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BUSINESS AND ECONOMY - March 2015

Mar 2015

Nov 05, 2021

CCI Approves HDFC Life's Acquisition of Exide Life

Competition Commission of India (CCI) approved HDFC Life Insurance's acquisition of Exide Life Insurance. The regulator informed that post the completion of the share acquisition, Exide Life would operate as a wholly-owned subsidiary of HDFC Life.
HDFC Life aspires to strengthen its presence in Southern India, especially in tier-2 and tier-3 cities, with this acquisition.
The terms of the acquisition announced on September 3 stated that HDFC Life would acquire a 100 per cent stake in Exide Life Insurance from Exide Industries by issuing 8.70 crore shares at an issue price of Rs 685/share and a cash payout of Rs. 726 crore, aggregating to Rs. 6,687 crore.
Exide Life Insurance offers various individual and group life insurance products including protection plans (term insurance, child insurance plans), savings and investment plans (including ULIPs), retirement and pension plans. It does not have any subsidiaries.

Standard Chartered Launches Sign Language Service for Hearing Impaired

Standard Chartered Bank launched a special sign language service proposition for hearing impaired priority segment clients.
Currently, the lender has trained 13 frontline employees who will be placed in designated branches across five cities, namely, Mumbai, Delhi, Kolkata, Bengaluru and Chennai for offering this service in Indian sign language. However, if a hearing-impaired priority segment client were to walk into any other branch without a similarly trained employee, the branch team would be able to arrange an engagement with a trained employee through a video call.
The bank said that it is also working on making product offering videos in sign language for savings account, term deposits, credit card, wealth offerings and loans, to enable hearing impaired clients get a better understanding of these products. Also, on the anvil is a central video helpline to cater to servicing of all such clients in the Indian sign language.

State Bank of India Offers Pre-approved 2-wheeler Loan on Mobile App

To further push its digital platfrom Yono, the nation's largest lender State Bank of India launched a pre-approved two-wheeler loan scheme provided it is applied online and the ticket size is under Rs. 3 lakh.
Already, the bank gives a 5 basis points discount on home loans if it is applied online/Yono.
All eligible SBI customers can avail of the digital two-wheeler loans through the Yono app without visiting a branch.
Customers can apply for the 'easy ride' loan for up to Rs. 3 lakh and a minimum loan of Rs. 20,000, at 10.5 per cent per annum onwards for a maximum tenure of four years.

Nov 04, 2021

TCS Expands Partnership with Malaysia's Celcom for Digital Transformation

IT services major Tata Consultancy Services (TCS) is expanding its partnership with Celcom Axiata Berhad (Celcom), a leading telecommunications provider in Malaysia, to transform the latter's core business support systems (BSS) using TCS HOBS and TCS TwinX hosted on Microsoft Azure.
With the new core platforms transformation project, TCS will enable Celcom to further enhance its digital and platform positioning through advanced digital capabilities like AI/ML-driven business simulations, an enterprise product catalogue, and partner ecosystem enablement.

Yes Bank and BankBazaar Launch 'FinBooster' Credit Card

Yes Bank and BankBazaar.com together launched a Co-Branded credit card named FinBooster to measure the Creditworthiness of the customers. FinBooster is built around a credit fitness tracker. FinBooster uses the CreditStrong app Subscription (credit fitness report) which helps customers to track creditworthiness that improves the Credit score.
The tracking of a credit scores will be done through an intuitive CreditStrong app subscription (credit fitness report), which is complimentary for the cardholder for the first year. The credit card offers never expiring rewards points with no capping on the accrual. Customers can earn accelerated rewards points on online dining, grocery and apparel purchases which can be easily redeemed for more than 250 catalogue products.

BoB signs MoU with NCDEX e-Markets

Bank of Baroda has signed a Memorandum of Understanding (MoU) with NCDEX e Markets Ltd (NeML) to become a "clearing bank" for handling financial transactions in the NeML market place and procurement/auction platform.
NeML, a wholly-owned subsidiary of agricultural commodity exchange, NCDEX, is an online commodities spot market and services company.
This tie-up opens up multiple opportunities for both institutions. The bank will partner with agriculture marketing federations and other procurement agencies across the country and increase its presence in agri e-commerce through its wide network across the country.

Nov 03, 2021

Tata Power to Seek Shareholders' Nod to Not Merge Tata Power Solar Systems

Tata Power will seek shareholders nod to amend a scheme of arrangement to keep Tata Power Solar Systems Ltd (TPSSL) as an independent entity, contrary to its earlier plan to merge it with itself through a postal ballot notice.
Tata Power had given a postal ballot notice to amend an amalgamation scheme to keep the TPSSL as a separate entity and let it continue as a wholly-owned subsidiary of the company, rather than merging it with the company as envisaged under the composite scheme.
TPSSL is in the solar manufacturing business, and the government policies will help it further expand its existing manufacturing capacities to avail these benefits/incentives and create more shareholder value to the company and its shareholders.
Therefore, the company said it was felt that it would be commercially prudent and desirable by the Board of Directors as well as the Transferor Companies to keep TPSSL as a separate entity and let it continue as a wholly-owned subsidiary rather than merging it with the company as envisaged under the Composite Scheme.

Jio Becomes 1st Operator to Bring Mobile Connectivity to Demchok

Billionaire Mukesh Ambani's Reliance Jio became the first operator to bring mobile connectivity to Demchok in eastern Ladakh with the start of its 4G voice and data services in the border village.
Jamyang Tsering Namgyal, Member of Parliament from Leh, inaugurated Jio mobile tower in Demchok and dedicated 4G services to the people of the border village, Army, ITBA, and travellers.
Sitting at over 13,000 feet above sea level, Demchok serves as the last landmark on the Indian border with China to facilitate communication to Jawans posted at high altitudes and also local residents.

Edelgive Hurun India Philanthropy List 2021

Hurun India and EdelGive jointly released the Edelgive Hurun India Philanthropy List 2021. The list was topped by Azim Premji, the founder chairman of Wipro, with a donation of Rs. 9,713 crore during fiscal 2020-21 which is around Rs. 27 crore a day. HCL's Shiv Nadar once again retained the second spot on the list with an annual donation of Rs. 1,263 crore, marking a 59 per cent rise. Mukesh Ambani, the chairman of Reliance Industries, and his family occupied the third spot on the philanthropy list with an annual donation of Rs. 577 crore.

SpaceX Sets up Subsidiary in India

World's richest person Elon Musk-owned SpaceX incorporated its wholly-owned subsidiary in India to start local broadband operations.
SpaceX's satellite broadband arm Starlink aims to start broadband services in India from December 2022, with 2 lakh active terminals subject to permission from the government.

Nov 02, 2021

Centrum-BharatPe's Unity Small Finance Bank Starts Operations

Unity Small Finance Bank, founded by Centrum Group and fintech start-up Bharatpe, commenced operations as a Small Finance Bank (SFB. Unity Bank will take over the assets and liabilities of the Punjab and Maharashtra Co-operative Bank.
RBI, in October had issued a SFB licence to the consortium of Centrum Financial Services Limited (Centrum), the small business lending arm of the Centrum Group, and Resilient Innovations Private Limited (BharatPe).

Yes Bank Appoints Sharad Sharma as Non-executive Director

Yes Bank appointed Sharad Sharma as a non-executive director with effect from November 1, 2021.
The decision comes vide a notification from the Finance Ministry under the 'Yes Bank Ltd Reconstruction Scheme 2020'.
Sharma will continue to hold his office until an alternate board is constituted by the bank in accordance with the procedure laid down in its Memorandum and Articles of Association.
He will be eligible to be appointed on the alternate board to be constituted under the Scheme with the approval from shareholders in due course.
Sharma is a career banker with 40 years of experience in the banking industry.

Odisha Announces Full Tax Exemption for EVs

Government of Odisha announced full exemption of motor vehicles taxes and registration fees on electric vehicles (EVs) in the state.
This decision was taken for encouraging faster adoption of EVs.
Exemption was granted under the Odisha Motor Vehicles Taxation Act and is applicable till 2025.
State government also proposed to extend some incentives for the manufacturers, buyers, batteries & charging stations of electric vehicles in accordance with Odisha Electric Vehicle Policy.
Transport department had submitted a proposal to the government to allow subsidy on e-vehicles in order to attract customers. Government has now approved the proposal. However, these subsidies will not be provided as per the battery capacity, like other states including Delhi and Gujarat are providing.

SBI Launches Video Life Certificate Service for Pensioners

The State Bank of India (SBI) launched Video Life Certificate (VLC) facility for pensioners. This facility was launched with an aim to offer seamless life certificate submission experience for millions of pensioners (other than family pensioners).
As per SBI, with the help of VLC facility, pensioners can schedule a video call with SBI staff at their convenience and complete the process of life certificate submission without having to visit the bank branch.

Bandhan Bank Gets Empanelled as Agency Bank of Reserve Bank of India

Bandhan Bank was empanelled by the Reserve Bank of India (RBI) to act as an agency bank to facilitate transactions related to government businesses.
The RBI's decision will help Bandhan Bank in contributing to nation-building.
The announcement comes months after a RBI guideline that authorised scheduled private sector banks as agency banks of the regulator for the conduct of government business.
With this, Bandhan Bank joins ranks with a few other scheduled private sector banks to be empanelled as agency banks of the RBI.
As an agency bank, Bandhan Bank will be able to handle transactions related to collection of state taxes, and revenue receipts such as GST and VAT, collection of stamp duty, and pension payments on behalf of central and state governments.

Nov 01, 2021

Kotak Bank, NPCI Tie up to Launch Credit Card for Armed Forces

Private lender Kotak Mahindra Bank partnered with the National Payments Corporation of India (NPCI) to launch a credit card on the RuPay platform. "The 'Veer' credit card for the Armed Forces is the first credit card offered by Kotak on the RuPay network.
The credit card is available in two variants: Kotak RuPay Veer Platinum and Kotak RuPay Veer Select Credit Card. It added that these contactless cards come with zero joining fees.

Snapdeal Appoints Ullas Kamath, Anisha Motwani as Directors on Board

SoftBank-backed Snapdeal continues adding new members to its board of directors with FMCG veteran Ullas Kamath and brand expert Anisha Motwani, even as it plans to file its Draft Red Herring Prospectus soon.
Last week, it appointed Zomato chairman Kaushik Dutta and Richa Arora, managing partner and CEO for ESG Stewardship Services at ECube Investment Advisors,as directors on its board.
Dutta is also on the boards of Policy Bazaar and HCL Infosystems. Arora has been on the board of Tata Group's e-commerce venture.

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