General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

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The Reserve Bank of India (RBI) superseded the Board of Directors of Abhyudaya Co-operative Bank for one year, citing poor governance standards.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.

Nov 24, 2023

SEBI Chairperson Launches IRRA Platform to Enhance Investor Risk Reduction

Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), officially launched the Investor Risk Reduction Access (IRRA) platform at the Bombay Stock Exchange (BSE). Developed under the guidance of Market Infrastructure Institutions (MIIs) overseen by SEBI, the IRRA platform is designed to mitigate risks faced by investors during technical glitches at Trading Member (TM) ends, encompassing both primary and disaster recovery sites.
The platform is tailored for trading members supporting Internet-based trading (IBT) and Security Trading through Wireless Technology (STWT) for their investors.
Notably, IRRA is not available for algo trading and institutional clients.

Lakshmi Ramakrishna Srinivas Appointed Additional Director at South Indian Bank

Renowned banking expert Lakshmi Ramakrishna Srinivas assumed the role of Additional Director at South Indian Bank. Designated as a non-executive independent director, her tenure spans three years starting November 2023.
With an extensive 38-year background in the banking industry, Lakshmi previously served as the Chief General Manager of State Bank of India, as highlighted in a statement by South Indian Bank. She has occupied various high-ranking positions, including the Directorship of State Bank Staff College, showcasing her wealth of experience in the sector.

India-Australia Develop Accelerator to Help Circular Economy Start-ups

In a strategic move to foster collaboration and innovation between India and Australia, Atal Innovation Mission (AIM), under NITI Aayog, unveiled the Rapid Innovation and Start-up Expansion (RISE) Accelerator.
This visionary accelerator program is dedicated to supporting start-ups and small to mid-sized enterprises (SMEs) specialising in circular economy technologies and solutions.
Developed in partnership with the Commonwealth Scientific and Industrial Research Organisation (CSIRO), Australia's national science agency, the India Australia RISE Accelerator aims to create a dynamic platform for start-ups, encouraging exploration of opportunities and cross-border partnerships.

DGCA Slaps Rs. 10 Lakh Penalty on Air India for Not Compensating Passengers

The Directorate General of Civil Aviation (DGCA) imposed a Rs. 10 lakh penalty on Air India for its failure to compensate passengers affected by delayed flights and unserviceable seats. The fine was also imposed for not training its ground personnel in accordance with regulations.
The regulator stated that it conducted inspections of all domestic airlines' operations at airports in Delhi, Kochi, and Bengaluru in May and September to verify their compliance with obligations regarding facilities/compensation for affected passengers as outlined in DGCA regulations.

Nov 23, 2023

Microsoft Appoints Aparna Gupta as Global Delivery Centre Leader

Tech giant Microsoft announced the appointment of Aparna Gupta as the company's new Global Delivery Center (GDC) leader. Ms. Gupta will spearhead customer innovation and delivery excellence.
Microsoft said that GDC is the delivery arm of Industry Solutions Delivery and was established in Hyderabad in 2005. It has scaled to two more locations- Bangalore and Noida.
GDC includes four Centers of Excellence (CoE) in app innovation, data and Artificial Intelligence, infra and security, and business applications, along with functions like partner and delivery management and adoption management.

Infosys Inks Partnership with TK Elevator to Help Build AI-first Strategy

IT major Infosys signed a strategic long-term collaboration with TK Elevator, a leading urban mobility company, to help the latter in its digital transformation with an artificial intelligence (AI)-first strategy.
As part of the engagement, Infosys will consolidate, harmonise, and modernise TK Elevator's digital landscape. The engagement aims to continually innovate and transform the company's application and IT environment, leveraging an AI-first strategy powered by Infosys Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies.
The two companies will work together to transition the operations of all TK Elevator's business applications across North America and major markets in Europe to Infosys, thereby enabling integrated applications management.

Binance CEO Steps Down

Changpeng Zhao the CEO of Binance, stepped down and pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement resolving a years-long probe into the world's largest crypto exchange.
The deal, which will see Zhao personally pay $50 million, was described by prosecutors as one of the largest corporate penalties in U.S. history. It is another blow to the crypto industry that has been beset by investigations and comes on the heels of the recent fraud conviction of FTX founder Sam Bankman-Fried.

Nov 22, 2023

The 7th Edition of Bengal Global Business Summit (BGBS)

The 7th edition of the Bengal Global Business Summit was held from November 21 - 22, 2023 at Biswa Bangla Convention Centre, Biswa Bangla Mela Prangan and Dhono Dhanyo Auditorium.
Leaders from the business world from more than 25 countries and host of prominent business leaders from India as well participated in the seventh edition of the Summit.
Bengal accounts for 12% of the country's leather and 10% of iron and steel exports.
MSMEs form the vital base of the industrial pyramid and the state has the country's second highest number of MSMEs (about 90 lakh units), which accounts for 14% of India's MSMEs.

Zubin Saxena Succeeds Navjit Ahluwalia as Hilton's Senior VP, Country Head

Hilton announced the appointment of Zubin Saxena as senior vice-president and country head in India, who will take charge in January 2024. He took over the position from Navjit Ahluwalia, who left Hilton after six years.
Saxena has been working at the Radisson Hotel Group for over eight years, as the Managing Director and area senior vice-president of South Asia. In his 24-year career in hospitality, Saxena has worked at IHG as director of development for South Asia, and senior advisory roles with Jones Lang LaSalle Hotels in India and HVS in New York. Saxena has an MBA from the Adam Smith School of Business, Glasgow.
Saxena will oversee 25 trading hotels of Hilton in India, and will lead the company's expansion in South Asia with 20 properties in the development pipeline.

Vinay M. Tonse New Managing Director of State Bank of India

The government appointed Vinay M. Tonse, the Deputy Managing Director of India's largest public lender State Bank of India (SBI) as its Managing Director (MD).
The tenure of the new MD is till November, 2025.
The development comes after Financial Services Institutions Bureau (FSIB) in September recommended the name of Vinay M. Tonse as Managing Director of SBI.
The post fell vacant after the appointment of Swaminathan Janakiraman as Deputy Governor of the Reserve Bank of India.

RBI to Implement a New Penalty Framework for Banks

The Reserve Bank of India (RBI) is reportedly contemplating a comprehensive review of its penalty system. The proposed changes under consideration involve a potential increase in penalty amounts. This adjustment could be based on factors such as the size of the regulated entities, their systemic importance, and the frequency of repeat offenses.
A significant aspect of the review is the exploration of clawback provisions for payouts to CEOs and key management personnel (KMP).
Clawback provisions are rules in a contract that say when it's alright to take back money given to an employee and give it back to the employer.
This measure could notably impact state-run banks, whose compensation packages have been a subject of debate, especially in comparison to those offered by private banks.

Nov 21, 2023

Australia's ASX Signs Deal with TCS to Revamp Clearing, Settlement Platform

Tata Consultancy Services (TCS) signed an agreement with Australia's primary securities exchange, ASX, to provide a clearing and settlement platform to serve that country's market.
TCS's flagship product, called BaNCS for Market Infrastructure, will be used to replace ASX's existing platform for cash equities clearing and settlement.
The new platform is proposed to be implemented in two releases. While the clearing service is expected to be delivered in the first phase, the settlement depository and sub-register services will follow in the second. This staged approach is expected to reduce overall delivery risk and help manage the impact on industry stakeholders.
The agreement with ASX strengthens TCS's footprint in Australia, one of its fastest-growing geographies, with a strong local partner network, expertise in cutting-edge technologies, investments in research and innovation, and deep domain knowledge of the banking financial services, and insurance sector.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

July GK, July GK, May GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26