General Awareness

BUSINESS AND ECONOMY - August 2020

Aug 2020

Aug 15, 2020

Edtech Firm Gradeup Appoints Kartik Aaryan as Brand Ambassador

Edtech startup Gradeup appointed actor Kartik Aaryan as its brand ambassador. The actor unveiled the brand's subscription plan Gradeup Super which provides students unlimited access to structured live courses and mock tests for competitive exams.
Gradeup Super plan comes with structured live courses, full syllabus coverage, expert faculty, complete doubt resolution, and performance report cards.
Shobhit Bhatnagar, chief executive and co-founder, Gradeup said that our students go the extra mile to clear these exams and this is exactly what Kartik did to become a superstar. Clearing these exams require perseverance, competitiveness and hard work, traits which are possessed by Kartik.

China Extends Anti-dumping Duties on Optical Fibres from India

China extended anti-dumping duties on single-mode optical fibres imported from India for five years.
The Chinese Ministry of Commerce (MOCOM) said that the latest ruling would be punitive tariffs ranging between 7.4 per cent and 30.6 per cent, depending on the specific Indian manufacturers.
The decision came after MOFCOM evaluated the possible damage to Chinese industries if anti-dumping measures are terminated.
It ruled that if the measures are terminated, the dumping of imported single-mode optical fibres from India may continue and Chinese domestic industries subsequently be impacted.
In August 2014 MOFCOM had decided to impose anti-dumping duties on imported single-mode optical fibres from India, a decision which was valid for five years.

WeWork Gets New $1.1-bn Commitment from SoftBank

The owner of money-losing shared office provider WeWork slashed its cash burn rate almost in half from the end of last year and obtained a $1.1 billion commitment in new financing from majority owner SoftBank Group Corp.
The company said in an e-mail to employees that its second-quarter results show the coronavirus pandemic has hurt business but its financial position remains strong.
According to Kimberly Ross, chief financial officer of WeWork, our early efforts to become a more streamlined, cash-conscious organization puts us in a better position to adapt quickly, navigate new realities and deliver our future business objectives.
Revenue in the quarter reached $882 million, a 9% increase from a year earlier, Ross said. WeWork in the first quarter reported revenue of $1.1 billion, the first time it had exceeded nine figures, and its cash burn was $482 million.
WeWork has $4.1 billion in cash and unfunded cash commitments, including the $1.1 billion in new financing, Ross said. WeWork in July indicated it expected to be cash flow positive in 2021.

HDFC Bank Launches 'Shaurya KGC Card', for Indian Armed Forces

Aditya Puri, Managing Director of HDFC Bank, launched digitally the 1st of its kind card, 'Shaurya KGC(Kisan Gold Credit) Card', a tri color themed card for Indian armed forces personnel, i.e. Army, Navy, Air force and Para military forces and their families. It will benefit over 45 lakh users. The product is aimed largely towards armed forces personnel from semi-urban and rural communities. The product is based on the Kisan Credit Card (KCC) guidelines by the government.
This launch is part of the HDFC Bank's 'Har Gaon Hamara' initiative to provide banking facilities to customers in the rural and under-served areas of the country.
The card will provide finance for agricultural needs like production of crop, post-harvest maintenance and consumption needs.
The users can also avail this funding to purchase farm machinery, irrigation equipment or construct storage structures among others.
The Card comes with the life cover of Rs. 10 lakh as against Rs. 2 lakh for an average card.

SBI Rolls Out "KCC (Kisan Credit Card) Review Option" for Farmers

State Bank of India (SBI) introduced "KCC (Kisan Credit Card) Review option" on its digital agricultural solution platform, YONO Krishi, to enable farmers to access their KCC limit in four clicks.
With this added feature, farmers will no longer need to visit the bank branch to apply for a revision in their KCC limit, the country's largest bank said in a statement.
"KCC Review on YONO Krishi is expected to benefit more than 75 lakh farmers having KCC accounts with SBI. The feature of paperless KCC review will not only help farmers save costs and effort involved in applying for revision of the KCC limit, but also make the process quicker for them especially during the harvesting season," the bank said.
According to the Reserve Bank of India, the KCC scheme has been designed to ensure that farmers get adequate and timely credit support from the banking system under a single window with flexible and simplified procedure for their cultivation and other needs.
The scheme provides support to farmers to meet short term credit requirements for cultivation of crops; post-harvest expenses; produce marketing loan; consumption requirements of farmer household; working capital for maintenance of farm assets and activities allied to agriculture; and investment credit requirement for agriculture and allied activities.
YONO Krishi has four offerings/sections: Khata (caters to agriculture credit solutions like agri gold loans), Bachat (financial Super store for farmers investment & insurance needs), Mitra (agriculture advisory services) and Mandi (online market place for purchasing agricultural inputs & farm equipment).

Aug 14, 2020

Eicher's Subsidiary Buys Volvo India Bus Business

Eicher Motors' subsidiary VE Commercial Vehicles has entered into a business transfer agreement to acquire Volvo Group India's bus business for a cash consideration of Rs. 100.50 crore.
VE Commercial Vehicles Ltd (VECV) is in the business of manufacturing and selling the Eicher branded trucks and buses and also distributes Volvo branded trucks and provides aftermarket services and distribution of spare parts for Volvo branded trucks and buses.
Apart from being a subsidiary of the company, VCEV is also a joint venture between Eicher Motors and Volvo Truck Corporation, Sweden and Aktiebolaget Volvo (Publ.), Sweden.
The agreement is for manufacture, assembly, distribution, and sale of the Volvo buses in India, and other rights forming part of the said business, for a consideration of Rs. 100.50 crore.
Post the completion of the transaction, VECV and VBI will consolidate their bus businesses into a newly formed bus division within VECV. This division will offer Volvo and Eicher branded buses, and will maximise synergies to capitalise on market opportunities.

RBI Mandates System-based Asset Classification for UCBs

The Reserve Bank of India (RBI) asked urban co-operative banks (UCBs) with assets of Rs. 2,000 crore or more to implement system-based asset classification from 30 June 2021.
System-based asset classification refers to asset classification (downgrading as well as upgrading) carried out by computerised systems of a bank in an automated manner.
In order to improve the efficiency, transparency and integrity of the asset classification process, it has been decided to implement system-based asset classification in urban co-operative banks (UCBs.
It said that UCBs with assets of Rs. 1,000 crore or above but less than Rs. 2,000 crore as on 31 March 2020, having self-assessed themselves as being under "Level III or Level IV" on comprehensive cyber security framework for UCBs shall implement it from 30 September 2021.
According to the central bank, urban cooperative banks not meeting the criteria are also encouraged to voluntarily implement the system-based asset classification in their own interest.

PM Modi Launches 'Transparent Taxation - Honouring the Honest'

Prime Minister Narendra Modi launched a platform for "Transparent Taxation - Honoring the Honest" which is the latest in a series of measures finance ministry has taken to eventually get rid income tax department off its legacy -- from intrusive tax collector to tax facilitator.
The launch of tax reforms by the Prime Minister will further carry forward the journey of direct tax reforms which the Central Board of Direct Taxes under its chairman Pramod Chandra Mody took over a period of time.
Besides the focus on reduction in tax rates and simplification of direct tax laws, the CBDT has used the time during the lockdown enforced due to Covid 19 pandemic for introducing several initiatives to bring in efficiency and transparency in the functioning of the IT department.
To unfold more transparency in official communication, Document Identification Number (DIN) was introduced some time back to ensure that every communication of the department would carry a computer generated unique document identification number.

Amazon Launches Online Pharmacy in India

Online retail giant Amazon has launched an internet pharmacy in India, marking its entry into the country's online medicine market.
Amazon Pharmacy will make its debut in Bangalore and it may be trialled in other Indian cities.
The move comes as the online drugs business has been given a major boost during the coronavirus pandemic.
This year US technology giants have invested billions of dollars in the Indian economy.
The Amazon Pharmacy service offers prescription, over-the-counter and traditional Ayurveda medication as well as basic health devices.
Amazon started its move into pharmaceutical retailing in 2017. The following year it bought US-based home delivery medications startup PillPack.
At the end of last year, the company introduced its Amazon Pharmacy branding to PillPack's service.
In January, Amazon filed to trademark the name Amazon Pharmacy in the UK, Australia and Canada.
The move was seen as a sign that the company was set to significantly expand its prescription drugs business outside of the US.

Aug 13, 2020

CCI Approves Proposal for Formation of Honda Motor and Hitachi Joint Venture

Fairtrade regulator approved a combination proposal filed jointly by Keihin Corporation, Nissin Kogyo Co. Ltd., Showa Corporation and Hitachi Automotive Systems Ltd to form a joint venture between Honda Motor Co Ltd (HAMCL) and Hitachi Ltd.
The proposed combination pertains to Keihin Corporation, Nissin Kogyo, Showa Corporation and Hitachi Automotive Systems (HIAMS) forming a joint venture between HAMCL and Hitachi Ltd.
The transaction entails HAMCL's acquisition of additional shares to convert its affiliates -- Keihin Corporation, Nissin Kogyo and Showa Corporation -- as its wholly-owned subsidiaries, following which the entities will amalgamate into HIAMS to form the integrated company, as per a combination notice.
HIAMS is a wholly-owned subsidiary of Hitachi Ltd.
By way of the proposed combination, HAMCL and Hitachi will jointly control the integrated company.

Reliance Foundation Partners W-GDP, USAID to Bridge Gender Digital Divide

Reliance Foundation, the philanthropic arm of Reliance Industries Ltd, forged a new partnership with US Agency for International Development and W-GDP to bridge the gender digital divide in India.
The partnership was announced at a Women's Global Development and Prosperity (W-GDP) event hosted by Deputy Secretary of State of the United States Stephen Biegun and with special guest, Ivanka Trump, Advisor to the President of the United States, and Deputy USAID Administrator Bonnie Glick.
Ivanka Trump said that the W-GDP Fund was created to source and scale the most innovative programmes to advance women's economic empowerment. We are leveraging the resources and expertise of the US government and the private sector so that activities have enduring, deep effects on the communities they reach.

GMR Infra, Siemens, BEML, L&T Infra and Bharat Forge Express Interest in Running Private Trains

Indian Railways' proposal to run private trains on its tracks have generated good interest from a multitude of private companies.
The ministry said that a total of 23 players attended a pre-application meeting for running private trains in 12 clusters. They included Bombardier, Alstom, Siemens, GMR Infra, Bharat Forge, BEML, L&T Infra and Titagarh Wagon.
The Railways had invited 12 request for qualifications for private participation in operation of passenger train services over 109 origin-destination pairs of routes through introduction of 151 modern trains (rakes) which shall be in addition to the existing trains operated on the network.
This is the first initiative of private investment for running passenger trains over the Indian Railway Network. The project would entail private sector investment of about Rs. 30,000 crore.
The private entities for undertaking the project will be selected through a two-stage competitive bidding process comprising Request for Qualification (RFQ) and Request for Proposal (RFP).

Corporate Affairs Ministry Releases Report on Business Responsibility Reporting

A panel on Business Responsibility Reporting (BRR) has proposed a new reporting framework for companies to better reflect the intent and scope of reporting on non-financial parameters.
The committee recommended a new reporting framework called as 'Business Responsibility and Sustainability Report (BRSR)' to better reflect the intent and scope of reporting on non-financial parameters.
Further, the panel has recommended two formats for disclosures.
The committee also recommended that the BRSR be integrated with the MCA 21 portal. As a long-term measure, the committee envisions that the information captured through BRSR filings be used to develop a Business Responsibility-Sustainability Index for companies.

Maruti to Quit 39-year-old Gurugram Plant

The Haryana government has offered three land parcels to Maruti, the country's largest car manufacturer, as an alternative to its Gurugram plant, from where the company has decided to shift out.
The land parcels are in Manesar, where Maruti has its main factory, Sohna and Kharkhoda in Sonipat. With Maruti looking for alternatives, there has been talk about the company exploring sites in other states. But Maruti Suzuki India Ltd chairman RC Bhargava set speculation to rest. He said that the new plant would be in Haryana. We are looking at options, but we will be moving somewhere within Haryana itself.
The 39-year-old plant in Gurugram, on Old Delhi-Gurugram Road, was the company's first manufacturing facility and has a capacity to make around 7 lakh cars annually. However, as the city turned into a bustling megapolis over the years, the automobile giant started finding it difficult to function within the 300-acre compound. According to the company's union members, the plant provides employment to around 15,000 people directly and to many more indirectly.

Aug 12, 2020

Reliance Breaks Into Top 100 Global Companies

Billionaire Mukesh Ambani's Reliance Industries jumped 10 places to break into the world's top 100 companies on the Fortune Global 500 list.
The oil-to-telecom conglomerate is ranked 96th in the 2020 ranking released by Fortune.
This is the highest any Indian company has been ranked on the Fortune Global 500 list.
Reliance had broken into the top 100 in 2012 ranking when it was ranked 99th but slipped in subsequent years to rank 215th in 2016. Since then it has risen steadily .
State-owned Indian Oil Corp (IOC) slipped 34 positions to rank 151st on the 2020 ranking while Oil and Natural Gas Corp (ONGC) is ranked 190th, 30 notches lower than its last year's ranking.
The country's top lender, State Bank of India (SBI), has risen 15 ranks to the 221st position.

BSE Joins Hands with Bullion Trade Associations to Deepen Commodity Derivatives Market

Leading stock exchange BSE joined hands with two bullion trade associations for deepening the commodity derivatives market in the country. BSE signed a Memorandum of Understanding (MoU) with Akola Sarafa Association and Akola Sarafa Va Suvarnakar Yuva Sangh in this regard.
These associations represent members engaged in retail sale and trade of bullion.
The pact is aimed at facilitating cooperation between BSE and physical markets represented by these two trade bodies in areas such as knowledge sharing, education and training, events as well as to explore areas of mutual interests to ensure the best interests of jewellers.
Awareness about effective hedging tools such as derivatives contracts, especially 'options in goods' to enable jewellers face a volatile market would also be provided.

South Indian Bank Gets RBI's Nod to Set up Non-financial Subsidiary

The Kerala-based South Indian Bank obtained in-principle approval from the Reserve Bank of India (RBI) to set up a wholly owned non- financial subsidiary.
The subsidiary would commence operations once the bank completes the related formalities and after obtaining the final approval from the regulators, it said in a statement.
The subsidiary would enable to streamline and optimise various operations so as to improve the overall productivity and efficiency of the institution.
The bank said that the subsidiary was a further step in consolidating SIBs position "as a Retail Banking Power House." SIB has already centralised all its operations both on the liability and asset sides.

Paytm Launches India's 1st Pocket Android POS Device, 'Paytm All-in-One Portable Android Smart POS'

Paytm has launched India's 1st Pocket Android POS (Point of Sale) Device, 'Paytm All-in-One Portable Android Smart POS' for contactless ordering and payments in India. It is an effort to digitise and empower a large number of Small and Medium Enterprises (SMEs). It is integrated with the 'Paytm for Business' app to generate GST compliant bills and to manage all transactions & settlements.
It comes with an introductory price of Rs. 499 per month on a rental basis and is designed like a phone.
It is much more powerful than the portable Linux based POS devices presently available in the country.
It weighs 163 grams, is 12mm thick, and has a 4.5-inch touch screen.
It comes with Paytm's 'Scan to Order' service that is being adopted by thousands of restaurants and takeaway joints in the country.
It consists of a powerful processor, all-day battery life, and an inbuilt camera to scan QR codes and instantly process payment.
It works with 4G SIM cards, Wi-Fi and also has Bluetooth connectivity.

Aug 11, 2020

International Financial Corporation to Invest in Endiya Partners Fund II

The International Financial Corporation (IFC), a member of the World Bank Group, has committed to invest Rs. 75 crore (about USD 10million) in Endiya Partners Fund II. In addition to this, IFC has also committed an additional USD 10 million for direct co-investments.
The partnership will provide financial and strategic support to Endiya portfolio companies, resulting in increased access to growth opportunities and sustainable scalability.
Endiya Partners Fund II is an India domiciled Category II Alternate Investment Fund (AIF).
It seeks to invest in 16-20 start-ups, from USD 500,000 to USD 1 million in Seed/Pre-series A rounds and a planned investment of upto USD 5 million per company.
It has a corpus target of USD 65 million (around Rs 500 crore) and has already completed its first close at Rs 280 crore (USD 40 million) in May 2019.

LIC Launches Revival Campaign for Lapsed Policies

To encourage continuation of risk cover in this difficult period, LIC said that it will provide an opportunity for its policyholders to revive their lapsed policies. It has decided to launch a special revival campaign from August 10 till October 9 for its customers to revive their individual lapsed LIC policies.
In view of the prevailing circumstances, no concessions are being offered in medical requirements and the same are limited to late fee only; under plans other than term assurance and other high risk plans.
Under this Special Revival Campaign, policies of specific eligible plans can be revived within five years from date of the first unpaid premium subject to certain terms and conditions.
The policyholders will get 20 per cent late fee concession for revival of the policy while 25 per cent concession between Rs. 1 lakh and Rs. 3 lakh.
Policies which are in lapsed condition during the premium paying term and not completed policy term as on the date of revival are eligible to be revived in this campaign.
The campaign will benefit those policy holders who were not able to pay premiums due to unavoidable circumstances and their policy lapsed.

Isher Judge Ahluwalia Steps Down as ICRIER Chairperson

The capital's leading economic think-tank, the Indian Council for Research on International Economic Relations (ICRIER), has undergone a change of guard after 15 years.
Noted economist Isher Judge Ahluwalia has stepped down and has been succeeded by Pramod Bhasin as chairperson. Currently Vice-Chair, Bhasin is the Founder of Genpact Chairman Clix Capital. He has headed NASSCOM and is a chartered accountant by profession.
Isher will continue as Chairperson Emeritus, a position specially created for her.

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