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BUSINESS AND ECONOMY - February 2015

Feb 2015

Mar 05, 2022

Paytm Partners with IRCTC for Unreserved, Platform Tickets

  • Digital payments company Paytm further expanded its partnership with Indian Railway Catering and Tourism Corporation (IRCTC) to provide digital ticketing services to consumers through Automatic Ticket Vending Machines (ATVM) installed at railway stations across the country.
  • This is the first time Indian Railways is providing an option to pay digitally for ticketing services through UPI on ATVMs to promote cashless commuting among railway passengers.
  • The ATVMs placed at the railway stations are touch-screen based ticketing kiosks that will allow passengers to pay digitally, without requiring smart cards.
  • Passengers would be able to purchase unreserved train journey tickets, platform tickets, renew their seasonal tickets and recharge smart cards by scanning QR codes generated on the screens.

Tata Motors Launches Showroom on Wheels for Doorstep Car Buying in Rural Areas

  • Tata Motors said that it is deploying over 100 mobile showrooms across the country as part of an initiative to offer doorstep car buying experience in the rural areas. The auto major has launched Anubhav, a showroom on wheels, in line with its rural marketing strategy.
  • The initiative would help increase the company's reach in rural areas, which have high potential in terms of population and economy.
  • These mobile showrooms would help existing dealerships to offer a doorstep sales experience to customers and assist them with information about the new range of cars and SUVs, accessories, avail finance schemes, book a test drive and evaluate existing cars for exchange.
  • These mobile showrooms would be a one-stop solution for rural customers, seeking information about the company's cars, finance schemes, exchange offers etc.

T. S. Ramakrishnan is New MD and CEO of LIC Mutual Fund

  • LIC Mutual Fund appointed T. S. Ramakrishnan as its Managing Director and CEO. He succeeded Dinesh Pangtey, its former Wholetime Director and CEO.
  • Ramakrishnan has over 34 years of experience at LIC and its subsidiaries/associate companies.
  • He joined LIC Mutual Fund AMC in April 2021 before taking over as MD & CEO.
  • Before joining LIC Mutual Fund AMC, he was the Regional Manager, Western Region at LIC Housing Finance Ltd. (LICHFL) and subsequently elevated as the General Manager.

Jet Airways Appoints Sanjiv Kapoor as CEO

  • Aviation veteran Sanjiv Kapoor was named the new chief executive officer of Jet Airways.
  • Kapoor, who has previously worked as chief operating officer at SpiceJet and chief strategy and commercial officer at Vistara, resigned as president of Oberoi Hotels.
  • Jet Airways stopped operations in April 2019. The Jalan-Kalrock consortium, comprising UAE-based entrepreneur Murari Lal Jalan and UK-based Kalrock Capital, was selected two years later to revive the airline.
  • The company appointed Sri Lankan Airlines chief Vipula Gunatileka as its chief financial officer.

Mar 04, 2022

Eveready Batteries' Chairman, MD Resign Post Open Offer from Burman Group

  • Batteries and flashlights maker Eveready Industries India Ltd said that its Non-Executive Chairman Aditya Khaitan and Managing Director Amritanshu Khaitan resigned following an open offer from the Burman group.
  • The Burman Group, through various entities had made a Rs. 604.76-crore open offer to acquire around 1.89 crore shares of Eveready Industries, representing 26 per cent of the expanded voting share capital.
  • Stating that their resignations have been accepted, the company said its board has asked Suvamoy Saha, Joint Managing Director of Eveready Industries India, to assume the responsibilities as the Managing Director in the interim period.

Max Life Incorporates Pension Fund Subsidiary

  • Max Life Insurance Company Ltd incorporated a wholly-owned subsidiary Max Life Pension Fund Management Ltd and would infuse Rs. 55 crore into the firm by subscribing to 5.5 crore shares.
  • The wholly-owned subsidiary company of Max Life Insurance Company Ltd (Max Life), a material subsidiary of Max Financial Services Ltd, was incorporated under the Companies Act, 2013.

PayU and Vtex Join Hands to Offer Merchants Multiple Local Payment Options

  • PayU collaborated with VTEX, one of the largest global digital commerce platforms, to offer multiple payment solutions to VTEX merchants. The unique integration by VTEX to support their merchants in India would provide businesses seamless access to PayU's payment solutions.
  • The integration aims to simplify payment methods for the merchants using VTEX platform. PayU platform would be available for VTEX's merchants when they are doing business in India.
  • The integration would give direct access to multiple local payment methods in India including credit cards, debit cards, UPI, wallets, net banking and others. VTEX merchants include global players operating in different industries.

CDSL Becomes 1st Depository with 60 Million Active Demat Accounts

  • Central Depository Services (India) now had more than six crore plus (60 million) active demat accounts.
  • Central Depository Services (India) Limited (CDSL) is India's only listed depository.
  • The focus of registration of new demat accounts is shifting from metros to tier II and tier III cities, which is indicative of the broadening of the Indian Capital Market.
  • Central Depository Services (India) Ltd (CDSL) is the first listed Indian central securities depository and a division of the Securities and Exchange Board of India, Ministry of Finance, Government of India based in Mumbai.
  • Central Depository Services (India) Limited (CDSL) was initially promoted by the BSE Ltd. which thereafter divested its stake to leading banks. CDSL received the certificate of commencement of business from the Securities and Exchange Board of India (SEBI) in February 1999.

Jharkhand Govt. Tables over Rs. 1 Trillion Budget for FY'23

  • Aiming at fuelling growth, the JMM-led Jharkhand government unveiled a Rs. 1.01-lakh crore budget for the 2022-23 fiscal, with a proposal to hike capital expenditure by 59 per cent.
  • The Hemant Soren government had presented a budget of Rs. 91,277 crore for the financial year 2021-22.
  • The budget spending shall be met through the state's Rs. 24,850-crore tax revenue, Rs. 13,762.84-crore non-tax revenue, Rs. 17,405.74-crore central assistance and Rs. 27,006.58-crore share in central taxes, besides Rs. 18,000-crore public debt.

Mar 03, 2022

Government Approves 20% FDI in LIC via Automatic Route

  • The Union Cabinet, chaired by Prime Minister Narendra Modi, approved a proposal to allow foreign direct investment (FDI) up to 20 per cent in Life Insurance Corporation through the automatic route. The decision is expected to open doors for foreign investors who are keen to participate in the upcoming initial public offering (IPO) of LIC scheduled for next month, considered to be India's largest public offering.
  • The existing FDI policy did not prescribe any specific provision for foreign investment in LIC, which is a statutory corporation established under LIC Act, 1956. As per the FDI Policy, FDI in permitted sectors is allowed up to the limit indicated against each sector/activity subject to applicable regulations.

Bank of Maharashtra Launches 'Project Banksakhi' in Odisha

  • Public sector lender, Bank of Maharashtra (BoM) launched "Project Banksakhi" in Odisha in collaboration with Mahagram & Sunivesh India Finance Services Pvt. Ltd. for Online Bank Account opening. It would provide doorstep and hassle-free access to the people of Odisha for opening bank accounts.
  • Bank of Maharashtra is a nationalised bank under the ownership of Ministry of Finance, Government of India.
  • The bank was founded by V. G. Kale and D. K. Sathe in Pune, India.
  • Bank of Maharashtra has been catering to the banking needs of customers offering a spectrum of banking products and financial services covering Retail, Agri and MSME sectors to its more than 2 crore customers. Apart from its physical delivery channels, the bank offers various digital platforms like mobile banking, internet banking, AEPS, ATM-Debit Card, 24×7 customer care centre for accessing uninterrupted banking services to its customers.

Bank of Maharashtra Launches 'Project Banksakhi' in Odisha

  • Public sector lender, Bank of Maharashtra (BoM) launched "Project Banksakhi" in Odisha in collaboration with Mahagram & Sunivesh India Finance Services Pvt. Ltd. for Online Bank Account opening. It would provide doorstep and hassle-free access to the people of Odisha for opening bank accounts.
  • Bank of Maharashtra is a nationalised bank under the ownership of Ministry of Finance, Government of India.
  • The bank was founded by V. G. Kale and D. K. Sathe in Pune, India.
  • Bank of Maharashtra has been catering to the banking needs of customers offering a spectrum of banking products and financial services covering Retail, Agri and MSME sectors to its more than 2 crore customers. Apart from its physical delivery channels, the bank offers various digital platforms like mobile banking, internet banking, AEPS, ATM-Debit Card, 24×7 customer care centre for accessing uninterrupted banking services to its customers.

UCO Bank Extends Tie-up with Fisdom

  • State-owned UCO Bank extended the fintech partnership with Fisdom to include demat account and stock broking services, pension funds and tax filing, with an objective to offer customers a three-in-one personal banking experience.
  • The extension suite would be offered through UCO Bank's mobile banking application, UCO mBanking Plus, and would gradually be accessible through its internet banking platform also.
  • This new initiative with Fisdom would help the bank to provide new-age digital wealth products to customers at the click of a button thereby helping them in all their financial needs.
  • Fisdom's partners include Indian Bank, UCO Bank, Bank of Maharashtra, Karnataka Bank, and City Union Bank.

Mar 02, 2022

India Ranked Third in Billionaire Population Globally in 2021

  • According to Knight Frank report, the number of ultra-high-net worth-individuals, having net assets of about Rs. 226 crore or more in India increased 11 per cent in 2021 on the back of buoyant equity markets and digital revolution.
  • India ranked third in billionaire population globally in 2021.
  • US was number one with 748 billionaires, followed by Chinese mainland at 554 billionaires and India with 145 billionaires, as per property consultant Knight Frank's latest report.
  • As per the latest edition of The Wealth Report 2022, the number of ultra-high-net-worth-individuals (UHNWIs) globally increased by 9.3 per cent in 2021 to 6,10,569, from 5,58,828 in the previous year.

Ilker Ayci Turns Down Air India CEO Role 2 Weeks after Appointment

  • Ilker Ayci turned down the Tata Group's offer to be Chief Executive Officer and Managing Director of Air India. On February 14, Tata Sons had said that Ayci, former chairman of Turkish Airlines, would take charge as CEO and MD of the debt-laden airline bought out by the Tatas in a $2.4 billion equity and debt deal.
  • Ayci declining the Tata's offer comes after Swadeshi Jagran Manch - an outfit linked to the Rashtriya Swayamsevak Sangh - called on the government to block the appointment of the hugely experienced Turkish aviation expert over 'national security concerns'.

RBI Imposes Penalty on 3 Cooperative Banks

  • The Reserve Bank of India imposed a penalty on three cooperative banks, including Nagrik Sahakari Bank Maryadit, Raipur, Chhattisgarh, for deficiencies in regulatory compliances.
  • A fine of Rs. 4.50 lakh was imposed on Nagrik Sahakari Bank Maryadit for contravention of the directions issued by the RBI to urban cooperative banks.
  • The Reserve Bank has imposed a penalty of Rs. 1 lakh on Jila Sahakari Kendriya Bank Maryadit, Panna for contravention of certain provisions of the Banking Regulation Act, 1949, the Depositor Education and Awareness Fund Scheme, 2014 and KYC.
  • A penalty of Rs. 25,000 was imposed on Jila Sahakari Kendriya Bank Maryadit, Satna for non-compliance with the provisions of the Banking Regulation Act, 1949 and the Depositor Education and Awareness Fund Scheme, 2014.

Japan and India Renew the Bilateral Swap Arrangement (BSA)

  • As per a RBI statement, India and Japan renewed their bilateral swap arrangement to the extent of $75 billion. The Bank of Japan, acting as an agent for the Minister of Finance Japan, and the RBI signed the amendment and restatement agreement of the bilateral swap agreement (BSA).
  • Japan and India believe that the BSA, which aims to strengthen and complement other financial safety nets, will further deepen financial cooperation between the two countries and contribute to regional and global financial stability.
  • Essentially, BSA is a two-way arrangement where both authorities can swap their local currencies in exchange for dollars.
  • The BSA was negotiated between India and Japan during the Indian Prime Minister's visit to Japan in 2018. Consequently, the swap arrangement was signed to the tune of $75 billion in October 2020, to bring greater stability to foreign exchange.

Ease of Doing Business: Sitharaman Launches e-Bill Processing System

  • Union Finance Minister Nirmala Sitharaman launched the electronic bill (e-Bill) processing system as part of ease of doing business and Digital India eco-system.
  • The Finance Minister had announced this major e-governance initiative in the Union Budget 2022-23 presented in Parliament on February 1.
  • The e- Bill system will be implemented across all Central Ministries and Departments. This will be a further step to enhance transparency, efficiency, and a faceless- paperless payment system. Suppliers and contractors will now be able to submit their claim online which will be trackable on a real-time basis.

Dalmia Bharat Consolidates its India Refractory Businesses under Single Entity

  • Dalmia-OCL, the refractory business of the Dalmia Bharat Group, announced merger of all its domestic businesses into a single consolidated entity titled Dalmia Bharat Refractories Ltd (DBRL).
  • Effective immediately Dalmia Refractories Ltd, Dalmia Cement Bharat Ltd – Refractory Unit and GSB India will transition into Dalmia Bharat Refractories Ltd.
  • The consolidation is aimed at strengthening DBRL's financial standing, increasing its investment capabilities, expanding its talent base, and positioning the new entity as a trustworthy and long-term partner for its customers in steel, cement and other industries having high temperature processes.

Adani Forays into Media Business with Quintillion Stake

  • Quint Digital Media Limited, a digital media group, entered into a binding term sheet with the Adani Group.
  • Adani Group will acquire a minority stake in Quintillion Business Media Private Limited.
  • The proposed transaction with the Adani Group is only for QBM which is a digital business news platform and not in relation to other digital media/ media tech properties owned by Quint Digital viz.
  • QBM is a business and financial news company and operates a leading business news digital platform in India.

Mar 01, 2022

Former Finance Secretary Hasmukh Adhia Nominated again as BoB Chairman

  • Former Finance Secretary Hasmukh Adhia was nominated again as the chairman of state-owned Bank of Baroda (BoB), according to a government order.
  • The Appointments Committee of the Cabinet approved the proposal of the Department of Financial Services for re-nomination of Adhia as chairman of the BoB.
  • His term was extended by another two years as chairman with effect from March 1, 2022.
  • BoB is the third biggest public sector lender after State Bank of India and Punjab National Bank.
  • Adhia retired as Revenue-cum-Finance Secretary in November 2018.
  • It was during his tenure as Financial Services Secretary that the decision to split the post of Chairman and Managing Director of public sector banks was taken to foster greater transparency in decision making.

Twitter India Appoints Samiran Gupta to Lead Public Policy for Twitter in India

  • Samiran Gupta was named the new head of policy for microblogging platform Twitter in India. He would lead the company's public policy and philanthropy efforts in India and South Asia.
  • His appointment came almost a year after the former Public Policy Director for India and South Asia Mahima Kaul resigned.
  • Gupta, a public policy veteran was head of Public policy, South Asia for The Internet Corporation for Assigned Names and Numbers (ICANN) prior to this.

Madhabi Puri Buch Becomes First Woman Chief of SEBI

  • Madhabi Puri Buch was appointed chairperson of the Securities and Exchange Board of India (SEBI), the regulator in charge of overseeing India's $3.3-trillion stock market ecosystem. She replaced Ajay Tyagi, whose tenure as SEBI chairman ended on February 28, 2022.
  • The Appointments Committee of the Cabinet, headed by the Prime Minister, approved her appointment for an initial period of three years.
  • Puri Buch is the first woman, and the first person from the private sector, to head the securities market watchdog.
  • She has had a more than four-year stint at SEBI as a whole-time member (WTM) -- a post just below the chairman. The IIM-Ahmedabad alumna will also be the youngest SEBI chief.
  • Buch has three decades of financial market experience. She joined ICICI Bank in 1989. Since then, she has worked as an investment banker, headed the country's leading broking outfit, held a senior position at a private equity major, and had a brief stint with the New Development Bank, set up by the BRICS bloc of nations.

US, European Union Cut Few Russian Banks from SWIFT

  • In a major move aimed to cripple Russia's economy, the US along with its key allies, including EU and the UK, decided to disconnect key sanctioned Russian banks from the global financial system SWIFT and impose restrictive measures on its central bank in response to Moscow's invasion of Ukraine.
  • The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
  • Based in Belgium, the system is considered central to the smooth functioning of global finances and Russia's exclusion from it would hit the country hard.
  • Removing banks from SWIFT is deemed to be a severe curb because almost all banks use the system. Russia is heavily reliant on the SWIFT system for its key oil and gas exports.

Standard Chartered India Appoints Saurabh Jain as Wealth Management Head

  • Standard Chartered Bank, India, appointed Saurabh Jain as its new head of wealth management.
  • Jain took over from Samrat Khosla, who moved to a new role within the bank.
  • He joined Standard Chartered Securities (India) as its CEO in October 2019 and later went on to be the head – deposit products and client acquisition with Standard Chartered Bank, India, a position he held before this current appointment.
  • He brings to the role over 20 years of experience in wealth management, private banking and retail banking products and distribution. He has held various senior roles in Citibank India and HDFC Bank as well.

Ashneer Grover Resigns as BharatPe MD

  • Ashneer Grover resigned as managing director of fintech BharatPe. Grover, also lost the arbitration in Singapore he filed against the fintech platform for launching a probe against him.
  • BharatPe currently has 8 million merchants on its platform.
  • Grover had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC). In his appeal, Grover pleaded that the investigation was illegal because it violated the shareholder agreement and articles of association.
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