General Awareness

BUSINESS AND ECONOMY - July 2021

Jul 2021

Mar 16, 2024

Arya.ag Partners Shivalik Bank for Commodity Financing

Grain commerce platform Arya.ag collaborated with Shivalik Small Finance Bank to extend financial assistance to farmers, agro-processors, and micro-enterprises. This partnership aims to facilitate over Rs. 200 crore in warehouse receipt financing in the current fiscal year, enhancing financial inclusion in the agricultural ecosystem.
Initiative aids in expanding the bank's reach across India's agricultural landscape.
It democratises access to financial services, ensuring equitable pricing and consistent credit supply.

Paytm Gets a Lifeline with Third-party License

Paytm was granted a third-party application provider license by the National Payments Corporation of India (NPCI), just a day before the deadline for Paytm Payments Bank to cease its operations. The license offers Paytm's customers a means to continue using its app for payments following the shutdown of Paytm Payments Bank on March 15.
Paytm now partnered with other banks (like Axis, HDFC, SBI, YES Bank) to process UPI transactions instead of their own bank.

Mar 15, 2024

Sanjay Kumar Singh Nominated as Next Director (Projects) of NHPC Limited

Sanjay Kumar Singh is poised to step into the role of Director (Projects) at NHPC Limited, following a commendation by the Public Enterprises Selection Board (PESB) panel.
Currently serving as Chief General Manager at SJVN Limited, Singh emerged as the recommended candidate from a pool of twelve contenders. Among these, eight hailed from NHPC, two from SJVN, and one each from HPSEBL and Patel Engineering Ltd.

Numaligarh Refinery Opens First Overseas Office in Bangladesh

India's Numaligarh Refinery Limited (NRL) opened its first overseas office in Dhaka, Bangladesh, signalling its commitment to international expansion and stronger regional ties. High Commissioner of India to Bangladesh, Pranay Verma, inaugurated NRL's liaison office in the presence of NRL Managing Director Bhaskar Jyoti Phukan and other dignitaries.

RBI Directs Federal Bank and South Indian Bank to Stop Issuing New Co-Branded Credit Cards

The Reserve Bank of India (RBI) issued notices to Federal Bank and South Indian Bank, directing them to halt the issuance of new co-branded credit cards.
South Indian Bank stated that the regulatory action is in line with the norms issued by the RBI earlier in March. The bank will not on-board any fresh customers under co-branded credit cards until it achieves full compliance with the regulatory guidelines.
Both Federal Bank and South Indian Bank assured that they will continue to offer credit cards to new and existing customers in the non-co-branded segment. Furthermore, they will continue to service existing co-branded cardholders.

Mar 14, 2024

ISMA Appoints Deepak Ballani as New Director General

The Indian Sugar & Bio-energy Manufacturers Association (ISMA) appointed Deepak Ballani as its new Director General. With over 25 years of extensive experience in public policy, government affairs, and organizational management, Ballani brings a wealth of expertise to this pivotal role.
Prior to joining ISMA, Ballani served as the Director General at The All India Plastics Manufacturers Association, where he spearheaded policy advocacy, government affairs management, and international partner management.
Ballani's illustrious career journey includes notable positions with renowned organizations such as PwC India, UNIDO, NSIC, and others, where he led projects focusing on energy efficiency, technology transfer, and international business development.

CCI Approves Merger of Garagepreneurs Internet with North East Small Finance Bank

The Competition Commission of India (CCI) approved the merger of a financial technology company, Garagepreneurs Internet Private Limited (GIPL), with the North East Small Finance Bank (NESFB). This strategic move aims to combine the strengths of both entities in the financial services sector.
The proposed transaction involves the merger of GIPL, including its subsidiaries Quadrillion Finance Private Limited (QFPL) and Intergalactory Foundry Private Limited (IFPL), with NESFB and its subsidiary RGVN (North-East) Microfinance Limited (RGVN). This merger is subject to the approval of the jurisdictional National Company Law Tribunal and certain related transactions.
GIPL operates under the brand name "slice" and focuses on facilitating payments and credit products through digital means in India. The company's core mission is to enable access to financial services for underbanked customers through affordable and transparent cost solutions and structures.

Tata Power Solar Completes India's Largest Solar-BESS Project in Chhattisgarh

Tata Power Solar Systems Limited (TPSSL), a subsidiary of Tata Power Renewable Energy Limited (TPREL), completed India's largest Solar and Battery Energy Storage Systems (BESS) project in Chhattisgarh.
The project consists of a 100 MW Solar PV Project combined with a 120 MWh Utility Scale Battery Energy Storage System (BESS).
It comprises a 100 MW Solar PV Project and a 120 MWh Utility Scale Battery Energy Storage System (BESS). TPSSL secured the Rs. 945 crore project from SECI in December 2021, handling engineering, construction, and commissioning.
The project anticipates generating 243.53 million energy units annually, cutting carbon emissions by 4.87 million tonnes over 25 years, aligning with India's renewable energy targets. Tata AutoComp Systems Limited supplied the BESS, reflecting a commitment to excellence and collaboration.

SBI Partners with Aurionpro for its Transaction Banking Platform

Aurionpro Solutions clinched a significant deal with the State Bank of India (SBI) for the license, implementation, and support of its cutting-edge cash management and transaction banking platform, iCashpro+. Valued at nearly Rs. 100 crore, this prestigious contract entails phased delivery of license and implementation over 12 months, followed by a 6-year maintenance and support period.

Mar 13, 2024

Bank of Baroda Launches Green Term Deposit Scheme

Bank of Baroda (BoB) announced the launch of the bob Earth Green Term Deposit Scheme, aimed at raising deposits for financing eligible environment-friendly projects and sectors.
The scheme offers customers the dual benefits of stable financial returns and contribution to a greener planet.

Chemicals and Fertilizers Ministry Launches Credit Assistance Program for Jan Aushadhi Kendras

Mansukh Mandaviya, Union Minister for Chemicals and Fertilizers and Health and Family Welfare, inaugurated a credit assistance program for Jan Aushadhi Kendras.
The launch ceremony witnessed the exchange of a Memorandum of Understanding (MoU) between the Small Industries Development Bank of India (SIDBI) and the Pharmaceuticals and Medical Devices Bureau of India (PMBI), marking a pivotal moment in the endeavour to strengthen the network of Jan Aushadhi Kendras across the country.

Mar 12, 2024

IndusInd Bank Launches Indus PayWear, an All-in-one Tokenisable Wearable

IndusInd Bank introduced 'Indus PayWear,' which, in collaboration with Mastercard, boasts to be the country's first all-in-one tokenisable wearables for both debit and credit cards.
As per the company, this offering aims to enable users to tokenise their IndusInd Bank cards onto a chip-enabled wearable device.
Indus PayWear facilitates tap-and-pay transactions at any contactless Point-of-Sale (PoS) terminal globally, eliminating the need for physical cards or payment apps. Users can securely make purchases with ease.
The Indus PayWear range includes three options: a ring, watch clasp, and stickers, catering to diverse customer preferences. The wearables are priced affordably, ranging from Rs. 499 to Rs. 2,999.

India, EFTA Ink Free Trade Agreement

India signed a trade and economic partnership agreement with the European Free Trade Association (EFTA) - a grouping of Switzerland, Norway, Liechtenstein and Iceland - that includes a binding $100-billion investment commitment in the next 15 years.
Commerce and Industry Minister Piyush Goyal described the signing as a 'watershed moment', as it is India's first modern trade pact with a bloc having developed countries.
The agreement has 14 chapters, including trade in goods, rules of origin, intellectual property rights (IPRs), trade in services, investment promotion and cooperation, government procurement, technical barriers to trade and trade facilitation.

Adani Green Operationalises 1,000 Mw of Solar Project at Khavda in Gujarat

Adani Green Energy Limited (AGEL) operationalised a total of 1,000 Mw of solar energy capacity at the world's largest renewable energy (RE) park at Khavda in Gujarat. With this, AGEL has achieved operational capacity of 9,478 Mw and continues its journey to the stated goal of 45,000 Mw by 2030.
The world's largest RE plant of 30 Gw spans a staggering 538 sq km of barren land, five times the size of Paris. The project is expected to be completed in the next five years and will create over 15,200 green jobs.
AGEL is set to replicate its success in building and operating India's first and the world's largest wind-solar hybrid cluster at Jaisalmer.

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