General Awareness

BUSINESS AND ECONOMY - June 2022

Jun 2022

Sep 12, 2023

Saudi Arabia Plans Sovereign Wealth Fund Office in Gujarat's GIFT City

Saudi Arabia is considering setting up an office of its sovereign wealth fund at GIFT City in Gandhinagar.
The country's Investment Minister Khalid A. Al Falih said that within the next few weeks, he would send a delegation to GIFT City to explore opportunities.
Public Investment Fund (PIF) is Saudi's sovereign wealth fund with assets under management of around $700 billion.
Gift City is India's tax-neutral financial services centre conceptualised by Prime Minister Narendra Modi. It is a global financial hub and India's first operational smart city.

RBI Approves Reappointment of Sandeep Bakhshi as ICICI Bank MD & CEO

ICICI Bank received the Reserve Bank of India (RBI)'s approval for reappointment of Sandeep Bakhshi as the Managing Director and Chief Executive Officer (MD and CEO) of the bank.
RBI approved Sandeep Bakhshi's reappointment as the bank's MD and CEO with effect from October 4, 2023 till October 3, 2026.
Bakhshi has been holding the position in the bank since October 15, 2018. Prior to his appointment, he was Whole time Director and the Chief Operating Officer (COO) of the bank.
Bakhshi has been with the ICICI Group for 36 years and has handled various assignments across the group in ICICI Limited, ICICI Lombard General Insurance, ICICI Bank and ICICI Prudential Life Insurance.

Sep 11, 2023

SBI Unveils Nation First Transit Card for Digital Fare Payments

State Bank of India (SBI), the country's largest lender, took a significant step in enhancing the commuting experience and promoting digital payment adoption with the launch of the 'Nation First Transit Card.' This innovative card is designed to facilitate seamless and convenient customer commuting experiences, offering easy digital ticketing fare payments across various modes of transportation, such as metro, buses, water ferries, parking, and more, all through a single card. Additionally, the card can also be used for making retail and e-commerce payments.
Dinesh Kumar Khara, Chairman of SBI, emphasized that the Nation First Transit Card, powered by RuPay and National Common Mobility Card (NCMC) technology, has the potential to revolutionise the commuting experience for millions of Indians. The card is not just a financial tool but also a symbol of SBI's commitment to the growth and development of the nation.

Sep 10, 2023

360 ONE Launches Global Platform 360 ONE Global, Appoints New Team

360 ONE wealth and alternatives-focused asset management group, earlier known as IIFL Wealth & Asset Management, launched its global platform, 360 ONE Global. It roped in industry veteran Vikram Malhotra as co-founder and Chief Executive Officer (CEO) of the platform.
360 ONE Global will start the business by developing a product and service proposition for offshore wealth and investment advisory to complement the existing platform in the Indian onshore market.
Malhotra has served as the global market head for Global South Asia & Middle East at the Bank of Singapore. He has over three decades of experience across several institutions, including Barclays, UBS, and ABN AMRO, in countries like Singapore, Hong Kong, Dubai and the UK.

Amazon India Inks Pact with 5 States to Empower Persons with Disabilities

Amazon India signed a pact with five state governments to engage with employable Persons with Disabilities (PwDs) and enable their participation in the mainstream workforce.
These states are Haryana, Maharashtra, Gujarat, Karnataka and Tamil Nadu.
The memorandum of understanding which extends until 2026 aims to provide skilling and employment opportunities to PwD candidates in the five states.
With this, Amazon aims to provide PwDs support with on-the-job training, intervention and an environment of acceptance and inclusion.
"The opportunities will be provided across Amazon's Operations Network, that is fulfilment centres, sortation centres and delivery stations for various roles, including stowing, picking, packing, and sorting among other roles.

'Moon Man of India' Mylswamy Annadurai Joins the Board of SS Innovations

Noted scientist Mylswamy Annadurai joined the Board of Directors of SS Innovations. Annadurai also called the 'Moon Man of India' for his contributions to ISRO's Chandrayaan-1 mission, would be the Director of SS Innovations Pvt Ltd and the global firm SS Innovations International Inc.
Annadurai is credited with putting India on the global map. His scientific temper in the field of robotics and new-age technologies like artificial intelligence, machine learning, and sophisticated engineering projects augurs well for SS Innovations.

Sep 09, 2023

Groww Mutual Fund Receives SEBI Approval to Launch Its First Index Fund

Online stock broking firm Groww received the approval of the Securities and Exchange Board of India (SEBI) to launch its first index fund, Groww Nifty Total Markets Index Fund, through new fund offering (NFO).
According to sources, Groww Mutual Fund submitted draft documents with the SEBI on September 5 for the launch of its index fund.

United Breweries Brings on Vivek Gupta as MD & CEO

United Breweries Limited (UBL), part of the Heineken Company, appointed Vivek Gupta as Managing Director and Chief Executive Officer Effective from 25 September.
Gupta has spent more than two decades in leadership and commercial roles at Procter & Gamble (P&G), working across various categories, from everyday consumption to premium ones.
Together with the UBL leadership team, he will be responsible for driving sustainable growth for the company. He will spearhead the premiumisation of UBL's portfolio, including enhancing the iconic status of Kingfisher.

Sep 08, 2023

SBI Card Unveils Additional Features on its Super-premium Card 'AURUM'

SBI Card, India's largest credit card issuer, launched new features of its super-premium card 'AURUM', targeted at the premium section of society, such as high-net-worth individuals. With the enhancements, AURUM cardholders will be able to avail benefits worth up to Rs. 2 lakh annually, based on their spending. The card offers unlimited international lounge access to cardholders, as well as four international lounge visits for accompanying guests. In addition, the card also offers a one-year Club Marriott membership as a welcome gift.
AURUM has been tailored to meet the discerning taste and lifestyle of the globetrotting and high-flying executives who pursue excellence in every aspect of their life. It has become one of the most coveted cards in the super-premium segment.

India Launches 'Hello UPI' and 'Bharat BillPay Connect' for Conversational Payments

In a significant move aimed at enhancing convenience and accessibility for users, the National Payments Corporation of India (NPCI) unveiled two conversational payments initiatives during the Global Fintech Fest. These initiatives, 'Hello UPI' and 'Bharat BillPay Connect,' mark a significant step forward in facilitating seamless digital transactions through natural language conversations.
'Hello UPI' empowers users to conduct payments effortlessly through interactive conversations with their smart phones. Whether it involves splitting a restaurant bill, sending money or settling utility bills, this initiative simplifies the payment process.

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