General Awareness

BUSINESS AND ECONOMY - June 2022

Jun 2022

Jul 05, 2022

Julius Baer Appoints Umang Papneja as India unit CEO

Julius Baer, the leading Swiss wealth management group, appointed Umang Papneja as the new chief executive officer for its India operations.
Papneja will report to Rahul Malhotra, head global India and developed markets as he takes over the role from Ashish Gumashta, who will become executive chairman at Julius Baer India.
Umang Papneja joined the global wealth management company from IIFL Wealth Management where he served as the chief investment officer dealing with multiple asset classes including equities, real estate, fixed income, commodities and alternatives.

Aviva Life Insurance Appoints Asit Rath as New CEO

Private life insurer Aviva Life Insurance Company India appointed Asit Rath as its Chief Executive Officer and Managing Director.
He will take up his role on July 11 and succeed Amit Malik who is leaving the business after 10 years.
Rath is currently the CEO of Prudential Myanmar Life Insurance and has 22 years of banking and insurance experience in India and Myanmar.
Aviva Life Insurance Company India Limited is a joint venture between Dabur Invest Corp and Aviva International Holdings Limited, a UK-based insurance group. Aviva International has been associated with India since 1834.

Neelachal Ispat Nigam Hands over Ownership to TSLP

The privatisation of Neelachal Ispat Nigam Ltd (NINL) was completed, with its handover to Tata group firm TSLP.
NINL is the second successful privatisation by the current government. Incidentally, Air India, the first company on the privatisation list, too was bought by Tata Group.
Tata Steel Long Products (TSLP) had in January 2021 emerged as the winning bidder, for loss-making NINL, which is a joint venture of 4 CPSEs -- MMTC, NMDC, BHEL, MECON -- and 2 Odisha government PSUs -- OMC and IPICOL.

Start-up Ranking 2021: Gujarat, Karnataka Emerge as Best Performers

Gujarat and Karnataka emerged the "best performers" in the third edition of States' Start-up ranking, 2021, while Meghalaya bagged the top honour among North-eastern (NE) states.
In the second edition of the survey, which was conducted in 2020, Gujarat was the best performer.
States and UTs with a population of more than 10 million are ranked separately from those with a lower population.
UTs and states are classified into five categories based on their performance in the survey. They are best performers, top performers, leaders, aspiring leaders and emerging start-up ecosystems.
Top performers among the larger states include Kerala, Maharashtra, Odisha and Telangana.
Among smaller states and UTs, Jammu and Kashmir was adjudged the top performer.

Jul 04, 2022

Ex-Honda Executive Yadvinder Singh Guleria Appointed CCO of Royal Enfield

Royal Enfield appointed ex-Honda Motorcycle and Scooter India executive Yadvinder Singh Guleria as its Chief Commercial Officer (CCO).
Guleria would be responsible for leading motorcycle maker Royal Enfield's business growth globally across India and all international markets - and spearheading sales, marketing and aftermarket functions, the company said in a statement.
He would report to Royal Enfield CEO B Govindarajan and would be part of the company's management team.

Centre Makes FCRA Stricter, Amends Seven Points in 2011 Rules

The Central government made seven key amendments to existing rules of the Foreign Contribution (Regulation) Act (FCRA) rules 2011 that aim at prohibiting acceptance and utilization of foreign contribution or foreign hospitality for any activities detrimental to the national interest.
The new rules, now renamed as Foreign Contribution (Regulation) Amendment Rules, 2022, came into effect in July 2022. The new rules are an amendment to the Foreign Contribution (Regulation) Rules, 2011.

Govt. Revamps Banks Board into Financial Services Institutions Bureau

The government transformed Banks Board Bureau (BBB), the head-hunter for directors of state-owned banks and financial institutions, into Financial Services Institutions Bureau (FSIB) by making some amendments.
Guidelines for selection of general managers and directors of public sector general insurance companies were made part of FSIB.
The amendments were required as the Delhi High Court in its order in 2021 had said that BBB is not a competent body to select the general managers and directors of state-owned general insurers.

Ahmedabad India's most Affordable Housing Market in H1CY22

According to Knight Frank India's latest proprietary study Affordability Index, of the top eight cities in the country, Ahmedabad was the most affordable for home buyers in the first half of calendar year 2022.
Following Ahmedabad are Pune and Chennai, at 26 per cent each, even as the Knight Frank India study found that all markets saw a decline in affordability due to the recent rise in home loan rates triggered by the 90 BPS rise in repo rates.
For its proprietary Affordability Index, Knight Frank India tracks the equated monthly installment (EMI) to income ratio for an average household to calculate a city's score.

Jul 03, 2022

Andhra, Gujarat 'Top Achievers' in Govt. Survey on Reforms for Business

Seven states, including Andhra Pradesh and Gujarat, emerged as the "top achievers" in the government's latest feedback-based survey to recognise and identify the exemplary reform measures undertaken by the states and Union Territories to improve the business environment.
The latest fifth edition of the Business Reforms Action Plan (BRAP), 2020, by the industry department did not rank states on the ease of doing business measures undertaken by them and categorised them into categories such as top achievers, achievers, aspirers and emerging business ecosystems. The other top achievers include Haryana, Karnataka, Punjab, Tamil Nadu and Telangana.

Sanjiv Mehta Appointed as President Commissioner of Unilever Indonesia

Sanjiv Mehta, MD and CEO of Hindustan Unilever, was appointed president commissioner (non-executive chairman) of PT Unilever Indonesia Tbk (Unilever Indonesia).
It is a public company and a member of the Unilever group. The appointment is subject to approval from shareholders at Unilever Indonesia's general meeting.
Mehta will join the company's board of commissioners and chair it in a non-executive capacity.
Mehta would continue his role at Hindustan Unilever and as president, Unilever South Asia. He is also a member of the Unilever Leadership Executive.

Jul 02, 2022

Govt Approves Deregulation of Sale of Domestically-produced Crude Oil

The government allowed firms like ONGC and Vedanta to sell locally produced crude oil to any Indian refinery for turning it into fuel, such as petrol and diesel, as it deregulated one of the last few avenues that were still under its control.
While contracts for oilfields awarded since 1999 gave producers the freedom to sell oil, the government fixed buyers for crude produced from older fields, such as Mumbai High of ONGC and Ravva of Vedanta.
The decisions taken at a meeting of the Union Cabinet, Information and Broadcasting Minister Anurag Thakur said that from October 1, the companies will have the freedom to sell crude oil in the domestic market.
However, the ban on the export of crude oil will continue.

Airtel Payments Bank Partners Axis Bank to Digitise the Cash Collection

Airtel Payments Bank partnered with Axis Bank to digitise the cash collection system in Tier III cities and semi-urban regions.
Under this partnership, Airtel Payments Bank will leverage the extensive reach of its digital-led neighbourhood banking model to support Axis Bank with the digitisation of last-mile cash collections.
Through this tie-up, Axis Bank and its customers will benefit significantly by building operational efficiencies in the cash management process. This would also speed up the payment cycle and help in releasing the bandwidth of field agents who operate across the country.

Jul 01, 2022

SBI Celebrates 66th Foundation Day

The oldest commercial bank in the country, State Bank of India (SBI) celebrated its 66th year. SBI descends from the Bank of Calcutta founded in 1806 through the Imperial Bank of India.
The Bank of Madras merged into the other two presidency banks, the Bank of Calcutta and the Bank of Bombay to form the Imperial Bank of India which in turn became the State Bank of India on 1st July in 1955.
SBI is an Indian multinational, public sector banking and financial services statutory body headquartered in Mumbai.

Renminbi Liquidity Arrangement

The central bank of China inked an agreement with the Bank for International Settlements (BIS), for establishing a Renminbi Liquidity Arrangement (RMBLA).
The Renminbi Liquidity Arrangement will provide support to participating central banks during market fluctuations.
It could be used in periods of market volatility in future,
In addition to People's Bank of China, the first participants of this arrangement would include Bank of Indonesia, Hing Kong Monetary Authority, Central Bank of Malaysia, Central Bank of Chile and Monetary Authority of Singapore.
Participant will contribute a minimum of 15 billion yuan.
BIS is an international financial institution. It is owned by central banks that "fosters international financial and monetary cooperation as well as serves as a bank for central banks. It is headquartered in Basel, Switzerland.
Renminbi is the official currency of China and one of the world's reserve currencies. As of April 2019, it was ranked the eighth most traded currency worldwide. Yuan is the basic unit of renminbi. People's Bank of China issue renminbi monetary authority of China.

Mumbai, Delhi most Expensive Cities for Expatriates in India

According to Mercer's 2022 Cost of Living survey, Mumbai and Delhi ranked among the top 40 most expensive cities in Asia for expatriates, and Kolkata is the least expensive city, says a report.
As per the report, Mumbai (127) is the costliest city in India in terms of both living expenses and accommodation costs. This is followed by New Delhi (155), Chennai (177), Bengaluru (178), and Hyderabad (192), while Pune (201) and Kolkata (203) are the least expensive Indian cities in the ranking.
The survey also found that Mumbai, the financial hub of India, is a popular place for multinational corporations to establish operations.

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