Axis Bank, Shriram Housing Finance Announce Partnership for Co-lending
Private sector lender Axis Bank and Shriram Housing Finance Limited (SHFL) announced partnership under the co-lending model through the Yubi Co.Lend platform.
Through this partnership, both the lenders will offer secured MSME (Micro, Small and Medium Enterprises) loans and home loans to the middle and low-income segment borrowers based in rural and semi-urban regions, a joint statement said.
The partnership will leverage the financial expertise of Axis Bank, and loan processing technology of SHFL to assess the credit profile of borrowers and provide them loans at competitive interest rates.
BharatPe Ties up with NITI Aayog's WEP to Support Women Entrepreneurs
BharatPe under its corporate social responsibility initiative BharatPe Cares partnered with NITI Aayog's Women Entrepreneurship Platform (WEP) to support women entrepreneurs in the country. The core focus area of the company will be to facilitate the development of a first-of-its-kind aggregator platform that gives access to peer support, mentorship, networking channels and learning resources to women entrepreneurs.
The initiative is under BharatPe's company PAYBACK's CSR programme. BharatPe had acquired PAYBACK, a multi-brand loyalty programme in 2021 from American Express and ICICI Investments Strategic Fund.
Chemical Firm Aether Industries Inks Pact with Saudi Aramco Technologies
Specialty chemical manufacturer Aether Industries entered into a pact with Saudi Aramco Technologies Company to manufacture and commercialise the converge polyols technology and product line.
Saudi Aramco Technologies and Aether had previously developed and validated this manufacturing process on a pre-commercial scale.
Aether Industries aims to generate revenue of Rs. 150-200 crore from this agreement.
During the last few years, Aether has been working with Aramco on the CRAMS (Contract Research and Manufacturing Services) business model.
Apr 01, 2023
Niranjan Gupta New CEO of Hero MotoCorp
Hero MotoCorp Ltd, India's biggest two-wheeler maker by volume, named company insider Niranjan Gupta as its Chief Executive Officer (CEO).
Gupta played a role in forming the bike maker's partnerships with Harley Davidson and electric-motorcycle maker Zero Motorcycles.
Pawan Munjal, Hero MotoCorp's current chief executive, will remain with the company as an executive chairman and full-time director on the board.
The development came months after the company named Gupta as its head of strategy and M&A in December 2022.
Aditya Birla Health Insurance, UCO Bank Sign Bancassurance Pact
Aditya Birla Health Insurance Co Ltd (ABHICL), the health insurance joint venture of Aditya Birla Capital Ltd. (ABCL) announced its bancassurance partnership with leading public sector lender, UCO Bank, for the distribution of health insurance products through the bank's branches across India.
This partnership will enable ABHICL to expand its national footprint by leveraging UCO Bank's widely distributed network of 3,164 branches and reach out to more than 40 million customers of the bank across India.
Bihar Discovers Deposits of Critical Minerals
The Bihar government is preparing to auction mining rights for minerals such as limestone, vanadium-bearing magnetite ilmenite, magnetite and glauconite that were discovered in various non-forest areas of the state.
Explorations near Patalganga in Gaya, parts of Rohtas district and Majos in Jamui district found the presence of millions of tonnes of mineral reserves.
The state government will engage SBI Capital Markets (SBICAPS) as the transaction advisor for the auctions, and also to suggest the terms and conditions based on which the auctions would be held.
Mar 31, 2023
IRDAI Removes Commission Limit for Agents
The Insurance Regulatory and Development Authority of India (IRDAI) lifted limits on the payment of commissions to insurance intermediaries. With this, life and non-life players will have more freedom in offering commissions – the compensation paid to and received by an insurance agent from an insurer for soliciting and procuring an insurance policy.
However, the commission will have to be within their overall Expenses of Management (EOM) and insurers can have board-approved limits for paying commissions to their agents.
IRDAI has asked insurance companies, including life and non-life, to fix an overall cap on commission to agents, brokers and other intermediaries, giving more flexibility to insurers in managing their expenses.
This means the regulator has replaced the earlier cap on different commission payments to various types of intermediaries with an overall board-approved cap which should be within the allowed expenses.
Rajib K Mishra Takes over as Chairman and Managing Director of PTC India
Power trading company PTC India appointed Rajib Kumar Mishra as the Chairman and Managing Director (CMD).
Mishra was holding the additional charge of CMD of the company. He joined the PTC Board in February 2015 as Director (Marketing and Business Development).
Prior to this, Mishra worked as Executive Director of PTC since October 2011 and was responsible for Operations, Business Development, Retail & Advisory Services.
He has 38 years of professional experience and has served at state-run NTPC and Power Grid in various capacities. He has authored four published books and twenty-four technical and management papers.
Tata Power re-appoints Praveer Sinha as CEO, MD
Tata Power re-appointed Praveer Sinha as the company's Chief Executive Officer (CEO) and Managing Director.
His re-appointment to the top post is for a period of four years from May 1, 2023, to April 30, 2027, subject to the approval of the members of the company.
His present tenure as a CEO and MD is scheduled to conclude on April 30, 2023.
Mar 30, 2023
Prodapt Appoints Harsha Kumar as CEO
Prodapt, the largest and fastest-growing specialized player in the Connectedness industry, announced the elevation of Harsha Kumar to Chief Executive Officer (CEO). Harsha took over from Founder and CEO Vedant Jhaver, who will serve as the Chairman of Prodapt.
As President over the last seven years, Harsha has played important roles in helping define growth strategies, delivering strong results through deep customer relationships, scaling practice areas, developing leadership talent, and building a strong operations organization for future growth.
Before joining Prodapt, Harsha held several leadership positions in the technology services industry, and has successfully incubated and scaled several businesses that have grown to become large divisions.
Prodapt provides technology services and consulting to clients across every layer of the Connectedness vertical, including the largest communications, media, and technology firms around the world.
NPCI Recommends PPI Charges for UPI Payments
Starting April 1, merchant transactions exceeding Rs. 2,000 in value done using Prepaid Payment Instruments (PPI Wallets) on UPI will attract an interchange charge of 1.1%. However, "the new interchange charges are only applicable for the PPI merchant transactions and there is no charge to customers," the National Payments Corporation of India (NPCI), which governs UPI
It is further clarified that there are no charges for the bank account to bank account based UPI payments (i.e. normal UPI payments).
The Interchange fee is generally associated with card payments to cover transaction cost.
In the statement, NCPI said that as per regulatory guidelines, the PPI Wallets had been permitted to be part of the interoperable UPI ecosystem.
Pranav Haridasan Named New MD and CEO of Axis Securities
Pranav Haridasan was appointed as the new Managing Director and Chief Executive Officer of Axis Securities for the next three years. B. Gopkumar, who is currently the MD & CEO of Axis Securities, was transferred to Axis Asset Management Company as MD & CEO. Pranav Haridasan has over 20 years of experience in financial markets, having worked with Citigroup Global Markets as Director and Head of India/ ASEAN Execution Services before joining Axis Capital.
Mar 29, 2023
SJVN Gets 'GREEN' Finance from Japan Bank for International Cooperation
SJVN Ltd, a state-owned company, secured Rs. 915 crore in 'GREEN' financing from Japan Bank for International Cooperation (JBIC) to support its 90 MW Omkareshwar floating solar project in Madhya Pradesh and 100 MW Raghanesda solar project in Gujarat. The 'Facility Agreement' was signed virtually between SJVN and JBIC under the Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) program of JBIC. The purpose of this debt is to fund the 90 MW Omkareshwar Floating Solar Power Project in Madhya Pradesh and 100 MW Raghanesda Solar Power Project in Gujarat, which have a combined estimated cost of Rs. 1,288.35 crore.
SJVN is committed to achieve 25 GW of generation capacity by 2030, more than half of which is bound to come from solar and wind resources, and emphasised for more association with JBIC for GREEN financing in near future.
Aditya Birla Capital Sells Insurance Broking Arm to Samara Capital
Aditya Birla Capital (ABCL), the holding company of the financial services business of Aditya Birla Group, will exit its insurance broking business by selling Aditya Birla Insurance Brokers (ABIBL) to Samara Capital for an upfront payment of Rs. 455 crore.
Under the share purchase agreement (SPA), the company and Infocyber (the other shareholder) may receive an additional consideration after completion of five years from the closing which is conditional upon the fulfilment of certain conditions under the SPA.
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