General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Oct 11, 2023

Navneet Munot Elected AMFI Chairman

Navneet Munot, MD and CEO of HDFC Asset Management, was elected the new Chairman of the Association of Mutual Funds in India (AMFI). He was elected to this position in a board meeting following the 28th AGM of the association.
Munot will take over the position from A. Balasubramanian, Chief Executive Officer, Aditya Birla Sun Life Asset Management. A chartered accountant and a CFA charter holder, Munot has over three decades of rich experience in financial services.
The board of AMFI also elected Anthony Heredia, MD and CEO, Mahindra Manulife Mutual Fund as the Vice-Chairman of AMFI.

Axis Bank, Fibe Launch India's First Numberless Credit Card

To reduce the risk of identity theft and unauthorised access, private lender Axis Bank partnered with fintech firm Fibe and launched India's first numberless credit card. The card does not display any card number, expiry date, or CVV number. These details are be available on the Fibe app.
The Fibe Axis Bank Credit Card is powered by RuPay and allows customers to link their credit card to the United Payments Interface (UPI). It also offers a tap-and-pay feature for all offline retail stores across the country.
This numberless Axis Bank card prioritises the security of customers while offering a robust financial solution that empowers the smart and ambitious youth of our nation.

IiAS Tells Investors to Vote against Anant's Appointment on RIL Board

Proxy advisory firm IiAS recommended that institutional investors should vote against the appointment of Anant Ambani on Reliance Industries' (RIL's) board, stating his age as the reason. The firm, however, gave its green light to the appointment of Anant's elder siblings — Akash and Isha.
In its recommendation note, IiAS said that at 28 years of age, his appointment as a non-executive, non-independent director does not align with the voting guidelines.
According to IiAS voting guidelines, it will recommend voting for the appointment of any director (among other criteria) unless the director lacks adequate experience. That is, less than 10 years of relevant work experience or is less than 30 years of age. (IiAS will make exceptions to this rule when the director is a first-generation promoter or founder).

RBI orders Bank of Baroda to Suspend Customer Onboarding on 'bob World' App

The Reserve Bank of India directed Bank of Baroda (BoB), India's second largest state-owned lender after State Bank of India, to suspend any further onboarding of its customers onto the 'bob World' mobile application with immediate effect.
The central bank, in exercise of its power under section 35A of the Banking Regulation Act, 1949, stated that the action against the lender is based on certain material supervisory concerns observed in the manner of onboarding of new customers onto this mobile application.
RBI further directed the bank to ensure that already onboarded and existing 'bob World' customers do not face any disruption on account of this suspension.

Oct 10, 2023

RBI Doubles Gold Loan Limit for UCB in Bullet Repayment Scheme

The Reserve Bank of India, in line with Priority Sector Lending criteria, elevated the maximum threshold for gold loans within the Bullet Repayment Scheme from Rs. 2 lakh to Rs. 4 lakh for Urban Co-operative Banks. Initially, in 2007, the RBI authorised bullet repayment of gold loans up to Rs. 1 lakh, which was subsequently augmented to Rs. 2 lakh in 2014, with a repayment period capped at 12 months.
Urban Co-operative Banks have the prerogative to extend gold loans through both the Bullet Repayment and Equated Monthly Instalment (EMI) Repayment channels for a duration of 12 months. In the former, borrowers settle the principal and interest collectively in a lump sum to the lender at the end of the loan term. Conversely, in the EMI method, a fixed sum encompassing both principal and interest components is remitted by the borrower to the lender on a designated date each month.

AyanWorks Gets Digital Public Good Status

AyanWorks, a Pune-based blockchain solutions firm, became the first Indian company to receive a Digital Public Good status for an open-source self-sovereign identity (SSI) and digital credentials management system from the United Nations-endorsed Digital Public Goods Alliance (DPGA).
AyanWorks Technology Solutions will benefit immensely with this global and unique recognition, which is the first in India in the self-sovereign identity technology domain.

Oct 09, 2023

Govt. Clears Appointments of 12 Executive Directors for State-owned Banks

The government approved the appointments of 12 general managers as executive directors (EDs) of various public sector banks (PSBs).
Sanjay Rudra, general manager, Bank of Maharashtra, was appointed ED, Union Bank of India. Another GM from the same bank, Vijaykumar N. Kamble was named as ED of UCO Bank.
Bhavendra Kumar, currently Chief General Manager with Canara Bank, was elevated to become ED of the same bank.
Bibhu Prasad Mahapatra, Chief General Manager of Punjab National Bank, was elevated as ED of the bank, while Ravi Mehra, general manager, was promoted to become ED of Punjab & Sind Bank.
Rajiv Mishra, Chief General Manager with Union Bank of India, was named as ED of Bank of India, and Brajesh Kumar Singh, Chief General Manager of Bank of Baroda, was named as ED of Indian Bank.
Rohit Rishi, Chief General Manager in Indian Bank, was named as ED of Bank of Maharashtra.
In addition, the government approved the appointment of Lal Singh as ED, Bank of Baroda; Shiv Bajrang Singh as ED, Indian Bank; Mahendra Dohare as ED, Central Bank of India; and Dhanaraj T as ED, Indian Overseas Bank.

Axis Bank Launches Its Digital Bank Proposition 'Open by Axis Bank'

Axis Bank announced the launch of 'open by Axis Bank', its digital bank proposition in its latest advertising campaign. The Open 2023 campaign highlights the top 15 features of the bank's digital offerings.
The launch seeks to establish 'open by Axis Bank' as the epitome of digital banking, bringing all the features in a user-friendly, modern interface for both existing and new customers.

UDGAM Portal for Unclaimed FDs, Savings Accounts

The Reserve Bank of India launched a Centralised Web Portal called UDGAM (Unclaimed Deposits - Gateway to Access information) to help and make it simpler for people to search for their unclaimed deposits across different banks at one location. The UDGAM portal was launched in August 2023.
The search feature was initially made available on the portal for seven banks, and it was announced to the public that it will be gradually made available for the remaining institutions by October 15, 2023. Now, the RBI has updated the UDGAM portal with a total of 30 banks.
The term 'Unclaimed Deposits' refers to funds in savings or current accounts that have not been used for 10 years or in term deposits that have not been repaid within 10 years of the maturity date.

RBI Keeps Repo Rate Unchanged at 6.5%

Reserve Bank of India (RBI) Governor Shaktikanta Das announced the bi-monthly monetary policy for the financial year 2023-24.
The central bank maintained the status quo and kept the repo rate steady at 6.5%. This is the fourth time RBI has kept the repo rate unchanged.
This is the fourth time that the central bank has kept the basic rate unchanged. Governor Shaktikanta Das said that the all members of the Monetary Policy Committee (MPC), Dr. Shashanka Bhide, Dr. Ashima Goyal, Prof. Jayanth R. Varma, Dr. Rajiv Ranjan, Dr. Michael Debabrata Patra and Shaktikanta Das, unanimously voted to keep the policy repo rate unchanged at 6.50 per cent. The repo rate was last hiked in February 2023 by 25 basis points (bps).

Oct 08, 2023

Sajjan Jindal's Firm, SAIC Motor to Take over MG Motor India

JSW Group Chairman Sajjan Jindal and China's SAIC Motor Corp finalised an agreement to invest in MG Motor India. The deal is expected to be announced by the end of this month or by Diwali.
Under the terms of the agreement, a private company owned by Jindal will initially acquire a 32-35 per cent stake in MG Motor India, while SAIC will hold 51 per cent ownership. An Indian financial institution will own an 8 per cent stake in the business of MG Motor India. MG India and its local employees will hold the remaining ownership.

L&T's Power Business Wins EPC Orders from West Bengal Power Development Corp

Larsen & Toubro (L&T) announced that its L&T Energy-Power business secured an Engineering, Procurement, and Construction (EPC) order from West Bengal Power Development Corporation Limited. The order is for setting up wet Flue Gas Desulphurisation (FGD) systems at its thermal power plant located in Sagardighi, West Bengal.
The project features include three FGD absorbers catering to four thermal power units (2x300 MW, 2x500 MW). The balance of plant systems to be installed will serve five units of the plant.
For L&T, this marked the first FGD project secured from a state-owned power utility.

Oct 07, 2023

GIC Re appoints Ramaswamy Narayanan as CMD

General Insurance Corporation of India (GIC Re) appointed Ramaswamy Narayanan as Chairman and Managing Director.
He replaced Devesh Srivastava, whose four-year term ended at the close of September 2023 as he attained the age of 60 years.
The appointment came after the Financial Services Institution Bureau (FSIB) had recommended Narayanan as the head of GIC Re in June 2023, following which his position was approved by the Finance Ministry.
Narayanan joined GIC Re has a direct recruit officer in 1988 and has since managed a spectrum of non-life insurance classes, including Fire, Engineering, Miscellaneous, Motor, Liability, Aviation, Marine, and Agriculture.

Government Extends SBI Chief Dinesh Khara's Tenure

The Government of India extended State Bank of India chairman Dinesh Khara's tenure till August 2024. Currently, the retirement age for the SBI chairman is capped at 63. Khara will turn 63 in August 2024. His current term was set to end in October.
This extension aligns with the regulatory provision that permits the SBI Chairman to serve until the age of 63.
Dinesh Khara assumed the role of SBI's Chairman on October 7, 2020, initially appointed for a three-year term.
Khara joined SBI as a probationary officer in 1984. Before assuming the role of SBI chairman, he had served as the managing director of the bank, overseeing global banking and SBI subsidiaries, among other responsibilities.

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