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BUSINESS AND ECONOMY - January 2015

Jan 2015

Aug 18, 2024

Deutsche Bank Appoints Manik Chhabra as Head of Global Corporate Coverage for India, Sri Lanka

Deutsche Bank appointed Manik Chhabra as the Head of Global Corporate Coverage for India and Sri Lanka.
Chhabra, who previously served as India Head for mid corporates at Citibank, brings over 22 years of experience in senior leadership roles across sales and product management. In his new role, he will be responsible for expanding Deutsche Bank's presence in the Indian and Sri Lankan markets, focusing on accelerating growth among local and multinational corporate clients.
Chhabra will report to Chintan Shah, Head of Corporate Coverage and Head of Cash Management Sales for APAC, and Kaushik Shaparia, CEO of Emerging Asia and Chief Country Officer for India. Additionally, Chhabra will join the Deutsche Bank India Branch Management Board.

Government Reduces Crude Oil Tax, Eliminates Diesel and ATF Levies

India reduced the windfall tax on petroleum crude oil to Rs. 2,100 per metric tonne, effective August 17, down from Rs. 4,600 per tonne. This adjustment follows a previous reduction of 34.2 per cent to Rs. 4,600 on July 31. The government also eliminated the windfall tax on the export of diesel and aviation turbine fuel (ATF).
Introduced in July 2022, the windfall tax aimed to address the preference of private refiners to sell fuel internationally for better margins, rather than selling domestically. The tax is revised bi-weekly based on international crude and product price fluctuations.

RBI Approves Salee Sukumaran Nair as MD & CEO of Tamilnad Mercantile Bank

The Reserve Bank of India (RBI) approved the appointment of Salee Sukumaran Nair as the Managing Director and Chief Executive Officer of Tamilnad Mercantile Bank (TMB) for a three-year term. Nair, a seasoned banker with over 35 years of experience, is stepping into this role following his tenure as Deputy Managing Director and Chief Credit Officer at the State Bank of India (SBI). His appointment came after the bank was temporarily overseen by a three-member Committee of Executives (COEs) due to the RBI's earlier rejection of proposed candidates.

Aug 17, 2024

Fintech Co Navi Partners with Karnataka Bank to Introduce Credit Line on UPI

Fintech firm Navi announced a partnership with Karnataka Bank to roll out a credit line on UPI product for customers on the platform.
At present, the Sachin Bansal-founded fintech company has introduced the offering to a closed group of select users. It plans to launch it to a wider user base based on feedback.
The announcement came as credit transactions on India's flagship payments platform, Unified Payments Interface (UPI), are reaching Rs. 10,000 crore each month, out of which about Rs. 100 to 200 crore come from the credit line on UPI product.

Adani-led Ambuja Cements Completes Acquisition of Penna Cement Industries

Ambuja Cements Limited, a subsidiary of Adani Cement, completed its acquisition of Penna Cement Industries Limited (PCIL). With this acquisition, Penna Cement has officially become a subsidiary of Ambuja Cements, bolstering its capacity and market presence, particularly in southern India and marking a significant milestone in Adani Group's strategic expansion in the cement sector.
Ambuja Cements' board of directors had approved the acquisition of 100 per cent stake in Penna Cement at an enterprise value of Rs. 10,422 crore. This move aligns with Ambuja's ambitious goal of reaching a cement production capacity of 140 million tonnes per annum (MTPA) by 2028, further establishing its position as a leading player in India's cement industry.

Axis Bank and Visa Launch Exclusive 'PRIMUS' Credit Card for India's Elite

Axis Bank, in partnership with Visa, unveiled the 'Primus' credit card, an ultra-premium offering tailored exclusively for India's ultra-high-net-worth individuals (UHNWIs). This invite-only card is designed to meet the discerning needs of the wealthy elite, offering unparalleled luxury, exclusivity, and personalised services. With a joining fee of Rs. 5 lakh and an annual fee of Rs. 3 lakh, the Primus card is positioned as a symbol of ultimate prestige.
The launch of the Primus credit card aligns with Axis Bank's strategic focus on premiumization, building on the success of its Burgundy Private offering. By introducing a product that caters specifically to the unique needs of UHNWIs, Axis Bank aims to solidify its position in the ultra-premium segment.

Aug 16, 2024

L&T Finance Achieves NBFC-ICC Status from RBI

L&T Finance Ltd. transitioned from an NBFC-Core Investment Company (NBFC-CIC) to a Non-Banking Financial Company (Investment and Credit Company) (NBFC-ICC) following the merger of its wholly-owned subsidiaries, including L&T Finance, L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd. The Reserve Bank of India (RBI) issued the certificate of registration. This change in registration is not expected to affect the company's compliance with the NBFC-ICC guidelines.

RBL Bank Announces Vijay Fixed Deposits to Honour 78th Independence Day

RBL Bank introduced a special 'Vijay Fixed Deposits' scheme to commemorate India's 78th Independence Day. The bank offers a 500-day fixed deposit tenor with highly competitive interest rates, providing an opportunity for customers to grow their savings while paying tribute to the nation's brave soldiers.
The Vijay Fixed Deposit offers 8.85% p.a. for super senior citizens, 8.60% p.a. for senior citizens, and 8.1% p.a. for regular customers.
RBL Bank was originally founded as Ratnakar Bank in 1943 and rebranded to RBL Bank in 2014. It has its headquarters in Mumbai, India.

Aug 15, 2024

NPCI Spins Off BHIM into a Separate Arm; Lalitha Nataraj is CEO

The National Payments Corporation of India (NPCI) spun off its Bharat Interface for Money (BHIM) app into a standalone subsidiary to bolster its presence in the digital payments market. Lalitha Nataraj, previously with IDFC FIRST Bank and ICICI Bank, was appointed as CEO of this new entity.
The separation of BHIM into an independent subsidiary aims to address concentration risks in India's Unified Payments Interface (UPI) sector. Currently, PhonePe and Google Pay dominate the market, processing around 85% of UPI transactions. BHIM, by contrast, handles only 0.16% of total UPI transactions, highlighting the need for diversification.

MoU Signed Between Ministry of MSME and SBA, Government of US

Ministry of Micro, Small and Medium Enterprises, MSME signed a Memorandum of Understanding, MoU with the Small Business Administration (SBA) of the Government of the United States to promote Cooperation on Small and Medium-size Enterprises (SMEs).
The MoU was signed between Secretary, Ministry of MSME S. C. L Das and Administrator, SBA, Government of the United States of America, Isabel Casillas Guzman in New Delhi.
The MoU provides a framework for both sides to discuss issues concerning micro, small and medium enterprises (MSMEs) and explore possibilities of cooperation. It envisages the exchange of expertise between the two sides on issues related to improving MSME participation in the global marketplace through mutual visits as well as webinars and workshops on topics including access to trade and export finance; technology and digital trade; green economy; and trade facilitation.

RBI Tightens Norms for HFCs to Align with NBFCs

The Reserve Bank of India (RBI) introduced stricter regulations for Housing Finance Companies (HFCs) to bring their public deposit norms in line with those for Non-Banking Financial Companies (NBFCs). This move aims to enhance regulatory parity between the two sectors.
Ceiling Reduction: The RBI has halved the ceiling on the quantum of public deposits that HFCs can hold from 3 times to 1.5 times their net owned fund (NoF). HFCs exceeding this limit must cease accepting or renewing public deposits until they comply with the new cap. Existing excess deposits can mature as scheduled.
Maturity Period: The maximum period for which HFCs can accept or renew public deposits has been reduced from 120 months to between 12 and 60 months. Deposits with maturities beyond 60 months can be repaid according to their current terms.
Regulatory Parity: HFCs will now adhere to the same regulations as NBFCs concerning branches and agents collecting deposits.
Investment Limits: HFCs must establish board-approved internal limits for direct investments in unquoted shares of non-subsidiary companies and companies not in the same group.

Aug 14, 2024

Rana A. K. Singh takes charge as MD at SBI

Rana Ashutosh Kumar Singh took over as Managing Director in charge of State Bank of India's (SBI) risk compliance and stressed assets resolution group (SARG) departments, following his nomination by the government.
As per reports, Mumbai Circle's former Chief General Manager Gajendra Singh Rana replaced Rana A. K. Singh as Deputy Managing Director (DMD) of retail and real estate.

BHEL Wins 1,600 MW Thermal Power Project from DVC

State-owned Bharat Heavy Electricals Ltd (BHEL) was awarded a significant contract by Damodar Valley Corporation (DVC) to set up a 1,600 MW thermal power project. This project, known as the Koderma Supercritical Thermal Power Project (STPP), will be implemented on an Engineering, Procurement, and Construction (EPC) basis in the Koderma district of Jharkhand.
BHEL has a longstanding relationship with DVC, having installed over 80% of DVC's coal-based power stations in Jharkhand and West Bengal. For this project, BHEL will be responsible for the supply, erection, and commissioning of key equipment, as well as civil works. The necessary equipment will be sourced from BHEL's own manufacturing units.

PNB Launches Special Braille Debit Card for Visually Impaired Customers

Punjab National Bank (PNB) introduced the PNB ANTAH DRISHTI Braille Debit Card, a new initiative aimed at enhancing financial accessibility for visually impaired individuals. This contactless National Common Mobility Card (NCMC) debit card operates on the RuPay network and is designed to improve financial independence for its users.
The card features raised Braille dots, including the "PNB" brand name, enabling users to identify it easily. The accompanying welcome letter is also provided in Braille.
A rounded notch opposite the chip helps users orient the card correctly while using ATMs or POS terminals.

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