IDBI Bank-promoted IDBI Mutual Fund signed an agreement with LIC Mutual Fund to transfer its schemes to the latter. The decision was taken to comply with the Section 7B of Securities and Exchange Board of India's (SEBI) Mutual Fund Regulations.
According to these regulations, the sponsor of a mutual fund and the asset management company of the mutual fund cannot individually, collectively, directly or indirectly hold more than 10% of the shareholding or voting rights in another asset management company or trustee company. In the event of a merger or an acquisition, sponsors of fund houses have one year to comply with the norms.
Ajay Kumar Srivastava New MD and CEO of Indian Overseas Bank
Ajay Kumar Srivastava was elevated as Managing Director and CEO of Indian Overseas Bank from his posting as Executive Director.
He started his banking career as a probationary officer in 1991 with Allahabad Bank where he worked in various capacities in different parts of the country. He is an astute and hardcore banker with vast field-level experience and has the distinction of having successfully led the largest and most critical areas of Uttar Pradesh, Gujarat, and Delhi while working at a senior level in Allahabad Bank.
After the successful completion of about 27 years in Allahabad Bank he was elevated as Executive Director of IOB in October 2017. At Indian Overseas Bank as Executive Director, he had a very challenging journey. Bank was incurring losses since 2014, was in PCA since 2015 and financial parameters were in bad shape besides many other challenges.
Jan 01, 2023
Reserve Bank of India Imposes Monetary Penalty on Mynd Solutions Private Limited
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 13.9 lakh on Mynd Solutions Private Limited citing non-compliance with certain rules.
The penalty was imposed for not complying with the guidelines on trade receivables discounting system (TReDS) updated as on July 02, 2018.
It was imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007 (PSS Act).
This action was based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entity with its customers.
India-Australia FTA to Provide Relief to Indian Textile Exporters
As per the Confederation of Indian Textiles Industry, the India-Australia Economic Cooperation and Trade Agreement, which came into force on December 29, is set to provide a big relief to Indian textile exporters.
Under the pact, Australia is offering zero-duty access to India for about 96.4 per cent of exports (by value) from day one.
India's goods exports to Australia stood at USD 8.3 billion and imports from the country aggregated to USD 16.75 billion in 2021-22.
Adani Group Acquires NDTV Promoters' additional 27.26% Stake
Billionaire Gautam Adani now owns a majority stake in Prannoy and Radhika Roy-promoted news broadcasting company New Delhi Television Ltd.
Adani Enterprises, through its indirect subsidiary RRPR Holdings, acquired additional 1.76 crore shares of NDTV for around Rs. 602 crore (Rs. 342.65 apiece) from the Roys, amounting to 27.26% in the company.
The transfer of shares was done through an inter-se transfer under the Securities and Exchange Board of India Regulations, 2011, which allows share transfer at a premium to current market price, if the company is an existing promoter group.
The Adani Group owns 64.71% in NDTV after acquiring Roy's stake.
Dec 31, 2022
Eicher Motors to Pick 10.35% Stake in Spain-based Stark Future
Indian automotive major Eicher Motors, the parent company of Royal Enfield announced a strategic collaboration in the space of electric motorcycles with Spain-based Stark Future SL.
The board of directors of Eicher Motors cleared an investment of €50 million for close to 10.35 per cent equity stake in Stark Future.
With this investment, Eicher will have a seat on Stark Future's board and will explore further opportunities to collaborate in the space of electric mobility.
MOIL Appoints Ajit Kumar Saxena as Chairman, MD
Ajit Kumar Saxena was appointed as the Chairman-cum-Managing Director of MOIL. Saxena will hold charge of the post till the date of his superannuation, i.e. 31 December 2025, or until further orders, whichever is earlier.
Saxena has 36 years' experience in steel sector with wide experience in technical, operational and project management areas. Prior to this assignment, Saxena held the position of director (Operations) at RINL-Vishakhapatnam Steel Plant. He started his career as a management trainee (Technical) in Steel Authority of India Ltd (SAIL) in 1986 and thereafter, held various positions during his long tenure in SAIL such as chief general manager, Mills, IISCO, Burnpur and general manager, Bhilai Steel Plant, etc.
MOIL is one of the largest manganese ore producers of the country.
Government Owned WAPCOS Ranked as Top Consulting Firm by the Asian Development Bank
In a major breakthrough for WAPCOS, a Government of India Enterprise under the Ministry of Jal Shakti, the Asian Development Bank (ADB) in its report released on Annual Procurement, ranked WAPCOS as top amongst Consulting Services Firm in Water and other Infrastructure Sectors, with highest sanctioned financed amount.
In another report on its Members' Fact Sheet - 2022 released by the ADB, WAPCOS figured amongst the top 3 Consultants from India involved in Consulting Services Contracts under ADB Loan, Grant and Technical Assistance Projects in Energy, Transport and Water & other Urban Infrastructure Sectors. WAPCOS is the only Indian Public Sector featuring in the above categories.
WAPCOS is a leading technology driven Consultancy and Engineering, Procurement and Construction (EPC) organization in the fields of Water Resources, Power and Infrastructure Development.
Apart from India, the company has successfully completed/on-going consultancy assignments in more than 51 countries covering Asia, Africa, CIS, Pacific Islands and South America.
It was established by the government of India in 1969 under the aegis of the Ministry of Water Resources to utilize India's knowledge and expertise in the field of water resources by sharing and exporting technology to friendly developing nations.
Dec 30, 2022
IEX Forms Subsidiary to Explore Business Opportunities in Carbon Market
Indian Energy Exchange (IEX) announced setting up a wholly-owned subsidiary, International Carbon Exchange Private Ltd (ICX), to explore business opportunity in the voluntary carbon market.
The ICX will enable participants to buy and sell voluntary carbon credits at competitive prices through its transparent & reliable platform and facilitate reduction of global GHG (green house gases) emission by 45 per cent by 2030 to get on track to limit global warming to 1.5 degrees.
The new company will facilitate corporates to meet their climate commitments goals. The Exchange platform will provide a robust market signal for attracting further investments in the sustainable projects and help corporates to allocate capex towards energy transition in most optimum manner.
Indian Firm Bags Consultancy Contract for Bangladesh Port
An Indian firm bagged a contract for providing consultancy for a capacity building project at Mongla port, the second largest seaport in Bangladesh, which will boost sub-regional connectivity in South Asia. The contract was signed between Mongla Port Authority and EGIS India Consulting Engineers Pvt Ltd. The total project cost under Government of India concessional Line of Credit is USD 530 million of which PMC contract awarded to EGIS India Consulting Engineers Ltd. is for USD 9.60 million.
The project includes constructing a container terminal, handling and delivery yards, a residential complex and community facilities, marine workshop and service jetty.
The upgradation of Mongla port will strengthen maritime connectivity for Bangladesh, not just for the movement of goods with India but also with Bhutan and Nepal.
Dec 29, 2022
India Signs $125 Million Loan deal with ADB to Improve Urban Services in Tamil Nadu
The Government of India and Asian Development Bank (ADB) signed a $125 million loan to develop climate-resilient sewage collection and treatment, and drainage and water supply systems in three cities in the state of Tamil Nadu. The signatories to the tranche 3 loan for Tamil Nadu Urban Flagship Investment Program were Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance who signed for the Government of India, and Hoe Yun Jeong, Officer-in-Charge of ADB's India Resident Mission who signed for ADB.
The financing is the third and the last tranche of the $500 million multi-tranche financing facility (MFF) for the Program approved by ADB in 2018 to build priority water supply, sewerage, and drainage infrastructure in strategic industrial corridors across 10 cities in the state. The tranche 3 loan covers Coimbatore, Madurai, and Thoothukudi.
Baskar Babu Re-appointed as Suryoday Bank's Chief for 3 Years
Reserve Bank of India (RBI) approved the re-appointment of Baskar Babu Ramachandran as the MD & CEO of Suryoday Small Finance bank for three years effective from January 23, 2023. The founder of the bank, Baskar Babu Ramachandran sold the bank's 50 lakh shares in December for Rs. 55.44 crore to close a loan for exercising warrants to maintain the promoter's stake at the minimum of 26 per cent for the first 5 years.
The bank was originally incorporated as Suryoday Micro Finance Pvt Ltd in Chennai in 2008.
The bank subsequently converted into a public limited company as Suryoday Micro Finance Ltd in 2015.
Suryoday Micro Finance was granted in-principle and final approval to establish an SFB by the RBI.
Suryoday Small Finance Bank is a scheduled commercial bank. The bank has a widespread presence across 13 states and UTs across India through its 565 banking outlets. The bank reported a net profit of Rs. 13 crore in Q2 FY22 as against a net loss of Rs. 1.92 crore.
Bajaj Allianz General Insurance Announces Launch of 'Respect Senior Care Rider'
Bajaj Allianz General Insurance, one of the leading private general insurers of India, announced the launch of its unique health insurance rider 'Respect Senior Care Rider'. This rider helps one fulfil their parental responsibility smoothly. In order to accomplish this goal, Bajaj Allianz General Insurance tied up with a wide network of service providers to assist the insured with their worries.
The company offers a comprehensive network of services and professionals who collaborate with one another to ensure that senior citizen will always receive the highest possible level of care.
This network can be accessed by them or their family members at any time, this product will protect the customers from shelling out significant sums of cash and reduces worries and brings a plethora of services at their fingertips.
The intention of the rider is to minimize the worries of senior citizens and of their family members who might not be living in the same city. Anyone who is aged 50 years & above and has the company's base health insurance policy can opt for this rider.
Indian Bank Launches 'MSME Prerana' Programme in Rajasthan
Indian Bank, one of the leading public sector banks in the country, launched its flagship business mentoring program for MSME entrepreneurs – 'MSME Prerana' – in the state of Rajasthan.
Indian Bank's unique program, "MSME Prerana", is a first-of-its-kind initiative for MSME Sector in the country by any bank. It aims at empowering MSME entrepreneurs through skill development and capacity building training in their local languages, assisting them in acquiring necessary financial and managerial skills, capacity to handle crisis in business, understanding of dynamics of credit rating and risk management. The training program is in collaboration with M/s Poornatha & Co, a firm that designs entrepreneurial development program in vernacular languages using online web interactive sessions and case studies. Indian Bank has already conducted this online program in 7 languages across 10 states.
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