Centre Introduces Diamond Imprest Authorisation Scheme to Revive Sector
The Department of Commerce, Government of India, launched the Diamond Imprest Authorisation (DIA) Scheme, as a strategic move aimed at strengthening the country's foothold in the global diamond trade. The initiative seeks to simplify and reduce the costs associated with importing and handling diamonds for exporters, further positioning India as a key player in the international diamond market.
This move came in response to policies in diamond-producing countries like Botswana and Namibia, where manufacturers must process diamonds locally. India's DIA Scheme aims to keep investments and jobs within the country, helping small and medium diamond exporters (MSMEs) compete globally.
PNB MetLife Partners with Truhome Finance to Offer Credit Life Insurance to Home Loan Customers
PNB MetLife India Insurance Company Limited (PNB MetLife) announced a strategic partnership with Truhome Finance, formerly known as Shriram Housing Finance Limited, to provide Group Credit Life insurance to home loan customers of Truhome Finance.
The collaboration is a significant step in PNB MetLife's mission, Milkar Life Aage Badhein, emphasising the insurer's commitment to expanding its reach and enhancing financial inclusion. The Group Credit Life Insurance solutions will be available across 165 Truhome Finance branches in 17 states, offering homeowners and their families the assurance of financial protection by covering outstanding loan liabilities in unforeseen circumstances.
Jan 22, 2025
Alok Kumar Agarwal New MD and CEO of Zurich Kotak General Insurance
Alok Kumar Agarwal was appointed as the Managing Director and Chief Executive Officer of Zurich Kotak General Insurance. He succeeded Suresh Agarwal.
With over 20 years in the insurance industry, Agarwal has previously held senior roles at ICICI Lombard, overseeing diverse segments such as corporate, SME, government, rural, crop, and retail businesses. His last role as Executive Director of the Emerging Market Group saw him managing retail business strategies. This experience positions him to guide Zurich Kotak through its next phase of growth in India's competitive insurance market.
RBI Directs Banks to Use '1600xx' Number Series for Transactional Calls
The RBI asked banks to use only the '1600xx' phone numbering series to call customers for transactional purposes with a view to preventing financial fraud. It further said that for promotional purposes, banks and other regulated entities (REs) should use only the '140xx' numbering series for the prevention of financial frauds perpetrated using voice calls and SMS.
Banks and other regulated entities (REs) have also been asked to monitor and clean their customer database.
To enhance fraud risk monitoring and prevention, the REs have been asked to develop Standard Operating Procedures (SOP) incorporating the required action to be taken.
The Reserve Bank has asked all the REs to ensure compliance with the instructions expeditiously, in any case, not later than March 31, 2025.
Bajaj Finance, Airtel Collaborate to Launch Digital Financial Services Platform
In a collaboration that could transform the last-mile delivery, Bharti Airtel and Bajaj Finance forged a partnership to create one of India's largest digital platforms for financial services.
Airtel's 375 million customers can now access most of Bajaj Finance's retail financial offerings using its 1.2-million-strong distribution network.
The products will be offered first on the Airtel Thanks App and later through its network of stores. In a phased rollout, up to 10 financial products will be offered in the current calendar year.
Jan 21, 2025
India Seventh Largest Coffee Producer in the World: Government
India is now the seventh-largest coffee producer globally with exports reaching $1.29 billion in FY24, almost double the $719.42 million in 2020-21, the commerce and industry ministry said.
India's coffee is primarily cultivated in the ecologically rich Western and Eastern Ghats, areas renowned for their biodiversity. Karnataka leads in production, contributing 248,020 metric tonnes in 2022-23, followed by Kerala and Tamil Nadu. These regions are home to shaded plantations that not only support the coffee industry but also play a vital role in preserving the natural environment, helping to maintain the ecological balance of these biodiversity hotspots.
NCLT Orders Liquidation of Go First Airline
The National Company Law Tribunal (NCLT) ordered the liquidation of Go First, marking a dramatic end to the airline's 17-year legacy in the Indian aviation industry. The decision follows the airline's prolonged financial struggles, which led to the suspension of its operations nearly three years ago. In May 2023, Go First filed for insolvency, citing severe financial distress, and subsequently entered into an insolvency resolution process that ultimately failed to find a sustainable solution.
Jan 20, 2025
HSBC India Gets RBI Approval to Open 20 New Branches in 20 Cities
HSBC India, the Indian arm of London-headquartered HSBC, received approval from the Reserve Bank of India (RBI) to open 20 branches across 20 cities.
This came nearly nine years after the bank decided to close 24 branches in 14 cities as part of its strategy to consolidate its network and shift more retail and wealth management business to the online channel.
With the addition of 20 branches, HSBC India's branches in the country will reach 46.
Opening of new branches is a clear shift in strategy for the bank.
RBI Allows Overseas Banks to Open INR Accounts
In a significant policy shift, the Reserve Bank of India (RBI) authorised overseas branches of authorised banks to open Indian Rupee (INR) accounts for non-residents. This initiative aims to bolster the global use of the Indian Rupee in cross-border transactions and investments.
This policy aligns with the RBI's broader strategy to internationalise the Indian Rupee, reducing reliance on dominant foreign currencies like the US Dollar and strengthening the Rupee's global standing. The introduction of Special Rupee Vostro Accounts (SRVAs) in July 2022 marked a pivotal step in this direction, allowing foreign banks to maintain INR accounts with Indian banks for settling trade transactions.
Jan 19, 2025
Prime Minister Modi Inaugurates Bharat Mobility Global Expo 2025
Prime Minister Narendra Modi inaugurated the Bharat Mobility Global Expo 2025, the largest mobility expo in India, which is expected to witness over 100 new launches across automobiles, component products and technologies.
The five-day expo, which concludes on January 22, is being held across three venues: Bharat Mandapam and Yashobhoomi in the national capital and India Expo Centre and Mart, Greater Noida.
Expo will host over 9 concurrent shows, 20+ conferences and pavilions. In addition, the Expo will also feature states sessions to showcase policies and initiatives in the mobility sector to enable collaboration between industry and regional levels.
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