General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Oct 31, 2023

Bank of Baroda Introduces Lifetime Zero Balance Savings Account

Bank of Baroda launched a new lifetime zero balance savings account this festive season. As a part of its 'BoB Ke Sang Tyohaar Ki Umang' campaign the public sector lender introduced the BoB LITE Savings Account with a lifetime zero balance facility.
Through this account the customers can enjoy all the banking services without the requirement of maintaining minimum balance.

CCAvenue.ae Launches Mobile-based QR Code Payment Solution in the UAE

Payment gateway CCAvenue.ae, the UAE-based subsidiary of fintech firm Infibeam Avenues, launched a mobile-based QR Code payment solution for merchants in the UAE market.
It is for the first time, the company forayed into the offline payment space in the UAE market with its innovative QR-Code payment offerings for merchants.
It is a pivotal and strategic move marking the company's debut on the international stage of offline payment solutions, starting with the UAE market.
The company is also set to launch CCAvenue TapPay (SoftPoS) in the UAE market as part of CCAvenue.ae, which will convert an NFC-enabled mobile device to function as a POS (point-of-sale) machine, allowing card payments with just a tap.

Oct 30, 2023

RBI Revises Bulk Deposit Limit of Regional Rural Banks to Rs. 1 Crore

The Reserve Bank of India (RBI) conducted a review of bulk deposit limits for financial institutions, specifically focusing on Regional Rural Banks (RRBs). As a result, the bulk deposit limit for RRBs was significantly increased from Rs. 15 lakh to Rs. 1 crore.
This adjustment carries significant implications for the operational framework of RRBs and aims to create a more equitable banking landscape.

IPhone Maker, Taiwan's Wistron Approves the Sale of its India Unit, Wistron InfoComm to the Tata ...

With Taiwanese electronics manufacturer Wistron selling its India operations to Tata Group for $125 million, Tata Electronics is going to become the first Indian company to manufacture new Apple iPhones in the country, which is a major fillip to the government's 'Make in India' initiative.
Wistron will sell a 100 per cent stake in the unit Wistron InfoComm Manufacturing (India) Pvt. to Tata Electronics Pvt., following the board approval.
The much-awaited deal has been finalised after strategic considerations in response to the reshaping of the group's product strategy and global manufacturing layout.

Fincare SFB to Merge with AU Small Finance Bank

In what could be the first-ever merger in the small finance bank space, Fincare Small Finance Bank is set to merge with AU Small Finance Bank (AU SFB) in an all-share deal.
At present, AU's market capitalisation is Rs. 46,000 crore, the highest among small finance banks. The market capitalisation of the merged entity will be slightly over Rs. 50,000 crore. The deal values Fincare at around Rs. 4,416 crore.
The merger is subject to approval by the Reserve Bank of India and the Competition Commission of India.

Kerala Becomes the First State to Have Hallmarking Centres in All Districts

With the inauguration of a hallmarking centre in Idukki, Kerala became the first state in India to have hallmarking centres in all 14 districts.
The opening of hallmarking centres across the districts will make Kerala a hub of gold business and further strengthen its claim to being the most reliable market in the country to buy gold ornaments.
The Bureau of Indian Standards made hallmarking compulsory with a view to protect customers, especially those not aware of the market, from being taken for a ride by jewellers. Hallmarking ensures accurate determination and official recording of the proportionate content of precious metal in the jewellery, artefacts or bullion, and coins.

Oct 29, 2023

Five MSME Lending Products Complete Test Phase under RBI's Sandbox Cohort

Five MSME lending products completed the test phase under the Reserve Bank of India (RBI) regulatory sandbox cohort.
Products of the entities that completed the test phase were evaluated based on mutually agreed test scenarios and expected outcomes.
The entities whose products completed the test phase are FinAGG Technologies Private Limited, Mynd Solutions Private Limited, Rupifi Technology Solutions Private Limited, Small Industries Development Bank of India, and SysArc Infomatix Private Limited.

Tata Group to Make iPhones in India for Global Market

Tata Group will start making Apple iPhones in India for domestic and global markets within two and a half years, announced Electronics and Technology Minister Rajeev Chandrasekhar. The development highlights India's growing production prowess and reflects a significant departure from Apple's previous strategy of selling largely Chinese-made new devices to customers across the world.

Oct 28, 2023

Air India Announces Senior Level Appointments

In a major development, Air India appointed Captain Klaus Goersch as Executive Vice President and Chief Operations Officer. Goersch will oversee flight operations, engineering, ground operations, integrated operations control (IOCC) and cabin crew functions in the newly-created position. It also announced various other senior level appointments.
Goersch will be based out of Air India's new Gurugram headquarters and will be replacing the incumbent chief of operations, Captain R. S. Sandhu who will transition to an advisory role.
The airline also appointed Manish Uppal as Senior Vice President for flight operations. Uppal transitioned from AirAsia India a few months ago. Additionally, Henry Donohoe's corporate role in safety, security, and quality will be expanded to encompass emergency response, and his title was adjusted to Senior Vice President for Safety, Security, and Quality.
Air India is the flag carrier of India, headquartered in New Delhi.It is owned by Talace Private Limited, a fully owned subsidiary of Tata Sons, after Air India Limited's former owner, the Government of India, completed the sale. The airline was founded by J. R. D. Tata as Tata Airlines in 1932. Air India's mascot's the Maharajah (Emperor) and the erstwhile logo consisted of a flying swan with the wheel of Konark inside it.

Reliance Jio Partners With Plume to Provide In-Home Services Enhanced By AI

India's top telecom operator, Reliance Jio Infocomm, announced a partnership with California-based Plume to deliver smart home and small business services to its nearly 200 million subscribers across India, leveraging Plume's cloud platform.
This partnership brings forth a range of innovative offerings under the names 'HomePass' and 'WorkPass'. These services, enabled by Plume's cutting-edge platform, encompass whole-home adaptive WiFi, device and application performance optimisation, cyberthreat protection, parental controls, WiFi motion sensing, and more.
Additionally, Jio's support and operations teams will have access to Plume's 'Haystack' Support and Operations Suite. This suite aids in quicker identification and resolution of performance issues, facilitates the pinpointing of network fault locations, and provides insights into the customer experience.
The partnership will complement the carrier's JioFiber and JioAirFiber networks.

Ambani Scions Get Shareholders' Nod to Become RIL's Non-executive Directors

The shareholders of Reliance Industries (RIL) approved the appointment of Isha Ambani, Akash Ambani and Anant Ambani as the company's non-executive directors. Over 98 per cent votes were in favour of Isha and Akash's appointment. The appointment of Mukesh Ambani's youngest child – Anant, saw some resistance. 7.24 per cent of the total votes were against his appointment.

Oct 27, 2023

Mobikwik's Zaakpay Gets in-principle Nod to Operate as Payment Aggregator

Zaakpay, the secure payment gateway arm of MobiKwik, received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator. This authorisation allows Zaakpay to onboard new merchants onto its platform, facilitating quick and easy processing of online payments.
The platform collaborates with various brands in e-commerce, mobility, and bill payments, offering over 100 different payment methods including UPI, debit and credit cards, net banking, and mobile wallets. Zaakpay also ensures security through multiple encryption levels, system-level firewalls, and compliance with standards such as PCI DSS, PA DSS, Tokenisation, and security standards issued by regulators and network operators.

IndusInd Bank Ties up with Viamericas to Enhance Fast Remit Platform

IndusInd Bank entered into collaboration with Viamericas Corporation to offer non-resident Indians (NRIs) in the US digital inward remittance services on the 'Indus Fast Remit' platform. The service will offer competitive exchange rates on remittances to India.
NRIs can initiate remittance transactions using the auto debit payment mode (automated clearing house - ACH) through their overseas bank accounts on the Fast Remit platform. Viamericas Corporation will leverage its existing Vostro relationship with IndusInd Bank to credit beneficiary accounts in India, utilising the RBI's RDA scheme. The digital remittance platform assures customers transparency of payment status, the exact INR amount to be received by the beneficiary, and the expected delivery time.

India Begins Producing 'Reference' Fuel

India marked a significant milestone in its quest for self-reliance in the automotive sector by introducing the production of 'reference' petrol and diesel. This development places India among a select group of nations capable of producing these highly specialized fuels, which are crucial for calibrating and testing vehicles.
These 'reference' fuels are distinct from regular and premium petrol and diesel, as they possess higher specifications, making them vital for calibrating and testing vehicles by manufacturers and agencies like the International Centre for Automotive Technology (ICAT) and the Automotive Research Association of India. For decades, India has heavily relied on imports to meet the demand for these specialized fuels, creating a dependence on foreign suppliers.
The Indian Oil Corporation (IOC) has played a crucial role in this achievement by developing indigenous products to replace imports.
IOC's Paradip refinery in Odisha will produce 'reference' grade petrol, while its Panipat unit in Haryana will produce high-quality diesel.

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