General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Nov 21, 2022

Axis Bank Launches 7th Edition of Knowledge Summit 'Evolve' for MSMEs

Axis Bank launched the 7th edition knowledge summit 'Evolve.
The current edition is focused on the broader theme of 'Indian SMEs: Shifting Gears for Next Level Growth' with sub-themes such as 'Digitalisation to Building Indian SMEs' and 'Export Opportunities for SMEs in the New World Order'.
During the launch, Sangram Singh, President, Commercial Banking Coverage Group, Axis Bank said, "The bank strongly believes that MSMEs are the engines of growth for the nation and as partners in progress, we at Axis Bank endeavour to offer both financial and non-financial services to help MSMEs expand their businesses holistically."

Govt. Raises Maximum Tenure of PSU Banks' CEO to 10 Years

The maximum tenure of CEO and MD of public sector banks was increased to 10 years, a move that would help the government retain the best talent in the banking sector. As per a government notification, the term for the appointment was extended to 10 years, from the earlier 5 years, subject to superannuation age of 60 years.
Earlier, the MD or executive director of a public sector undertaking (PSU) bank was eligible for a maximum tenure of 5 years or 60 years whichever was earlier. This is also applicable for whole-time directors of all Central Public Sector Enterprises (CPSEs).
The amendment would be called Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2022.
The central government has the right to terminate the term of office of a whole-time director, including the managing director, any time before the expiry of the term specified, by giving him a notice of not less than three months, in writing or three months' salary and allowances in lieu of notice.

Govt. Appoints 10 Executive Directors to Public Sector Banks for 3 Years

Days after the government increased the tenure of whole-time directors in public sector banks to 10 years, ten executive directors were appointed to public sector banks for a three-year period, subject to a review after two years.
These are: Lalit Tyagi (Bank of Baroda), Binod Kumar (Punjab National Bank), Ashok Chandra (Canara Bank), Ramasubramanian (Union Bank), Mahesh Bajaj (Indian Bank), M. Paramasivan (PNB), Subrat Kumar (Bank of India), Malladi Venkat Murali Krishna (Central Bank of India), Rahendra Saboo (UCO Bank), and Sanjay Mudaliyar (Indian Overseas Bank).

Nov 20, 2022

Retired BPCL Chairman Arun Kumar Singh to be Next Head of ONGC

As per reports, BPCL's former Chairman Arun Kumar Singh is likely to be the new chairman of India's top oil and gas producer ONGC.
He retired from BPCL after attaining the superannuation age in 2022 and was already selected to head the Petroleum and Natural Gas Regulatory Board (PNGRB) before the August 27 interviews.
It will be first time that a person aged over 60 will be heading a top PSU board-level position.
Big name in Oil refining market, Singh was chosen by a search-cum-selection committee, constituted by the oil ministry. They zeroed in on Singh after interviewing six candidates in August 2022.

SEBI Introduces New Option for Appointment, Removal of Independent Director

Capital markets regulator SEBI introduced a new option for appointment and removal of independent directors from the boards of companies, a move that will provide flexibility to such a process. Under this, the appointment and removal of independent directors could be done by way of two parameters – threshold for ordinary resolution and threshold for majority of minority shareholders.
Currently, the appointment, re-appointment or removal of independent directors is made through a special resolution. For a special resolution to be passed, 75% of 'yes' votes are needed from a company's board.
To give these effects, SEBI has amended LODR (Listing Obligations and Disclosure Requirements) rules, according to a notification made public by the regulator.
Under the alternate mechanism, if the special resolution for appointment of an independent director does not get the requisite majority, then two other thresholds – for ordinary resolution and for majority of minority shareholders – would be tested.
If the resolution crosses the above two thresholds in the same voting process, then such a resolution for appointment of the independent director would be deemed to be approved by shareholders.

Nov 19, 2022

Thierry Bollore Quits JLR, Adrian Mardell Takes over as Interim CEO

Jaguar Land Rover Chief Executive Officer Thierry Bolloré tendered his resignation from the company for personal reasons.
He will leave the company on December 31, 2022.
Adrian Mardell took over as the interim CEO. He has been a part of Jaguar Land Rover for 32 years and a member of the Executive Board for three years.

Wipro the First Indian Company to Set Up European Work Council

IT company Wipro reached an agreement with employee representatives on setting up a European Works Council. The creation of Wipro's EWC is the first to be established by an Indian headquartered company.
Senior vice president & CHRO, Wipro Europe stated: "Setting up the EWC strengthens the already successful cooperation with employee representations in many European countries. Wipro aims to provide the best employee experience and create an inclusive environment that welcomes everyone and nurtures an overall sense of belonging. The EWC will help us in getting even better as we assimilate employee perspectives on a consistent basis. It also demonstrates that Wipro is applying and adopting European employment standards as a responsible global employer."

Facebook Parent Meta Appoints Sandhya Devanathan as Head and VP for India

Facebook parent Meta appointed Sandhya Devanathan as its vice president for India, tasking her to bring the organisation's business and revenue priorities together and support long-term growth.
Devanathan will take up the role on January 1, 2023 and she will report to Dan Neary, vice president, Meta APAC (Asia Pacific). She will be part of the APAC leadership team and will move back to India.
Devanathan has 22 years of experience and an international career in banking, payments and technology. She joined Meta in 2016 and helped build the company's Singapore and Vietnam businesses and teams as well as initiatives in Southeast Asia. In 2020, she moved to lead gaming for APAC, one of the largest verticals for Meta.

Nov 18, 2022

Max Life Launches Life Insurance Plan, Smart Wealth Advantage Guarantee Plan

Max Life Insurance launched its marquee Smart Wealth Advantage Guarantee Plan, a non-linked, non-participating individual life insurance savings plan that offers guaranteed returns, life insurance cover and financial protection all combined in one product.
With its comprehensive benefits, the Smart Wealth Advantage Guarantee Plan is a holistic product that endeavours to ensure customers meet their life goals and remain protected in the long-run from financial uncertainties. The product also offers the receipt of the annual income on a preferred date decided by the policyholder, and not necessarily at the anniversary of the policy issuance.

ESAF Bank Gets Top 'Best in Class' ESG Ratings

ESAF Small Finance Bank joined the growing tide of financial corporations world-wide in their fight against the practice of "greenwashing" or faking environment, social, and governance (ESG) credentials.
ESAF's vow to fight greenwashing comes against the backdrop of the observance of Banking on Values Day by the Global Alliance on Banking on Values (GAVB). The bank was recently awarded the "best in class" rating for ESG practices from CareEdge Ratings. The GABV had called out "greenwashing" while urging the global financial sector to back up their big words with real action as the climate crisis accelerates.
As per ESAF Bank, the rating agency which assessed its ESG practice gave four out of five points for the bank's commitment towards ESG integration. ESAF Bank has been maintaining a well-defined policy towards environmental and social sustainability and has effectively implemented it across its business verticals.

IFSCA Signs MoU with RBI in the Field of Regulation, Supervision of Regulated Entities

The International Financial Services Centres Authority (IFSCA) and the Reserve Bank of India (RBI) entered into a Memorandum of Understanding (MoU) for collaboration in the field of regulation and supervision of regulated entities in their respective jurisdictions.
As per reports, the MoU facilitates technical cooperation and the exchange of information.
The memorandum of understanding (MoU) opens up avenues for cooperation between the two regulators, thereby strengthening the safety, stability and soundness of respective financial ecosystems and nurturing environments conducive to optimal business development and economic growth.
The IFSCA was established on April 27, 2020, under the International Financial Services Centres Authority Act, 2019. It is headquartered at GIFT City, Gandhinagar in Gujarat. The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.

Nov 17, 2022

Uttar Pradesh Adds most Number of New Companies Post Covid-19

As per data combined by the Corporate Affairs Ministry (MCA), Uttar Pradesh added the most number of new companies after Maharashtra since the outbreak of Covid-19, beating industrial hubs such as Delhi, Karnataka and Tamil Nadu.
Uttar Pradesh has several locally specialised business clusters such as sports items in Meerut, brassware in Moradabad, perfumes in Kannuaj, leather in Kanpur, shoes in Agra, embroidered sarees in Varanasi, carpet in Bhadohi, chikan work in Lucknow etc.
The State is amongst the most popular tourist destinations in India with the presence of Taj Mahal, Buddhist places of pilgrimage such as Sarnath and Kushinagar and prominent Hindu pilgrimage places such as Prayagraj and Varanasi. The state was ranked second and third in terms of domestic and foreign tourist arrivals, in 2020.

GoI Nominates Vivek Joshi as Director on RBI's Central Board

The Reserve Bank of India (RBI) announced that the government nominated Vivek Joshi to its director on central board. Joshi who is the secretary of the Department of Financial Services, will hold the position of Director at RBI. The nomination came into effect from November 15, 2022, until further orders.
Notably, Joshi took charge as the Secretary of the Department of Financial Services (DFS) under the Ministry of Finance since November 1, 2022. Between 2014-2017, he served as joint Secretary, the Department of Expenditure, Ministry of Finance, Government of India, where his responsibilities included formulation of public procurement policies for the Central Government and appraisal of publicly funded projects/schemes. He is also currently posted as Registrar General and Census Commissioner of India under the Ministry of Home Affairs since January 2019.

SBI Signs Loan Agreement with Germany's KfW for Solar Projects

State Bank of India signed a 150 million euro (Rs. 1,240 crore) loan agreement with the German development bank KfW for funding solar projects.
The long-term loan, under the Indo-German solar partnership, will facilitate new and upcoming capacities in the solar sector and further contribute to the country's goals announced during the COP26.
In 2015, New Delhi and Berlin had signed a memorandum of understanding to foster solar energy through technical as well as financial cooperation. Through this agreement, Germany had expressed its willingness to provide the concessional loans to India in the range of 1 billion euros through KfW.

Nine Russian Banks Open Special Vostro Accounts for Trade in Rupee

The Reserve Bank of India (RBI) allowed the opening of nine special vostro accounts with two Indian lenders, UCO and IndusInd Bank, to facilitate overseas trade in rupee, Commerce Secretary Sunil Barthwal said.
Apart from the domestic lenders, Russia's two largest banks — Sberbank and VTB Bank — are the first foreign lenders to have received approval from the central bank towards settling international trade transactions in rupee. "Nine accounts have been opened. One each in UCO Bank, SberBank, and VTB and six with IndusInd Bank. There are six different Russian banks who have opened special vostro account in IndusInd," Barthwal said.
Another Russian bank, Gazprom, which does not have a branch in India, has also opened this account with Uco Bank.

PFRDA Appoints Suraj Bhan as Chairman of NPS Trust

Pension Fund Regulatory & Development Authority appointed Suraj Bhan as the Chairman of the National Pension System Trust (NPS Trust), responsible for managing funds under the National Pension System (NPS).
Bhan has been a Trustee on the Board of NPS Trust since 2018.
He joined the Indian Economic Service in 1983 and retired as Director General of Labour Bureau, Chandigarh, in January 2018.
He has varied experience across several sectors with government and public sector undertakings in the areas of economic policy, business, industry and finance.

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