General Awareness

BUSINESS AND ECONOMY - March 2015

Mar 2015

Nov 25, 2021

IndusInd Bank Clarifies on Appointment of BFIL Executives by SSFL

IndusInd Bank clarified that Shalabh Saxena and Ashish Damani are currently employed with its wholly owned subsidiary Bharat Financial Inclusion (BFIL) as managing director & CEO, and Chief Financial Officer, respectively, countering that they were appointed by Spandana Sphoorty Financial Ltd (SFFL).
SFFL announced the appointment of Saxena as its MD & CEO, and Damani as the President and CFO of the company.

Myntra Makes Foray into Social Commerce at Scale with 'M-Live'

Fashion e-commerce platform Myntra announced its foray into social commerce at scale with the launch of M-Live to cater to the rapidly evolving content consumption patterns and shopping preferences of consumers.
M-Live brings a first-of-its-kind, interactive and real-time live shopping experience to the fingertips of millions of shoppers in the country.
Myntra's social commerce business has three distinct propositions that add immense composite value to consumers, creators and brands M-Live, Myntra Studio and Myntra Fashion Superstar.
M-Live aims to facilitate a real-time engagement between consumers and brands by allowing influencers and experts to host live video sessions of product and styling concepts curated by them, on the Myntra app, enabling viewers to shop instantly.

RBI Puts Curbs on Malkapur Urban Co-op Bank; Caps Withdrawals

The RBI imposed several restrictions, including a Rs. 10,000 cap on withdrawals, on Malkapur Urban Co-operative Bank in Maharashtra due to deterioration in its financial position.
Malkapur Urban Co-operative Bank shall not without prior approval of the RBI renew any loans, make any investment, incur any liability, and disburse any payment.
The restrictions would remain in force for six months.

Paytm Payments Bank Launches Prepaid Card Linked with Paytm Wallet

Paytm Payments Bank Limited (PPBL) launched a physical prepaid card that is directly linked to a user's Paytm wallet. Users can just top up the wallet to use the card and do not need to create a separate account. The card also enables the withdrawal of money from ATMs.
According to Satish Gupta, managing director and CEO of Paytm, the Paytm Transit card will enable millions of Indians with the power of one single card that takes care of all transportation as well as banking needs.

Bigbasket Forays into Offline Retail; Unveils Fresho Store in Bengaluru

Online grocery platform Bigbasket announced its foray into offline retail with the opening a new technology-driven, self-service 'Fresho' store in Bengaluru.
The launch is part of the company's vision to open 200 physical outlets pan India by 2023 and 800 by 2026.
The stores will offer high quality products at extremely competitive prices.
With Fresho stores, customers can handpick fresh fruits and vegetables as well as daily essentials like bread and eggs.

Nov 24, 2021

Equitas Small Finance Bank Partners with HDFC Bank to Launch Credit Cards

Equitas Small Finance Bank announced its partnership with HDFC Bank for the launch of its new co-branded credit cards, to provide the company with the facilities of the banking ecosystem.
The credit card can be availed in two categories. The first category is the 'Excite Credit Card' which offers a credit limit from Rs, 25,000 to Rs, 2,00,000 and the second category is the 'Elegance Credit Card' which offers credit of over Rs, 2,00,000. This co-branded credit card is a value add to the customers who want to get rewarded.
Equitas Small Finance Bank is one of the largest small finance banks in India in terms of number of banking outlets and the second largest SFB in India in terms of assets under management and total deposits in FY2019.

Greaves Electric Mobility Launches its Largest EV Plant in Tamil Nadu

Greaves Electric Mobility, the e-mobility division of Greaves Cotton Ltd said that the company's largest electric vehicle production facility in Tamil Nadu was formally inaugurated by Chief Minister M. K. Stalin.
The facility located in Ranipet, and is part of the Rs. 700 crore investment roadmap laid by Greaves Electric Mobility.
The 35-acre plant would serve as an electric mobility hub for both domestic and overseas markets.

Telefonica Partners Wipro for Network Automation Solution

IT firm Wipro partnered with Telefnica to automate the associated network operations and enable adoption of virtualised network functions.
Telefonica plans to leverage a common CI/CD/CT (Continuous Integration, Continuous Deployment and Continuous Testing) framework for all the markets which can be implemented locally to meet specific local integration needs, with the support of Wipro.
This will ease collaboration among Telefonica OpCos allowing to share design, parametrisation/configuration, test plans and results.

RBI Floats Draft scheme for Amalgamation of PMC Bank, Unity SFB

Inching closer to resolving the Punjab and Maharashtra Cooperative (PMC) Bank issue, the Reserve Bank came out with a draft scheme for takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB).
The draft scheme of amalgamation envisages takeover of the assets and liabilities of PMC Bank, including deposits, by USFB, thus giving a greater degree of protection for the depositors.

Proptech Start-up NoBroker Enters Unicorn Club

Bengaluru-based NoBroker has become the first property tech start-up to enter the unicorn club, raising $210 million in its Series E round.
The funding was led by General Atlantic, Tiger Global Management, and Moore Strategic Ventures. This brings the funding raised by NoBroker to date to $361 million.
The online platform allows customers to do all manner of real estate transactions digitally, ranging from rental or outright sale to value-added services like home loans, packers and movers, legal documentation, and online rent payment.
It operates in six cities: Bengaluru, Chennai, Hyderabad, Mumbai, Pune, and Delhi-NCR.

ICICI Bank Announces Value-added Digital Service for Importers, Exporters

ICICI Bank announced the launch of 'Trade Emerge', an online digital banking and value-added services for exporters and importers.
Trade Emerge' will include current / saving accounts, comprehensive trade services such as letter of credit, bank guarantee, trade credit, corporate internet banking, foreign exchange solutions and other features.
As per Vishakha Mulye, executive director of ICICI Bank, the objective of this initiative is to increase efficiency and productivity of exporters and importers decongesting the time-taking physical procedures.

NPCI Bharat BillPay On-boards Tata Power for Electricity Bill Payments

NPCI Bharat BillPay has on-boarded Tata Power on its platform through which customers will be able to pay their electricity bills in a hasslefree and seamless manner.
This will enable over seven lakh customers of Tata Power (Mumbai) to pay their electricity bills through ClickPay payment link.
NPCI Bharat BillPay, a wholly-owned subsidiary of National Payments Corporation of India, has announced integration with Tata Power, making it the first power company to go live on the newly launched platform.
Bharat BillPay's marquee offering - ClickPay will enable Tata Power customers to make monthly electricity bill payments with ease. Tata Power will generate the ClickPay link and share it with customers which will redirect them to the payment page comprising payment details.

Nov 23, 2021

India's FY22 GDP Projection Upgraded to 9.3%-9.6% range: SBI Ecowrap

With 42% population fully vaccinated against Covid-19, SBI Research has revised upwards India's GDP growth projection to range of 9.3%-9.6% for FY22 and 8.1% in Q2FY22.
India's projected 8.1% growth rate in Q2FY22) is the highest growth across all economies. The average GDP growth of 28 selected economies has decelerated to 4.5% in Q3 (2021) as against 12.1%. Also, at an annual rate of 9.3-9.6%, India's re
SBI Research suggest 5 key agricultural reforms that could act as enablers even without these bills.

CM to ink MoUs worth over Rs. 35,200 cr.

Chief Minister M.K. Stalin will ink deals with 59 firms across various sectors, entailing investments of over Rs. 35,200 crore and with a potential to generate over 75,000 jobs, at an investment conclave in Coimbatore. He will also lay the foundation stone for 13 projects involving an investment of Rs. 13,413 crore, and inaugurate 10 projects completed at a cost of around Rs. 3,928 crore.
Government sources said the Tamil Nadu FinTech policy will be released after the Memoranda of Understanding (MoUs) are signed. A single-window mobile app and an aerospace and defence directory will also be launched.

RBI Issues Draft Scheme for Takeover of PMC Bank by Unity Small Finance Bank

The Reserve Bank came up with a draft scheme for the acquisition of Punjab and Maharashtra Cooperative (PMC) Bank by Delhi-based Unity Small Finance Bank (USFB).
The draft scheme of amalgamation published today, envisages takeover of the assets and liabilities of PMC Bank including deposits, by the USFB in terms of the provisions of the scheme giving a greater degree of protection for the depositors, RBI said.

SBI lists $650-mn green bonds on India INX, Luxembourg Stock Exchange

State Bank of India (SBI) listed its USD 650-million green bonds simultaneously on the India International Exchange (India INX) and the Luxembourg Stock Exchange.
This dual listing is in line with this year's topic of the World Investor Week, 'sustainable finance', as indicated by regulatory body International Financial Services Centres Authority (IFSCA), India INX said in a statement.
The World Investor Week (WIW) 2021 is being observed starting today till November 28.

Nov 22, 2021

MIDC Inks 25 MoUs at Dubai World Expo 2020

At the World Expo 2020 held in Dubai, Maharashtra Industrial Development Corporation (MIDC) signed 25 MoU's with a proposed investment of almost Rs 15,260 crore ($2 billion) under Magnetic Maharashtra 2.0.
With this, Magnetic Maharashtra 2.0 was in its seventh edition and its first international edition.
The MoUs signed are in key sectors such as auto and auto components, logistics, electric vehicles, textiles, data centre, pharma, bio-fuels and energy.
Companies looking to invest in Maharashtra are from Japan, Singapore, Sweden, Korea, Germany and Italy.

RBI Releases Report of Working Group on Digital Lending

A working group constituted by the Reserve Bank of India on digital lending through online platforms and mobile apps submitted its report. This report is aimed at enhancing customer protection and making the digital lending ecosystem safe while encouraging innovation.
The working group (WG) was set up in January 2021, with Jayant Kumar Dash, Executive Director, RBI as the Chairman. The group has recommended subjecting the digital lending applications to a verification process by a nodal agency, which may be set up in consultation with stakeholders.

FM Announces Clearance of Two Proposals of IFSCA at GIFT City in Gujarat

Union Finance Minister Nirmala Sitharaman announced clearance of two proposals worth Rs. 469 crore of the International Financial Services Centres Authority (IFSCA) at GIFT City in Gujarat.
Sitharaman announced formal clearance of Rs. 269.05 crore for supervisory technology fund for IT infrastructure and Rs. 200 crore for headquarter building.
She also underlined the central government's commitment to make GIFT City a world-class fintech hub as stated in the Union Budget 2021-22.

IDFC First Partners HPCL to Facilitate Fuel Payments

IDFC First Bank partnered with Hindustan Petroleum Corporation Ltd to facilitate fuel payments at their retail outlets using the bank's FASTags. In addition, IDFC First Bank's FASTags can now also be bought, recharged and replaced by passenger vehicle users at select HPCL retail outlets.
This tie-up makes the purchase and use of tags convenient for about five million motorists. IDFC First Bank has issued close to five million FASTags and these tags are used actively by motorists across toll plazas with transactions averaging two million a day," said B Madhivanan, chief operating officer.

Nov 21, 2021

Sundaram AMC Gets Regulatory Approval to Acquire Principal India

Sundaram Asset Management Company Limited (Sundaram AMC) received the regulatory approval to acquire the asset management business of Principal Asset Management Pvt Ltd (Principal India).
Sundaram AMC is a 100 per cent subsidiary of non-banking finance major Sundaram Finance Ltd.
This acquisition is a natural step in the aspiration of Sundaram AMC to become a sizeable player in the asset management industry. The combined business of both the entities will achieve an aspirational landmark of Rs. 50,000 crore. We will be able to leverage the combined platform to derive significant synergies.

Amazon India Inks Collaborations to Empower Women Entrepreneurs

Amazon India joined hands with four organisations as part of its Amazon Saheli programme to accelerate the growth of women entrepreneurs across the country.
These organisations include Jharkhand State Livelihood Promotion Society (JSLPS), Uttar Pradesh State Rural Livelihood Mission (UPSRLM), Chhattisgarh State Forest Department (CG Forest) and Assam Rural Infrastructure and Agricultural Services (ARIAS).
Through this, Amazon and the government bodies will come together to assist and empower lakhs of women entrepreneurs associated with them from the four states to register their business with Amazon India and access a wider market base.
Amazon Saheli programme will offer extensive training and skill development workshops for its participants to help women entrepreneurs associated with them understand the nuances of online selling and develop skills and capabilities necessary to grow their business on Amazon.in.

Union Bank of India Ranks 3rd in PSB Reforms

Union Bank of India ranked 3rd amongst 12 PSBs in EASE 4.0 Reforms Index for Q1 FY22, as per the rank list released by Indian Banks' Association (IBA). The Bank actively adopted the reforms initiatives recommended under the EASE Agenda enabling it to retain the overall position of Second Runner Up from the last three consecutive quarters since December 2020.
Union Bank of India also recorded stellar performance under four out of six themes in the Agenda. Union Bank of India has been adjudged Winner in the themes 'Collaborating for synergistic outcomes' & 'Governance & outcome-centric HR' and bagged Runner-Up positions in 'New age 24×7 Banking' &'Tech-enabled ease of Banking' themes.

IndiGrid Consortium Lowest Bidder for Rs. 170 cr Transmission Project

A consortium of Infrastructure investment trust IndiGrid's arms emerged as the lowest bidder for a power transmission project worth Rs. 170 crore in tariff-based bidding.
Consortium of IndiGrid 1 Ltd and IndiGrid 2 Ltd (wholly-owned subsidiaries of India Grid Trust) participated in the tariff-based competitive bidding to establish Transmission system for evacuation of power from Renewable (RE) Projects in Osmanabad area (1 GW) in Maharashtra' on build, own, operate and maintain (BOOM) basis by REC Power Development and Consultancy Ltd.
The estimated cost for the project is around Rs. 170 crore.

ABB Power Products Rebrands Itself as Hitachi Energy India

ABB Power Products & Systems India announced its rebranding as Hitachi Energy India Ltd.
Following the recent rebranding of its parent company to Hitachi Energy, its operations in India announced their evolution to Hitachi Energy India Limited', reaffirming their commitment to accelerating the clean energy transition in India.
Hitachi Energy, which has focused its purpose on 'advancing a sustainable energy future for all', views India among its top five markets for expansion.

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