General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Dec 05, 2022

UAE Emerges Second Biggest Tea Importer from India after CIS Bloc

The United Arab Emirates (UAE) emerged as the second largest importer of tea from India after the Commonwealth of Independent States (CIS) as a block, according to the latest data released by Tea Board. During the period from January to September 2022, UAE imported 28.58 million kilograms of tea from India, a rise of 159 per cent from the similar nine-month period of 2021.
CIS countries imported 38.06 million kilograms during that period in 2022, up from 33.34 million kilograms in the corresponding period of 2021.

NPCI Extends UPI Market Cap Deadline by 2 Years

The National Payments Corporation of India (NPCI) extended the deadline for Unified Payments Interface (UPI) players to limit to a market cap of 30 per cent by two years to December 31, 2024.
In November 2022, the NPCI had proposed a 30 per cent volume cap for third-party app providers (TPAP). Currently, there's no cap on volume and Google Pay and PhonePe hold the market share of about 80 per cent.
Taking into account the present usage and future potential of UPI, and other relevant factors, the timelines for compliance of existing TPAPs who are exceeding the volume cap, was extended by two (2) years.

Canara Bank Wins Banker's Bank of the Year Award at Global Banking Summit

Canara Bank won the "Banker's Bank of the Year Award 2022" for the India segment at the Global Banking Summit. The public sector lender was adjudged as the Best Bank in India for 2022.
The event was held in London where the bank's MD and CEO L. V. Prabhakar received the award from the organisers.
The Bankers' Bank of the year awards are considered to be like Oscar Awards for the banking sector and the winners are judged on their ability to deliver returns, strategy, innovation, technology and product and services in their respective geographies in the last 12 months.

Reserve Bank of India Implements 4 Tiered Regulatory Norms for UCB

The Reserve Bank of India (RBI) announced a four-tiered regulatory framework for categorisation of Urban Co-operative Banks (UCBs). Besides, the central bank came out with norms pertaining to the net worth and capital adequacy of these banks.
The Reserve Bank of India had constituted the Expert Committee on Urban Co-operative Banks, under the Chairmanship of N. S. Vishwanathan, former Deputy Governor, Reserve Bank to examine the issues in urban cooperative banking sector and to review regulatory/ supervisory approach for strengthening the sector. Based on the recommendations of the Expert Committee, RBI had released the Revised Regulatory Framework for Urban Co-operative Banks (UCBs) in July 2022. The four-tiered regulatory framework, based on size of deposits of the UCBs, came into force with immediate effect.

Dec 04, 2022

BCG Carves Out a New Unit for its Digital Transformation Capabilities

Management consulting firm Boston Consulting Group (BCG) announced the launch of BCG X – "a hybrid tech, build, and design unit" for accelerated digital transformation, tech and business innovation, Artificial Intelligence, and advanced analytics.
As per the global consulting major, the new unit will bring together nearly 3,000 technologists, builders, and designers. The unit will offer solutions for AI, software, design, digital growth, deep tech, and green tech.

Serum Institute, Byju's Top Burgundy-Hurun Unlisted Companies List

Serum Institute of India and edtech firm Byju's topped the list of India's most valuable unlisted companies, according to the 2022 Burgundy Private Hurun India 500 study.
The Pune-based vaccine producer's value increased 20 per cent to Rs. 2.2 trillion in the past one year. Byju's market value grew 35 per cent to Rs. 1.82 trillion, replacing the country's top bourse, National Stock Exchange (NSE), as the second-most valuable company on the list. NSE saw its market value erode 17 per cent to Rs. 1.39 trillion. Among the top 10 unlisted companies, Swiggy, Parle Products, Razorpay, and Ola saw their market value double.
To arrive at the value of unlisted companies, Hurun Research's uses metrics such as price to earnings, Price to Sales, EV to sales, EV to EBITDA of comparable listed companies.

SJVN, Grid Corporation of Odisha to Form JV for Hydro, Solar Projects

State-run SJVN Ltd said that its arm SJVN Green Energy and Grid Corporation of Odisha (GRIDCO) will form a joint venture to develop a 1,000 MW hydro electric project and 2,000 MW solar project entailing an investment of Rs. 20,000 crore.
The two companies signed a Memorandum of Understanding (MoU) at Bhubaneswar for developing hydro and solar projects by incorporating a joint venture company.
This MOU paved a way for formation of Joint Venture between SGEL and GRIDCO for generating green power, new direct & indirect employment opportunities, boost to local businesses, carbon emission reduction, sustainable and overall development of the state.

Dec 03, 2022

Coca-Cola India Partners with Adani Digital Labs for Product Sampling

Beverage major Coca-Cola India partnered with Adani Group subsidiary -- Adani Digital Labs -- to optimise the reach of its brands to consumers across the country.
As part of this, Coca-Cola India is working with Adani Digital Labs to use the consumer-centric platform for product sampling and develop deep consumer insights.
Coca-Cola is among the first brands to make its products available on this platform.
Adani Digital Labs is the digital arm of Adani Group, which allows brands to interact with large numbers of travellers and target customers with high spending and purchasing power.
The platform is currently live at the seven key airports located in Mumbai, Ahmedabad, Jaipur, Lucknow, Guwahati, Mangalore, and Thiruvananthapuram & Adani CNG Stations.

Reliance most Valued Indian Firm

Reliance Industries is India's most valued listed company at Rs. 17.2 trillion, said a report.
Reliance was followed by Tata Consultancy Services (TCS) and HDFC Bank with a valuation of Rs. 11.6 trillion and Rs. 8.3 trillion. Tech giant Infosys was at fourth place, followed by ICICI bank, Bharti Airtel, HDFC, and ITC. Adani Total Gas (ATG) and Adani Enterprises were new entrants in the Top 10 firms of 2022 Burgundy Private Hurun India 500. The rankings are by Hurun India and Burgundy Private, Axis Bank's private banking business.
Ranked 9th and 10th, ATG and Adani Enterprises were valued at Rs. 3.96 trillion and Rs. 3.81 trillion. Sun Pharma and Wipro exited the top 10 rankings from last year. The 500 companies ranked in the list are worth $2.7 trillion, an amount equal to India's Gross Domestic Product (GDP).
With a market cap of Rs 17.2 trillion, Reliance Industries is India's most valued listed firm, followed by Tata Consultancy Services (TCS) and HDFC Bank, with a valuation of Rs 11.6 trillion and Rs 8.3 trillion, respectively.

ICICI Bank Launches STACK for Companies in Real Estate Sector

ICICI Bank announced the launch of a novel solution named STACK for real estate companies. This is a combination of digital and physical solutions, which enables participants from the real estate sector, namely builders, real estate investment trusts (REITs) and alternate investment funds (AIFs), to undertake banking transactions expeditiously ― all on one platform.
STACK for real estate will focus on tech efficiency, which will help the companies save on time and resources.
STACK for the real estate sector is an extension of the 'ICICI STACK for Corporates', which the bank had launched in 2021 to provide a set of customised banking solutions for corporates and their entire ecosystem.

Dec 02, 2022

TCS Becomes Top Women Employer in India with 35% Female Staff

Axis Bank's Burgundy Private and Hurun India released the second edition of the top 10 women employers in the country. The 2022 Burgundy Private Hurun India list had some of the biggest employers of women in the country. The list was led by Tata Consultancy Services which employs about 2.1 lakh or 35 per cent of women employees of the total workforce.
Tata Consultancy Services (TCS) was followed by Infosys, Wipro, HCL Technologies and Reliance Industries that employ 40 per cent, 36 per cent, 28 per cent and 18 per cent of women employees, respectively.

Infrastructure Finance Co IDFC AMC Gets SEBI Nod for Change in Ownership

Markets regulator SEBI approved the acquisition of IDFC Asset Management Company Limited (IDFC AMC) by a consortium comprising Bandhan Financial Holdings Limited, GIC and ChrysCapital.
Last month, the Reserve Bank of India's (RBI) approved the deal and the Competition Commission of India (CCI) had given its clearance in August.
In April, the board of directors of IDFC Limited and IDFC Financial Holding Company Limited had approved the sale of IDFC AMC and IDFC AMC Trustee Company Limited to the consortium.

Senior Journalist Ravish Kumar Resigns from NDTV amid Adani Takeover

Ramon Magsaysay award-winning journalist Ravish Kumar resigned from NDTV, just a day after the channel's founders and promoters Prannoy Roy and Radhika Roy resigned as directors from the board of the news broadcaster's promoter entity RRPR Holding Private Limited.
Ravish Kumar was an integral part of NDTV for more than two decades.
Kumar's resignation came amid an open offer by the Adani Group to acquire NDTV that is set to close on December 5.
Sudipta Bhattacharya, the chief technology officer of Adani Group; Sanjay Pugalia, senior journalist and CEO of Adani's AMG Media Network; and journalist Senthil Sinniah Chengalvarayan are taking over as directors of the board.

Dec 01, 2022

TCS Bags Rail Delivery Group Contract to Create UK Rail Data Marketplace

IT major Tata Consultancy Services bagged a deal from Rail Delivery Group to design, develop, implement, and operate the UK's Rail Data Marketplace.
The contract between TCS and RDG (Rail Data Marketplace) is for a term of six years including an extension term opportunity.
The IT services major will be using TCS Dexam to design, develop, implement and operate RDM, which is expected to bring together fragmented sources of rail data into one digital service to accelerate innovation in the transport sector and enhance the passenger experience.
RDM will be used for sharing real-time information with passengers across the UK, simplifying data sharing across operational bodies and increasing data access for public and private bodies to improve transparency.

RBI Authorises Tamilnad Mercantile Bank to Undertake Government Business

Private sector lender Tamilnad Mercantile Bank (TMB) was authorised by the Reserve Bank of India to undertake government business on behalf of the banking regulator.
An agreement in this connection was signed by the bank with RBI in Mumbai for appointing TMB as an 'agency bank' of RBI to undertake government agency business.
TMB is one of the oldest private sector banks with a history of over 100 years, having been established in 1921 as Nadar Bank. The bank offers a wide range of services primarily to micro, small and medium enterprises, agricultural and retail customers.

IAMAI Names Rohit Jain as Chairman, Digital Entertainment Committee

The Internet and Mobile Association of India (IAMAI) announced the appointment of Rohit Jain as the chairman of the Digital Entertainment Committee for the period of 2022-2024. According to the company, Jain will work with various stakeholders of various digital entertainment ecosystem, such as over-the-top (OTT) players, regulatory bodies, and other industry associations.
The Indian media sector has shown immense potential in the last decade and now the OTT industry is in the spotlight owing to the work that's happened for the last many years. India today is the innovation hub for OTT in technology, pricing, and content experimentation.
Jain succeeded Amit Goenka, head of ZEE5 Global. Amit Doshi, head, IVM Podcasts was appointed co-chair, alongside Rohit Jain.

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