General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Aug 18, 2023

RBI Launches 'UDGAM', Centralised Web Portal for Unclaimed Deposits

The Reserve Bank of India (RBI) launched a centralised web portal UDGAM (Unclaimed Deposits – Gateway to Access inforMation), to make it easier for the public to search for their unclaimed deposits across multiple banks in one place.
The web portal will help users identify and approach their banks for either claiming unclaimed deposits or making their deposit accounts operative at their banks.
Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have jointly worked to set up the portal. Currently, users will be able to access the details of their unclaimed deposits in respect of seven banks available on the portal. These banks include the State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank Ltd, South Indian Bank Ltd, DBS Bank India Ltd, and Citibank N A.
RBI said that the search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.

Cabinet Approves Mutual Recognition Arrangement of Authorised Economic Operators between India an...

The Government approved the Mutual Recognition Arrangement of Authorised Economic Operators between India and Australia in a Cabinet meeting. The arrangement is aimed at providing reciprocal benefits to accredited and trusted exporters of both the signatories in the clearance of goods by the Customs authorities of the importing country.
Mutual recognition of Authorised Economic Operators is a key element of the World Customs Organisation's SAFE Framework of Standards to secure and facilitate global trade. This arrangement will benefit exporters to Australia and promote a trade relationship between the two countries.

Cognizant Splits Global Growth Markets by Appointing 2 Internal Leaders

Cognizant Technology Solutions restructured its global growth markets (GGM) by appointing two internal leaders who will now share the responsibility.
The move follows the exit of former GGM leader Rob Walker and is among the slew of leadership changes the company has seen in the recent past.
GGM refers to the company's emerging markets outside of North America.
The two internal leaders, Manoj Mehta and Jane Livesey, will lead the two GGM units and join the Executive Committee, reporting directly to the CEO.

Canara Bank Introduces Canara Jeevan Dhara Savings Bank Account

Canara Bank unveiled a specialised savings account aimed at pensioners and those nearing retirement, designed to provide an array of benefits catering to their unique financial needs. This new offering, known as Canara Jeevan Dhara, extends its advantages to retirees who've opted for voluntary or regular retirement. Through this account, Canara Bank seeks to provide financial security and flexibility to individuals in their post-employment phase.
Canara Jeevan Dhara offers two account variants based on the pension credit:
Diamonds Account: Tailored for individuals with pension credits up to Rs. 50,000.
Platinum Account: Designed for those with pension credits exceeding Rs. 50,000.
Canara Jeevan Dhara presents a comprehensive solution for pensioners and those entering retirement, ensuring financial stability and value-added benefits. With tailored interest rates, loan facilities, healthcare concessions, and enticing FD rates, this account empowers individuals to confidently embark on their post-career journey.

Aug 17, 2023

Hyundai Motor's Unit to Buy General Motors' India Talegaon Plant in Maharashtra

Hyundai Motor Co's Indian unit will buy automaker General Motors' Talegaon plant in the state of Maharashtra, a move that will allow the U.S. automaker to exit the country as well increase Hyundai's annual production.
Through its Sriperumbudur facility outside Chennai city and now the Talegaon plant, Hyundai aims to increase its cumulative production capacity to one million units per year. The company had a production capacity of 820,000 units in the first half of this year.
The South Korean firm said it intends to upgrade the existing infrastructure at the Talegaon unit and start manufacturing in 2025. The plant currently has an annual production capacity of 130,000 units.

Infosys Announces $1.6 Billion Deal with Telecom Firm Liberty Global

Indian IT services company Infosys won a $1.6 billion deal from Liberty Global to build and scale the entertainment and connectivity platforms of the digital communications firm.
As per the current agreement between both parties, the initial tenure of the contract is five years. It can also be extended to eight years, which would take the deal value to $2.5 billion.
The IT services company added that this deal will allow Liberty Global to realise run-rate savings in excess of €100 million per annum inclusive of other savings and technology investments.
Moreover, Liberty Global would licence all the platforms that are built under the deal to Infosys. This means the IT company can offer similar services to new operators and new markets.

Govt. Appoints Two Whole Time Members to SEBI Board

The government appointed Kamlesh Chandra Varshney and Amarjeet Singh as whole time members to the board of markets regulator SEBI.
Varshney is a joint secretary at the Department of Revenue and Singh is an executive director at the Securities and Exchange Board of India (SEBI.
Both the appointments are for a period of three years from the date of assumption of taking charge or until further orders, whichever is earlier.
Currently, SEBI's board, chaired by Madhabi Puri Buch, has two whole-time members and four part-time members.

PayPal Names Alex Chriss as its New CEO

Digital payments giant PayPal Holdings named Alex Chriss, a top executive at tax-preparation software firm Intuit, its next CEO as it looks to grab a bigger share of the payments market for small businesses.
Chriss will take over for PayPal's longtime CEO Dan Schulman in September. Schulman had previously announced a plan to step down from the role by the end of the year. He will remain a director at the company until May 2024.

Parminder Chopra Takes over as First Full-time Women PFC Chairman, MD

Parminder Chopra took over as its first full-time women Chairperson and Managing Director of state-owned Power Finance Corporation (PFC).
Previously, she was holding the additional charge of Chairperson and Managing Director (CMD) from June 1, 2023, and was Director (Finance), PFC, since July 1, 2020.
During her term as Director (Finance), she spearheaded the Finance Division, leading to the highest net profit, highest net worth and lowest NPA levels. Such robust financial performance has also facilitated PFC getting the highest status of 'Maharatna'.
She also played a key role in the successful implementation of the Rs 1.12 lakh crore Liquidity Infusion Scheme (LIS) for the power distribution sector, which was rolled out as part of the Atmanirbhar Bharat initiative.
She has over 35 years of varied experience in the Power and Financial Sector.

Aug 16, 2023

Bank of Maharashtra Tops List of Public Sector Lenders in Loan in Q1 2023

State-owned Bank of Maharashtra (BoM) emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during the first quarter of the current financial year.
The deposit and advances of the Pune-based lender recorded a nearly 25 percent rise, the highest by any public sector bank during the April-June quarter.
It was followed by UCO Bank with 20.70 per cent growth, while Bank of Baroda with 16.80 per cent and Indian Overseas Bank with 16.21 per cent growth were third and fourth, respectively.

RBI Selects McKinsey and Company, Accenture Solutions to Use AI, ML to Improve Regulatory Supervi...

The Reserve Bank selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using artificial intelligence and machine learning for its supervisory functions. The RBI is looking to extensively use advanced analytics, artificial intelligence and machine learning to analyse its huge database and improve regulatory supervision over banks and NBFCs. For this purpose, the central bank plans to hire external experts.
In September 2022, the RBI invited expressions of interest (EoI) for engaging consultants for the use of advanced analytics, artificial intelligence and machine learning for generating supervisory inputs.

India Makes Crude Oil Payment to UAE in Local Currency for the First Time

The first-ever oil transaction in local currency took place between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL), since the implementation of Local Currency Settlement (LCS). India's top refiner made the payment in rupees for the purchase of a million barrels of oil, news agency Reuters reported.
This came after the transaction involving the sale of 25 kg gold from a UAE gold exporter to a buyer in India at about 128.4 million rupees ($1.54 million).
As per reports by the Indian Embassy in UAE, both Indian Rupees and UAE Dirhams were used for the transaction. India and UAE have a strong oil and gas relationship and the UAE is a key partner for India's energy security.

Centre Appoints R. Doraiswamy as LIC Managing Director

The Centre appointed R. Doraiswamy, Executive Director, Life Insurance Corporation of India (LIC) as Managing Director of the insurance behemoth.
Doraiswamy will replace Ipe Mini, who is currently an MD of LIC and is due to superannuate at the end of this month (August 2023).
The Financial Services Institutions Bureau (FSIB), the head-hunter for directors of state-owned banks and financial institutions, in June 2023, had recommended the name of Doraiswamy as MD.
The FSIB is headed by Bhanu Pratap Sharma, former secretary, of the Department of Personnel and Training (DoPT).

Aug 15, 2023

Zerodha AMC Gets Mutual Fund Licence; Vishal Jain Appointed CEO

Zerodha Asset Management Company (AMC) has received final approval from the market regulator to commence a mutual fund (MF) business, according to Zerodha's founder Nithin Kamath. Zerodha AMC is a joint venture between discount broker Zerodha Broking and fintech platform Smallcase.
Vishal Jain, who previously served as the head of exchange-traded funds (ETFs) at Nippon India Mutual Fund, was appointed as the Chief Executive Officer of Zerodha AMC.
The new entrant to the Rs 46-trillion MF industry will only offer passive funds. Navi MF is the only passive-focused AMC at present, though it has active funds by way of acquisition of existing funds of Essel MF.

Maharashtra Secures Top Position in Fiscal Health Report, Kerala Performs Worst

Chhattisgarh, one of the poorest states in the country, is the second best in the overall fiscal health scorecard after Maharashtra, and ahead of Telangana. Based on the FY24 first budget estimates, the top three states are Maharashtra, Chhattisgarh and Telangana, and the bottom three states are Bengal, Punjab, and Kerala, shows a report on the fiscal health of the key 17 states, penned by Kaushik Das, the chief economist at Deutsche Bank India.
Based on the FY23 revised budget estimates, Maharashtra tops the ranking, followed by Chhattisgarh, Orissa, Telangana and Jharkhand.
In contrast, Bengal fares the worst, followed by Punjab, Bihar, Rajasthan and UP.

Aug 14, 2023

HCLTech Signs $2.1 Billion Managed Network Services Deal with Verizon

IT major HCLTech signed a deal worth $2.1 billion with Verizon Business, the enterprise arm of US-based Verizon Communications, for providing primary managed network services (MNS) for the latter's global enterprise customers.
HCLTech expects this deal to have a positive revenue impact over the next six years beginning in November 2023, with an estimated new total contract value of $2.1 billion over the term.
The partnership combines Verizon's networking power, solutioning, and scale with HCLTech's managed service capabilities to usher in a new era of large-scale wireline service delivery for enterprise customers.

AU Bank Becomes India's First Bank to Provide 24x7 Video Banking Service

AU Small Finance Bank, the largest small finance bank in India, took a remarkable step forward in customer service with the launch of their innovative 24×7 video banking platform. This pioneering service enables customers to engage in face-to-face video interactions with expert bankers, akin to video calls. This move redefines convenience, as it provides round-the-clock support, even during weekends and holidays.
AU Small Finance Bank has etched its name in history as the first financial services provider in India to present a 24×7 live video banking solution. Through this cutting-edge platform, customers gain unparalleled access to live video interactions with dedicated bankers at any hour, on any day. This leap in technology empowers not only tech-savvy millennials but also newcomers to banking, busy professionals, and senior citizens, delivering a personalized and hassle-free banking experience.
The introduction of AU Small Finance Bank's 24×7 video banking marks a significant milestone in the banking sector, ushering in an era of unparalleled convenience and customer-centricity.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

August GK, July GK, June 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