General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Feb 23, 2023

RBI Cancels Licence of MP-based Garha Co-operative Bank

The Reserve Bank of India (RBI) cancelled licence of Garha Co-operative Bank, Guna in Madhya Pradesh as the lender does not have adequate capital and earning prospects.
As per RBI, about 98.4 per cent of the depositors of the co-operative bank are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
Consequent to the cancellation of its licence, the bank is prohibited from conducting various activities, including acceptance of deposits and repayment of deposits with immediate effect.

Samsung Electronics Ranks First in Global TV Market for 17 Years in Row

Samsung topped the global TV market last year (2022), making it the 17th year in a row that the company has ranked first in the TV industry.
This success can be credited to the company's dedication to high-quality viewing experiences and user-centred design.
The company sold 9.65 million QLED and Neo QLED televisions last year, pushing total sales to 35 million units since its launch in 2017.

Axis Bank Enables Cross-border Transaction in Real Time via UPI

Axis Bank enabled cross-border transactions in real-time using the Unified Payments Interface (UPI) network. With this, the lender will act as the settlement bank for peer-to-peer (P2P) foreign inward remittance transactions initiated through PayNow by the Liquid Group in Singapore.
The cross-border UPI transaction initiative is a part of the joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) to develop cross-border payments between India and Singapore.

Feb 22, 2023

Kotak Mahindra Bank Takes Corporate Digital Banking Portal 'Kotak fyn' Live

Private sector lender Kotak Mahindra Bank went live with 'Kotak fyn', an integrated portal developed to offer comprehensive digital banking and value-added services to its business banking and corporate clients.
The portal will offer services across all products, including trade & services, account services, payments, and collections and make banking seamless for the bank's clients.
It is expected to reduce complexity and friction for customers. The portal will assure paperless transactions and will offer the facility to unify data across multiple product-specific portals and back-office systems to create a single view of transactions, positions and balances, enabling self-service and driving operational efficiency.

Rajan Amba to Take Over as JLR Managing Director

Rajan Amba, currently the vice president-sales, marketing and customer care at Tata Motors Passenger Vehicles, now will take charge as the Managing Director of Jaguar Land Rover from March 1.
Rajan Amba succeeds Rohit Suri, who is due to retire on March 31.
His appointment comes at a time when JLR is facing supply chain issues that are impacting its production plans.
Amba has contributed to the growth of Tata Motors Passenger Vehicle's market share, developed commercial teams, and expanded its network. He has also been actively involved in the company's cultural, diversity and inclusion programmes at Tata Motors.

Sanjay Nayar is Vice-president of ASSOCHAM

Associated Chambers of Commerce and Industry (ASSOCHAM) announced the appointment of global financial markets expert Sanjay Nayar as its new vice-president.
Sanjay Nayar who is a senior finance professional in the private equity as well as banking landscape in India, has nearly four decades of experience in the global as well as Indian financial markets. At present, he is the founder and chairman of early-stage technology fund Sorin Investment Fund.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is a non-governmental trade association and advocacy group based in New Delhi, India.
The goal of this organisation is to promote both domestic and international trade, and reduce trade barriers while fostering conducive environment for the growth of trade and industry of India.
ASSOCHAM was established in 1920 by a group of chambers of commerce led by the Calcutta Traders Association. The Association's regional offices are located in the cities of Ahmedabad, Bengaluru, Ranchi, Jammu, Chandigarh and Kolkata.

Rajesh Rai is New CMD of ITI Limited

The Union government appointed Rajesh Rai as the new Chairman and Managing Director of Indian Telephone Industries Limited (ITI Limited) for a period of five years.
In accordance with the Government Order, Rakesh Chandra Tiwari, director, Marketing, ITI Ltd., who had been holding the additional responsibility as CMD of the company was relinquished from the duty with immediate effect.
Mr. Rai has over 30 years of working experience in the telecommunication industry. Prior to assuming charge as CMD in ITI, he served as General Manager (Admin) of Mahanagar Telephone Nigam Ltd. (MTNL), Mumbai. He was also Chief Technology Officer of Mahanagar Telephone Mauritius Ltd. (MTML) in Mauritius for 12 years, where he was responsible for CDMA, GSM, 3G, & 4G network and customer acquisition.
ITI Limited is a PSU in the telecommunications technology segment established as a departmental factory in 1948. The company has manufacturing facilities in Bengaluru, Naini, Rae Bareli, Mankapur and Palakkad along with an R&D centre in Bengaluru and 25 Marketing, Services & Projects (MSP) centers in India, which are located at Bengaluru, Bhubaneshwar, Chennai, Hyderabad, Kolkata, Lucknow, Mumbai, New Delhi and 17 other places spread across the country.

Feb 21, 2023

India, Singapore Link Digital Payment Systems

India and Singapore residents were connected seamlessly through the Unified Payments Interface (UPI) of India and PayNow of Singapore.
The linkage of these two payment systems enables residents of both countries to carry out faster and cost-efficient transfer of cross-border remittances. It will also help the Indian diaspora in Singapore, especially migrant workers and students, with instantaneous and low-cost transfer of money from Singapore to India and vice-versa.
Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong witnessed the launch of the cross-border connectivity through video-conferencing. The linkage was launched by RBI Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) Managing Director Ravi Menon.

Kotak Mahindra Bank Taps Egon Zehnder to Replace CEO Uday Kotak

The board of Kotak Mahindra Bank engaged consulting firm Egon Zehnder to lead a global search for a chief executive officer to replace its billionaire founder Uday Kotak.
Group presidents and whole-time directors Shanti Ekambaram and K.V.S. Manian are the internal candidates for the top job. The board is expanding the search to ensure it finds suitable external candidates.
Uday Kotak has been leading the bank since its inception as a non-banking financial institution in 1985. It became a commercial lender in 2003. Kotak Mahindra Bank had 1,752 branches across India as of the end of 2022. Uday Kotak has a net worth of about $13.4 billion, according to Bloomberg Billionaires Index.

Vedanta-Foxconn Selects Dholera SIR for 1st Semiconductor Facility in India

A joint venture of Indian conglomerate Vedanta and electronics manufacturing giant Foxconn finalised the Dholera Special Investment Region near Ahmedabad city of Gujarat for setting up their semiconductor and display manufacturing facility.
In the biggest ever corporate investment in the history of independent India, a joint venture of Vedanta and Foxconn in September 2022 signed a Memorandum of Understanding (MoU) with the Gujarat government to invest Rs. 1,54,000 crore to set up the plant in the state. This will be the first manufacturing facility for semiconductors in India.
This project is likely to get huge subsidies and incentives, like zero stamp duty on land purchase and subsidised water and electricity, under the 'Gujarat Semiconductor Policy 2022-27' announced by the state government in July 2022.

Philips Domestic Appliances Globally Renamed as Versuni

Philips Domestic Appliances announced the change of its company name to Versuni. The new name 'Versuni' is the next step after the Domestic Appliances business became independent in September 2021. Although the visual identity of the company is changing, its mission to turn houses into homes remains constant.
As a licensee of Royal Philips, the company will continue to use the Philips consumer brand, as well as Saeco, Gaggia and Philips Walita, on its products and services. Consumers can also continue to use products of its other brands - Preethi, L'OR Barista and Senseo.
Versuni, which is headquartered in the Netherlands, is active in more than 100 countries and has a global innovation, manufacturing, and commercial footprint.
With more than 900 patents on its name, the company's portfolio spans kitchen appliances, coffee, climate care, garment, and floor care.

Tata Motors Bags India's Largest Electric Vehicle Fleet Order

Tata Motors, India's largest electric passenger vehicle manufacturer, signed an agreement with ride-hailing company Uber to supply 25,000 electric vehicles (EVs).
The agreement is the largest EV commitment between an automotive manufacturer and a ride-sharing platform in India. Under the agreement, Uber will deploy Tata Motors' XPRES-T EVs by partnering fleet operators in Delhi National Capital Region, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad.

NHPC Shareholders Approve Rajeev Kumar Vishnoi's Appointment as CMD

State-run hydro power giant NHPC received the approval of shareholders for the appointment of Rajeev Kumar Vishnoi as its Chairman and Managing Director.
The shareholders also approved the appointment of Mohammad Afzal, Joint Secretary, Ministry of Power, as government nominee director on the board of the company.

Feb 20, 2023

UAE and India Launch the UAE Chapter of the Business Council to Boost Bilateral Trade & Investment

India-UAE signed Comprehensive Economic Partnership Agreement (CEPA), the two sides established the UAE chapter of the UAE-India Business Council (UIBC-UC). The bilateral outfit was launched by UAE's Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi. Other representatives present on the occasion were India's Ambassador to the UAE SunjaySudhir, Consul General of India in Dubai AmanPuri and founding members of the UBIC-UC.
The India-UAE CEPA aims to boost bilateral trade as both sides charted the path ahead in post-COVID recovery of national and regional trade. Faizal Kottikollon, chairman, KEF Holdings, who was appointed as the chairman of UIBC-UC said, "The Council's focus will be to identify significant strategic projects that can be undertaken by both countries. This includes investments in large infrastructure projects in India, advancements in manufacturing and technology, and providing Indian manufacturers with the ability to use the UAE as a base for their global expansion.

BoM Tops List of Public Sector Lenders in Loan Growth

Bank of Maharashtra (BoM) emerged as the top performer among state-owned lenders in terms of loan growth percentage during the third quarter of 2022-23, an analysis of the latest financial results of public sector banks showed.
The Pune-based lender recorded a 21.67 per cent increase in gross advances on a year-on-year basis.
The bank maintained the top slot in credit growth in percentage terms consistently for the past 10 quarters despite COVID-19 pressures.
BoM was followed by the Union Bank of India with 19.80 per cent growth. Country's largest lender State Bank of India (SBI) stood at fourth spot with 16.91 per cent rise in advances growth.

Rolls-Royce Marine North America and Kalyani Strategic Service Ink an Agreement

A memorandum of understanding (MoU) was signed by Rolls-Royce Marine North America and Kalyani Strategic Service Limited (KSSL), a 100% subsidiary of Bharat Forge, to investigate the possibility of KSSL serving as an in-country provider for propeller sales in the Indian market.
Under the agreement, KSSL will collaborate with Rolls-Royce for the design and development, licensed manufacturing, pre-sales and sales support, installation, commissioning, testing, and aftermarket services and support of the propulsion systems. This would facilitate the creation of a local supply chain ecosystem in India for Controllable Pitch Propellers and Shafting systems as required by the Indian Navy.

Feb 19, 2023

Infosys Appoints Shaji Mathew as Group Head of HR

Infosys announced the appointment of Shaji Mathew, as Group Head of Human Resources, effective March 22, 2023. Mathew will take over from Krish Shankar who retires on March 21, 2023, after serving in this role since 2015.
Based on the recommendations of the Audit Committee and the Nomination and Remuneration Committee, the Board also designated Mathew as an executive officer for the purpose of reporting under the rules of Securities and Exchange Commission and Key Managerial Personnel as defined under IndAS 24-Related Party Disclosures.
In his current role, Mathew will be Infosys' global head of delivery for Financial Services, Insurance, Healthcare and Life Sciences. He has also been actively steering the company's efforts in creating a more inclusive workforce as the Chair for Diversity, Equity, and Inclusion (DEI) in India.

RBI Appoints Vikramaditya Singh Khichi in Advisory Panel of Reliance Cap

The Reserve Bank of India (RBI) appointed Vikramaditya Singh Khichi, former ED of Bank of Baroda, on a panel to advise the administrator of crisis-ridden Anil Ambani-promoted Reliance Capital.
Khichi was appointed in the advisory committee of Reliance Capital consequent upon the resignation of Srinivasan Varadarajan from the panel.
The other two members of the advisory committee are Sanjeev Nautiyal (former DMD, State Bank of India) and Praveen P Kadle (former MD & CEO of Tata Capital Limited).

HUL to Sell Annapurna and Captain Cook Brands

Hindustan Unilever Limited (HUL) has signed an agreement for the sale of its atta and salt business, which it markets under the brands 'Annapurna' and 'Captain Cook', respectively, to Uma Global Foods and Uma Consumer Products for Rs. 60.4 crore.
Uma Global Foods and Uma Consumer Products are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator (Singapore).

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