17th May 2019 Current Affairs
Nitin Chugh appointed as next MD and CEO of Ujjivan Small Finance Bank


Ujjivan Small Finance Bank Limited has appointed Nitin Chugh as its next Managing Director (MD) and Chief Executive Officer (CEO) for a period of 3 years from December 1, 2019.

Nitin Chugh will succeed Samit Ghosh. Ghosh's tenure will end in November 30, 2019.

Nitin Chugh is a career banker with over 25 years of experience. He has worked at HDFC Bank since April 2001. Prior to HDFC Bank, he was with Standard Chartered Bank where he primarily worked in vehicle finance. He started his career with HCL HP and Xerox Corporation.

He currently serves as the Group Head of Digital Banking.

About Ujjivan Small Finance Bank

Tagline - we believe in your belief

Headquarters - Bengaluru, Karnataka


SIDBI launched a pilot scheme for Fintech NBFCs to boost digital lending


Small Industries Development Bank of India (SIDBI) has launched a pilot scheme for new-age fintech Non-Banking Financing Companies (NBFCs) to extend financial assistance of up to Rs 10 crore in order to boost digital lending.

SIDBI has set the exposure cap for lending to a single new-age fintech NBFC at 30% of NOF of the new-age fintech NBFC, subject to maximum cap of Rs 10 crore.

As per the scheme, new-age fintech NBFC must hold in trust the underlying securities or receivable on behalf of SIDBI.

The minimum fee of 0.075% to 0.25% of the sanctioned amount along with applicable taxes by the development bank.


Headquarters - Lucknow, Uttar Pradesh

Founded - April 2, 1990

Chairman & Managing Director - Mohammad Mustafa


RBI releases 'Vision 2021' for Payment Systems for 'Cash-Lite' Society


Reserve Bank of India has released a vision document 'Payment and Settlement System in India: Vision 2019-2021' with its core theme of 'Empowering Exceptional E-payment Experience' for ensuring a safe, secure, convenient, quick and affordable e-payment system.

The move comes as the apex bank expects the number of digital transactions to increase more than four times from 2069 in December 2018 to 8,707 crore in December 2021.

The vision looks forward to achieving a 'highly digital' and 'cash-lite' society through the goal posts of competition, cost-effectiveness, convenience and confidence (4Cs).

About RBI

Headquarters - Mumbai

Governor - Shaktikant Das (25th Governor)


IBM India ties up with HDFC ERGO to co-create AI-based automation solutions


IBM India has tied up with HDFC ERGO General Insurance Company, India's third-largest non-life insurance provider in the private sector, to co-create new Artificial Intelligence (AI)-based solutions.

It will analyze customer data and develop customized solutions.

Leveraging IBM Garage that uses data-driven insights to develop end-to-end strategies and solutions for business transformation, terms from HDFC ERGO and IBM Services will work together to develop and test new solutions.


Headquarters - Mumbai, Maharastra

Founded - 2002

CEO & MD - Ritesh Kumar

About International Business Machines (IBM)

Headquarters - Armonk, New York, US

Founded - 16 June 1911

Founder - Charles Ranlett Flint

CEO - Ginny Rometty


Justice A. K. Sikri appointed as Chairperson of NBSA


Former Supreme Court judge A. K. Sikri has been appointed as the Chairperson of the New Broadcasting Standards Authority.

He will assume office on May 26, 2019.

He will succeed Justice R.V. Raveendran.

The NBSA is an independent self-regulatory body of 27x7 news channels (who are members of the NBA). It implements the Code of Broadcasting Ethics in the news industry. 


Aarohi Pandit became the world's 1st woman to cross the Atlantic Ocean solo in a LSA


Captain Aarohi Pandit became the world's first woman to cross the Atlantic Ocean solo in a Light Sports Aircraft (LSA).

Aarohi Pandit is a 23-year-old commercial pilot and LSA license holder from Mumbai, Maharastra.

Aarohi has set also another world record as the first woman pilot to fly solo above the dangerous Greenland ice-cap in a LSA.

She has started her journey from Wick, Scotland (United Kingdom) and landed her aircraft at Iqaluit Airport, Canada, post a 3,000 km long flight, under extremely bad weather conditions, with short stopovers in Greenland and Iceland.

This mission is a part of her ongoing 1-year-long global circumnavigation flight launched with her fiend Keithair Misquitta.

Aarohi Pandit will return to India by July 30, 2019.

This achievement is part of the 'Women Empower (WE) Expedition' and the name of the tiny aircraft is 'Mahi'.


Tech Mahindra signs MoU with French Based Rakuten Aquafadas


IT services firm Tech Mahindra has signed MoU with French digital content publishing firm Rakuten Aquafadas to collaborate on building enhanced customer experience offerings.

With this collaboration, Tech Mahindra and Rakuten Aquafades aim to build a world-class customer experience offering to leverage the suit of software that Rakuten provides for digital publishing.

The innovation idea would bring a transformation of content deployment technologies across multi screens and, thus planning to enhance the customer experience across the world.

About Tech Mahindra

Headquarters - Pune

CEO - C. P. Gurnani


World Telecommunication and Information Society Day: 17th May


World Telecommunication and Information Society Day is celebrated every year on 17th May.

The theme of World Telecommunication and Information Society Day 2019 is 'Bridging the Standardization Gap'.

It is celebrated on May 17 every year since 1969.

The purpose of this day is to help raise awareness of the possibilities that the use of the Internet and other information and communication technologies can bring to societies and economies, as well as of ways to bridge the digital divide.


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