General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Mar 18, 2024

Bandhan Bank to Launch Credit Card in Apr-May

Private sector lender Bandhan Bank will be the latest to join the credit card market and the roll out is expected around April-May this year (2024).
The bank has hired former Bank of Baroda (BoB) executive Piush Jha to head the credit card unit.
The credit card team at Bandhan will also see former bankers from Citi and YES Bank, among others, coming on board.
Bandhan will tie up with card networks like Visa, Mastercard and homegrown Rupay of the National Payments Corporation of India (NPCI).

Kotak Mahindra Bank Appoints Jaideep Hansraj as Group President-One Kotak

Mumbai-based Kotak Mahindra Bank appointed Jaideep Hansraj, the Managing Director & CEO of Kotak Securities, as the group President-One Kotak.
The appointment is important for leveraging the Group's financial conglomerate model and delivering holistic propositions to customers.
Kotak Securities president and COO Shripal Shah will take over as the MD & CEO from Hansraj after receiving necessary approvals.

B. Sairam is the New Chairman and Managing Director of NCL

B. Sairam was appointed as the new Chairman and Managing Director (CMD) of Northern Coalfields Limited (NCL). NCL is the Singrauli-based flagship subsidiary of Coal India Limited.
Sairam has 33 years of dedicated service in the coal sector.
He has a vast knowledge and experience in the coal industry.
Sairam is a distinguished graduate mining engineer from NIT Raipur.
He has worked in various domains, including mine operations, planning, logistics, and regulatory affairs.
NCL is a pioneering coal company operating in Singrauli and Sonebhadra districts of Madhya Pradesh and Uttar Pradesh.
It operates 10 highly mechanised mines in the region.
NCL is eyeing over 135 Million Tonnes of Coal production and Dispatch in the financial year 2023-24.

Mar 16, 2024

Arya.ag Partners Shivalik Bank for Commodity Financing

Grain commerce platform Arya.ag collaborated with Shivalik Small Finance Bank to extend financial assistance to farmers, agro-processors, and micro-enterprises. This partnership aims to facilitate over Rs. 200 crore in warehouse receipt financing in the current fiscal year, enhancing financial inclusion in the agricultural ecosystem.
Initiative aids in expanding the bank's reach across India's agricultural landscape.
It democratises access to financial services, ensuring equitable pricing and consistent credit supply.

Paytm Gets a Lifeline with Third-party License

Paytm was granted a third-party application provider license by the National Payments Corporation of India (NPCI), just a day before the deadline for Paytm Payments Bank to cease its operations. The license offers Paytm's customers a means to continue using its app for payments following the shutdown of Paytm Payments Bank on March 15.
Paytm now partnered with other banks (like Axis, HDFC, SBI, YES Bank) to process UPI transactions instead of their own bank.

Mar 15, 2024

Sanjay Kumar Singh Nominated as Next Director (Projects) of NHPC Limited

Sanjay Kumar Singh is poised to step into the role of Director (Projects) at NHPC Limited, following a commendation by the Public Enterprises Selection Board (PESB) panel.
Currently serving as Chief General Manager at SJVN Limited, Singh emerged as the recommended candidate from a pool of twelve contenders. Among these, eight hailed from NHPC, two from SJVN, and one each from HPSEBL and Patel Engineering Ltd.

Numaligarh Refinery Opens First Overseas Office in Bangladesh

India's Numaligarh Refinery Limited (NRL) opened its first overseas office in Dhaka, Bangladesh, signalling its commitment to international expansion and stronger regional ties. High Commissioner of India to Bangladesh, Pranay Verma, inaugurated NRL's liaison office in the presence of NRL Managing Director Bhaskar Jyoti Phukan and other dignitaries.

RBI Directs Federal Bank and South Indian Bank to Stop Issuing New Co-Branded Credit Cards

The Reserve Bank of India (RBI) issued notices to Federal Bank and South Indian Bank, directing them to halt the issuance of new co-branded credit cards.
South Indian Bank stated that the regulatory action is in line with the norms issued by the RBI earlier in March. The bank will not on-board any fresh customers under co-branded credit cards until it achieves full compliance with the regulatory guidelines.
Both Federal Bank and South Indian Bank assured that they will continue to offer credit cards to new and existing customers in the non-co-branded segment. Furthermore, they will continue to service existing co-branded cardholders.

Mar 14, 2024

ISMA Appoints Deepak Ballani as New Director General

The Indian Sugar & Bio-energy Manufacturers Association (ISMA) appointed Deepak Ballani as its new Director General. With over 25 years of extensive experience in public policy, government affairs, and organizational management, Ballani brings a wealth of expertise to this pivotal role.
Prior to joining ISMA, Ballani served as the Director General at The All India Plastics Manufacturers Association, where he spearheaded policy advocacy, government affairs management, and international partner management.
Ballani's illustrious career journey includes notable positions with renowned organizations such as PwC India, UNIDO, NSIC, and others, where he led projects focusing on energy efficiency, technology transfer, and international business development.

CCI Approves Merger of Garagepreneurs Internet with North East Small Finance Bank

The Competition Commission of India (CCI) approved the merger of a financial technology company, Garagepreneurs Internet Private Limited (GIPL), with the North East Small Finance Bank (NESFB). This strategic move aims to combine the strengths of both entities in the financial services sector.
The proposed transaction involves the merger of GIPL, including its subsidiaries Quadrillion Finance Private Limited (QFPL) and Intergalactory Foundry Private Limited (IFPL), with NESFB and its subsidiary RGVN (North-East) Microfinance Limited (RGVN). This merger is subject to the approval of the jurisdictional National Company Law Tribunal and certain related transactions.
GIPL operates under the brand name "slice" and focuses on facilitating payments and credit products through digital means in India. The company's core mission is to enable access to financial services for underbanked customers through affordable and transparent cost solutions and structures.

Tata Power Solar Completes India's Largest Solar-BESS Project in Chhattisgarh

Tata Power Solar Systems Limited (TPSSL), a subsidiary of Tata Power Renewable Energy Limited (TPREL), completed India's largest Solar and Battery Energy Storage Systems (BESS) project in Chhattisgarh.
The project consists of a 100 MW Solar PV Project combined with a 120 MWh Utility Scale Battery Energy Storage System (BESS).
It comprises a 100 MW Solar PV Project and a 120 MWh Utility Scale Battery Energy Storage System (BESS). TPSSL secured the Rs. 945 crore project from SECI in December 2021, handling engineering, construction, and commissioning.
The project anticipates generating 243.53 million energy units annually, cutting carbon emissions by 4.87 million tonnes over 25 years, aligning with India's renewable energy targets. Tata AutoComp Systems Limited supplied the BESS, reflecting a commitment to excellence and collaboration.

SBI Partners with Aurionpro for its Transaction Banking Platform

Aurionpro Solutions clinched a significant deal with the State Bank of India (SBI) for the license, implementation, and support of its cutting-edge cash management and transaction banking platform, iCashpro+. Valued at nearly Rs. 100 crore, this prestigious contract entails phased delivery of license and implementation over 12 months, followed by a 6-year maintenance and support period.

Mar 13, 2024

Bank of Baroda Launches Green Term Deposit Scheme

Bank of Baroda (BoB) announced the launch of the bob Earth Green Term Deposit Scheme, aimed at raising deposits for financing eligible environment-friendly projects and sectors.
The scheme offers customers the dual benefits of stable financial returns and contribution to a greener planet.

Chemicals and Fertilizers Ministry Launches Credit Assistance Program for Jan Aushadhi Kendras

Mansukh Mandaviya, Union Minister for Chemicals and Fertilizers and Health and Family Welfare, inaugurated a credit assistance program for Jan Aushadhi Kendras.
The launch ceremony witnessed the exchange of a Memorandum of Understanding (MoU) between the Small Industries Development Bank of India (SIDBI) and the Pharmaceuticals and Medical Devices Bureau of India (PMBI), marking a pivotal moment in the endeavour to strengthen the network of Jan Aushadhi Kendras across the country.

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