General Awareness

BUSINESS AND ECONOMY - June 2022

Jun 2022

Jun 29, 2024

Shivraj Singh Chouhan Launches Portal for Faster Bank Settlements

Union Minister for Agriculture and Farmers' Welfare Shivraj Singh Chouhan launched a new web portal, aimed at automating and expediting the settlement of interest subvention claims under the Agriculture Infrastructure Fund (AIF). This initiative is developed jointly by the Department of Agriculture and Farmers' Welfare (DA&FW) and NABARD.
Chouhan said, "The newly launched automation of credit claims will ensure that the claims are settled within a day. The process, when previously done manually, would take months".

Tata Group Retains Top Spot as India's most Valuable Brand at $28.6 Billion

Tata Group retained its position as India's most valuable brand with a value of $28.6 billion, reflecting a 9 per cent increase from last year (2023). Following Tata, Infosys holds the second position, while HDFC Group made a significant leap to third place, in Brand Value's 'India 100 2024 ranking.
The India 100 report is curated by Brand Value, assessing more than 250 Indian brands across industries.

Jun 28, 2024

Aksha Mohit Kamboj Appointed Vice President of India Bullion Jewellers Association

Mrs. Aksha Mohit Kamboj was appointed as the Vice President of the India Bullion Jewellers Association (IBJA). This historic appointment marks her as the first woman to hold this prestigious position in the gold and jewellery sector. Mrs. Kamboj, known for her leadership as Executive Chairperson of Aspect Global Ventures Pvt Ltd and as a co-owner of the Tiigers of Kolkata cricket team, brings extensive experience and a commitment to industry excellence.
Mrs. Kamboj's leadership will focus on advancing IBJA's strategic initiatives, promoting transparency, ethics, and industry best practices. Her tenure until 2029 aims to bolster small businesses, ensure fair pricing, enhance skills development, and improve the ease of doing business in the bullion and jewellery sectors.
Founded in 1919 and headquartered in Mumbai's Zaveri Bazar, IBJA plays a crucial role in policy-making for the gold industry in India. The association's daily gold price declarations are utilized by the Ministry of Finance and the Reserve Bank of India.

Jun 27, 2024

Union Minister Jitendra Singh Announces Grant of 'Mini RATNA' Status (Category-1) for Central Ele...

Union Minister Jitendra Singh announced the grant of 'Mini RATNA' status (Category-1) for Central Electronics Limited (CEL) at its Golden Jubilee celebration at the Ghaziabad campus.
Central Electronics Limited is a Government of India Enterprise under the Department of Scientific and Industrial Research (DSIR), Ministry of Science & Technology. It was established in 1974, with an objective to commercially exploit indigenous technologies developed by National Laboratories and R&D Institutions in the country.
CEL is pioneer in the country in the field of Solar Photovoltaic (SPV) and it has developed the technology with its own R&D efforts. Its solar products have been qualified to International Standards IEC 61215/61730.

A. M. Naik Steps Down as Chairman of LTIMindtree; S. N. Subrahmanyan to Succeed

IT company LTIMindtree said that its chairman A. M. Naik stepped down from the post and announced the appointment of S. N. Subrahmanyan as the new Chairman.
Subrahmanyan, who joined the board of L&T Infotech in 2015 and was appointed vice chairman in 2017, played a pivotal role in the acquisition of Mindtree in 2019 and subsequently led the merger of L&T Infotech and Mindtree.

JPMorgan India Bank CEO Singh Quits Before End of Term

Prabdev Singh, Chief Executive Officer of JPMorgan Chase & Co's bank in India, stepped down before the end of his term.
Pranav Chawda, head of commercial banking for India, expanded his current responsibilities and became the head of India Corporate Banking.
Singh, popularly known as PD, had received regulatory approval in January 2023 for a three-year term as CEO of JPMorgan Chase Bank India. He had replaced Madhav Kalyan who, in October 2022, was named head of payments for Asia Pacific.
Singh, an engineer, had worked for a decade at HSBC Holdings Plc before joining JPMorgan in 2010.

Jun 26, 2024

RBI Appoints Director on the Board of Bandhan Bank after Drop in Profits

The Reserve Bank of India appointed a director on the board of private sector lender Bandhan Bank, which will soon see a top management transition.
The RBI, under the Banking Regulation Act, can appoint directors to boards in order to oversee bank operations.
In a notification issued by Bandhan Bank, the private lender confirmed that Arun Kumar Singh, a Chief General Manager at the RBI, is the additional director of Bandhan Bank for a year, starting June 24.
Arun Kumar Singh has worked with the RBI for 36 years and managed positions in Non-Banking Supervision & Regulation, Financial Inclusion and Monetary Policy.

ICICI Bank Unveils 'SmartLock', a New Safety Feature for iMobile Pay

ICICI Bank launched 'SmartLock', a new safety measure that will enable customers to lock/unlock multiple banking services without any help from a customer care executive through phone or e-mail.
The "first-of-its-kind" measure in the country's banking sector will be available of iMobile Pay. It will empower customers to lock/unlock access to internet banking, UPI (including payments from other UPI apps linked to the bank account), credit and debit cards, simply by clicking a button.
The new feature also permits account holders to lock or unlock the entire iMobile Pay.
The feature can be used to deactivate a particular banking service and in case of a possible fraudulent transaction.

HDFC ERGO General Insurance Elevates Anuj Tyagi as MD and CEO

HDFC ERGO General Insurance announced the elevation of Anuj Tyagi as the new Managing Director and Chief Executive Officer. Tyagi will succeed Ritesh Kumar effective July 1. Tyagi has been with the company since 2008.
Tyagi's appointment follows a decision approved by the board, marking a significant change in the company's leadership. Ritesh Kumar will transition to ERGO International, joining its Board of Management as the new Deputy Chief Operating Officer (COO) from October 4, 2024. Kumar will focus on expanding the company's presence in Asian markets such as China, Thailand, and Singapore, pending administrative approvals and consent from ERGO International's Supervisory Board.

Jun 25, 2024

Sony Pictures Networks India Gets Gaurav Banerjee as New MD & CEO

Sony Pictures Networks India announced the appointment of former Disney executive Gaurav Banerjee as its Managing Director and CEO, pending regulatory approvals. Banerjee will succeed N. P. Singh, who will move into the role of Non-Executive Chairman after a 25-year tenure.
He holds a Master's degree in filmmaking and TV production from Jamia Millia Islamia University and an undergraduate degree in history from St Stephens, Delhi. Banerjee previously served as head of content for Hindi entertainment and Disney+ Hotstar, and business head for Star Bharat, Hindi and English movies, kids and infotainment, and regional (east). In these roles, he oversaw content curation across several languages and also spearheaded original series and films.

ESAF SFB Chief Paul Thomas is Chairperson of Sa-Dhan

Paul Thomas, MD & CEO of ESAF Small Finance Bank, was elected as Chairperson of the board of Sa-Dhan, which is an association of microfinance and impact finance institutions. Thomas so far was the co-chair of the Association.
Sa-Dhan is an association of Microfinance and Impact Finance Institutions. It is an RBI appointed Self-Regulatory Organization (SRO) for Microfinance Institutions. Sa-Dhan is the first and largest association of community development finance institutions in India formed over two decades back for supporting and strengthening the agenda of fostering Inclusive Impact Finance in India. It strives for creating a better understanding of the microfinance sector among policymakers, funders, banks, governments, researchers, and practitioners.

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