General Awareness

BUSINESS AND ECONOMY - July 2024

Jul 2024

Jul 30, 2024

India- Saudi Arabia Hold First Meeting of the High-Level Task Force on Investments

India and Saudi Arabia held their inaugural meeting of the 'India-Saudi Arabia High-Level Task Force' on investments via a virtual conference. The meeting was co-chaired by P.K. Mishra, Principal Secretary to the Indian Prime Minister, and Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, the Saudi Energy Minister.
India and Saudi Arabia discussed various opportunities for bilateral investments in diverse areas in the public and private sectors, including refining and petrochemical plants, new and renewable energy, and power.
The discussions were centred around detailed reviews by the task force's technical teams, focusing on potential investments in various sectors like refining, petrochemicals, renewable energy, power, telecommunications, and innovation. Both sides showed interest in fostering investments that benefit both economies.
Mishra reaffirmed India's strong commitment to supporting Saudi investments worth $100 billion, as promised during the Crown Prince's visit. The meeting concluded with a decision for ongoing consultations between the technical teams from both countries to finalize specific investment agreements.

Amazon Pay, Adyen, and BillDesk Obtain RBI Cross-Border Payment License

Three prominent payment companies, Amazon Pay, Adyen, and Mumbai-based BillDesk, secured the Reserve Bank of India's (RBI) cross-border payment aggregator license. This follows Bengaluru-based Cashfree's earlier acquisition of the same license. Cashfree received its license on July 22, Adyen and Amazon Pay on July 25, and BillDesk on July 29.
The cross-border payment aggregator license opens significant opportunities in India's vast market for international remittances and global freelancers. These companies can now facilitate international currency transactions for Indian exporters and assist global brands in selling products in India through popular local payment methods.
All four companies, including Cashfree, also hold domestic payment aggregator licenses. This dual licensing enables them to offer merchant payment services both within India and internationally, thereby expanding their service offerings and market reach.

Jul 29, 2024

UltraTech To Acquires 32.7% Stake in India Cements

UltraTech Cement, a flagship of the Aditya Birla Group, will acquire a 32.72% equity stake in India Cements for Rs. 3,945 crore. The acquisition will be finalised through a Share Purchase Agreement with the promoters of India Cements, led by N. Srinivasan, pending regulatory approvals. UltraTech plans to make an open offer to India Cements shareholders at ₹390 per share after securing these approvals.

Manoj Mittal Takes Charge as SIDBI's CMD

Manoj Mittal took charge as Chairman and Managing Director (CMD) of Small Industries Development Bank of India (SIDBI), following his appointment by the Government of India. Prior to this, he was the Managing Director (MD) of Industrial Finance Corporation of India (IFCI).
Mittal has over 33 years of experience in the financial services sector, including his previous tenures as MD and CEO of IFCI and deputy managing director at SIDBI.
Sidbi was established on April 2, 1990, under an act of the Indian Parliament. SIDBI is mandated to serve as the Principal Financial Institution for executing the triple agenda of promotion, financing and development of the MSME (micro, small and Medium Enterprises) sector and coordination of the functions of the various Institutions engaged in similar activities.
Small Industries Development Bank of India has its headquarter in Lucknow.

Karnataka Bank Partners with ICICI Lombard General Insurance

Karnataka Bank announced a strategic partnership with ICICI Lombard General Insurance Company, enabling its customers to access a comprehensive range of insurance products. This collaboration aims to cater to various insurance needs, including health, motor, travel, and home insurance, for both individuals and businesses.
The collaboration with ICICI Lombard is a step towards providing best-in-class insurance solutions and enhancing customer convenience.

Jul 28, 2024

RBI Introduces PCA Framework to Improve Financial Health Of UCBs

The Reserve Bank of India (RBI) prescribed a Prompt Corrective Action (PCA) framework for relatively weak urban co-operative banks (UCBs), with deposits above Rs. 100 crore (upper tier category), to nurse them back to health. As per the framework, a financially unsound and ill-managed UCB can be brought under PCA if it breaches the risk thresholds of identified indicators pertaining to capital and profitability (net profit).
As per RBI, the objective of the PCA Framework is to enable supervisory intervention at an appropriate time and require the UCBs to initiate and implement remedial measures in a timely manner, to restore their financial health.

Mankind Pharma Acquires Bharat Serums and Vaccines for Rs 13,600 Crore

Mankind Pharma entered into a definitive agreement to acquire a 100 per cent stake in Bharat Serums and Vaccines (BSV) from Advent International. It is one of the world's largest and most experienced private equity investors, for an enterprise value of Rs. 13,630 crore, subject to closing related adjustments.
Mankind Pharma is one of the largest pharmaceutical companies in India, which focuses on the domestic market with its pan India presence. Mankind operates at the intersection of the Indian pharmaceutical formulations and consumer healthcare sectors with the aim of providing quality products at affordable prices.

Jul 27, 2024

AU Small Finance Bank Seeks Universal Banking License

AU Small Finance Bank's board approved a proposal to transition from a Small Finance Bank (SFB) to a universal bank. This decision aligns with the Reserve Bank of India (RBI) guidelines issued on August 1, 2016, and the circular on voluntary transition of SFBs to universal banks dated April 26, 2024.
The bank plans to submit its application to the RBI by the end of August. The committee, which includes Independent Directors Pushpinder Singh and MS Sriram, as well as Managing Director & CEO Sanjay Agarwal, will manage the application process.

India's First Integrated Agri-Export Facility at Jawaharlal Nehru Port

The Jawaharlal Nehru Port Authority (JNPA) is set to develop India's first integrated agricultural export facility at Jawaharlal Nehru Port in Mumbai. The project, approved by the Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, is valued at Rs. 284.19 crore and will cover an area of 67,422 square meters. This state-of-the-art facility aims to streamline logistics, reduce multiple handling, and extend the shelf life of agricultural products, thus enhancing the export capacity of Indian agricultural commodities.

Discovery of Lithium Resources in Mandya and Yadgiri Districts, Karnataka by AMD

Union Minister Jitendra Singh, who oversees multiple portfolios including Science and Technology and Earth Sciences, announced the discovery of lithium resources in Karnataka's Mandya and Yadgiri districts.
The Atomic Minerals Directorate for Exploration and Research (AMD), a unit of the Department of Atomic Energy, identified 1,600 tonnes of lithium resources in the Marlagalla area of Mandya district through preliminary surveys and limited subsurface exploration.

Jul 26, 2024

Reliance Gets U.S. Nod to Resume Oil Imports from Venezuela

India's Reliance Industries received approval from the United States to resume importing oil from Venezuela despite Washington's sanctions.
The United States in April had re-imposed sanctions on Venezuela's oil sector in response to President Nicolas Maduro's failure to meet his election commitments, but said some firms would be authorised to trade and operate in Venezuela.

Ministry of Steel Launches 'Steel Import Monitoring System' 2.0 Portal

H. D. Kumaraswamy, Union Minister of Steel and Heavy Industries, launched SIMS 2.0, the upgraded Steel Import Monitoring System. Bhupathiraju Srinivasa Varma, Minister of State for Steel and Heavy Industries, Nagendra Nath Sinha, Secretary, Ministry of Steel, and other senior officials from the Government of India were present at the moment.
SIMS, introduced in 2019, has played a crucial role in providing detailed steel import data to the domestic industry. Based on industry feedback, the Ministry has revamped the portal to develop a more effective SIMS 2.0, a significant step forward in monitoring steel imports and promoting the growth of the domestic steel industry. Availability of such detailed data not only provides input for policy making but also signals areas for production and growth to the domestic steel industry.
SIMS 2.0 features API integration with multiple government portals, enhancing quality control and streamlining processes for improved efficiency and effectiveness. The portal boasts a robust data entry system, ensuring consistent and authentic data, which promotes transparency and accountability. Integration of various databases enable stakeholders to locate areas of risk and, thereby, permit better risk management, e.g., if an import consignment declares a particular source of import, which is not licensed by BIS, then Ministry will be enabled to not recommend its import.

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