General Awareness

BUSINESS AND ECONOMY - August 2024

Aug 2024

May 19, 2025

RBI to Issue New Rs 20 Banknotes with Governor Sanjay Malhotra's Signature

The Reserve Bank of India (RBI) announced that it will soon release new Rs 20 denomination banknotes bearing the signature of the newly appointed RBI Governor, Sanjay Malhotra. These banknotes will be part of the Mahatma Gandhi (New) Series and will retain the same design, features, and motifs as the notes currently in circulation.

Global Economic Forum Successfully Organised India Russia Economic Summit at Moscow & Saint Peter...

Hari Krishna Maram, Founder and Chairman of the Global Economic Forum, delivered the inaugural address. The event was supported by several distinguished leaders, including Chief Adviser to the Russian President and Executive Secretary of the Eastern Economic Forum (EEF) Organising Committee, Mr. Anton Kobyakov; Russia's First Deputy Prime Minister, Denis Manturov; H.E., Valeri Khodzhaev, Consul General of the Russian Federation in India; and other eminent leaders.
The highly anticipated India-Russia Economic Summit 2025, organised by the Global Economic Forum, has successfully concluded in Moscow and St. Petersburg. This landmark event, held from May 8th to 13th, brought together key leaders, business delegates, and policymakers from both nations to strengthen bilateral economic ties and explore new avenues for cooperation. The summit also coincided with the grand celebration of the 80th Victory Day, a historic occasion witnessed by Indian delegates amidst the vibrant festivities in Moscow.

ICRA Revises Outlook for Indian Telecom Tower Industry to 'Stable'

Credit rating agency ICRA revised the outlook for the Indian telecom tower industry to 'Stable' from 'Negative', following consistent, timely payments from telecom service providers and the clearance' of past dues.
The industry had previously been under pressure due to delayed payments, which resulted in elongated receivable cycles and liquidity challenges for tower companies. However, ICRA noted a significant improvement in the payment cycle, with receivable days now reduced to around 45–60 days—well below its threshold of 80 days for a negative outlook.

May 18, 2025

HDFC Bank Launches 'Biz+ Current Accounts' to Empower India's Growing MSME Enterprises

HDFC Bank, India's leading private sector bank in Current Account deposits announced the launch of its new Biz+ Current Accounts, a reimagined suite of Current Account offerings designed to meet the evolving needs of Indian businesses. The range of accounts aims to empower businesses by bringing the entire Bank to the customer from day one.
Each Biz+ Current Account comes equipped with core benefits including cash handling services, seamless digital banking platforms and dedicated Bank/Relationship Manager support along with bundled solutions that address the full spectrum of banking needs for businesses.

May 17, 2025

Nishant Kanodia, Appointed to the Board of Directors of the International Fertilizer Association

Nishant Kanodia, Promoter and Chairman of Matix Fertilisers and Chemicals Limited, was appointed to the Board of Directors of the International Fertilizer Association (IFA), the leading global organisation representing the entire fertilizer value chain. The appointment was formalised at the IFA Annual Conference 2025 in Monaco, themed "Investing in the Future of Food." With approximately 500 members across more than 80 countries, IFA champions policy, innovation, and sustainable fertilizer practices that contribute to global food security.

Lodha Ventures Rebrands as Abhinandan Ventures

Lodha Ventures rebranded itself as Abhinandan Ventures. The company, led by Abhinandan Lodha, has applied for the cancellation of its registered trademark "Lodha Ventures," and therefore no longer owns the trademark.
This (rebranding) resonates with the future-focused, new-age group built on technology, transparency, agility and customer-centricity.

May 16, 2025

Bhawna Agarwal Appointed as Senior Vice President and MD of HPE India

In a leadership announcement, Hewlett Packard Enterprise (HPE) appointed Bhawna Agarwal as the new Senior Vice President (SVP) and Managing Director (MD) for its India operations. The transition is effective immediately.
Agarwal will report directly to Heiko Meyer, Executive Vice President and Chief Sales Officer at HPE, and will be responsible for leading HPE's business strategy and operations across one of its most critical international markets.
Agarwal assumed the role from Som Satsangi, a highly respected industry figure who has served HPE for over 27 years. Satsangi took over as Managing Director of HPE India in 2016 and has been instrumental in expanding the company's local footprint across enterprise IT, cloud services, and digital infrastructure.
Agarwal has more than 25 years of experience across digital start-ups, media organisations, and consumer technology companies.

Canara and Union Bank Unveil Tailored Deposit Products to Boost Mobilisation

State-owned Canara Bank and Union Bank of India announced special products to boost resource mobilisation.
It came amid slowing deposit growth, which fell to 10.3 per cent in the financial year 2024-25 (FY25) from 13.5 per cent in FY24. Most public sector banks have projected deposit growth of 9-11 per cent for the current financial year.
Under the scheme, Union Bank will offer 6.75 per cent for deposits of 375 days, for a minimum deposit of Rs. 10 lakh, up to Rs. 3 crore. The scheme includes a 375-day Super Top-up Health Insurance cover, offering a sum insured of Rs. 5 lakh with cashless hospitalisation facilities.
Bengaluru-based Canara Bank launched Canara TruEdge, a current account and savings account product, to deliver enhanced customer segmentation and provide solutions tailored to their specific operational and financial works.
The product offers a flexible benefit system like charge waivers and concessions which is linked to the previous month's Monthly Average Balance (MAB).

May 15, 2025

PNB to Sell Entire Stake in ISARC for Rs. 34 crore

To streamline its investment portfolio, Punjab National Bank (PNB) signed an agreement to offload its entire stake in India SME Asset Reconstruction Company Ltd (ISARC) for Rs. 34.04 crore.
The deal involves the sale of 2.09 crore shares at Rs. 16.29 each, with the transaction expected to wrap up by the end of the first quarter of the 2025–26 financial year. The move aligns with PNB's wider strategy to primarily focus on its core banking operations while exiting non-core investments.

Wipro announces Digital Transformation Partnership with Hachette UK

Wipro announced a digital transformation partnership with Hachette UK, one of the largest publishing groups in the United Kingdom.
As part of the project, Wipro will upgrade Hachette UK's IT systems by implementing SAP S/4HANA, using RISE with SAP. The goal is to improve efficiency, speed up finance operations, and make it easier for Hachette to respond to changing market conditions.
Wipro will lead the transformation by creating a full roadmap to modernise HUK's systems across finance, procurement, and sales — all while keeping disruption to a minimum. The program aims to improve flexibility, data-based decisions, and overall business performance.

UnitedHealth CEO Steps Down

UnitedHealth CEO Andrew Witty stepped down for personal reasons and the nation's largest health insurer suspended its full-year financial outlook due to higher-than-expected medical costs.
Chairman Stephen Hemsley became CEO with immediate effect.
Hemsley was UnitedHealth Group CEO from 2006 to 2017. He will remain Chairman of the company's board. Witty will serve as a senior adviser to Hemsley.

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