General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

May 18, 2023

Meta India Partnership Head Manish Chopra Resigns

Meta India's director and chief of partnerships, Manish Chopra, resigned from the company after 4.5 years of service.
This follows the exit of former Meta India chief Ajit Mohan, public policy head Rajiv Aggarwal, and WhatsApp India CEO Abhijit Bose. Chopra joined Facebook India in 2019 as the director and head of partnerships.
According to reports, Chopra served as interim head until January 1, 2023, while Sandhya Devanathan was appointed chief following Ajith Mohan's exit.
Chopra's departure from Meta came at a time when the internet behemoth is seeing massive churn at the top in India.

HPCL to Set up Ethanol Plant in Una

Chief Minister Sukhvinder Singh Sukhu announced that Hindustan Petroleum Corporation Limited (HPCL) has committed to setting up a state-of-the-art ethanol plant in Jeetpur Baheri, Una district. With an estimated cost of Rs. 500 crore, this project aims to bolster the production of ethanol in the region and create numerous employment opportunities for local communities.
The proposed ethanol plant will focus on the production of grain-based ethanol, utilizing locally sourced raw materials. This approach will not only promote sustainable agricultural practices but also contribute to reducing carbon emissions and mitigating environmental concerns. The plant's operations are anticipated to support the government's larger vision of achieving energy independence and fostering a greener future.

May 17, 2023

India and Bangladesh Launch '50 Start-ups Exchange Programme'

India and Bangladesh initiated a 50 start-up exchange programme to foster collaboration and partnership between the entrepreneurial communities of both countries. The programme aims to explore opportunities, share knowledge, and enhance cooperation in various sectors. The first group of 10 start-up companies from Bangladesh completed a successful visit to India, marking the beginning of this exciting initiative.
The exchange programme includes start-ups from sectors such as e-commerce, health, transport and logistics, energy, education, and skill development. The selected start-ups represent a diverse range of industries, reflecting the potential for collaboration and innovation between the two nations.
The framework of the start-up exchange programme was decided by the Prime Ministers of India and Bangladesh during their bilateral summits. The primary objectives of the programme include exploring partnerships, expanding business relations, sharing experience and knowledge, and promoting youth and entrepreneurial cooperation.

Zomato Launches its Own UPI Offering in Partnership with ICICI Bank

Food aggregator platform Zomato partnered with ICICI Bank and launched its very own unified payments interface (UPI) offering called Zomato UPI, for some of its users.
Using the new service, customers can pay for their orders directly through the Zomato app – by creating their own UPI ID – without being redirected to other payment gateways like Phonepe, Google Pay, or any other third-party app. Users will be able to make both, peer-to-peer, as well as merchant payments using the service.
Currently, Zomato UPI was rolled out to select users only. Further expansion of the service will hinge on the initial customer response.

Mondelez Names Samir Jain as President of India Business

Confectionary major Mondelez International named Samir Jain as president of India business.
Jain, who will join the company in August, takes over from Deepak Iyer who has been elevated to EVP and President, Asia Pacific, Middle East, and Africa (AMEA) region effective June 5, 2023.
Jain will report to Iyer in his new role and will be part of the AMEA Leadership Team representing India.
He joins Mondelez International from Bunge India, where he led the business as managing director for the last 10 years.
Jain worked at Unilever India for more than 17 years in various roles across categories and functions, starting in 1995 as a management trainee.
He left the company in 2012 as the vice president of Laundry Category.

Bhavesh Gupta New President and Chief Operating Officer of Paytm

One97 Communications Ltd, which operates Paytm, appointed Bhavesh Gupta as president and chief operating officer of the company.
Bhavesh Gupta is a financial services professional with over 25-year experience building businesses grounds up in payments, technology and analytics platforms, retail loans, digital lending, SME banking, retail banking etc.
Prior to joining Paytm in 2020, Gupta held multiple leadership roles including CEO of Clix Capital (formerly known as GE Capital), Head of SME & Business Banking at IDFC Bank, and was also associated with ICICI bank in various roles.
Gupta is a graduate from Delhi University and completed his MBA from Institute of Management Studies, Indore.

RBI Imposes Penalty on Mizoram Rural Bank, Tripura Gramin Bank

The Reserve Bank of India (RBI) imposed a monetary penalty on Mizoram Rural Bank and Tripura Gramin Bank for violations of rules.
The central bank imposed Rs. 5 lakh penalty on Mizoram Rural Bank and Rs. 2 lakh penalty on Tripura Gramin Bank.
According to the release, the penalty was levied on both banks as they failed to categorize certain loan accounts as non-performing in line with the Income Recognition and Asset Classification (IRAC) norms.

May 16, 2023

Ministry for Corporate Affairs Introduces C-PACE

The Ministry of Corporate Affairs (MCA) established the Centre for Processing Accelerated Corporate Exit (C-PACE) to streamline the process of removing companies from the MCA Register. The purpose of C-PACE is to reduce the burden on the registry and provide a convenient process for stakeholders to remove their company's name from the register.
This initiative is part of MCA's effort to make doing business and exiting easier for companies.
C-PACE will operate under the Registrar of Companies (RoC) and will handle applications for processing and disposal.
The office of C-PACE was inaugurated by R.K. Dalmia, the director of inspection and investigation at MCA.
Harihara Sahoo was appointed as the first registrar of C-PACE, which will be supervised by the Director General of Corporate Affairs (DGCoA), New Delhi.

Bank of Baroda Launches Electronic Bank Guarantee on its Digital Platform

State-owned Bank of Baroda launched an electronic bank guarantee (e-BG) on its BarodaINSTA platform, in partnership with National E-Governance Services Limited (NeSL). NeSL is India's first and only Information Utility and is regulated by the Insolvency and Bankruptcy Board of India (IBBI) under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).
With this launch, Bank of Baroda joined a select group of banks to issue electronic bank guarantees.
Electronic bank guarantee is a start-to-end digital process across the complete lifecycle of a BG including issuance, amendment and closure resulting in substantial reduction in the turnaround time in issuing a BG, while at the same time bringing in greater security and accessibility.

Wipro FullStride Cloud Studio Inks partnership with Google Cloud's RaMP

IT major Wipro Limited's FullStride Cloud Studio partnered with Google Cloud's Rapid Migration Program (RaMP) to help clients accelerate their journey to the cloud and pursue a migration strategy anchored in business outcomes.
Wipro will integrate its proven framework, together with artificial intelligence (AI) and automated tooling, into RaMP, which will help clients increase efficiency, agility, and time to market.
Leveraging Wipro FullStride Cloud Studio's industrialised 'as-a-service' model, the partnership will deliver faster returns on cloud investments. Wipro FullStride Cloud Studio has a track record of helping clients achieve up to 5x faster Cloud adoption at 30 per cent lower cost, 90 per cent automated post migration activities, and 3x faster business acceptance.
This partnership with Google builds on Wipro's existing collaboration with Google and Google Cloud Professional Services Organisation and aims to deepen the value delivered to joint clients.

May 15, 2023

Shipping Ministry Second in Data Governance Quality Index among Ministries

The Ministry of Ports, Shipping and Waterways (MoPSW) ranked second among 66 ministries in the Data Governance Quality Index (DGQI) assessment for the December quarter (Q3) of FY23.
The ministry secured a score of 4.7 out of 5, highlighting its commitment to excellence in data governance.
Conducted by the Development Monitoring and Evaluation Office (DMEO), NITI Aayog, the DGQI survey aims to measure the maturity level of administrative data systems and their use in decision-making of various ministries and departments on the implementation of central sector schemes and centrally-sponsored schemes.
The DGQI assessment encompasses six pivotal themes, including Data Generation, Data Quality, Use of Technology, Data Analysis, Use and Dissemination, Data Security and HR Capacity, and Case Studies.

RBI Imposes Rs. 2.92 crore Penalty on Canara Bank

The Reserve Bank of India imposed a penalty of Rs. 2.92 crore on Canara Bank for violation of various norms, including linking interest rates to external benchmark, and opening savings accounts of ineligible entities. The Reserve Bank of India (RBI) conducted a statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021.

RBI Expects Banks to Completely Stop Using LIBOR by July

The Reserve Bank of India (RBI) instructed financial institutions and banks to adopt an Alternative Reference Rate, primarily the Secured Overnight Financing Rate (SOFR), and end their reliance on the scandal-shrouded London Interbank Offered Rate (LIBOR) and Mumbai Interbank Forward Outright Rate (MIFOR) by July 1, 2023.
The central bank has said that most new transactions now use SOFR and the Modified Mumbai Interbank Forward Outright Rate (MMIFOR) as benchmarks.
Even though a few synthetic settings will still continue to be published after June 30, 2023, it's been made clear by the UK's Financial Conduct Authority, which oversees LIBOR, that these settings are not intended for use in any new financial contracts.

Elon Musk Hires Linda Yaccarino to be Twitter's CEO

Ex-NBCUniversal advertising executive Linda Yaccarino was named as the next CEO of Twitter, Elon Musk said. Musk, who runs Tesla and Space X had said that he plans to transition to a role as executive chairman and chief technology officer. The announcement came months after Musk pledged in December to step down as the head of Twitter as soon as he found someone "foolish enough to take the job." Yaccarino, who stepped down as the ad sales chief at NBCUniversal.
She brings longstanding relationships with major advertisers and a strong reputation within the corporate community. Yaccarino worked at NBCUniversal for nearly 12 years, rising through the executive ranks to become chairman of global advertising and partnerships in 2020. Before NBCUniversal, Yaccarino served as an advertising executive at Turner Broadcasting Company for almost 20 years.

May 14, 2023

NIIF Appoints Rajiv Dhar as Interim MD & CEO

Rajiv Dhar was appointed the interim Chief Executive Officer (CEO) and Managing Director (MD) of National Investment and Infrastructure Fund (NIIF). He succeeded Sujoy Bose who left after holding the position since 2016.
Dhar, with more than 30 years of experience, has been a critical member of the NIIFL leadership team since 2017. During this period, he oversaw some key achievements of the company. He served on the investment committee for all funds managed by NIIFL.

Karthik Balagopalan to Replace Abhishek Ganguly as MD of Puma India

Abhishek Ganguly will step down from his role as the managing director of Puma India and its global director of retail and e-commerce Karthik Balagopalan will take on the post from August 1, 2023.
Ganguly had been the MD of the company since 2014. Abhishek leaves Puma to pursue a career as an entrepreneur in his own venture.
Balagopalan has been with Puma since 2006. Prior to leading Puma's global direct-to-customer (DTC) business, he held management positions in retail operations and business development at the company.

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