General Awareness

BUSINESS AND ECONOMY - May 2022

May 2022

May 02, 2022

Union Bank Becomes First Public Sector Bank to Go Live on Account Aggregator Framework

Union Bank of India became the first public sector bank to go live on the Account Aggregator (AA) ecosystem. Touted as the UPI moment for lending, the AA framework ensures swift data sharing with the consent of the user and eliminates the need for physical documents.
The framework facilitates sharing of financial information on a real-time basis between regulated entities. AAs are licensed by the Reserve Bank of India to enable the flow of data between Financial Information Providers (FIPs) and Financial Information Users (FIUs).

Star9 Mobility Emerges Highest Bidder for Govt's 51% Stake in Pawan Hans

The government approved selling its 51 per cent stake in helicopter services provider Pawan Hans Ltd (PHL) along with transfer of management control for Rs. 211.14 crore to Star9 Mobility Private Ltd. PHL is a 51:49 joint venture of the government and ONGC providing helicopter and aero mobility services. ONGC had earlier decided to offer its entire shareholding to the successful bidder identified in the GoI strategic disinvestment transaction, on the same price and terms as government.
The Reserve Price for sale of 51 per cent shareholding of PHL was fixed at Rs. 199.92 crore, on the basis of valuation carried out by the transaction adviser and asset valuer.

JioSaavn Appoints Sahas Malhotra as CEO

Music app firm JioSaavn appointed former Amazon Music director and entertainment industry veteran Sahas Malhotra as its new CEO. Malhotra has earlier worked with Sony Music India and Tips Industries.
Founded in 2007 as Saavn, JioSaavn is an audio streaming service for South Asian music and artists. In March 2018, Reliance Industries Limited (RIL) acquired a majority stake in the firm. JioSaavn claims to have over 100 million monthly active users.

Khadi Turnover in 2021-22; Beats all FMCG Companies in India

Khadi and Village Industries Commission (KVIC) exceeded turnover of one lakh crore rupees in 2021-22. Micro, Small and Medium Enterprises Ministry highlighted that it is the first time when KVIC clocked a massive turnover of one lakh fifteen thousand crore rupees, and has beaten all FMCG companies in the country.
The Ministry informed that, in the Financial Year of 2021-22, the overall turnover of KVIC stood at a whopping over one lakh fifteen thousand crore rupees as compared to over 95,700 crore rupees in the Financial Year of 2020-21. KVIC thus registered a growth of over twenty per cent from the year 2020-21.

World Bank Approves $47 Million for India's Mission Karmayogi Program

The World Bank approved a USD 47 million financial support to the Government of India for Mission Karmayogi, a national program to build civil service capacity. The loan of $47 million provided from the International Bank for Reconstruction and Development (IBRD) has a final maturity of 11 years, including a grace period of 4.5 years.
Mission Karmayogi was launched by Union Cabinet on September 2, 2020.

May 01, 2022

Pencilton Introduces Contactless RuPay Card in the form of Keychain

Pencilton, a teen-focused fintech start-up, launched PencilKey, a National Common Mobility Card (NCMC) compliant RuPay contactless keychain, in partnership with the National Payments Corporation of India (NPCI) and Transcorp. Users can activate and manage their PencilKey through the Pencilton app which is also used to load money, check spends, block/unblock the account, set limits, etc.
PencilKey is linked to the PencilCard which is an all-in-one prepaid card, metro card, and bus card. PencilKey is equipped with the benefits of NCMC which works at the Delhi Airport Metro line and Goa's buses currently.
It is also scheduled to be accepted for metro travel in Pune, Chennai & Mumbai as well as in BEST buses in Mumbai. According to Pencilton, the virtual PencilCard comes for free.
Users can buy their PencilKey for Rs. 150 and PencilCard for Rs. 100, but as part of the company's launch offer, users can also buy a PencilKit (combo) which includes both PencilCard and PencilKey for Rs. 200.

JM Financial Elevates Sonia Dasgupta as CEO of Investment Banking

JM Financial, a diversified financial services group, elevated Sonia Dasgupta as Chief Executive Officer of Investment Banking. In the new role, she will lead the strategic initiatives and accelerate growth for the business.
Dasgupta succeeded Adi Patel and Atul Mehra who were Co-Heads of Investment Banking business till date.

IDBI Bank Board Approves Appointment of Two Govt. Nominee Directors

IDBI Bank's board approved the appointment of two government nominee directors with immediate effect.
The government nominee directors are Manoj Sahay, Joint Secretary and Financial Advisor, and Sushil Kumar Singh, Director, Department of Financial Services, Ministry of Finance.
Sahay, a 1994 batch IA&AS officer, presently handles six departments -- revenue, expenditure, economic affairs, financial services, DIPAM and public enterprises.
Singh is an officer of 2006 batch of Indian Defence Accounts Service.

Bruce de Broize Appointed as CEO of Future Generali India Life Insurance

Generali Asia appointed Bruce de Broize as MD and CEO of Future Generali India Life Insurance (FGILI). He takes over from Miranjit Mukherjee who served as interim CEO since September 2021. He was the Regional Head of Distribution for Generali Asia based in Hong Kong for over five years. In March, Generali became the majority shareholder of the Indian life insurance joint venture after getting all regulatory approvals.
Broize has a career spanning over 34 years of life and P&C insurance experience. He has also held a range of senior leadership roles to drive strategic initiatives across Asia. Prior to this, Broize was the regional head of distribution for Generali Asia based in Hong Kong where he oversaw life, health and p&c distribution for Generali's operations across China, Hong Kong, Thailand, Indonesia, India, Vietnam, Malaysia and the Philippines.

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