General Awareness

BUSINESS AND ECONOMY - June 2022

Jun 2022

Jun 21, 2023

SBI MD Janakiraman New RBI Deputy Governor

The Appointments Committee of Cabinet headed by Prime Minister approved the appointment of Swaminathan Janakiraman as a deputy governor of the Reserve Bank of India (RBI).
This is for the first time in more than 20 years that a State Bank of India Managing Director (MD) was appointed as a RBI deputy governor. Vepa Kamesam was the last SBI MD to be appointed as a RBI deputy governor, who served from July 1, 2001, to September 23, 2003.
Swaminathan replaced M K Jain, the deputy governor in-charge of supervision, who completed his second term on June 21. Jain was first appointed in June 2018 for three years. He was reappointed for another two years.

IndusInd Bank Partners with Wise to Offer Online Inward Remittance to India

IndusInd Bank forged a strategic partnership with Wise, a global technology company specializing in secure money transfers.
The collaboration aims to provide convenient and efficient online inward remittance services specifically tailored for Non-Resident Indians (NRIs) residing in the United States and Singapore.
Through this partnership, IndusInd Bank's customers can transfer funds from these two major global markets. The remittance service, known as Indus Fast Remit (IFR), will integrate with the Wise Platform, allowing NRIs to enjoy a multi-currency inward remittance service.
This marked the introduction of the Wise Platform in India.

Delta Corp Reappoints Ashish Kapadia as MD

Delta Corp reappointed Ashish Kapadia as Managing Director of the Company for a period of 5 years commencing from April 27, 2024 subject to approval of shareholders at the ensuing Annual General Meeting (AGM).
Kapadia has been Managing Director of Delta Corp Limited since April 2009. He holds a bachelor's degree in commerce from Madurai Kamaraj University. Under his leadership the company has grown manifold. He has significant experience across sectors such as gaming, hospitality, real estate, paints, textiles, financial services and civil aviation.

Intel and Germany Sign Agreement for $32.8 Billion Chip Plant Investment

Intel committed to invest $32.8 billion in Magdeburg,a city in Germany for the establishment of two cutting-edge semiconductor facilities. This collaboration, with financial support from Berlin, represents the largest foreign investment ever made in Germany. The German government, recognizing the strategic importance of the semiconductor industry, pledged to provide approximately 10 billion euros in financial support toward Intel's overall investment in the country The deal is poised to bolster the country's semiconductor industry and solidify Intel's position as a leading player in the market.
Intel acquired the land for two semiconductor facilities in Magdeburg in eastern Germany in November 2022, and the company says the first of them is expected to start production in four or five years. The investment in Germany means a significant expansion of Intel's production capacity in Europe and is the biggest investment ever made by a foreign company in Germany.

Jun 20, 2023

Kotak Mahindra Bank Launches 'ActivMoney', Auto Sweep Account

Private lender Kotak Mahindra Bank's new auto sweep facility ActivMoney for customers with savings accounts will enable them to earn fixed deposit (FD)-like interest up to 7 per cent per annum. Moreover, customers will also be able to withdraw their funds anytime.
Once customers avail ActivMoney feature in their savings account, it automatically transfers the amount — above the default minimum threshold of Rs. 25,000 — in multiples of Rs. 10,000 to an FD of 180 days during which the amount earns 7 per cent interest. The amount in the savings account continues to earn 3.5 per cent interest per annum.
Kotak Mahindra Bank also extended the offer to current accounts, which are opted by businesses such as MSMEs, with a minimum threshold of Rs 50,000 over which the surplus funds earn 7 per cent interest.
The auto sweep facility essentially refers to transferring funds in excess of a threshold amount from a customer's account to a deposit that offers a better return.

Sun Life Asia Service Centres Rebrands Itself as Sun Life Global Solutions

Sun Life Asia Service Centres (ASC), a global capability centre (GCC) for the Canadian insurance and asset management major, Sun Life, repositioned itself as Sun Life Global Solutions (SLGS).
The rebranding aims to reflect SLGS's contribution in supporting Sun Life's various business groups achieve their goals. The word 'global' was brought in the name to reflect the global nature of the work done by the company.
SLGS supports all the four pillars of Sun Life—Asia, Canada, US and the asset management arm—besides its corporate functions. SLGS's work touches all the 28 geographies that Sun Life operates in.
The word 'Solutions' was added to connote innovation and solving for the future.

IndiGo Seals Biggest-ever Deal in Aviation History

Indian budget carrier IndiGo ordered a record 500 A320 planes from French manufacturer Airbus. The latest purchase eclipsed Air India's purchase of 470 jets earlier this year (2023) and has set a new record. The multi-billion dollar purchase is the largest ever by number of aircraft.
The deal has come through after months of negotiations. The planes will be delivered between 2030 and 2035.
The order also makes IndiGo Airbus' largest customer for A320 planes. IndiGo is racing to expand as travel rebounds in India in the post-pandemic period.

Bangladesh Floats Currency for the First Time to Access IMF Funds

In a historic move, Bangladesh's central bank decided to allow its currency, the taka, to float freely for the first time. The decision came in response to demands from the International Monetary Fund (IMF) and aims to unlock additional funds from a $4.7 billion loan program. While Bangladesh is not heavily indebted, the country joins a growing list of nations, including Pakistan, Egypt, and Lebanon, that have opted to loosen control over their local currencies to secure financing from the Washington-based lender.
The new market-driven exchange rate regime is expected to bring greater transparency and efficiency to foreign exchange transactions, benefiting businesses, individuals, and the overall economy. Despite concerns of depreciation, the central bank does not anticipate a significant decline in the value of the taka, which has already experienced a slight 5% decrease in 2023.
Since gaining independence in 1971, Bangladesh has relied on fixed exchange rates to manage volatility and ensure affordable imports. With the adoption of a unified exchange rate regime between the taka and the dollar (or any other foreign currency), the country aims to bridge the gap between formal and informal markets. From July 1, the central bank will cease selling foreign exchange at a discounted rate, and by the third quarter of 2023, all international transactions will be based on the new exchange rate structure.

Jun 19, 2023

Kerala CM Inaugurate First Infinity Centre of Kerala Start-up Mission in Dubai

Kerala Chief Minister Pinarayi Vijayan inaugurated the first Infinity Centre of Kerala Start-up Mission (KSUM) in Dubai, rolling out his government's ambitious programme of setting up one-stop destinations across the world to strengthen the state's ecosystem for nascent companies.
Chief Secretary VP Joy chaired the ceremony at Taj, Burj Khalifa. The event marked the start of a series of such launch pads for Kerala's start-ups to explore foreign markets by enabling non-resident Indians to help become entrepreneurs in association with KSUM.
The idea of Infinity Centres came in the context of NRIs totalling 3.2 crore, topping India in the global list of hosting the largest number of migrant citizens.
The Start-up Infinity programme aims to unite the NRI population and encourage them to launch their own businesses both abroad and in Kerala.

Axis Bank Ropes in ex-RBI Deputy Governor Vishwanathan as a Part-time Non-Executive Chairman

Axis Bank appointed former Reserve Bank of India (RBI) Deputy Governor N. S. Vishwanathan as a part-time Non-Executive Chairman for a period of three years.
In May 2023, the former RBI Deputy Governor was appointed as an independent director by the Axis Bank. Also, in April 2023 Vishwanathan was roped in as head of the advisory board of Razorpay.
Vishwanathan joined India's central bank, the RBI in 1981 in the position of Direct Recruit Officer and climbed the ladders over the decades and retired as Deputy Governor in March 2020.

RBI Approves P. Vasudevan as MD and CEO of Equitas Small Finance Bank

The Reserve Bank of India (RBI) gave its nod for the re-appointment of P. Vasudevan as Managing Director and Chief Executive Officer of private sector Equitas Small Finance Bank. The tenure of his appointment is for a period of three years.
In December 2022, the bank announced that P. Vasudevan had decided to remain as MD and CEO of the bank in response to the Board's suggestions. This was after Vasudevan announced his intention to step down in May this year to devote his time towards social welfare through his public charitable trust.
He had announced his intention to step down in May 2023 to devote his time towards social welfare through his public charitable trust.
Vasudevan is the founder of Equitas and has been associated with its journey as a microfinance institution dating back to 2007. The entity was converted into a bank, under his leadership, in 2016.

Tamil Nadu Chief Minister Launches Fintech City and Tower Projects

Tamil Nadu chief minister M. K. Stalin laid the foundation for a Fintech City and Fintech Tower in Chennai, targeting an investment of about Rs. 12,000 crore in the sector.
As per Stalin, this will attract Rs. 12,000 crore investments in the Fintech sector and create job opportunities for 80,000 persons. In November 2021, the government had brought out the Tamil Nadu FinTech Policy with sops such as reimbursing 75 per cent of operational expenses and 100 per cent of SGST for three years, apart from repayment of costs incurred for training and marketing. Besides, incentives for fintechs in Tier-3 cities will be twice those in a Tier-1 city while the limits for those setting up in a Tier-2 city will be raised to 1.5 times that of Tier-1.

Jun 18, 2023

Inkle Launches New Platform for Cross-border Payments for Start-ups

Chat-based CPA software-as-a-service (SaaS) start-up Inkle launched a platform, Inkle Transfer Pricing Payments, to allow start-ups to make cross-border payments from the United States of America (USA) to India. The funds can be transferred within one day.
The company launched the platform's beta version last month. Start-ups like GoBillion, Synth and 91SquareFeet have already transferred close to $1 million using the platform.
Customers will be charged a fixed mark-up of up to 0.50 per cent on the mid-market forex rate. Besides, start-ups will get free Foreign Inward Remittance Advice (FIRA) for each transfer on the software.

Kamal Kishore Chatiwal Appointed Managing Director IGL

Kamal Kishore Chatiwal took over as Managing Director of state-run Indraprastha Gas Limited (IGL).
IGL operates City Gas Distribution (CGD) networks across 30 districts in four states including the NCT of Delhi. IGL is a joint venture of GAIL (India) and Bharat Petroleum Corporation (BPCL) with the government of NCT of Delhi holding a 5 per cent stake.
Chatiwal took over the charge from Sanjay Kumar, who took over as Director (Marketing) at GAIL. He has more than 32 years of experience in the Oil & Gas sector particularly in Project Execution and Commissioning of Mega Petrochemical Projects, Operation & Maintenance of Gas Processing units, Natural Gas Compressor Station and cross-country LPG Pipeline.
Before joining IGL, he was working as Executive Director (O&M-JLPL) & Head of Zonal Marketing at GAIL in Jaipur.

Jun 17, 2023

India's First Micro-cap Fund Launched

Motilal Oswal Asset Management Company launched the first-ever passive fund on Nifty Microcap 250 Index. The fund aims to provide investors an opportunity to participate in the growth potential of micro-cap stocks.
The Nifty Microcap 250 Index is designed to measure performance of the top 250 companies excluding those already present in the Nifty 500 constituents. The index is well-diversified, with its top 10 holdings accounting for only 11 per cent against 59 per cent in Nifty 50 Index.
Further, it also provides diversified exposure to sectors like Industrials, Consumer Discretionary, Commodities and Healthcare that are usually underweight in broad-based market indices.
As per Pratik Oswal, Head of Passive Funds, Motilal Oswal AMC, the fund house leads the charge in unlocking the untapped potential and opportunities of this distinctive investment category, which holds immense potential and unique investment opportunities that have been overlooked by many in the industry.

Russia's Sberbank Launches Indian Rupee Accounts for Individuals

Russia's dominant lender said that individuals could now open accounts in Indian rupees, expanding the range of foreign currencies available as Moscow strives to reduce dependency on the U.S. dollar and euro.
As Sberbank has highlighted, the bank supports the trend of de-dollarisation and constantly increases the number of foreign currencies available to clients.
Sberbank has more than 100 million retail clients and already offers deposits in China's yuan and UAE dirhams.

RBI Opens Sub-office at Kohima, to Increase Presence in North-east

The Reserve Bank opened a sub-office at Kohima, and announced its aim to soon have an office in Itanagar to strengthen its presence in north-east India.
Deputy Governor Michael Debabrata Patra inaugurated the office in the capital of Nagaland, which will help expand the central bank's presence in the north-eastern region.
In the north-eastern region, RBI is present in Assam, Manipur, Meghalaya, Mizoram, Tripura and Nagaland.
RBI's Guwahati office will continue to cater to the needs of Arunachal Pradesh till the office in Itanagar is opened.
The Kohima sub-office houses Financial Inclusion and Development Department (FIDD), Consumer Education and Protection Cell (CEPC), Market Intelligence Cell and Human Resource Management Department (HRMD), while the currency management for Nagaland will continue from the Guwahati office.
The newly inaugurated sub-office is headed by General Manager Paresh Chauhan.

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