General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Aug 11, 2023

RBI imposes monetary penalty on 4 co-operative banks.

The Reserve Bank of India (RBI) has imposed monetary penalties on four co-operative banks for deficiencies in regulatory compliance. These banks are Shri Vinayak Sahakari Bank, Shreeji Bhatia Cooperative Bank, Mizoram Urban Cooperative Development Bank and Vita Urban Co-operative Bank.
The Reserve Bank imposed a monetary penalty of ₹1.50 lakh on Vita Urban Co-operative Bank Ltd., Vita, Maharashtra (the bank) for contravention of provisions of certain banking norms and directions issued by the apex bank on 'Maintenance of Deposit Accounts'. The bank had not transferred the eligible amount to Depositor Education and Awareness Fund (DEAF) and had not conducted annual review of inoperative accounts.
The Mizoram Urban Cooperative Development Bank Limited, Aizawl (the bank) was also penalised of ₹20,000 on for non-compliance with specific directions issued by the apex bank under Supervisory Action Framework (SAF) and certain provision of 'RBI's KYC directions. The bank had granted fresh loans and advances carrying risk weights of more than 100% in violation of specific directions issued under SAF and failed to put in place a system of periodic review of risk categorisation of accounts.

Air India unveils new logo in Tata rebranding push

Air India on Thursday unveiled a new brand identity and aircraft livery inspired from its iconic jharokha pattern, which Tata Sons Chairman N. Chandrasekaran said represented the airline's "bold vision" for the future and would include the best of technology. The new logo, called 'the vista', is inspired by the peak of the gold window frame, which Mr. Chandrasekaran said stood for "limitless possibilities and progressiveness".
He called Air India a "passion" and a big "national mission" for Tata Sons. The airline's livery features a palette of deep red, aubergine and gold highlights that will populate the tail fin of the aircraft.
Laying the vision for the airline, the Chairman said, "our aim is to have the best technology in the next 9-12 months." He acknowledged that Air India's fleet required a lot of work and said there was a need to refurbish the current fleet to "an acceptable level" until the new planes from the 470 aircraft order placed earlier this year began to join the fleet.
CE0 Campbell Wilson added that 43 legacy widebodies of Air India would undergo refit later next year and would be the "largest refit undertaken ever"

Blackstone Backed International Gemological Institute (IGI) Appoints New Global CEO

International Gemological Institute ("IGI"), a Blackstone portfolio company, announced that Roland Lorie, current CEO, will step down after spending nearly five decades building the largest network of gemological laboratories and schools worldwide and playing a pivotal role in cementing its reputation as a pioneer in the certification of natural diamonds, lab-grown diamonds, colored stones and finished jewelry. Tehmasp Printer has been appointed as Global CEO of IGI, effective October 1, 2023.
Tehmasp Printer has more than 30 years of experience in managing and leading businesses. He has been with IGI for 24 years, most recently as Managing Director of IGI India, and was instrumental in introducing IGI's grading and certification practices to India's gemstone and jewelry industries.

Fifteen Eco-Parks Constructed in five years by Coal/Lignite PSUs ; 19 more to come up in differen...

Coal/Lignite PSUs have established 15 Eco-parks during the last 5 years. No fund has been allocated by the Government for Eco-parks. Expenditure on establishment, maintenance and upkeep of Eco-parks are funded by respective Coal/Lignite PSUs. The State-wise and year-wise details of Eco-parks, including the details of completion time, initial amount of fund allocated by Coal/Lignite PSUs and the extra funds needed are given at Annexure-I.
The details of estimated funds for new eco-parks by Coal/Lignite PSUs are given at Annexure-II.
Eco-parks were developed by Coal/Lignite PSUs for recreational purpose of nearby localities and no revenue earned from these Eco-parks is spent on development of the mining areas. However, Kenapara Eco-Park, SECL, Chhattisgarh is run and maintained by local Self-Help Groups to promote mine tourism. These Self-Help Groups are also earning revenues from floating restaurant, pisciculture and boating facilities of the Kenapara Eco-park for their livelihood

Bandhan Bank Ties up with Odisha Govt. to Strengthen OTDC

Bandhan Bank today announced its tie-up with the Odisha government to help them strengthen payment solutions for Odisha Tourism Development Corporation (OTDC) Ltd.
The bank has provided Point of Sale (PoS) machines to facilitate card payments by tourists. Prime locations including Puri, Bhubaneswar, Konark, Chilka, and Gopalpur will be covered under this tie-up.
These PoS machines will hasten payment collections from tourists, thus bringing convenience, both for the tourists and OTDC officials. The EDC machines will also help prevent revenue loss for OTDC, which may be caused by the lack of cash carried by the tourists. This initiative is also aligned with the nation's vision of becoming a less cash economy.
Commenting on the occasion, Shantanu Sengupta, Head – Retail Banking, Bandhan Bank, said, "Odisha has been an important market for Bandhan Bank over the years. We are happy to partner with the Odisha Government in bringing convenient payment solutions to the tourists of the state. At Bandhan Bank, we are committed to being a bank for all and this endeavor is another step in that direction."
Bandhan Bank now has around 150 banking outlets in the state of Odisha, while the Bank currently serves the banking needs of more than 3 crore customers through more than 6,100 banking outlets across 34 states and union territories in the country.

Airtel Payments Bank Launched India's 1st Eco-Friendly Debit Card

India's first payment bank, Airtel Payment Bank also became the first Indian Bank to launch an eco-friendly debit card for its new and existing customers with a savings bank account. The debit cards will be crafted from recycle- Poly Vinyl Chloride (r-PVC) material, a certified eco-friendly material, against normal PVC cards. The introduction coincides with the Bank's dedication to sustainability and its drive to advocate for environmentally conscious practices within the financial industry.
Each production batch of 50,000 cards will result in a reduction of 350 kgs of carbon emissions compared to the traditional PVC cards commonly used in the market.
The production of r-PVC cards will lead to a 43% reduction in hydrocarbon consumption, playing a role in curbing petroleum usage during the manufacturing process.
With each batch of r-PVC cards contributing to the conservation of an 6.6 million litres of water.

Aug 10, 2023

SBI Life appointed Amit Jhingran as MD & CEO

The Insurance Regulatory and Development Authority of India (IRDAI) has given its official approval and appointed Amit Jhingran as the managing director & CEO of SBI Life Insurance Company in Aug 2023
He had a successful career with the State Bank of India spanning over 30 years.
Currently, he serves as the chief general manager of the Hyderabad Circle.
He started as a probationary officer in August 1991 and has held various positions in international banking.

Indian Oil Chairman SM Vaidya gets rare tenure extension of 1 year

The government has given a one-year post-retirement extension to Indian Oil Corporation (IOC) chairman Shrikant Madhav Vaidya — a rare event for anyone on board of a state-owned company. "The Appointments Committee of the Cabinet (ACC) approved the proposal of the Ministry of Petroleum and Natural Gas for re-employment on a contract basis of Shri Shrikant Madhav Vaidya, Chairman, Indian Oil Corporation Limited (IOCL) for a period of one year beyond the date of his superannuation ie with effect from September 1, 2023, till August 31, 2024, or till the appointment of a regular incumbent to the post, or until further orders, whichever is the earliest," an official order dated August 4 said. Vaidya, who took over as chairman of IOC on July 1, 2020, turned 60 on Monday and as per the rules was to superannuate from service at the end of the month. But now, he will continue for one more year as the head of India's largest oil company.

Bajaj Finance partners with new partner ICICI Lombard General Insurance to offer motor insurance...

Bajaj Finance has partnered with ICICI Lombard General Insurance along with other partners to provide car and two-wheeler insurance plans on the platform Bajaj Finance Insurance Mall.
These policies can be bought instantly on the platform through an all-digital and seamless customer experience journey.
The ICICI Lombard Car and Two-wheeler Insurance policies offer comprehensive damage coverage, including third-party cover and various add-on benefits to vehicle owners.
These policies provide extensive coverage against various risks and damages to vehicles. Here are some of the key features and benefits offered by ICICI Lombard two-wheeler and car insurance policies: Offers comprehensive coverage: Get complete coverage for the insured vehicle as well as for the third party. Offers own damage cover: These policies cover damages caused to the insured vehicle by accidents, thefts, natural calamities and fire. Offers third-party cover: Get financial coverage for third-party liabilities.

WTO ranks India 18th in merchandise exports

The World Trade Organization (WTO) released its 2023 edition of the World Trade Statistical Review (WTSR), its annual flagship publication featuring key data on global trade in merchandise and commercial services.
According to the World Trade Statistical Review 2023, (WTSR 2023) the annual flagship publication of the World Trade Organization (WTO) featuring key data on global trade in merchandise and commercial services, India is ranked 18th among the Leading exporters in world merchandise trade (2022).
India is ranked 9th among the merchandise importers.
China, the United States of America(USA), and Germany are the top 3 exporters in world merchandise trade 2022.
USA, China and Germany are the top 3 importers in World Merchandise Trade 2022.

Aug 09, 2023

PayPal becomes first major fintech to launch dollar-backed stablecoin

Payments giant PayPal has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers.
While stablecoins - crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility - have been around for years now, they are yet to successfully make headway into the mainstream consumer payments ecosystem.
PayPal's announcement, which lifted its shares 2.5% in afternoon trading, reflects a show of confidence in the troubled industry that has over the last 12 months grappled with regulatory headwinds that were exacerbated by a string of high-profile collapses.
Prior attempts by major mainstream companies to launch stablecoins have met fierce opposition from financial regulators and policymakers. Meta's, then Facebook, 2019 plans to launch a stablecoin, Libra, were foiled after regulators raised fears it could upset global financial stability.A string of major economies, from Britain to the European Union, have since laid out rules to govern stablecoins. The EU's policies will come into force in June 2024.

Mumbai's NITIE to become IIM-Mumbai; first in country's financial capital

Mumbai, the country's financial capital, gets its own prestigious Indian Institute of Management as National Institute of Industrial Engineering (NITIE) will be renamed as the IIM-Mumbai, after both Houses of the Parliament passed the IIM (Amendment) Bill 2023 Tuesday.
The NITIE will be 21st IIM in the country and a second in Maharashtra, after the IIM Nagpur which was first among the six new-generation IIMs established by the Government of India in 2015.
The reputed city institute made the much-awaited announcement through a Twitter post, which states, "Both Houses of Parliament has passed IIM (Amendment) Bill 2023. The National Institute of Industrial Engineering (NITIE), Mumbai – well known for its techno-managerial strength and expertise in Supply Chain and Management, has been included in the Schedule of IIM Act."

Star Health Insurance enters into bancassurance tie-up with Standard Chartered Bank

Star Health and Allied Insurance (Star Health), a standalone health insurer, has entered into a strategic corporate alliance with Standard Chartered Bank (SCB).
Under this tie-up, SCB will offer Star Health's insurance products through their extensive branch network across India. SCB currently has 100 branches spread across 42 cities.
With this branch network, SCB will serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.
Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both the bank and the insurance company get to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from the bank's distribution network.
This strategic alliance will enhance Star Health's distribution network. As of June 30, 2023, the standalone health insurer had over 6.4 lakh agents and 38 bancassurance partners.

Aug 08, 2023

Keki Mistry New Strategic Advisor for Cyrus Poonawalla Group's Financial Services Ventures

Cyrus Poonawalla Group appointed Keki Mistry, former HDFC CEO and Vice Chairman as the strategic advisor to all the financial services ventures spearheaded by Adar Poonawalla.
Mistry served as the CEO and Vice Chairman of HDFC Ltd since 2010. Post its merger with HDFC Bank, he joined the bank as an additional and Non- Executive Director (Non-Independent) on June 30, 2023. He is also the Non-Executive Chairman of HDFC Ergo General Insurance Company Limited.
The Cyrus Poonawalla Group, based in Pune, has businesses across pharmaceuticals, biotechnology, finance, clean energy, hospitality realty and aviation.
Cyrus Poonawalla founded the Serum Institute of India in 1966, now led by Adar Poonawalla as India's top biotech firm and the world's largest vaccine manufacturer.

Qualcomm India Appoints Savi Soin as President

Qualcomm appointed Savi Soin as the senior vice president, and president of its India business.
Soin will lead the company and execute its strategy in the country by developing relationships with industry partners and the government across the mobile, automotive, semiconductor, industrial, IoT, and communication infrastructure sectors.
He has been with Qualcomm for over 20 years and was previously the head of strategy and business development at Qualcomm Technologies' semiconductor division.
Soin succeeded Rajen Vagadia who was Qualcomm India's president for the last five years. Vagadia will take up a new role as a vice president to lead global distribution and global carrier strategy in Qualcomm's San Diego headquarters.

Aug 07, 2023

Microsoft has Appointed Puneet Chandok as the New Corporate Vice President

Microsoft has appointed Puneet Chandok as the new Corporate Vice President of Microsoft India and South Asia, effective from September 1, 2023.
He will take over operational responsibilities from Anant Maheshwari and will lead the integration of Microsoft's businesses across South Asia, including countries like Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka. Puneet aims to strengthen Microsoft's presence in the region and focus on key industries through a customer-centric approach, with generative AI as a core technology.
This appointment comes during a period of significant market expansion for Microsoft, especially in cloud technology and digital innovation.
With a massive partner ecosystem globally, including a substantial network in India generating high cloud revenue, and investments in local infrastructure, such as a new data center in Hyderabad, Microsoft's growth aligns with India's emergence as a global innovation hub. The company is dedicated to serving the market with transformative digital technology to contribute to India's economic progress and inclusive growth agenda.

Jio Ties up $2.2 billion Funding from Swedish Export Credit Agency.

According to the telco's website, its 5G services are available in 6,258 neighbourhoods currently. "To fulfil its ambitious pan-India 5G rollout plan, Jio has committed to an investment of Rs 2 lakh crore," RIL said.Jio Infocomm tied up $2.2 billion in funding from Swedish Export Credit Agency (EKN) in the last financial year to buy 5G equipment, the company said on Sunday.
During FY 2022-23, Reliance and its subsidiary Jio Infocomm Limited (JIL) tied up $3 billion equivalent through syndicated term loan facilities, the conglomerate said in its annual report 2022-23.
As on March 31, 2023, Jio's 5G services under Jio True 5G were available in 2300 cities and towns.

RBI fines ONGC Videsh, Indian Oil, GAIL and Oil India for Delayed Reporting of Overseas Investments.

RBI fines ONGC Videsh, Indian Oil, GAIL and Oil India for delayed reporting of overseas investments. he Reserve Bank of India (RBI) has imposed late submission fees amounting to ₹2,000 crore on four major public sector undertakings namely, ONGC Videsh Ltd, Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for failing to promptly report their overseas investments.
The delayed reporting has prompted RBI to take restrictive measures, affecting further remittances and transfers until the discrepancies are resolved.
In response to the delayed reporting, the authorized dealer banks have been directed not to facilitate any outward remittance or financial commitments by individuals residing in India towards foreign entities until the reporting issues are regularized. This regulatory measure has raised concerns among the affected companies regarding the smooth functioning of their overseas subsidiaries.

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