General Awareness

BUSINESS AND ECONOMY - June 2022

Jun 2022

Jun 12, 2023

Star Health Founder Venkatasamy Jagannathan Resigns from Company's Board

In May 2006, when Venkatasamy Jagannathan started Star Health and Allied Insurance Company (Star Health), he and his 12 employees were sitting in a dingy room on Madha Church Road in Chennai with a monthly rent of about Rs. 30,000. Today when he resigned as the non-executive chairman and director, the market capitalisation of Star Health was close to Rs. 30,100 crore with over 14,000 employees, scripting an unparalleled growth story for the country's first standalone health insurance company.
For the 79-year-old industry veteran, this is not the first retirement in his 53-year stellar career. Before Star Health, he had scripted a real turnaround saga with state-run United India Insurance Company (United India). When he took over as chairman and managing director (CMD) of United India in 2001, the company was ratcheting up losses of Rs. 50 lakh. When he retired in October 2004, it chalked up a profit of over Rs. 400 crore.

Colliers Appoints Ramaiy Kapoor as MD for its Data Centre Business in India

Commercial real estate company Colliers announced the appointment of Ramaiy Kapoor as the Managing Director for Data Centre for its India business. This came at a time when the company has been increasing its focus on the data centre business in the country.
Kapoor joined Collies from CapitaLand, where he was heading the investment and commercials division for their India Data Centre business. According to the company, Ramaiy will work closely with the top India leadership to capture a higher market share and drive profitability for the firm's Data Centre business.

India Tops World Ranking in Digital Payments

According to data from MyGovIndia, India with 89.5 million digital transactions in the year 2022 topped the list of five countries in digital payments.
As per the data, India in the year 2022 accounting for 46 per cent of the global real-time payments, adding that the digital payment transactions in India is more than the other four leading countries combined.
Second, on the list is Brazil which amounted to 29.2 million transactions followed by China with 17.6 million transactions. Fourth was Thailand with 16.5 million digital transactions followed by South Korea with 8 million worth of transactions, the data from MyGovIndia stated.
MyGovIndia is a citizen engagement platform of the Government of India, giving people the opportunity to work towards Surajya with their ideas and grass root level of contribution.

Anantharaman is New TransUnion Cibil Chairman

V. Anantharaman, a seasoned banker with extensive experience in the banking industry, was appointed as the non-executive chairman of credit bureau TransUnion CIBIL. Anantharaman has held leadership positions in corporate and investment banking teams at renowned international firms such as Standard Chartered Bank, Credit Suisse, Deutsche Bank, and Bank of America.
TransUnion CIBIL Limited is a credit information company operating in India. It maintains credit files on over 600 million individuals and 32 million businesses. TransUnion is one of four credit bureaus operating in India and is part of TransUnion, an American multinational group.
TransUnion CIBIL was founded in 2000 and is headquartered in Mumbai, India. The company's mission is to "provide accurate and comprehensive information to help businesses make informed decisions and consumers build their financial future."
TransUnion CIBIL collects data on credit accounts, loans, and other financial information from lenders and other financial institutions. The company then uses this data to create credit reports and scores for individuals and businesses. Credit reports and scores are used by lenders to assess the risk of lending money to borrowers.

FSIB Announces New Leadership for GIC Re and NIC

The Financial Services Institution Bureau (FSIB) selected N. Ramaswamy, General Manager, General Insurance Corporation of India (GIC Re), as the next Chairman and MD (CMD) of the company, while M Rajeswari Singh, General Manager & Director (GMD), United India Insurance, was selected as the CMD of National Insurance Company (NIC).
After due approval of the Appointments Committee of Cabinet (ACC), Ramaswamy will get a two-year term. The post of CMD at GIC Re will fall vacant after Devesh Srivastav completes his four-year tenure in September-end after reaching 60 while NIC CMD post will be filled up after Suchita Gupta leaves in August end. FSIB chose Sat Pal Bhanoo and R. Doraiswamy as new Managing Directors of Life Insurance Corporation.
The Financial Services Institution Bureau (FSIB) is an autonomous body of the Government of India. It was established in 2017 with the objective of improving the governance and performance of financial institutions in India. The FSIB has the following powers and functions:
To recommend persons for appointment as whole-time directors and non-executive chairpersons on the boards of financial institutions
To advise on certain other matters relating to personnel management in financial institutions
To monitor the performance of financial institutions and to take appropriate action, if necessary
To promote good governance practices in financial institutions

Jun 11, 2023

Federal Bank Launches 'I am Adyar, Adyar is me' Campaign in Chennai

The Federal Bank initiated a unique campaign in Chennai, titled 'I am Adyar, Adyar is me,' to celebrate the rich culture and stories of the local community. The campaign transforms an entire bank branch into a museum of local stories, showcasing the struggles and triumphs of individuals who make Adyar special. With vibrant paintings adorning the walls and an exclusive exhibition featuring 40 compelling stories, the campaign aims to capture the essence of Adyar.
The Federal Bank's Adyar branch has undergone a remarkable transformation for the 'I am Adyar, Adyar is me' campaign. The branch was converted into a living museum, showcasing the soul of Adyar through art and stories. Vibrant paintings now adorn the walls, reflecting the lively spirit of the locality.

Jun 10, 2023

LIC Raises Stake in Tech Mahindra

Life Insurance Corporation of India (LIC) increased its equity shareholding in IT services provider Tech Mahindra through a series of open market transactions over a period of more than six months. LIC's stake in Tech Mahindra rose from 6.869 per cent to 8.884 per cent, with an increase of 2.015 per cent during the period from November 21, 2022, to June 6, 2023. This move demonstrates LIC's confidence in Tech Mahindra's prospects and highlights the growing importance of the IT sector in India's financial landscape.

RBI Updates 'Alert List' of Entities Not Authorised to Deal in Forex Trading

The Reserve Bank updated its 'Alert List' for the public on unauthorised forex trading platforms by adding eight more entities taking the total to 56. In September 2022, the central bank had come out with an 'Alert List' of unauthorised forex trading platforms containing the names of 34 entities.
The list was updated in February 2023 also. Now there are 56 entries in the list.
The eight new entities added are: QFX Markets, WinTrade, Guru Trade7 Limited, Bric Trade, Rubik Trade, Dream Trade, Mini Trade, and Trust Trade.

Jun 09, 2023

India Emerges as the World's 2nd Largest Producer of Crude Steel

Union Minister of Steel and Civil Aviation, Jyotiraditya M. Scindia stated that India has moved from 4th largest producer of crude steel to the second largest producer of crude steel from 2014-15 to 2022-23 standing just behind China which is the largest exporter of crude steel in the world. India reported a hike of 42% in Crude steel production from 88.98 MT(Metric ton) in 2014-15 to 126.26 MT in 2022-23.
The National Steel Policy formulated by the Government of India in 2017 to promote the growth and development of the steel industry in the country has set the targets of achieving the total crude steel capacity of 300 MTPA(Million Tonnes Per Annum) and total crude steel demand/production of 255 MTPA by 2030-31. By 2030-31, it is also envisaged to enhance the operational capacity of crude steel production of SAIL from existing 19.51 MTPA to around 35.65 MTPA tentatively.

RBI Monetary Policy 2023, Repo Rate Unchanged,

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) announced its policy decision. The 2nd bi-monthly monetary policy meeting of FY24 was held from June 6 to 8 and its outcome was announced on June 8. The next meeting of the MPC is scheduled during August 8-10, 2023. All members of the MPC – Shashanka Bhide, Ashima Goyal, Prof. Jayanth R. Varma, Rajiv Ranjan, Michael Debabrata Patra, and Shaktikanta Das – unanimously voted to keep the policy repo rate unchanged at 6.50 per cent.

Jun 08, 2023

Sequoia India Renames Itself as Peak XV Partners; to operate independently

The venture capital firm Sequoia's India and Southeast Asia arm, which manages over $9.2 billion across 13 funds, announced that it is being renamed Peak XV Partners globally. The rebranding happened after Sequoia Capital (US/Europe), Sequoia China, and Sequoia India & Southeast Asia decided to become independent firms with distinct brands.
Over the years, the strategies for each of Sequoia's business have diverged and the scale and market leadership across different geographies has started to result in brand confusion and portfolio conflict.
"This has led the leaders of each business to collectively decide to move to fully independent partnerships with distinct brands, in order to serve founders and Limited Partners in the best manner.
Peak XV Partners will continue to invest across stages (seed, venture, growth) and sectors like SaaS, AI, developer tools, cyber security, cloud infrastructure, climate tech, fintech, health tech and consumer. The firm will further strengthen its unique and industry-leading programs like Surge and Spark that has been very well received by founders.

Andhra Pradesh Grameena Vikas Bank (APGVB) Get New Chairman

Prathapa Reddy, Deputy General Manager of State Bank of India (SBI), was appointed as Chairman of Andhra Pradesh Grameena Vikas Bank (APGVB).
Reddy previously headed the Real Estate Housing Business Unit at SBI Bhopal Circle. He has held a number of positions at SBI, including Regional Manager and head of the Agriculture Development Branch and Retail Assets Centralised Processing Centre in Hyderabad.
APGVB, supported by SBI, is a beneficial Local Rustic Bank serving clients across 28 regions in Telangana and Andhra Pradesh. The goals of APGVB are to encourage economic growth and financial inclusion in the region.

Kotak Bank Launches Réserve, a Premium Account for the super rich

Kotak Private Banking, a division of Kotak Mahindra Bank Limited, unveiled Kotak Réserve, a savings programme curated exclusively for UHNIs (Ultra High Net Worth Individuals) and HNIs (High Net Worth Individuals). This by-invite programme extends beyond banking services, offering a range of exclusive amenities to provide clients with an unparalleled luxury banking experience.
The Kotak Réserve savings programme aims to deliver a premium banking experience by offering exclusive lifestyle benefits in areas such as travel, health and wellness, and entertainment. These additions enhance Kotak Private Banking's bespoke services provided to their esteemed clientele.
Key offerings of Kotak Réserve include an Epicure Privileged Membership by Taj, Lafayette Luxury Concierge services, BookMyShow vouchers, preferential pricing on services, and the Kotak White Reserve credit card. These privileges encompass a spectrum of services such as luxury stays, dining experiences, spa treatments, customised lifestyle solutions, access to exclusive Michelin-starred restaurants, and more.

Axis Bank Joins Hands with Kiwi App to Facilitate UPI Payments Using Credit Cards

Axis Bank joined hands with Kiwi, a credit card platform, to launch credit on UPI app. The Kiwi app aims to offer a one-stop solution for RuPay credit card users.
The lender is aiming to craft a direct-to-customer model in the credit card market wherein customers can pay either using a bank account directly or a credit card via phones in a secure manner.
Apart from that Kiwi Credit Card users will be given a digital RuPay credit card instantly through which users will be able to link the UPI and Rupay Card in the app to help them avail the Credit on UPI offers and cashback. The Kiwi Credit Card UPI application will also let the customers manage their cards by setting the card limit, blocking the card, and more.

DS Group Acquires Chocolate Brand LuvIt

In a strategic move to expand its packaged foods portfolio, DS Group acquired Good Stuff Pvt Ltd that owns chocolate and confectionery brand LuvIt. The move will strengthen the company's presence in the chocolates and confectionery space. It also came close on the heels of the company's partnership with Swiss chocolate brand Laderach for India.
DS Group, which is known for brands such as Catch Spices and Pass Pass mouth freshener, did not disclose the commercials of the deal. The Bengaluru-based Good Stuff Pvt Ltd, founded in 2014, was earlier owned by Goldman Sachs and Mitsui Ventures.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

August GK, July GK, June GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26