General Awareness

BUSINESS AND ECONOMY - May 2023

May 2023

Dec 31, 2024

DPIIT Partners with boAt to Boost Start-up Ecosystem in India

The Department for Promotion of Industry and Internal Trade (DPIIT) entered a strategic partnership with boAt, a prominent Indian audio and wearables brand, to foster innovation and support DPIIT-recognised start-ups, especially in the Direct-to-Consumer (D2C) and manufacturing sectors. This collaboration aims to provide essential mentorship, resources, and guidance, helping start-ups scale both locally and internationally. With boAt's industry expertise and the government's backing, the initiative is poised to empower the Indian start-up ecosystem.
DPIIT and boAt will create tailored programs to mentor start-ups, innovators, and entrepreneurs. These initiatives will cover critical stages like prototype development, offering expert guidance and hands-on support.

Reliance Acquires Karkinos Healthcare

In a strategic move to bolster its healthcare portfolio, Reliance Industries, led by Mukesh Ambani, acquired oncology-focused platform Karkinos Healthcare for Rs. 375 crore. This acquisition, completed through Reliance Strategic Business Ventures Ltd (RSBVL), is a significant step towards expanding the company's reach in cancer detection, diagnosis, and treatment.
Reliance's subsidiary RSBVL acquired 10 million equity shares and 36.5 million optionally fully convertible debentures of Karkinos, with the transaction entirely in cash.
Karkinos, founded in 2020, specialises in providing innovative technology-driven solutions for early cancer detection and management. It has partnered with around 60 hospitals and is setting up a 150-bed cancer hospital in Imphal, Manipur.

Dec 29, 2024

Akums Group Signs 200 Million Euro Deal for European Market Expansion

Akums Group, India's largest contract development and manufacturing organisation (CDMO), entered into a 200 million euro (Rs. 1,760 crore) partnership with a global pharmaceutical major to manufacture and supply a range of pharmaceutical formulations for the European market.
The company will receive an upfront payment of 100 million euro (Rs 880 crore) to support product development and secure European regulatory approvals for its oral liquid manufacturing facility.
The collaboration involves the production of multiple SKUs of oral liquid formulations at Akums' manufacturing facilities in India, which will be marketed by the partner company across various European countries.

Dec 28, 2024

RBI Sets Up 8-member Panel to Develop Framework for Ethical Use of AI

The Reserve Bank announced the setting up of an eight-member committee to develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector.
Headed by IIT Bombay professor Pushpak Bhattacharyya (Department of Computer Science and Engineering), the panel will assess the current level of adoption of AI in financial services, globally as well as in India.
It will also review regulatory and supervisory approaches on AI with focus on the financial sector globally.
The panel will also identify potential risks associated with AI, if any, and recommend an evaluation, mitigation and monitoring framework and consequent compliance requirements for financial institutions, including banks, NBFCs, FinTechs, PSOs, etc.

Dec 27, 2024

North East Bankers Conclave 2024

Union Home Minister Amit Shah addressed the North East Bankers Conclave 2024 in Agartala, Tripura, which aimed to encourage financial institutions to invest in the region's development.
Amit Shah told the necessity of economic growth across all regions and emphasized that the development of the Northeast is a national responsibility, urging bankers to view it as a vital opportunity for growth rather than a mere business venture.

Dec 26, 2024

Aditya Birla Capital Becomes First to Integrate Financial Services on ONDC

Aditya Birla Capital become the first BFSI company to offer all three core financial services lending, insurance, and mutual fund investments on the Open Network for Digital Commerce (ONDC) platform. This move aims to provide broader access to financial products, particularly in underserved markets, and support financial inclusion across the country.
Through the ONDC network, various live Buyer Apps will now be able to offer Aditya Birla Capital's personal loans, health insurance, and mutual funds to their users.

Amitava Chatterjee New MD & CEO of J&K Bank

The Reserve Bank of India (RBI) appointed Amitava Chatterjee as the Managing Director and Chief Executive Officer (MD & CEO) of the Jammu and Kashmir Bank for a period of three years.
This appointment marks a new chapter for J&K Bank with Chatterjee's leadership expected to bring strategic insights and innovation to the institution.

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