General Awareness

BUSINESS AND ECONOMY - June 2022

Jun 2022

Aug 04, 2022

LIC Breaks into Fortune 500 List

Life Insurance Corporation (LIC) broke into the latest Fortune Global 500 list, while Reliance Industries jumped 51 places.
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list.
Reliance Industries jumped 51 places to 104 on the 2022 list.
This is the first outing of LIC on the list, which ranks listed companies by sales.
The list, topped by US retailer Walmart, has nine Indian companies -- five of them state-owned, and four from the private sector.

Online Marketplace Etsy Appoints Pankaj Jathar as VP and Country Head for India

US-Based e-Commerce company Etsy Inc appointed Pankaj Jathar as the Vice President and Country Head for India. He was earlier the CEO of Prione, a joint venture between Amazon and private equity fund, Catamaran, which Infosys founder N. R. Narayana Murthy floated.
Jathar held various senior roles at Amazon between 2011 and 2017 and was part of its Indian operations launch team. An engineer from Mumbai's Bharati Vidyapeeth University with an MBA from Kolkata's Indian Institute of Management, he has also worked with Accenture.
Since its launch in 2005, Etsy has become a niche destination for consumers seeking handcrafted products by local artisans. The online marketplace has been investing in India, which it considers one of its seven core markets globally.

Vodafone Idea (Vi) Appoints Ravinder Takkar as Chairman

Ravinder Takkar, MD and CEO of Vi (Vodafone Idea Limited), will take over as chairman from August 19. He replaces Himanshu Kapania, who stepped down as non-executive chairman of the company. Kapania was appointed non-executive chairman last August. Takkar's three-year term as MD and CEO ends in August and he is being replaced by chief financial officer (CFO) Akshaya Moondra.

Aug 03, 2022

BharatPe Founder Bhavik Koladiya Quits, Months after Ashneer Grover's Exit

BharatPe's founder Bhavik Koladiya resigned from his position at the unicorn fintech company.
The development came a few months after another co-founder and managing director Ashneer Grover's exit, following weeks of dispute between him and the management on alleged misappropriation of funds.
His (Koladiya's) contract tenure ended on July 31, 2022, and he expressed his desire to spend time on other assignments outside BharatPe.
BharatPe said Koladiya had been associated with it as an independent consultant, guiding the firm's product and technology teams.

India Achieves Milestone of 75,000 Recognised Start-ups

The Department for Promotion of Industry and Internal Trade (DPIIT) recognised over 75,000 start-ups. This milestone was achieved at the time when India is celebrating 75th year of Independence and Azadi ka Amrit Mahotsav. Start-up ecosystem in India is picking up through innovation, enthusiasm, and entrepreneurial spirit.
On January 16, 2016, a program was started to put forward an action plan for building a strong start-up ecosystem in India.
January 16 is now celebrated as the National Start-up Day.
Start-up India Program was launched by government to provide an enabling environment for the start-ups. This program has become a launchpad for those start-ups. Under this program, government provides fund to tax incentives, support intellectual property rights in a bid to ease public procurement, and enables regulatory reforms to get access to the international fest & events. Thus, the program has become synonymous with sustainable economic growth.

SIDBI Partners with SVC Bank for Empowering MSMEs

SVC Co-operative Bank Ltd and Small Industries Development Bank in India (SIDBI) announced that they entered into a partnership.
The agreement was signed by Ashish Singhal, MD, SVC Bank and Sanjeev Gupta, GM, SIDBI in Mumbai. As per the agreement, SIDBI will extend refinance facility to SVC Bank to facilitate an improved flow of credit to MSMEs.
As the principal financial institution for promotion, financing and development of the MSME sector as well as coordinator of functions of institutions engaged in similar activities, SIDBI recently decided to extend refinance assistance to eligible scheduled Urban Co-operative Banks (UCBs) and Regional Rural Banks (RRBs).

Private Banks Reported most Data Breaches in 2018-22

As per reports, private banks reported the most data breaches between June 2018 and March 2022 in attacks that stole business and personal information, said a minister on Tuesday.
All banks reported 248 data breaches in the four-year period, Minister of State for Finance Bhagwat Karad told Rajya Sabha. Of those attacks, 205 were in private banks and 41 in state-owned. The remaining two were at foreign banks.
The Reserve Bank of India (RBI) has a Cyber Security Framework for Scheduled Commercial Banks, which requires banks to implement cyber/IT (Information technology) controls to prevent data leakage.

Aug 02, 2022

Godrej Properties Appoints Gaurav Pandey as CEO

Godrej Properties Limited (GPL) appointed Gaurav Pandey as the new Managing Director and Chief Executive Officer, effective from 1 January, 2023.
Gaurav Pandey will replace Mohit Malhotra who resigned from the company.
Gaurav Pandey has been part of GPL for five years. He joined in February 2017 as Business Head and by April 2021 he was appointed as CEO of North Zone of GPL. He has over 17 years of experience in the real estate sector. He is passionate about the sector and believes it will be a key growth driver for the Indian economy.

IRDAI Tightens Anti-money Laundering Rules for Insurance Companies

The insurance regulator stiffened the anti-money laundering rules as part of consolidation of the guidelines for the sector.
The rules issued to consolidate and update guidelines on anti-money laundering replaced the assorted norms issued since 2013. The key change was that exemptions and relaxations from the guidelines for companies were done away with. So, no life, general, or health insurer can claim any relaxations to comply with the money-laundering rules, as set out by the Reserve Bank of India.

Anand Burman Takes Charge as Non-executive Chairman of Eveready Industries

Anand Burman was appointed non-executive chairman of Eveready Industries in the first board meeting since the Burman family, promoters of Dabur India, took control of the company.
The post of chairman in the country's largest dry cell battery maker was vacant since Aditya Khaitan, the younger son of late Brij Mohan Khaitan, stepped down as the non-executive chairman following the announcement of open offer by the Burman family.

Aug 01, 2022

Ujjivan to Enter Gold Loan Segment

With an aim to increase its secured asset portfolio, Ujjivan Small Finance Bank is entering the gold loan segment shortly and also extending auto loan offerings to non-micro borrowers.
Like other small finance banks, currently, as much as 70 per cent of Ujjivan's assets are unsecured/without collaterals, and a vast majority of its customers are micro-loan borrowers. The remaining 30 per cent are under secured loan category. The management has set a target of having half the assets in the secured segment over the next three years.

Jul 30, 2022

Egypt Signs $8 Billion Agreement with India for Suez Canal Economic Zone

Egypt and an Indian company signed a memorandum of understanding (MoU) to construct a green hydrogen factory in the Suez Canal Economic Zone, according to a cabinet announcement. The MoU states that Indian ReNew Power Private Limited (RENE.BO) will invest $8 billion to construct a facility that will create 20,000 tonnes of green hydrogen annually.
According to the Chairman of the renewable energy company, ReNew Power and the Egyptian government signed a preliminary deal to invest up to $8 billion to create green hydrogen there.
ReNew is one of numerous Indian businesses exploring the potential of green hydrogen, which is thought to be essential for decarbonizing difficult-to-reduce heavy industries.

Cabinet Clears BSNL-BBNL Merger

The Union Cabinet cleared the merger of Bharat Broadband Network Limited (BBNL) into the state-owned telecom operator Bharat Sanchar Nigam Limited (BSNL) during the cabinet meeting.
With the merger, BSNL will get an additional 5.67 lakh kilometres of optical fibre which was laid across 1.85 lakh village panchayats in the country using the Universal Service Obligation Fund (USOF). Currently, it has an optical fibre cable network of over 6.83 lakh kilometres.

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