Nitin Chugh Resigns as MD & CEO of Ujjivan Small Finance Bank
Nitin Chugh the Managing Director and Chief Executive Officer (MD&CEO) of Ujjivan Small Finance Bank, has resigned from his position sighting personal reasons, effective September 30, 2021.
Further, Chugh will cease to be a director of the bank from the same date. And, he will also cease to be key mana¬gerial personnel of the bank in terms of section 203 of the Companies Act, 2013.
The board of the bank has taken note of the letter it received from Chugh, resigning from his position as the MD&CEO of the bank, and has appreciated his valuable contribution to the board and the bank during his association.
Ujjivan Small Finance Bank Limited is an Indian small finance bank based in Bangalore, which commenced operations on 1 February 2017. Ujjivan Financial Services holds an 80 per cent stake in the bank.
Government Amends FEMA to Enable FDI Hike in Insurance Sector to 74%
The government has amended the Foreign Exchange Management (non-debt instruments) Rules, 2019 to enable the increase in foreign direct investment limit in the insurance sector to 74 per cent.
According to the Foreign Exchange Management (non-debt instruments) (second amendment) Rules, 2021, applications for FDI in private banks having joint ventures or subsidiaries in the insurance sector may be addressed to the Reserve Bank of India for consideration in consultation with the Insurance Regulatory and Development Authority of India to ensure that the limit of foreign investment of 74 per cent for the insurance sector is not breached.
According to the notified rules, if insurance companies--with foreign ownership above 51 per cent--repatriate profit in the form of dividend to their shareholders, but cannot meet the 180 per cent margin requirement, they will have to set aside 50 per cent of their net profit in a general reserve.
The rules also require such insurance companies to have 50 per cent of their directors as independent directors unless the chairperson of its board is herself or himself one. In that case at least one-third of its board should have independent directors. Foreign-owned insurance companies are also mandated to have the majority of its directors and key management persons as resident Indians.
The Foreign Exchange Management Act, 1999 (FEMA), is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
India Ranks Second in Terms of Crypto Adoption in the World
India has ranked second in terms of crypto adoption worldwide behind Vietnam, but ahead of countries such as the US, UK, and China, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. This comes even as worldwide crypto adoption grew by 880% between June 2020 and July 2021, according to the report.
BARC Appoints Nakul Chopra as CEO
Broadcast Audience Research Council announced the appointment of Nakul Chopra as its chief executive.
Chopra will replace Sunil Lulla, who is leaving the TV audience body to pursue entrepreneurial ambitions.
He has served as the chairman of BARC in FY19, after being appointed to the board in 2016.
The resignation of Lulla, who had joined the body in October 2019, succeeding Partho Dasgupta, had come few days back.
Aug 20, 2021
HCL Tech Appoints Fabiano Funari as the Country Head for Brazil
Technology services firm HCL Technologies said it has appointed Fabiano Funari as the country head for Brazil.
Funari joined the organization to spearhead HCL's growth for all industries and capabilities in Brazil, where HCL employs more than 800 people across its national headquarters in Sao Paulo and delivery centers in Sao Paulo, Sau Leopoldo and Curitiba.
HCL services more than 30 clients across Brazil.
Funari has held leadership positions at various global technology companies.
IFSCA Does Pilot Run of International Bullion Exchange
The International Financial Services Centres Authority (IFSCA) chairperson did the pilot run of the International Bullion Exchange.
Scheduled to go live in October 2021 on the Foundation Day of IFSCA, the exchange falls under the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 which was notified on December 11, 2020 following the announcement by the Finance Minister in Union Budget 2020-21.
The IFSCA has envisioned the International Bullion Exchange as a 'Gateway for Bullion Imports into India', wherein all the bullion imports for domestic consumption shall be channelised through the exchange.
GMR Group Can Operate Nagpur Airport
GMR group will be able to operate the Nagpur airport with the Bombay High Court ruling in its favour in a legal dispute against Mihan India Limited.
The Nagpur bench of Bombay High Court set aside Mihan's March 2020 order to cancel the award letter issued to GMR Group. The court has also ordered it to execute a concession agreement with the GMR Group in six weeks. The group plans to invest over Rs. 1,200 crore to build a new integrated terminal.
The GMR group operates Delhi and Hyderabad airports and is also constructing greenfield airpots in Goa and Bhogapuram in Andhra Pradesh. In October 2018 the group emerged as the highest bidder for operation and management of Nagpur airport for period of thirty years.
Govt. Appoints Shanti Lal Jain as MD and CEO of Indian Bank
The Appointment Appointments Committee of Cabinet (ACC) has appointed Shanti Lal Jain as the Managing Director (MD) and Chief Executive Officer (CEO) of lndian Bank for a period of three years.
Jain is presently the Executive Director of Bank of Baroda. His tenure of three years would start from Sep 1, and will be extendable for another two years or until attaining the age of superannuation, whichever is earlier.
Jain will replace Padmaja Chunduru whose term at the public sector bank would end on August 31.
The Banks Board Bureau (BBB), after interviewing nine candidates, had recommended Jain as the MD of Indian Bank.
Aug 19, 2021
Radhakishan Damani is among World's Top 100 Richest People
Reclusive investor and billionaire Radhakishan Damani who owns retail chain DMart is now among the 100 richest people in the world.
Damani is now ranked 98 on the Bloomberg Billionaires Index with a net worth of $ 19.2 billion.
The Bloomberg Billionaires Index is a daily ranking of the world's richest people.
The other Indians in the top 100 are Mukesh Ambani, Gautam Adani, Azim Premji, Pallonji Mistry, Shiv Nadar and Lakshmi Mittal.
RBI Issues New Guidelines for Locker in Banks
The Reserve Bank came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees.
As per the revised guidelines, which shall come into effect from January 1, 2022, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers.
The revised instructions will be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks.
Uttar Pradesh Govt. Presents Supplementary Budget
The Uttar Pradesh government presented a supplementary budget of Rs. 7,301.52 crore in the state Legislative Assembly for financial year 2021-22 to meet additional expenditure.
The supplementary budget was presented by Finance Minister Suresh Kumar Khanna in the presence of Chief Minister Yogi Adityanath.
It is only 1.33 per cent of the annual budget of Rs. 5.5 lakh crore presented by the government earlier.
TCS: 2nd Indian Company to Cross M-cap of Rs 13 lakh crore
Tata Consultancy Services crossed the Rs. 13-lakh crore mark in market capitalisation, recording fresh highs. It recorded a fresh 52-week high of Rs. 3,530.00. The company's M-cap stood at Rs. 13,03,083.32 crore.
TCS became the second listed company in India after Reliance Industries and the first information technology (IT) company to cross the Rs. 13 trillion market capitalisation (market-cap) milestone.
SBI Life Launches New-age Term Insurance Policy "SBI Life eShield Next"
SBI Life Insurance announced the launch of a unique new age protection solution called 'SBI Life eShield Next', which 'levels up' the protection coverage as the insured achieves life's major milestones. This means that the policy is neither linked to the stock market nor shares any profit or dividends with the policyholders.
It is an individual, non-linked, non-participating, life insurance pure risk premium product and works by 'levelling up' the required insurance protection, through an increase in sum assured linked to the significant 'level-up milestones in one's life, like getting married, becoming a parent or buying a new house.
Tata Steel Commissions its First Steel Recycling Unit in Rohtak
Tata Steel has commissioned its new 0.5 MnTPA Steel Recycling Plant at Rohtak, Haryana. The plant has been set up in collaboration with Aarti Green Tech, as a 'Build, Own, Operate' (BOO) partner. It is the first such facility in India, equipped with modern & mechanised equipment such as Shredder, Baler, Material Handler etc. The scrap would be procured from various market segments such as end-of-life vehicles, obsolete households, construction & demolition, industrial etc., through an App FerroHaat.
The scrap would then be processed through mechanised equipment and the high-quality processed scrap would be supplied for downstream steel making. Steel produced through the recycled route entails lower carbon emissions, resource consumption & energy utilisation.
Simultaneously, Tata Steel has also launched two new brands - Tata FerroBaled and Tata FerroShred for the baled & shredded ferrous scrap produced in its new facility.
Aug 18, 2021
Cognizant Acquires Hunter Technical Resources
IT services major Cognizant has acquired digital engineering assets from Hunter Technical Resources, a privately-held digital engineering and project management agency headquartered in Atlanta, Georgia.
This is Cognizant's sixth announced acquisition in 2021 as the company continues expanding in key strategic focus areas for digital -- digital engineering, data and artificial intelligence, cloud and the Internet of Things, to provide clients with capabilities to compete as modern digital businesses.
This acquisition expands Cognizant's access to the highly-specialized expertise our clients require to accelerate their digital transformation journey," said Rajesh Nambiar, President, Digital Business and Technology, Cognizant. Hunter Technical Resources has a long track record of sourcing high-value IT talent for blue chip clients.
JK Tech Rebrands Itself
JK Tech, an information technology services company, has rebranded itself with a new corporate website and logo, its first rebranding after two and a half decades.
The website features a clean and modern design, with seamless and simplified user interface, portraying JK Tech as a young and vibrant organisation.
The new branding features a curation of primary and secondary colours. Primary colours evoke the values that JK Tech is as an organisation strive to stand for.
Climate Group Appoints Sumant Sinha as Trustee on UK Board
London-based Climate Group announced the appointment of Sumant Sinha, chairman and managing director of domestic renewable energy company ReNew Power, as a trustee on its UK board for three years.
Besides, Meryam Omi, head (sustainability and responsible investment strategy) at Legal and General Investment Management (LGIM), has also joined as a trustee on the board of the non-profit organisation.
Govt. Announces RoDTEP Rates for Exporters
The government announced the much-awaited guidelines and tax refund rates for the export boosting scheme Remission of Duties and Taxes on Export Products (RoDTEP) for 8,555 export items.
The outlay for the scheme is Rs. 12,454 crore in the current fiscal, with the refund rates ranging from 0.5 per cent to 4.3 per cent.
The scheme replaced the controversial Merchandise Exports from India Scheme (MEIS) after a World Trade Organisation (WTO) ruling stated that it violated the provisions of the global trade body by giving export subsidies for a wide range of goods. RoDTEP aims to refund to exporters the embedded non-creditable central, state and local levies paid on inputs. These taxes were not being refunded till now.
RBI Allows HDFC Bank to Issue New Credit Cards
The Reserve Bank of India (RBI) allowed HDFC Bank to issue new credit cards after 8 months of imposing a ban as a penalty due to technical glitches.
However, RBI stated that its temporary ban on the lender for introducing new, digital initiative continues.
As per reports, the central bank has asked the lender to submit a board-approved letter indicating continued compliance with its IT examination report.
In December 2020, the RBI acted against repeated technological outages at HDFC Bank over two years by slapping unprecedented penalties, which included a ban on any new credit card issuance and also prohibition on launching new digital initiatives.
Aug 17, 2021
HDFC Launches 'Green and Sustainable' Deposits Programme
The country's largest mortgage lender, HDFC Ltd, launched a "green and sustainable" deposits programme for retail clients, funds from which will be used to finance sustainable housing credit solutions and services.
HDFC Ltd said that individuals can earn interest at 6.55 per cent on their deposits, whose period can range from 3-10 years. Also, senior citizens will be eligible for an additional 0.25 per cent per annum on their deposits of up to Rs. 2 crore. Further, an addi¬tional interest rate of 0.1 per cent per annum will be applicable on these deposits up to Rs. 50 lakh if the deposits are made through the company's online platform.
Tata Motors Signs up Bank of Maharashtra for Passenger Vehicle Financing
Homegrown auto major Tata Motors has partnered with Bank of Maharashtra to offer retail financing scheme for its passenger vehicles.
Under the partnership, Bank of Maharashtra will provide loans to Tata Motors' customers at an interest rate starting from as low as 7.15 per cent linked with Repo Linked Lending Rate (RLLR), subject to certain conditions.
Besides, the scheme will offer a maximum of 90 per cent financing on the total cost of the vehicle (on-road pricing) for various individuals like salaried employees, self-employed people, professionals, businessmen, and agriculturist.
The partnership with Bank of Maharashtra is aimed at offering special finance schemes to support to the company's customers in these tough times.
HSBC Buys AXA Singapore for $575 Million
HSBC Holdings Plc agreed to buy AXA Singapore for $575 million in a push to build a global wealth hub in Singapore and fuel its expansion across Southeast Asia amid increasing tension in China.
The acquisition will give HSBC the eighth largest life insurer in Singapore, as well as a leading group health insurance firm, with assets of $474 million.
The London-based bank is in the midst of a pivot to Asia, pouring billions into the region as it exits unprofitable business elsewhere. Expanding in Singapore comes after years of tensions for the bank in Hong Kong, its biggest market, and mainland China.
Citibank First US Bank to Set up Unit in IFSC at GIFT City
Citibank, which is headquartered in the USA and has a strong international presence, received a license from the IFSC Authority to set up its banking unit at India's first International Financial Services Centre at GIFT City, Gujarat.
With this, Citibank will become the first US-based bank to set up a branch in GIFT-IFSC. Citibank will be servicing both Indian as well as its global customer base from this IFSC branch.
India's maiden IFSC at GIFT City has witnessed significant increase in banking sector activity, with the total banking transactions now crossing the $100 billion mark. These transactions include external commercial borrowings, foreign currency term loans and trade finance among others.
India's Petronet Aims to Extend Long-term LNG Buy Deal with Qatar
As per reports, India's top gas importer Petronet LNG hopes to extend its long-term deal to purchase liquefied natural gas (LNG) from Qatar to beyond 2028.
Petronet has a deal to buy 7.5 million tonnes per year (mtpa) of LNG from Qatar under a long-term deal expiring in 2028.
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