General Awareness

BUSINESS AND ECONOMY - June 2022

Jun 2022

Jul 19, 2022

Centre Amends Legal Metrology Rules 2011 for Ease of Doing Business

Centre amended the Legal Metrology (Packaged Commodities) Rules for ease of doing business and reducing the compliance burden for the electronic industries. The amendment would allow the industry to declare the information in digital form through the QR Code.
The Department of Consumer Affairs allowed electronic products to declare certain mandatory declarations through the QR Code for a period of one year, if not declared in the package itself.
This amendment would allow important declarations to be declared effective on the label in the package while the other descriptive information can be conveyed to the Consumer through the QR Code.

DBS Named 'World's Best SME Bank' by Euromoney for Second Time

DBS wasrecognised as the 'World's Best SME Bank' yet again, entrenching the bank's position as a global industry leader in partnering SMEs to grow and expand their businesses across borders and digitally.
DBS' latest global best SME bank accolade came from leading UK-based financial publication Euromoney, which honoured DBS with the 'World's Best SME Bank' title for the second time since 2018.

Ashish Kumar Chauhan: New NSE Chief

The Securities and Exchange Board of India (SEBI) approved the appointment of Ashish Kumar Chauhan as the next Managing Director and CEO of the National Stock Exchange (NSE), the country's largest stock exchange.
Chauhan is currently the MD and CEO of the BSE and his tenure will end in November 2022. He will join in place of Vikram Limaye whose five-year tenure ended on July 15.
Chauhan is one of the founders of the NSE where he worked from 1992 to 2000. At the NSE, he was involved in setting up India's first fully automated screen-based trading system and first commercial satellite communications network.
This is Chauhan's second tenure in the BSE and under SEBI guidelines, a candidate cannot be appointed as MD & CEO for more than two tenures.

TCS is UK's No.1 Software and IT Services Company Once Again

Tata Consultancy Services (TCS) was ranked number one by revenue among the top 30 suppliers of software and IT services (SITS) to the UK market by industry analyst firm, 'TechMarketView'.
The report was compiled through a detailed analysis of UK revenues of over 200 publicly quoted and privately held companies. TCS retained its position as the UK's largest SITS provider.

Jul 18, 2022

RBI and Bank Indonesia Sign MoU to Improve Mutual Cooperation

The Reserve Bank of India and Bank Indonesia entered into an agreement to expand cooperation in payment systems, digital financial innovation, and anti-money laundering and combating the financing of terrorism (AML-CFT).
The two central banks signed a Memorandum of Understanding (MoU) in Bali on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting to improve mutual cooperation.
The MoU will be implemented through policy dialogue, technical cooperation, exchange of information and joint work.
It was signed by RBI Deputy Governor Michael Debabrata Patra and BI Deputy Governor Dody Budi Waluyo in the presence of RBI Governor Shaktikanta Das and BI Governor Perry Warjiyo.

NHPC Inks Two Pacts to Develop Green Hydrogen Technology in Leh, Kargil

State-owned hydro power giant NHPC inked two agreements to develop green hydrogen technologies in Leh and Kargil.
NHPC signed two MoUs for the development of 'Pilot Green Hydrogen Technologies' in line with the country's resolve to reduce the carbon footprint in the Power Sector in Leh and Kargil districts of Union Territory of Ladakh.
The MoUs were signed in the presence of R.K. Mathur, Lieutenant Governor, Union Territory of Ladakh.

IOC Enters Niche Segment with Bikers Cafe to Meet Needs of Expedition Rides

As competition in fuel retailing grows, state-owned Indian Oil Corporation (IOC) launched a unique Bikers Cafe to cater to the needs of biker expeditions to the Himalayas as it looks to retain its market leadership with differentiated offerings tailored for various consumer sets.
The first such offering was started near Shimla and more such facilities would be set up along the Chandigarh-Manali route as well as the Chandigarh-Kaza sector.
IOC turned one of its most popular petrol pumps at Shogi just outside Shimla into a Bikers Cafe that offers services from resting area along with parking for motorcycles to utility items such as lip guard, sunscreen lotion, gloves, raincoats and tarpaulin as well as WiFi.
The most popular routes for various tour organisers are Delhi-Chandigarh-Manali-Leh-Srinagar-Pathankot-Delhi, Delhi-Shimla-Kaza-Leh-Manali-Chandigarh-Delhi, Spiti Valley tour and the Ladakh Valley leg.
Shimla is a major wayside halt for refuelling. And that's where the company set up the Bikers Cafe ahead of the biking season.

Govt. Launches "Jagriti" Mascot for Empowering Consumers and Generating Awareness towards their R...

The Department of Consumer Affairs (DoCA) launched "Jagriti", a mascot for empowering consumers and generating awareness of their rights. Jagriti would be projected as an empowered consumer who is spreading awareness about consumer rights & addressing solutions to the problems faced by the consumers.
The "Jagriti" mascot would be used to generate consumer awareness about various themes of the Department like provisions of Consumer Protection Act 2019, Hallmarking, National Consumer Helpline toll free number 1915, provisions of weights & measures Act, decisions of the Central Consumer Protection Authority and testimonials by consumers on grievance redressal.
By bringing the Jagriti Mascot, DoCA aims to strengthen its consumer awareness campaign presence in digital and multimedia and reinforce a young empowered and informed consumer as a top-of-mind consumer rights awareness recall brand.
Jagriti mascot shall be shown along with tagline "Jago Grahak Jago" in all its media campaigns. The two are new synonymous with young aware consumers and bring sharp focus to consumer rights knowledge and movement.

Jul 17, 2022

NASSCOM Joins Hand with Google for DigiVaani Call Center

NASSCOM Foundation and Google announced setting up a call centre in collaboration with a not-for-profit body Indian Society of Agribusiness Professionals (ISAP) to help women farmers scale up their business. The "DigiVaani Call Center" project is being run on a pilot basis and initially around 20,000 rural women entrepreneurs shall be covered across six states, Himachal Pradesh, Uttarakhand, Uttar Pradesh, Bihar, Haryana and Rajasthan.
DigiVaani will be one place where rural women entrepreneurs will be able to call and get information around various schemes available for them, which can help them scale up their business, be it government schemes or any other information that can be of help for them.
A DigiVaani call centre has been set up at the Delhi and Lucknow offices of ISAP. The project is funded by Google, through its philanthropic arm Google.org.

Quantum Mutual Fund Launches India's First Nifty 50 ETF Fund of Fund

Quantum Mutual Fund launched the country's first Nifty 50 ETF Fund of Fund. The fund will invest in the units of Quantum Nifty 50 ETF.
As per Chirag Mehta, chief investment officer, Quantum MF, Nifty ETF FoF is a more efficient structure than a Nifty 50 Index Fund. "Each unit of Nifty ETF represents 1/10th of the value of Nifty Index. This allows small inflows in the fund to get easily deployed. Whereas with a Nifty Index Fund you need around Rs. 20 lakh of inflow to properly replicate the index. This could lead to higher tracking error.

FSIB Recommends Former Union Bank of India MD for Post of NaBFID MD

The Financial Services Institutions Bureau (FSIB) recommended former Union Bank of India Managing Director Rajkiran Rai as the head of government-owned Development Finance Institution (DFI).
As part of its first appointment after getting restructured, the FSIB interviewed five candidates for the position of managing director of National Bank for Financing Infrastructure and Development (NaBFID). The Centre, earlier this month, transformed the Banks Board Bureau (BBB) into FSIB and expanded the headhunter's role to suggest appointments for public sector banks, insurance companies and financial institutions.
The DFI is looking to commence its operations soon. The Centre, in October 2021, had appointed K. V. Kamath as chairperson of the government-owned DFI. Subsequently, government nominees Pankaj Jain and Sumita Dawra were appointed directors to the board of DFI.
The government has already infused Rs. 20,000 crore into NaBFID to help the DFI start its operations to catalyse investment in the infrastructure sector.

Jul 16, 2022

Aditya Birla Sun Life Insurance Launches ABSLI Fixed Maturity Plan

Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), announced the launch of a savings solution ABSLI Fixed Maturity Plan, a non-linked, non-participating endowment product providing fully guaranteed benefits as a lump-sum on maturity. This plan offers policyholders short- and long-term financial security and provides returns of up to 6.41% along with a life cover.
The plan is a single-pay proposition (premium payment term) and allows the policyholder to choose from a wide range of policy terms (5-10 years) to fit individual needs.
Through its new offering, ASBLI intends to cater to investors who prefer simplified products like fixed deposits.

TCS Launches TCS Pace Port Toronto, its Global Research & Co-innovation Centre

Tata Consultancy Services launched TCS Pace Port™ Toronto, its fifth global research and co-innovation centre, to help Canadian companies bring digital innovations to life faster.
Pace Port Toronto provides companies with access to the latest technologies and breakthrough thinking from TCS Research labs, start-ups, VCs, entrepreneurs, and academia - including the University of Toronto - as well as TCS' network of Pace Ports in New York, Pittsburgh, Amsterdam, and Tokyo.
Pace Port Toronto features an agile workspace, training space, academic research lab, and innovation showcase to encourage rapid prototyping, research, and commercialising of advanced technologies.

HDFC Bank Partners with NIIT, Launches PG Programme in Data Engineering

National Institute of Information Technology, Institute of Finance, Banking and Insurance (IFBI), a subsidiary of NIIT Limited, announced a partnership with HDFC Bank to build digital talent for the banking industry. The partnership aims to nurture talent in tech field of data science and empower them to leverage data meaningfully and deliver useful business insights.
The first learning program to be launched is the HDFC Bank Data Digits-Post Graduate Program in Data Engineering. The learning programs will be delivered through live, instructor-led sessions, and guest lectures from senior executives of HDFC Bank. Through this program the bank aims to hire close to 100 data scientists in one year.

Jul 15, 2022

Govt. Extends RoSCTL Scheme till March 2024 for Exports of Apparel/Garments

The government approved the continuation of the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) with the same rates as notified by the Ministry of Textiles for exports of apparel/garments and made-ups till March 31, 2024, with a view to boost exports and job creation in the textile sector.
After the introduction of GST in 2017, the RoSL (Rebate of State Levies) scheme was replaced by a new scheme – Rebate of State and Central Taxes Levies (RoSCTL) in March 2019.

Raymond Appoints Coca-Cola veteran Atul Singh to Lead the Group

Raymond announced that Atul Singh will lead the group.
The nomination and remuneration committee of Raymond has recommended his appointment as executive vice-chairman to the Board. It is subject to necessary regulatory clearances.
Singh has over 35 years of leadership experience, leading businesses across several geographies. He worked at Coca-Cola for about two decades at several senior leadership positions and concluded his journey there as chairman, Asia-Pacific. He also spearheaded businesses across 25 countries.
Prior to joining Coca-Cola, Singh worked at Colgate-Palmolive for 10 years where he held several key positions globally.

Israel Sells Haifa Port to Adani Ports, Israel's Gadot for $1.2 bn

Israel said that it will sell Haifa Port, a major trade hub on its Mediterranean coast, to winning bidders Adani Ports of India and local chemicals and logistics group Gadot for 4.1 billion shekels ($1.18 billion).
Gadot and Adani made it to the end of a two-year tender process that Israel hopes will lower import prices and help shorten notoriously long wait times at Israeli harbours.
The privatisation of the port of Haifa will increase competition at the ports and lower the cost of living.
Adani will have a majority 70% stake and Gadot will hold the remaining 30%.

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