General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Nov 29, 2023

HDFC Securities Launches Mobile Trading App HDFC SKY on AWS Cloud

HDFC Securities, which is among the leading investment service providers in India, launched its mobile trading app, HDFC SKY on the (Amazon Web Services) AWS cloud.
With AWS, HDFC Securities is expected to reduce its annual IT infrastructure and management costs by up to 50 per cent as compared to using on-premises infrastructure.

Adani Total Gas Launches Green Hydrogen Blending Pilot Project in Ahmedabad

Adani Total Gas Ltd (ATGL), co-promoted by Adani Group and TotalEnergies, initiated a green hydrogen production and blending pilot project.
ATGL will employ the latest technologies to blend green hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers at Gujarat's Ahmedabad as part of the project.
The project is expected to be commissioned by FY24-25, and the percentage of green hydrogen will be gradually increased in the blend to up to 8 per cent or more, depending on regulatory approvals.
After successfully completing the pilot, hydrogen blended fuel will be supplied step-wise to larger parts of the city and other license areas of AGTL.

HDFC Bank Appoints Former NABARD Chairman Harsh Kumar Bhanwala as Director

HDFC Bank's board approved the appointment of former NABARD chairman Harsh Kumar Bhanwala as an additional independent director. The board in its meeting also approved the appointment of V. Srinivasa Rangan, Chief Financial Officer of erstwhile Housing Development Finance Corporation Ltd, as Executive Director for three years.
Rangan holds a Bachelor of Commerce degree from the University of Delhi and is a member of The Institute of Chartered Accountants of India (ICAI).
He has vast experience in housing finance and real estate sector.

Nov 28, 2023

RBI Extends Payments Infrastructure Scheme by 2 Years

The Reserve Bank of India (RBI) announced a two-year extension of the Payments Infrastructure Development Fund (PIDF) scheme until December 31, 2025. This move is aimed at promoting digital transactions at the grassroots level and includes an expansion of beneficiaries under the scheme.
The PIDF scheme, operational since January 2021 for three years, initially focused on incentivising the deployment of payment acceptance infrastructure in tier-3 to tier-6 centers, north-eastern states, and Union Territories of Jammu & Kashmir and Ladakh. In August 2021, beneficiaries of the PM SVANidhi Scheme in Tier-1 and 2 centers were included.

Rajat Kumar Jain Appointed As Fino Payments Bank Chairman

Mumbai-based Fino Payments Bank received approval from the Reserve Bank of India (RBI) for the appointment of Rajat Kumar Jain as Part-time Chairman. This move is expected to bring valuable experience and expertise to Fino Payments Bank as it continues to strengthen its digital ecosystem and pursue growth opportunities.
Rajat Kumar Jain, an alumnus of IIT Delhi and IIM Ahmedabad, boasts an impressive background with over three decades of strategic leadership experience. His expertise spans various sectors, including consumer, telecom, media and technology.

DLAI Appoints Hemachandra, Prasad as Independent Directors to Board

The Digital Lenders Association of India (DLAI), appointed Meena Hemachandra, former Executive Director (ED), the Reserve Bank of India (RBI) and Alok Prasad, former Chief Executive Officer (CEO), MFin, as independent directors to its board.
DLAI is an industry body that represents over 90 digital lending firms in India. It was formed in 2016 by digital lending firms to support responsible and inclusive growth of the digital lending sector and make policies and guidelines around the digital lending business.

Nov 27, 2023

RPSG Group's Nature's Basket Adds Luxury Food Retailing to its Cart

From charcuterie to cheese room and white strawberries of Japan to sea asparagus from Holland, the RP-Sanjiv Goenka Group's Nature's Basket stepped into luxury food retailing with large-format artisanal experiential stores modelled on Harrods Food Hall in London.
The first such store from the Goenka stable, spread across 12,500 square feet (sq ft), opened at the Phoenix Palladium Mall in Mumbai.

Nov 26, 2023

India and EU ink Semiconductor Agreement to Boost Supply Chain

India and the European Union (EU) marked a significant milestone by signing a Memorandum of Understanding (MoU) on semiconductors. This collaborative effort aims to establish a robust supply chain, promote innovation, and align both regions with global developments in the semiconductor industry.
Under the terms of the MoU, India and the EU will engage in the exchange of experiences, best practices, and information related to their respective semiconductor ecosystems.
This collaborative approach is envisioned to enhance mutual understanding and cooperation between the two regions.

Kotak Mutual Fund Hires Harish Bihani as Fund Manager

Kotak Mahindra AMC announced the addition of Harish Bihani to its fund management team. Bihani was earlier with ICICI Prudential AMC, managing three funds with combined assets under management (AUM) of over Rs. 20,000 crore.
Two fund managers have left Kotak Mahindra AMC — Pankaj Tibrewal and Harish Krishnan. However, two more fund managers will soon join its team, said Kotak Mahindra AMC.

Coca-Cola Joins ONDC, Launches Marketplace Coke Shop

Beverage giant Coca Cola India joined the Open Network for Digital Commerce (ONDC), and also launched its own marketplace, the 'Coke Shop', on the platform.
The initial association with ONDC is being supported through SellerApp, which will help the company leverage the ONDC network with its data-driven insights, market intelligence, and strategies.
Through the 'Coke Shop' marketplace model, the company will enable retailers to sell their products to a wider audience on another channel, while facilitating multiple touch points for consumers to purchase from.

Warren Buffett's Exit from Paytm

Warren Buffett-led Berkshire Hathaway completely divested its 2.46% stake in One97 Communications, the parent company of Paytm. The move resulted in a significant loss of about Rs. 507 crore for the legendary investor.
Berkshire Hathaway's entire stake was sold at an average price of Rs. 877.2 per share.
The shares were acquired by Ghisallo Master Fund and Copthall Mauritius Investment, with the former purchasing 42,75,000 shares and the latter acquiring 75,75,529 shares.
Berkshire Hathaway garnered nearly Rs. 1,371 crore from the transaction.

Nov 25, 2023

RBI Slaps Penalty on Citibank, Bank of Baroda, IOB for Violating Norms

The Reserve Bank of India imposed a monetary penalty of Rs. 4.34 crore on Bank of Baroda, Rs. 5 crore on Citibank, and Rs. 1 crore on Indian Overseas Bank for violating norms.
On Bank of Baroda, RBI said the lender failed to ensure accuracy and integrity of data on large exposures submitted to RBI with respect to some accounts. It sanctioned a term loan to a corporation in lieu of, or to substitute, budgetary resources envisaged for certain projects.
The penalty on Citibank was because the lender failed to credit the eligible amount to the Depositor Education and Awareness Fund within the prescribed time period, paid remuneration in the form of commission to its certain staff members, and outsourced the monitoring and disposal/closure (decision-making function) of AML (Anti-Money Laundering) alerts to a group company.
Indian Overseas Bank (IOB) was found violating norms while extending term loans to two corporate entities without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations, and it was sanctioned in lieu of, or to substitute, budgetary resources envisaged for certain projects.

RBI Supersedes Abhyudaya Co-operative Bank Board, Appoints Administrator

The Reserve Bank of India (RBI) superseded the Board of Directors of Abhyudaya Co-operative Bank for one year, citing poor governance standards.
The regulator appointed Satya Prakash Pathak, former Chief General Manager of State Bank of India (SBI), as 'administrator' to manage the affairs of the bank during this period.
RBI has also appointed a committee of advisors to assist the administrator in discharging his duties. The members of the committee include Venkatesh Hegde, former General Manager, SBI; Mahendra Chhajed, Chartered Accountant; and Suhas Gokhale, former Managing Director (MD), COSMOS Co-operative Bank Limited.

Bandhan Bank Board Approves Reappointment of Chandra Shekhar Ghosh as MD & CEO

The board of directors at Bandhan Bank gave the green light for the reappointment of Chandra Shekhar Ghosh as the Managing Director & Chief Executive Officer (MD&CEO). The Kolkata-based private sector lender extended Ghosh's tenure for a period of three years. The current term is set to expire on July 09, 2024.
Chandra Shekhar Ghosh brings to the table over three decades of experience in microfinance, banking, and development. His leadership has played a crucial role in steering Bandhan Bank through various challenges and contributing to its growth.

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