General Awareness

BUSINESS AND ECONOMY - October 2023

Oct 2023

Aug 02, 2025

India Post Payments Bank Launches Aadhaar-based Face Authentication for Digital Transactions

The India Post Payments Bank (IPPB) announced the nationwide rollout of Aadhaar-based face authentication for customer transactions, a move aimed at enhancing ease of access and financial inclusion for the elderly, differently-abled and those facing biometric authentication issues.
Developed under the framework of the Unique Identification Authority of India (UIDAI), the feature enables customers to carry out banking services using facial recognition, eliminating the need for physical biometrics like fingerprints or one-time passwords (OTPs).

Banking Laws Amendment Act 2025

The Banking Laws (Amendment) Act, 2025 came into effect from August 1, 2025. In an official gazette notification dated July 29, 2025, the Ministry of Finance said that sections 3, 4, 5, 15, 16, 17, 18, 19 and 20 of the Act will be enforced from the first day of August.
The Banking Laws (Amendment) Act, 2025 was first published on April 15, 2025, after receiving the President's assent. The law amends multiple older banking laws — including the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, and the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980.

Hexaware Appoints Shantanu Baruah to Lead Healthcare, Life Sciences, and Insurance Globally

Hexaware Technologies, a global IT solutions company, announced the appointment of Shantanu Baruah as President & Global Head – Healthcare, Life Sciences & Insurance (H&I). He will be based out of the company's New Jersey office and will lead Hexaware's global strategy, growth, and client success initiatives across the vertical.
With over 25 years of experience in the healthcare and life sciences industry, Shantanu brings deep domain expertise and a proven track record of building high-performing teams, driving strategic growth, and leading complex client transformations. Prior to joining Hexaware, he served as Executive Vice President at HCLTech, where he led the Healthcare vertical during one of the industry's most disruptive periods and played a pivotal role in expanding business in the Americas.

Aug 01, 2025

Axis Max Life Insurance Launches All-in-One App with Wellness Benefits for Enhanced Customer Expe...

Axis Max Life Insurance Limited., formerly known as Max Life Insurance Company Limited, announced the launch of the Axis Max Life mobile app that is designed to simplify life insurance management and enhance overall customer experience. The app also introduces a wellness benefit that promotes holistic wellness. It is available for both Android and iOS devices.
This new app extends Axis Max Life's digital offerings, creating a one-stop experience that enhances customer convenience and engagement.

RBI Eases AIF Investment Norms for Banks, NBFCs

The Reserve Bank of India (RBI) announced a significant relaxation in its rules governing how much banks and non-banking financial companies (NBFCs), together referred to as regulated entities (REs), can invest in Alternative Investment Funds (AIFs).
Under the new framework, the RBI capped the cumulative investment exposure of all REs in an AIF scheme at 20% of the scheme's corpus. Additionally, the investment by any single RE is capped at 10% of the scheme's corpus.

Celigo Honoured as a Great Place to Work for Third Consecutive Year

Celigo, the premier AI-driven Integration Platform as a Service (iPaaS) supporting both IT and business users, was certified as a Great Place To Work® for the third consecutive year. This recognition reflects Celigo's unwavering commitment to fostering an empowering, inclusive, and growth-oriented workplace culture.
The certification is awarded by Great Place To Work® Institute, the global authority on workplace culture, following a rigorous evaluation of employee feedback and people practices. The recognition underscores Celigo's dedication to creating a High-Trust, High-Performance Culture that empowers employees to thrive.

Jul 31, 2025

Japanese Technology Giant Panasonic Announces New Chief

Japanese electronics and technology company Panasonic chose a new Chief Executive after eking out a 1.2 per cent rise in its first quarter profit.
Kenneth William Sain, a former Boeing executive, will replace Yasuyuki Higuchi as Panasonic's President and Chief Executive in April 2026.
Sain joined Panasonic in 2019 as CEO of Panasonic Avionics.

Tata Motors Announces Euro 3.8 Billion Acquisition of Iveco Group

Tata Motors Limited announced plans to acquire Iveco Group N.V., a European leader in commercial vehicles and mobility, in an all-cash voluntary tender offer valued at approximately euro 3.8 billion.
The acquisition is subject to regulatory approvals and the separation of Iveco's defence business. The combination aims to create a formidable global player in the commercial vehicle sector with complementary capabilities, diversified markets, and a shared vision for sustainable growth.

Jul 30, 2025

Reliance Industries Limited Signs Joint Operating Agreement with Oil and Natural Gas Corporation ...

Reliance Industries Limited (RIL) entered into a joint operating agreement with Oil and Natural Gas Corporation Limited (ONGC) and BP Exploration (Alpha) Limited (BP) for the exploration Block GS-OSHP-2022/2 (Block).
This Block in located off the western coast in Saurashtra basin and was awarded to RIL, ONGC and BP as part of Hydrocarbon Exploration and Licensing Policy.

India Emerges as Top Smartphone Supplier to US

According to Canalys, India emerged as the largest manufacturing hub for smartphones shipped into the US for the first time in Q2, 2025, as China's share shrunk amid tariff negotiations.
The research from Canalys (now part of Omdia) revealed that United States smartphone shipments grew 1 per cent in the second quarter of the current calendar year as vendors continued to frontload device inventories amid tariff concerns.

Jul 29, 2025

P&G Names Indian Born Shailesh Jejurikar as its President and CEO

Procter & Gamble appointed Shailesh Jejurikar as its next global Chief Executive Officer CEO. He will take over as Chief Executive Officer (CEO) at Procter & Gamble (P&G) in January 2026, joining the ranks of top Indian origin CEOs in the US such as Sundar Pichai, Satya Nadella, Shantanu Narayen, Arvind Krishna, Neal Mohan and Leena Nair.
Procter & Gamble appointed Shailesh Jejurikar as President and Chief Executive Officer (CEO), becoming the first Indian to lead the consumer goods conglomerate effective January 1, 2026.
Jejurikar who joined the company in 1989, will replace Jon Moeller, according. Moeller, who was named to the top job about four years ago, will become P&G's Executive Chairman.

L&T Technology Services Bags $60 mn Multi-year Agreement from a US Client

Engineering and technology services firm L&T Technology Services (LTTS) signed a $60 million multi-year agreement with a prominent US-based provider of wireless telecommunications services.
This latest win marks LTTS' fourth deal exceeding $50 million in the last four consecutive quarters.
This strategic engagement will see LTTS delivering advanced network software development and application engineering solutions.
Under the terms of the agreement, LTTS will provide engineering services, including R&D lab integration, new product development, and functionality testing for the customer's network software automation platforms.

Tesla Signs Chip Supply Deal with Samsung Electronics

Tesla CEO Elon Musk said that the US automaker has signed a deal to source chips from Samsung Electronics, a move expected to bolster the South Korean tech giant's loss-making contract manufacturing business.
The deal came as Samsung faces mounting pressure in the race to produce artificial intelligence chips, where it trails rivals such as TSMC and SK Hynix. This lag has weighed heavily on its profits and share price.

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