Call Support +91-85588-96644
TCYonline

Login

Sign Up

Please enter a Username or Email ID
Please enter a password
Keep me logged in
Please enter your name
Please enter your mobile number
You can't leave Captcha Code empty
By submitting this form, you agree to the Terms & Privacy Policy.
OR

Sign Up via Facebook

Sign Up via Google

Sign Up via Twitter

Download Software
Tests given

Download TCY App

App Image
 
loading

BUSINESS AND ECONOMY - July 2022

Jul 2022

Oct 03, 2022

SEBI Approves New Option for Appointment, Removal of Independent Directors

  • SEBI approved introduction of a new option for appointment and removal of independent directors from the boards of companies.
  • The move will provide flexibility in the approval process for appointment or removal of independent directors.
  • Once the amended rules are in place, the appointment and removal of independent directors could be done by way of two parameters -- threshold for ordinary resolution and threshold for majority of minority shareholders.
  • Currently, the appointment, re-appointment or removal of independent directors is to be made through a special resolution.

Hindustan Shipyard Registers Highest Value of Production in its History

  • State-run Hindustan Shipyard Limited (HSL) posted the highest value of production worth Rs. 755 crore in the PSU's history during the financial year 2021-22.
  • As per Chairman and Managing Director of HSL Hemant Khatri, despite various challenges due to the partial lockdown and restrictions during second and third COVID waves, the state-run entity posted the highest value of production with all three major business segments contributing to this.
  • He said that the value of production target would be more than Rs. 1,000 crore during the current financial year.

S. Bharathan Appointed Director-Refineries at HPCL

  • S. Bharathan took over as Director-Refineries of Hindustan Petroleum Corporation Ltd (HPCL), a Maharatna Company.
  • Prior to taking over as Director-Refineries, Bharathan was serving as Executive Director-Refineries Coordination with Additional Charge of Research and Development (R&D).
  • Bharathan has wide exposure to the Refinery Operations of the Company and has worked in the Operations and Technical Departments of Mumbai and Visakh Refinery for over 25 years.
  • He has also worked in the Corporate Office on Margin Management and Refinery Project Process for over four years. Further, he is also leading HPCL's Green R&D Centre (HPGRDC) in Bengaluru for the last three years. Under him, HPGRDC reached the filing of about 380 patents.

Aditya Birla Health Insurance Launches Activ Fit health Insurance Policy

  • Aditya Birla Health Insurance launched of Activ Fit, a comprehensive health insurance plan for young and healthy adults. Targeted at consumers who are health aware and active, this new product by ABHICL is a first-of-its-kind in the industry and looks at rewarding them for their good health behaviour.
  • The new Activ Fit plan provides an upfront 10% good health discount basis an assessment done through a unique facial scan, upto 50% HealthReturnsTM on being active and 100% Binge Refill to ensure that health insurance becomes an attractive proposition for the cohort.

Oct 02, 2022

IndiGo Inducts First Freighter Aircraft, Converted from a Passenger Plane

  • No-frills carrier IndiGo inducted its first freighter aircraft, converted from a passenger plane.
  • The airline is already a market leader in the domestic passenger segment in the country with a fleet of over 275 aircraft, operating over 1,600 daily flights to and from 74 domestic destinations.
  • In addition, as part of its international operations, it caters to 26 destinations in the overseas market.
  • The induction of A321 P2F (passenger to freighter) would help the airline offer cargo services on both domestic and international routes.
  • The aircraft would be able to service markets between China in the east and the Gulf in the west, as well as the CIS countries to the north.

PNB to Sell Its Entire Stake in ARCIL

  • State-owned lender Punjab National Bank (PNB) announced plans to sell its entire 10.1% stake in Asset Reconstruction (India), amounting to 3.25 crore shares. The deal is expected to be completed by December 2022.
  • The sale process of PNB stake in Asset Reconstruction (ARCIL) is subject to the approval of the RBI, and when completed the bank will cease to be a sponsor of ARCIL.
  • The bank is selling its shareholding in ARCIL as the Reserve Bank of India (RBI) norms stipulate that a bank can sponsor only one asset reconstruction company (ARC) and its stake in other ARC should be less than 10%.

Rajeev Ranjan Appointed MD of McDonald's North and East India

  • Fast food chain McDonald's North and East India elevated Rajeev Ranjan as the chain's Managing Director for the region.
  • Ranjan will continue to report to Sanjeev Agrawal, chairman, McDonald's India North and East. Ranjan joined the company in 2020 as senior director and was named as the chief operating officer in 2021.
  • The McDonald's business is split between two development licensees in India - Connaught Plaza Restaurants Pvt. Ltd that operates the chain's business in North and East India; its South and West operations are managed by Mumbai-based Westlife Development Limited.

Oct 01, 2022

Adani Green Commissions World's Largest 600 MW Wind-solar Plant in Rajasthan

  • Adani Green Energy Ltd (AGEL) commissioned the world's largest wind-solar power plant of 600 MW capacity in Jaisalmer, Rajasthan.
  • The plant has a power purchase agreement with Solar Energy Corporation of India (SECI) at Rs. 2.69/kwh for 25 years.
  • The project consists of 600 MW solar and 150 MW wind plants, it said adding it shall not only reduce intermittency of renewable energy power, but also help the country in optimal utilisation of transmission network.
  • In May 2022, AGEL operationalised India's first hybrid power plant with a capacity of 390 MW in Jaisalmer.

Yubi Partners SBI to Provide Credit Access to Priority Sector

  • Yubi (earlier, CredAvenue) partnered with the State Bank of India (SBI) to help grow the bank's co-lending portfolio. SBI would be integrated with Yubi Co.Lend, a co-lending marketplace that enables lenders to collaborate with multiple partners and disburse joint loans to the priority sector.
  • Yubi is a unified credit platform with a comprehensive product suite catering to all stages of the debt lifecycle.

Akash Ambani on Time's 100 Emerging Leaders' List

  • Akash Ambani, son of billionaire Mukesh Ambani and head of India's largest telecom firm Jio, was named in the Time100 Next -- the magazine's list of world's rising stars.
  • He is the only Indian on the list. There is, however, another Indian-born American business leader, Amrapali Gan, also on the list.
  • The list highlights 100 emerging leaders who are shaping the future of business, entertainment, sports, politics, health, science and activism.

TVS Motor Signs MoU with FCDO to Offer Chevening Scholarships for Students

  • Two and three-wheeler major TVS Motor Company signed a memorandum of understanding with The Foreign, Commonwealth and Development Office to offer Chevening TVS Motor Company Scholarships to candidates who show great potential to become decision-makers.
  • The Chevening Programme, is a scholarship programme that aims to attract select students around the world who demonstrate greatest potential to become leaders, decision-makers in their own country.
  • The United Kingdom government's global scholarship programme is awarded to those individuals with strong academic backgrounds who can also demonstrate their leadership potential.

Sep 30, 2022

Dabur Makes an Entry into Premium Tea Market with Vedic Tea

  • Dabur India entered the Rs. 5,600-crore premium tea market with the launch of Dabur Vedic Tea, a premium category black tea under the health supplements segment, as it looks to get aggressive in the competitive packaged tea market.
  • It entered the Rs. 19,500-crore tea market back in 2020 with the launch of Dabur Vedic Suraksha tea, taking on leading brands like Brooke Bond Red Label Natural Care, Tata Tea Gold, and Taj Mahal from the stables of Hindustan Unilever and Tata Tea. According to Nielsen MAT data, the packaged tea market is growing at a compound annual growth rate (CAGR) 8 per cent.
  • Dabur Vedic Tea is available in three stock keeping units — 100 gm, 250 gm and 500 gm. Dabur is positioning the product at the premium end of the market, which is growing around 15 per cent.

Union Bank of India Inaugurates Ethical Hacking Lab

  • The Union Bank of India inaugurated the Ethical Hacking Lab at the Cyber Security Centre of Excellence (CCoE) in Hyderabad. The lab with a cyber defence mechanism will protect the bank's information system, digital assets, and channels, against potential cyber threats. The lab was inaugurated by the bank's managing director and CEO, A. Manimekhalai. Union Bank is adopting Digital Products in a big way. Various new initiatives are taken by the Bank to increase Digital Footprints. The IT assets are increasingly exposed to the Internet.
  • Union Bank's Cyber Security Centre of Excellence (CCoE) in Hyderabad is in the process of establishing multiple cyber security centres to strengthen the Bank's security posture and collaborate with cyber defence industries, Government bodies, etc., for implementing new technologies.

RBI Hikes Repo Rate by 50 bps

  • The Reserve Bank of India (RBI) announced a 50 basis points hike in the repo rate stepping up its fight against persistently high inflation. Repo is the rate at which the central bank lends short-term funds to banks. One bps is one-hundredth of a percentage point. With the latest rate hike, the repo rate now stands at 5.9 per cent. Announcing the policy decision, RBI Governor Shaktikanta Das highlighted the worry of the rate-setting panel on inflation and said the central bank is watching the price situation closely,
  • The 50 bps increase in the repo rate in September is the fourth consecutive one since May 2022.

Sep 29, 2022

India and Maldives Sign MoU Hanimaadhoo International Airport

  • A contract for Maldives Hanimaadhoo International Airport Development Project was signed between Government of Maldives and JMC Projects (India).
  • It is the first ever major infrastructure project to be undertaken outside Greater Male' region and is funded under the USD 800 million concessional Line of Credit (LoC) extended by Government of India to the Maldives. The total contract value is approximately USD 136 million.
  • The scope of the project includes major infrastructure and operational upgrade on the airside, landside and building infrastructure to meet the future growth of traffic to the Maldives in general, and the northern region of Maldives in particular.

UCO Bank and Yes Bank Tie up with Russian Banks for Payments

  • UCO Bank and Yes Bank put in place arrangements with two Russian banks as India seeks to step up trade with the sanctioned nation.
  • UCO Bank tied up with Gazprom Bank and apart from UCO Bank, Yes Bank also signed an agreement with Petersburg Social Commercial Bank (PSCB) of Russia.
  • As per reports, the country's largest state-owned bank State Bank of India (SBI) is also finding payment options with Russian banks.

Airtel Payments Bank Introduces Micro ATMs

  • Airtel Payments Bank announced the launch of Micro ATMs – a step towards better facilitating convenient cash withdrawals for debit card users residing beyond the metro and Tier 1 cities in India.
  • The bank will leverage its strong network of over 500,000 banking points across India to give users access to easy cash withdrawals through this initiative. To facilitate the Micro ATM transactions, Airtel Payments Bank now integrated with the National Payments Corporation of India's (NPCI) National Financial Switch (NFS).
  • Customers associated with any bank will now be able to use the Micro ATM facility at the neighbourhood banking point of Airtel Payments Bank. They can now make instant cash withdrawals and check their account balance using their debit card of any bank at the designated banking point.

Nikhil Kamath Tops Hurun's Under 40 Rich List

  • With a wealth of Rs. 17,500 crore, Zerodha's founder Nikhil Kamath topped a self-made rich list of individuals under 40 years. According to 'IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2022', Kamath was followed by Bhavish Aggarwal of Ola Electric with a wealth of Rs. 11,700 crore and Media Network's Divyank Turakhia with a wealth of Rs. 11,200 crore. The Hurun India rich list had 53 entrepreneurs under 40 years of age.
Share on

Remedial Testing

Know where you stand and
what next to do to succeed

Personalised Learning

Generate your own test

Peer Benchmarking

Challenge and quiz
based activities

 
Keep Yourself updated on Latest PTE Exam Pattern

Avail Free Topic-wise Tests and various other offers.