General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Oct 26, 2023

Reserve Bank of India (RBI) Sets New Directive for Private Banks

The Reserve Bank of India asked private banks and wholly owned subsidiaries of foreign banks to ensure at least two Whole Time Directors (WTDs), including the MD & CEO, on their boards to facilitate succession planning.
Given the growing complexity of the banking sector, it becomes imperative to establish an effective senior management team to navigate the ongoing and emerging challenges, the RBI said in a circular.
The number of WTDs should be decided by the board of the bank by taking into account factors such as the size of operations, business complexity, and other relevant aspects.
It further said banks, which do not already have the enabling provisions regarding appointment of WTDs in their Articles of Association, may first seek necessary approvals from the RBI, expeditiously.

HMD Announces Easy Pay Financing Solution in Partnership with DMI Finance

Finnish smartphone maker and Nokia's official brand licensee HMD Global announced 'Easy Pay' financing solution in partnership with India's DMI Finance. HMD said that the Easy Pay is available at over 4,000 retail stores in the country where consumers can purchase Nokia smartphones by availing financing through digital process. Though a paperless process, HMD also said that consumers would require Aadhaar number, PAN card number, and Bank account to get "personalised offers" on the Easy Pay.
As per HMD, Easy Pay financing solution pivots on features such as instant and paperless process, diverse consumer base including new to credit individuals, quick disbursal in two-hour timeline, no-interest equated instalment, and transparent down payment options with no hidden fees.

AU Small Finance Bank Launches its First Green FD

AU Small Finance Bank (AU SFB) launched its first Green Fixed Deposit (FD) called 'Planet First – AU Green Fixed Deposit' to support renewable and green projects like solar power, electric vehicles etc.
The SFB joined the likes of HDFC Bank, Federal Bank, IndusInd Bank, Union Bank, and DBS Bank in offering Green FDs. On the face of it, a green deposit works just like a normal fixed deposit. It pays interest to deposit holders and comes with a fixed tenure. However, proceedings from deposits get earmarked for allocation to green finance, supporting renewable and green projects.

Oct 25, 2023

ONGC Secures Bid to Purchase PTC's Wind Power Division

In a strategic move to expand its renewable energy portfolio and reduce its reliance on fossil fuels, the state-owned Oil and Natural Gas Corporation (ONGC) has successfully secured a bid to acquire PTC India Ltd's wind power unit for Rs. 925 crore. This acquisition marks ONGC's continued effort to diversify its business interests beyond its core hydrocarbon operations.
PEL was incorporated on August 1, 2008, and boasts a renewable energy portfolio with a total capacity of 288.8 MW. This portfolio includes 50 MW wind power projects in Madhya Pradesh, 50 MW wind power projects in Karnataka, and 188.8 MW wind power projects in Andhra Pradesh. PEL has secured long-term agreements with state distribution companies for its entire 288.8 MW wind power project portfolio.

Ajay Goel is Vedanta's New Chief Financial Officer

Veteran finance professional Ajay Goel rejoined Vedanta as the new Chief Financial Officer (CFO) after the mining conglomerate owned by billionaire Anil Agarwal announced a major demerger plan.
This is his second stint with Vedanta as CFO Sonal Shrivastava quit in five months.
Vedanta said that Goel's return is part of the company's structured rehiring programme called 'Gharwapsi', which was introduced less than two years back.
Goel's previous stint with Vedanta was as the acting CFO from October 2021 to April 2023. In the interim, he served as the CFO at the troubled ed-tech company Byju's.

Swarup Mohanty Becomes First Non-Korean Person to be Mirae Asset Financial Group's Vice Chairman

Mirae Asset Financial Group of South Korea promoted Swarup Mohanty to the position of Vice Chairman. This is a historic milestone as Mohanty became the first individual of non-Korean descent to occupy this prestigious role within the financial conglomerate. Mohanty's elevation signals Mirae's keen intent to bolster its thriving Indian operations.
This development came as part of a larger organisational shuffle at Mirae Asset Financial Group. The reshuffle aims to turbocharge global growth and address generational change.

Oct 24, 2023

Hindustan Foods Ltd to Invest in Sports Shoes Manufacturing

Fast-moving consumer goods (FMCG) firm Hindustan Foods Limited announced its plans to invest up to Rs. 100 crore to set up, acquire and invest in the area of sports shoe manufacturing. This strategic move marks a significant bet on the thriving sports shoes space in India.
This financial commitment underscores the company's dedication to becoming a significant player in the sports shoes manufacturing sector and contributing to the 'Make in India' initiative.
As a first step, the company entered into a sales and purchase agreement (SPA) to acquire 100 per cent of the shareholding of KNS Shoetech Private Limited from its existing shareholder. The company has a factory located in Kundli, Haryana and is currently manufacturing the entire portfolio of sports shoes and sneakers.

Qatar Airways CEO to Step Down

Akbar Al Baker, one of the airline industry's most outspoken leaders, is retiring as Chief Executive Officer of Qatar Airways after almost three decades at the helm of the state-owned carrier.
As per reports, Al Baker will be succeeded by Badr Mohammed Al Meer, currently Chief Operating Officer of Hamad International Airport.
Al Baker was appointed CEO in 1997, three years after the airline's launch, and was instrumental in transforming Qatar Airways into a major international carrier that competes against the likes of Dubai's Emirates and Turkish Airlines.

Oct 23, 2023

RBI Approves Appointment of Ashok Vaswani as New MD & CEO of Kotak Mahindra Bank

The Reserve Bank of India approved the appointment of Ashok Vaswani as the Managing Director & CEO of Kotak Mahindra Bank (KMB) for a period of three years.
The appointment is with effect from the date of taking charge, which shall not be later than January 1, 2024.
This will be the first time in its 20-odd years of operations that the Bank will be helmed by an outsider.
Vaswani has a proven track record spanning three and a half decades.
Vawani was Chief Executive Officer of Barclays Bank, UK and subsequently CEO of their Global Consumer, Private, Corporate and Payments businesses and Member of the Group Executive Committee. Earlier, He was CEO Citigroup Asia Pacific and Member of the Citigroup Global Operating & Management Committees. Currently, he is President of Pagaya Technologies Ltd - a US-Israeli AI Fintech.

HDFC Bank Launches XpressWay Digital Banking Platform for Paperless Self-Service Banking

HDFC Bank, India's leading private sector bank, launched XpressWay, a digital platform offering banking products and services, enabling customers to experience the fastest way to bank.
XpressWay offers an array of services, including Xpress Personal Loan, Xpress Business Loans, Xpress Car Loan, Xpress Home Loan, Xpress Loan on cards, Xpress Credit Card, Xpress Savings Accounts, service journeys and more, designed to cater to diverse customer needs.
According to the bank, these products and services are meticulously designed to deliver fast, seamless, paperless, and do-it-yourself customer journey, for both existing and new customers. Launched during the festive season, it is even more exciting as it also allows customers to indulge in festive season shopping with greater ease of access to finance.

RBI Imposes Penalty on L&T Finance for Non-compliance of Norms

The Reserve Bank of India (RBI) charged the Non-Banking Finance Company (NBFC) L&T Finance with Rs. 2.50 crore for failing to adhere to certain regulatory provisions regarding interest rates.
The statutory inspection of the company was conducted by the RBI with reference to its financial position as of March 31, 2021, and March 31, 2022.
As per the examination of the Risk Assessment Reports, Inspection Reports, Supervisory Letters, and all related correspondence, the RBI found that the NBFC had not disclosed to its retail borrowers the gradation of risk and rationale for charging different interest rates to different categories of borrowers in the loan application form or sanction letter.
It also failed to notify the change in the penal interest rate to its borrowers whenever it charged higher rates than what was communicated at the time of sanction. Additionally, it failed to give notice of change in the terms and conditions of loans to its borrowers when the NBFC charged an annualised rate of interest, which was higher than what was communicated at the time of sanction.

Oct 22, 2023

Tata Motors to Acquire 27% Stake in Freight Commerce

Tata Motors and Freight Commerce Solutions Private Limited (Freight Tiger) signed a securities subscription agreement (SSA) and a shareholders' agreement (SHA) for the acquisition of 26.79 per cent stake in 'Freight Tiger' for a consideration of Rs. 150 crore.
The SSA also includes a provision enabling Tata Motors to further invest Rs 100 crore over the next two years at the then prevailing market value.
'Freight Tiger' is a digital platform that provides end-to-end logistics value chain solutions for cargo movement in the country.

Parag Milk Foods Appoints Rahul Kumar Srivastava as Chief Operating Officer

Consumer goods (FMCG) products maker Parag Milk Foods announced the appointment of Rahul Kumar Srivastava as the Chief Operating Officer (COO) of the organisation.
Srivastava served as the Managing Director of Lactalis India, a division of the world's largest dairy conglomerate, for over a decade. Additionally, he was Managing Director at Amul for more than ten years. With over three decades of dairy experience, he is a well-known industry veteran who has made substantial contributions to the business.

Ipsita Dasgupta Appointed as HP SVP, MD for India Market

HP, the global PC and printer company named Ipsita Dasgupta as the Senior Vice President (SVP) and Managing Director for the India market. In this new phase for HP India, Gurpreet Singh Brar, who served as interim MD since November 2022, will transition to the role of Vice President, Innovation and Growth for HP's India Market.
Her role as HP SVP, MD for India market will encompass guiding all aspects of HP's strategy and financial performance in India, Bangladesh, and Sri Lanka.
Dasgupta had previously held the position of Senior Director of Marketing for Apple Services at the Cupertino headquarters in the US.
Ipsita Dasgupta, with an extensive 24-year international career spanning multiple industries, including roles at Star India and General Electric Company, brings a wealth of experience to her new position.

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