General Awareness

BUSINESS AND ECONOMY - July 2024

Jul 2024

Mar 17, 2025

LIC, New India Assurance, GIC Re Retain D-SIIs Status for 2024-25

The Insurance Regulatory and Development Authority of India (IRDAI) once again designated Life Insurance Corporation of India (LIC), The New India Assurance Company, and General Insurance Corporation of India (GIC Re) as Domestic Systemically Important Insurers (D-SIIs) for the year 2024-25. These insurers are considered critical to the stability of the Indian financial system due to their size, market importance, and interconnection with the domestic and global economy.
These insurers will be subjected to stricter regulatory measures to ensure financial stability and risk management.

N. Ganapathy Subramaniam Appointed as Chairman of Tata Communications

Tata Communications officially announced the appointment of N. Ganapathy Subramaniam (NGS) as the Chairman of the Board of Directors. This decision follows the recommendation of the Nomination and Remuneration Committee.
N. Ganapathy Subramaniam, widely recognised as NGS, has been an integral part of Tata Consultancy Services (TCS) for an impressive 40 years. He played a pivotal role in the company's growth, stepping down in May 2024 after serving as the Chief Operating Officer (COO) and Executive Director.

Valueattics Reinsurance Becomes India's First Private Reinsurer, Ending GIC Re's Monopoly

The Insurance Regulatory and Development Authority of India (IRDAI) granted Valueattics Reinsurance, backed by Prem Watsa and Kamesh Goyal, the first private reinsurance license in India. This development marks a significant step towards fostering competition in the reinsurance sector. So long GIC Re, a public-sector entity, was the only player in the field. The approval was granted during Debasish Panda's final board meeting as IRDAI Chairperson.

Mar 16, 2025

L&T Signs Pact with ACWA Power to Build Desalination Plant in Saudi Arabia

Larsen & Toubro (L&T) entered into a pact with ACWA Power, a developer in the Middle East, to build a desalination plant in Saudi Arabia.
The water and effluent treatment business of L&T won the order in a joint venture with Lantania of Spain.
The project's scope includes design, procurement, construction, testing and commissioning of a seawater reverse osmosis desalination plant, L&T said in a statement.
The plant will serve as a drinking water source for Makkah Al-Mukarramah and Al-Baha regions, benefiting about one million population.
This is the second desalination order that L&T has received in Saudi Arabia in the recent past and it strengthens the company's presence in the Middle East.

Mar 15, 2025

TCS Appoints Sudeep Kunnumal as CHRO

India's largest IT services firm, Tata Consultancy Services (TCS), appointed Sudeep Kunnumal as Chief Human Resources Officer (CHRO).
Kunnumal, has been associated with TCS since 2000, took over at a time when hiring across the IT sector remains subdued due to slow demand and weak macroeconomic conditions.

India Becomes the Top Source of FDI into Dubai

India emerged as the leading source of Foreign Direct Investment (FDI) into Dubai, surpassing the United States, France, and the United Kingdom in 2024. Dubai retained its position as the world's top destination for Greenfield FDI projects for the fourth consecutive year, as per Financial Times Ltd.'s 'fDi Markets' data. The city's business-friendly environment, tax policies, and infrastructure have attracted a surge in investments and talent, making it a global hub for foreign investments.

Mar 14, 2025

Binny Bansal Unveils New Venture Opptra to tap consumer Brand Growth

Binny Bansal, the co-founder of Flipkart, came out with a new venture Opptra, a franchising business which aims to help consumer brands expand in Asia markets.
Backed by a team of former Amazon and Flipkart executives, Opptra is building a portfolio of franchising businesses, each with deep category expertise in local markets. It will enable them with centrally-developed technologies and shared global supply-chain infrastructure.

RBI and NCFE Launch Nationwide Campaigns to Boost Financial Literacy

The Reserve Bank of India (RBI) and the National Centre for Financial Education (NCFE) launched nationwide financial literacy campaigns to promote financial awareness and inclusion. These initiatives, implemented under the National Strategy for Financial Education (NSFE), aim to empower diverse sections of society with essential financial knowledge and skills. Special programs are being conducted across different age groups, particularly targeting youth (below 18 years) and senior citizens (above 60 years).

Mar 13, 2025

Canara HSBC Life Insurance Partners with GIC Housing Finance for Home Loan Security

Canara HSBC Life Insurance entered a strategic distribution partnership with GIC Housing Finance Limited to provide enhanced financial security solutions to GICHF's home loan customers. Through this partnership, Canara HSBC Life Insurance will offer its 'Group Asset Secure' product —a comprehensive credit life insurance plan—designed to protect borrowers and their families against loan liabilities in the event of unforeseen circumstances.
The partnership aims to support and enable India's intent and ambition of owning their own homes. With GIC Housing Finance's diversified customer pool, the alliance will unlock a viable financial protection provision for the customers of the company.

Ethisphere Recognises Infosys among 2025 World's Most Ethical Companies® for the Fifth Consecuti...

Infosys, a global leader in next-generation digital services and consulting, received the 2025 World's Most Ethical Companies® recognition by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. Infosys received the honour, for the fifth consecutive year, for demonstrating strong culture of ethics, integrity, ethical governance, and responsible business practices.
Infosys was recognised among 136 honourees spanning across 19 countries and 44 industries and one of only three companies in India to receive this recognition.

RBI Grants One-Year Extension to IndusInd Bank CEO Sumant Kathpalia

The Reserve Bank of India (RBI) granted only a one-year extension to Sumant Kathpalia, Managing Director (MD) and Chief Executive Officer (CEO), IndusInd Bank.
This is despite the bank's Board requesting a three-year reappointment.
This marks the second consecutive time that the RBI has approved a shorter tenure instead of a full three-year term for Kathpalia.

Japanese Automaker Nissan's Chief Executive Steps Down

Japanese automaker Nissan's chief executive, Makoto Uchida, is stepping down after the company reported dismal financial results and its merger talks with Honda collapsed.
Nissan Motor Corp. said that Ivan Espinosa, who is now the company's chief planning officer, will take Uchida's place, effective April 1.

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