMY - August 2020

Aug 2020

Nov 18, 2020

Yes Bank Launches Co-branded Prepaid Card with Neokred

Yes Bank in partnership with Neokred Technologies launched 'Yes Bank Neokred Card', a co-branded prepaid card, encouraging cashless payments.
The card offerings can be personalised to suit the requirements of corporates seeking salary cards or expense cards for their employees.
The prepaid card can be loaded with balance and used for spends such as purchases, payment for utility bills, online shopping, ticket bookings and cash withdrawal at ATMs along with various benefits.
As per Neokred Technologies founder and Chief Business Officer Rohith Reji, Yes Bank has been instrumental in the growth of various fintechs over the years - giving a strong reason why fintechs and corporates prefer Yes Bank over other banks.

ONGC Signs Contract for 7 Blocks, OIL 4 Blocks

State-owned Oil and Natural Gas Corp (ONGC) signed contracts for seven oil and gas blocks it had won in the latest bid round that saw scant participation from the private sector.
Oil India Ltd signed up for the remaining four blocks awarded under the fifth bid round of Open Acreage Licensing Policy (OLAP).
Oil Minister Dharmendra Pradhan said that with the latest bid round, the government has in the last four years awarded 1.56 lakh square kilometre of acreage for finding and producing oil and gas.

Amazon Launches Online Pharmacy in New Contest with Drug Retail

Amazon.com Inc launched an online pharmacy for delivering prescription medications in the United States, increasing competition with drug retailers such as Walgreens, CVS and Walmart.
Called Amazon Pharmacy, the new store lets customers price-compare as they buy drugs on the company's website or app. Shoppers can toggle at checkout between their co-pay and a non-insurance option, heavily discounted for members of its loyalty club Prime.
The move builds on the web retailer's 2018 acquisition of PillPack, which Amazon said will remain separate for customers needing pre-sorted doses of multiple drugs.

PM Seeks FDI for Urbanisation

Prime Minister Narendra Modi invited foreign investors to take a closer look at the opportunities opening up due to urbanisation of India.
Speaking at the third annual Bloomberg New Economy Forum via video conferencing, the PM said that if you are looking to invest in urbanisation, mobility, innovation and sustainable solutions, India has exciting opportunities for you.
He spoke about the selected 100 smart cities which have prepared projects worth almost Rs. 2 lakh crore rupees ($ 30 billion).
Projects worth almost Rs. 1.40 lakh crore ($ 20 billion) have been completed or nearing completion.

Lakshmi Vilas Bank Placed under Moratorium

Private sector lender Lakshmi Vilas Bank was brought under moratorium with immediate effect till December 16, 2020. All actions and proceedings against this banking company have been stayed during this period.
During the month-long moratorium, the cash withdrawal limit has been capped for customers at Rs. 25,000 in a month. The moratorium was imposed on the basis of an application submitted by the Reserve Bank of India (RBI) under Section 45 of the BR Act.
Last month, credit rating agency CARE Ratings downgraded the 93-year-old private sector bank's already issued and proposed securities. In a regulatory filing, the bank had stated that CARE has downgraded its ratings of the Rs 50.50 crore unsecured redeemable non-convertible subordinated lower tier-II bonds to CARE BB Minus with Negative Outlook.

Flipkart Group Acquires AR Startup Scapic

Flipkart Group has acquired Scapic, an Augmented Reality company (AR), to enhance its e-commerce shopping experience capabilities. Scapic is a cloud-based platform which enables creation and publishing of Augmented Reality (AR) and 3D content, currently serving clients across e-commerce and marketing. Walmart-owned Flipkart which competes with Amazon and Reliance's JioMart did not reveal financial details of the transaction.
Bengaluru-based Scapic is a cloud-based platform which enables creation and publishing of Augmented Reality (AR) and 3D content, currently serving clients across e-commerce and marketing.
This is the second major technology company acquisition for Flipkart this year. Earlier this month Flipkart strengthened its gaming strategy through the acquisition of intellectual property (IP) from Mech Mocha, a mobile gaming start-up that runs India's first live-social gaming platform Hello Play.

Nov 17, 2020

DIPAM Signs Pact with World Bank

DIPAM, which mainly handles government's disinvestment programme, signed an agreement with the World Bank for providing advisory services for asset monetisation.
The Department of Investment and Public Asset Management (DIPAM) is mandated with facilitating monetisation of non-core assets of government CPSEs (central public sector enterprises) under strategic disinvestment.
The World Bank advisory project, approved by the Finance Minister, is aimed at analysing public asset monetisation in India and bench marking its institutional and business models against international best practices as well as supporting development of operational guidelines and capacity building for their implementation.

RIL Acquires Stake in Urban Ladder

Reliance Industries' retail arm has picked up 96 per cent stake in online furniture retailer Urban Ladder for over Rs. 182 crore.
Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries (RIL), has acquired equity shares of Urban Ladder Home Decor Solutions Pvt Ltd.
RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 per cent of the equity share capital of Urban Ladder.
Besides, RRVL has proposed to make a further investment of up to Rs 75 crore in Urban Ladder. This acquisition will help RIL in bolstering its presence in the fast-growing e-commerce segment.

India Will Not Join the RCEP Trade Pact

As per reports, confirmed about New Delhi's continuous stance on the issue over several reasons, India has reiterated it will not join the Regional Comprehensive Economic Partnership (RCEP) trade pact.
India was one of the original 16 participating countries of the RCEP but had withdrawn in 2019 over several reasons, of which, one was Chinese goods flooding the Indian market.
Over the weekend, 15 countries of the region -- China, Japan, South Korea, Australia, New Zealand and all ten members of the ASEAN pact signed the mega Regional Comprehensive Economic Partnership RCEP trade pact.
RCEP member countries of the economic pact announced that India can participate in the group's activities as an observer member and left a window open for India to join it on a future date.

Volkswagen Accelerates Shift to Electric, Autonomous Era

Volkswagen is paring back the variety of combustion-engined cars and retooling more factories to build electric vehicles in an effort to keep up with rival Tesla.
German factories in Emden and Hanover will be converted to build electric cars as part of a 73 billion euros ($86 billion) investment plan to ramp up development of zero-emission and self-driving cars.
On top of focusing on achieving economies of scale in electric and combustion engine components, Volkswagen is seeking to also gain expertise in software programming, so it can build and develop intelligent self-driving vehicles.

Govt. Seeks Compliance of 26 per cent FDI in Digital News

The Ministry of Information and Broadcasting issued a public notice asking entities involved in streaming of news and current affairs through digital media to comply with the Centre's earlier order permitting 26 per cent foreign direct investment under the government approval route to such entities.
Under the notice, entities having foreign investment below 26 per cent may furnish an intimation to the Ministry of Information and Broadcasting within one month giving details of the company and its shareholding pattern along with the names and addresses of its directors/shareholders.
It has directed such entities to also provide the names and addresses of its promoters/significant beneficial owners and also a confirmation with regard to compliance with pricing, documentation and reporting requirements under the FDI policy, Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and Foreign Exchange Management (Mode of Payment and Reporting of Non-debt Instruments) Regulations, 2019.

Nov 16, 2020

CCI Okays Acquisition of Orix Wind SPVs by Greenko Energy

The Competition Commission of India (CCI) has approved the acquisition of Orix Wind SPVs by Greenko Energy (GEH) from ORIX Corporation (Orix). It has also sanctioned the acquisition of equity stake in GEH by Orix under Section 31(1) of the Competition Act 2002.
GEH is the holding company of the Greenko Group of Companies. The principal business activity of Indian subsidiaries of GEH is owning, developing, constructing and maintaining power generation projects.
Orix is the holding company of the Orix Group of Companies offering a wide variety of services, including corporate financial services (financing, leasing, and solutions for small and medium-size enterprises), maintenance leasing (automobile leasing, rental and car sharing and IT-related equipment rentals and leasing), real estate, private equity investments, life insurance, banking and credit, asset management, environment and energy services (including power generation).

Renewable Energy Sector Continues to Woo Investors : Report

The renewable energy sector continued to attract investors this year, though capital spending is likely to decline, according to a report.
It also noted that uncertainty is now growing over India's ability to attract a diverse pool of private finance from domestic and international sources to meet its renewable energy targets.
The report on India's Clean Energy Investment Trends is prepared by the CEEW Centre for Energy Finance (CEEW-CEF) and the International Energy Agency (IEA).
Total 15.3 GW solar PV (including solar-wind hybrid) was sanctioned in competitive tenders in the first half of 2020, comparable to the capacity sanctioned over the full year 2019, a statement by CEEW said.

Rs. 120 Crore Aid To RTC To Overcome Crisis

The State government will infuse ₹ 120 crore into Telangana State Road Transport Corporation as part of measures to bail it out from financial crisis on account of COVID and clear the 50 % arrears in salaries of crew for two months.
Chief Minister K. Chandrasekhar Rao directed Principal Finance Secretary K. Ramakrishna Rao to immediately release the amount.
He gave the instructions at a meeting to discuss the guidelines to ensure job security of RTC staff. It was decided on the occasion to resume operation of 50 % fleet of the corporation in Hyderabad.
A release quoting Mr. Rao said the RTC slipped into problems due to COVID at a time when the entity had begun to make profits following incentives given by government. Yet, the government was determined to revive the corporation.

Reserve Bank to Evaluate Impact of 'RBI Kehta Hai' Campaign

The Reserve Bank will evaluate the impact of multi-media public awareness campaign 'RBI Kehta Hai', which was launched in 14 languages to educate the public about safe banking and financial practices. 'RBI Kehta Hai' was the first even 360 degree campaign initiated by the central bank using all mass media, including media such as television, radio, newspapers, hoardings, web banners, gifs, social media and SMS.
In order to evaluate the impact of the public awareness campaign, the RBI has invited Expression of Interest (EoI) from eligible companies and other entities which have successfully completed at least five similar projects.
The RBI had launched the multi-media campaign with a view to create awareness among common man about good practices, regulations and initiatives in banking and financial sector.

Nov 15, 2020

World's Biggest Trade Pact

China and 14 other countries have agreed to set up the world's largest trading bloc, encompassing nearly a third of all economic activity, in a deal many in Asia are hoping will help hasten a recovery from the shocks of the pandemic.
The Regional Comprehensive Economic Partnership, or RCEP, is to be signed virtually on Sunday on the sidelines of the annual summit of the 10-nation Association of Southeast Asian Nations.
As per Malaysia's Trade Minister, Mohamed Azmin Ali, after eight years of negotiating we have finally come to the moment where we will seal the RCEP Agreement.
The deal sends a signal that RCEP countries have chosen ''to open our markets instead of resorting to protectionist measures during this difficult time.
The accord will take already low tariffs on trade between member countries still lower, over time, and is less comprehensive than an 11-nation trans-Pacific trade deal that President Donald Trump pulled out of shortly after taking office.It includes the 10 nations belonging to the Association of Southeast Asian Nations, China, Japan, South Korea, Australia and New Zealand, but not the United States.

India Contributes 1 Million to Covid-19 ASEAN Respond Fund

Prime Minister Narendra Modi cochaired India-ASEAN summit along with the Vietnamese Prime Minister Ngyuyen Xuan Phuc. ASEAN is Association of South East Asian Nations. During the summit, PM annoucned that India is to contribute 1 million USD to COVID-19 ASEAN Response Fund.
The summit reviewed the status of India-ASEAN strategic partnership. It focused on key areas such as maritime cooperation, connectivity, trade and commerce, capacity building and education. ASEAN is considered as an influential grouping as the ASEAN region has high potential for upcoming markets. The region is expected to grow at an average of 5.2% by 2022. It is to become the world largest single market by 2030. Therefore, India, China, Japan and Australia are competing with each other to grab their place in the market.
The ASEAN summit is being held amid China's aggressive behaviour in the South China sea.
During the summit, India and ASEAN adopted "ASEAN-India Plan of Action (2021-2025)". The ten members of ASEAN include Indonesia, Philippines, Malaysia, Singapore, Thailand, Vietnam, Brunei, Laos, Cambodia, Myanmar.

Nov 14, 2020

China Halts Imports of Seafood Products from Indian Firm

China has suspended the import of seafood products from an Indian company for a week, after traces of COVID-19 were reportedly found on the outer packaging of some samples of frozen cuttlefish exported by the firm.
The report, however, has not provided any details of the company which exported the fish to China.
It also said Liangshan county in East China's Shandong Province reported that packaging from one batch of imported frozen beef tested positive for COVID-19.

RIL to Invest $50 mn in Bill Gates' Company

Reliance Industries (RIL) will invest $50 million in Breakthrough Energy Ventures (BEV), a climate change company owned by Microsoft co-founder Bill Gates.
Reliance will make the investment in tranches over the next 8 to 10 years. The capital contribution commitment of $50 million constitutes 5.75% of the size of the fund contemplated at present.
The transaction is subject to approval from the Reserve Bank of India (RBI).
BEV will invest the funds raised from the investors to support innovation in clean energy solutions.

India's Exports Dip 5.12 pc in October

According to according to government data, India's exports fell 5.12 per cent to USD 24.89 billion in October, after recording positive growth in September, on account of drop in shipments of petroleum products, gems and jewellery, leather and engineering goods.
Trade deficit in October narrowed to USD 8.71 billion as against USD 11.75 billion in the corresponding month a year ago.
Imports also fell 11.53 per cent to USD 33.6 billion (year-on-year) in October 2020.
Major export commodities that recorded negative growth in October included petroleum products (52 per cent), cashew (21.57 per cent), gems and jewellery (21.27 per cent), leather (16.67 per cent), man-made yarn/fabrics/made-ups (12.8 per cent), electronic goods (9.4 per cent), coffee (9.2 per cent), marine products (8 per cent) and engineering goods (3.75 per cent).
During April-October 2020, exports declined 19.02 per cent to USD 150.14 billion, while imports fell 36.28 per cent to USD 182.29 billion over the same period a year ago.

RBI Imposes Rs. 1 crore Penalty on PNB

RBI imposed a penalty of Rs. 1 crore on Punjab National Bankit for contravention of the Payment and Settlement Systems Act.
RBI observed that the bank was operating a bilateral ATM sharing arrangement with Druk PNB Bank Ltd, Bhutan, (international subsidiary of the Bank), since April 2010 without the prior approval/authorisation from RBI.
RBI also cancelled the Certificate of Authorisation (CoA) of five Payment System Operators (PSOs) engaged in issuance and operation of prepaid payment instruments.
The certificates of Card Pro Solutions Private Limited and InCashMe Mobile Wallet Services Private Limited were cancelled because of 'noncompliance with regulatory requirements', while Delhi Integrated Multi-Modal Transit System Limited and Pyro Networks Private Limited voluntarily surrendered their certificates.
The CoA of Aircel Smart Money Limited was cancelled because of non-renewal.
All these five entities were into issuance and operation of prepaid payment instruments (PPIs).

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