General Awareness

BUSINESS AND ECONOMY - June 2022

Jun 2022

Nov 13, 2022

Krishify Integrates with e-NAM's Platform of Platforms

Social networking platform for Indian farmers, Krishify, integrated with the Platform of Platforms (PoPs) portal by e-NAM, National Agricultural Market. e-NAM is a pan-India electronic trading portal that seeks to network existing Agricultural Produce Market Committees (APMC) to create a unified national market for agrarian commodities for farmers, traders, and other intermediaries.
As a service provider, Krishify will provide advisory services to farmers widening the reach beyond the 1 crore user base on its social network and consequently, catering to the needs of 14 crore farmers in India. Since Krishify is a social network, it comprises experts from the agriculture field such as agronomists and agri-scientists who proactively respond to farmers' original posts on farming and crop protection challenges in a bid to resolve them.

RazorpayX Launches Digital Lending Solutions for NBFCs and Fintechs

RazorpayX, the business banking platform of Razorpay launched RazorpayX Digital Lending 2.0, a complete digital lending solution for non-banking financial companies (NBFCs) and fintechs.
The latest solution will help in the automation of direct disbursals and repayments between the borrower's and the regulated entity's accounts and make it easier for NBFCs and Fintechs to work together. The solution comes after the latest digital lending guidelines issued by the RBI, which state that the transfer of money via a pass-through account or pool account of any third party or fintech is no longer compliant.

Nov 12, 2022

Nirmala Sitharaman Approves India's First Sovereign Green Bonds Framework

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman approved the final Sovereign Green Bonds framework of India. This approval further strengthen's India's commitment towards its Nationally Determined Contribution (NDCs) targets, adopted under the Paris Agreement, and help in attracting global and domestic investments in eligible green projects. The proceeds generated from issuance of such bonds will be deployed in Public Sector projects which help in reducing carbon intensity of the economy.
The Framework comes close on the footsteps of India's commitments under "Panchamrit" as elucidated by the Prime Minister Narendra Modi, at COP26 at Glasgow in November, 2021. The approval is fulfillment of the announcement in the Union Budget FY 2022-23 by the Union Finance Minister that Sovereign Green Bonds will be issued for mobilising resources for green projects.

Centre Allows Export Incentives for those Settling Trade in Rupee

The Centre amended the foreign trade policy (FTP) to enable traders to claim export benefits even if payment is settled in the rupee. So far, export incentives were available only when the trade was settled in a foreign currency.
The amendments by the Directorate General of Foreign Trade (DGFT) came into force with immediate effect.
The development came against the backdrop of the mechanism to settle international trade transactions in the rupee which was unveiled by the Reserve Bank of India (RBI) in July 2022. Given the government's push towards the internationalisation of the rupee, these policy amendments shall help ease international trade transactions in the domestic currency.

Nov 11, 2022

BEE, SIDBI to Jointly Promote Energy Efficiency Financing for MSMEs

The government body for energy efficiency Bureau of Energy Efficiency (BEE) under the Ministry of Power signed a memorandum of understanding (MoU) with the Small Industries Development Bank of India (SIDBI) for MSMEs.
The MoU will aim to promote energy efficiency financing for MSMEs and explore the internet of things (IoT)-based solutions, greening MSMEs, capacity building of various stakeholders, etc.
To encourage MSME units to undertake energy saving investments in plant and machinery to reduce energy consumption, enhance energy efficiency, reduce CO2 emissions, and improve the profitability of the units in the long run.

Amazon Becomes World's First Public Firm to lose $1 Trillion in Market Cap

Amazon.com Inc. is the world's first public company to lose a trillion dollars in market value as a combination of rising inflation, tightening monetary policies and disappointing earnings updates triggered a historic selloff in the stock this year.
Amazon and Microsoft Corp. were neck-and-neck in the race to breach the unwelcome milestone, with the Windows software maker close behind after having lost $889 billion from a November 2021 peak.

Dhanlaxmi Appoints 3 New Directors in Board, Paves the Way for Rights Issue

The board of Dhanlaxmi Bank inducted three independent directors and this opened the gates for its proposed rights issue. The issue was stuck since the bank did not have the requisite number of board members and also a women director.
The bank plans to raise Rs. 128 crore through the rights issue to boost its capital adequacy ratio, which was 12.32 per cent as on end-September.
The three new directors are K.N. Madhusoodhanan, Sreesankar Radhakrishnan and Nirmala Padmanabhan, the bank informed.

Nov 10, 2022

Adani Group Enters Sri Lanka's Port Industry as the First Indian Operator

The Adani Group became the first Indian port operator in Sri Lanka as construction of the Colombo Port's West Container Terminal (WCT) started.
The group has the majority stake in the West Container International Terminal Joint Venture (JV) which is valued at $700 million.
The build-operate-transfer (BOT) agreement which is to remain valid for 35 years is said to be the "largest" foreign investment ever in Sri Lanka's port history.
The state-run Sri Lanka Ports Authority will own 15 per cent, while local company John Keells will own 34 per cent interests in the joint project.

Adidas Appoints Bjorn Gulden as CEO of the Company

Adidas appointed Bjorn Gulden, the CEO of rival Puma, as its new Chief Executive Officer, and he will take over the German sportswear brand in January. Gulden will replace Kasper Rorsted, Adidas' CEO since 2016, whose departure was announced in August 2022. Puma, which like Adidas is based in the southern German town of Herzogenaurach, said its chief commercial officer, Arne Freundt, will replace Gulden as its CEO.
Gulden, a Norwegian who was once a professional soccer and handball player, has been Puma's CEO since 2013. He has worked at Adidas before and was its senior vice president of apparel and accessories from 1992 to 1999. He also has served as CEO of Danish jewellery brand Pandora, managing director of footwear retailer Deichmann and president of Rack Room Shoes and is board chairman at Danish food retailer Salling Group.

All India Rubber Industries Association Elects Ramesh Kejriwal as President

All India Rubber Industries Association (AIRIA) elected Ramesh Kejriwal as its president and Shashi Singh as the senior vice president.
Kejriwal will play a key role in leading forward the road map of the apex body for rubber industries in the country.
Prior to being elected to this position, Kejriwal was a Managing Committee Member of AIRIA and has previously served as the Eastern Region Chairman.
AIRIA is a non-profit organisation, serving industries for the last 77 years.

National Payments Corporation Introduces BHIM App Open-source License Model

The National Payments Corporation of India (NPCI) introduced the BHIM app open-source license model, under which the source code of the BHIM App will be licensed to regulated entities that do not have a UPI app of their own.
Currently, a large number of banks do not have a mobile banking app and by licensing the source code of the BHIM app to such banks, NPCI wants to bridge this gap by extending all the readily available features of UPI to these entities which will be an economical and quick-to-market solution for these entities.
Further, under this model new features that get launched on BHIM App in the future, will also be extended to these entities for them to continue accessing the BHIM app's latest features.

Nov 09, 2022

India's Namita Thapar, Ghazal Alagh & Soma Mondal among 20 Asia Power businesswomen

Three top Indian entrepreneurs were featured in the Forbes' Asia's Power Businesswomen 2022 list. They are among the 20 business leaders who were ranked for their achievements in their current role of running a business with sizeable revenue and demonstrating strong leadership throughout their career.
Steel Authority of India chairperson Soma Mondal, personal care brand Mamaearth's co-founder Ghazal Alagh and Emcure Pharma executive director Namita Thapar are the top Indian business leaders in the Asia's power list.

Birla Corporation Appoints New MD & CEO

MP Birla Group flagship, Birla Corporation board approved the appointment of Sandip Ghose as the company's whole-time director from December 1 to December 31, 2022, and as the Managing Director and Chief Executive Officer effective January 1, 2023, for a period of three years, subject to the approval of shareholders. The company informed that Arvind Pathak was stepping down as Managing Director and Chief Executive Officer due to personal reasons. Pathak was instrumental in charting a road map for aggressive growth and took multiple initiatives to improve efficiency.

Mahindra Rural Housing Finance Appoints Shantanu Rege as CEO

Mahindra Rural Housing Finance, a subsidiary of Mahindra and Mahindra Financial Services Ltd, appointed Shantanu Rege as the Managing Director and Chief Executive Officer.
Rege succeeded Rajnish Agarwal, who stepped down from the role on 30th September. Rege joined as an executive assistant to the group chairman, Anand Mahindra, in 2012. Post this, he moved to the rural housing business in 2016 as the chief operating officer and has played a pivotal role in driving growth opportunities within the rural housing business and spearheaded the setting up of the affordable housing business.

MF Penetration: Maharashtra, Delhi in Lead; Jharkhand in Top 10

According to data released by Association of Mutual Funds India, Maharashtra, New Delhi and Goa, respectively, had the highest mutual fund penetration in India, thanks to the higher income levels, better literacy rates and strong inflows from corporates and high net worth individuals. However, it is not that all higher income and developed states have high MF penetration and all 'poorer' states lag behind.

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