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BUSINESS AND ECONOMY - June 2015

Jun 2015

Sep 05, 2023

Bajaj Auto's Subsidiary Receives RBI Approval for NBFC Operations

Bajaj Auto's subsidiary, Bajaj Auto Consumer Finance, received the Certificate of Registration from the Reserve Bank of India (RBI) to start the business of the non-banking finance company (NBFC), the company informed.
Bajaj Auto had, in October 2021, announced setting up of a wholly-owned captive finance subsidiary, Bajaj Auto Consumer Finance, to offer financing solutions for vehicles manufactured or endorsed by Bajaj Auto and associate entities.

State Bank of India Announces Introduction of UPI Interoperability on CBDC

The State Bank of India (SBI) implemented UPI interoperability in its digital rupee, called Central Bank Digital Currency (CBDC).
With this move, the bank aims to deliver unprecedented convenience and accessibility to its customers.
This cutting-edge feature, accessible through the 'eRupee by SBI' application will empower SBI CBDC users to effortlessly scan any merchant UPI QR code for swift and secure transactions.
SBI was among the first few banks to participate in the RBI's retail digital e-rupee project in December 2022.
The seamless integration of CBDC with UPI marks a significant leap for the bank, enhancing the acceptance and utilization of digital currencies in everyday transactions.

Indian Bank Partners with OneCard to Launch Mobile-first Co-branded Credit Cards

Indian Bank, a public sector bank in India, announced its partnership with OneCard, aimed at introducing state-of-the-art, mobile-first, contactless, metal co-branded credit cards. This partnership will empower users with full digital control over their credit card interactions — ranging from real-time transactions tracking, spends management, EMI conversion, reward redemption, repayments, monthly budget planning to credit limit adjustments and seamless payments, all in-app.
For the unversed, OneCard is a mobile-first metal credit card launched and managed by FPL Technologies in partnership with issuer banks. FPL Technologies was founded by Anurag Sinha, Rupesh Kumar, and Vibhav Hathi, who come from banking backgrounds with deep expertise in payments, credit and building and scaling digital businesses. FPL is on a mission to re-imagine credit and payments from first principles.

NASSCOM Appoints Cognizant Chairman, MD Rajesh Nambiar as New Chairperson

Technology industry body National Association of Software and Services Companies (NASSCOM) announced the appointment of Rajesh Nambiar, Chairman and Managing Director, Cognizant India, as its chairperson.
NASSCOM is the premier trade body and chamber of commerce of the tech industry in India and consists of over 3,000 member companies.
Nambiar has previously served as the vice-chairperson of NASSCOM and will succeed Anant Maheshwari, former president of Microsoft India as its new chairperson.
Founded in 1988, NASSCOM operates as a non-profit organisation and serves as a key entity within the Indian technology sector.
It has its headquarters in Noida, Uttar Pradesh, India and New Delhi, Delhi, India.

CCI Approves Vistara-Air India Merger

The Competition Commission of India (CCI) gave the green light to the merger of Tata SIA Airlines, which operates under the Vistara brand, with Air India, a subsidiary of Tata Sons Pvt. Ltd. This landmark merger also involves Singapore Airlines (SIA) and entails the acquisition of shares in the merged entity, Air India, subject to certain voluntary commitments. TSAL (Tata SIA Airlines Limited) is a joint venture between the Tata Group and the Singapore Airlines with the former holding 51% and the latter 49%.
With the CCI's approval, the merger between Tata SIA Airlines (Vistara) and Air India is set to redefine the Indian aviation industry. This strategic alliance between two renowned giants in the business, Tata Group and Singapore Airlines, promises to reshape the aviation landscape, offering passengers enhanced services, expanded routes, and improved travel experiences.

Sep 04, 2023

Uday Kotak Steps Down as MD & CEO of Kotak Mahindra Bank

Uday Kotak has resigned from the position of Managing Director (MD) & Chief Executive Officer (CEO) of Kotak Mahindra Bank effective September 1, 2023, the bank said.
Uday Kotak has now become a non-executive director of the bank.
In the interim, Dipak Gupta, the joint Managing Director, will carry out the duties of the MD & CEO until December 31, 2023, subject to the approval of the Reserve Bank of India (RBI) and the members of the Bank.
Uday Kotak is the founder and promoter of the bank and has been the MD & CEO of Kotak Mahindra Bank Limited (earlier known as Kotak Mahindra Finance Limited) since August 1, 2002.

Biocon Acquires Eywa Pharma's US-based Manufacturing Facility

Biopharma company Biocon's wholly owned subsidiary, Biocon Generics, acquired the oral solid dosage manufacturing facility of US-based Eywa Pharma Inc located in Cranbury, New Jersey for $7.7 million (Rs. 63 crore). The acquisition is effective September 1.
The company stated that this facility in the US could further expand its capacity up to two billion tablets or capsules per year.
As part of the acquisition, the factory's workforce will transition to Biocon Generics Inc.
This latest acquisition comes on the heels of Biocon's expansion venture, as in 2022, its subsidiary, Biocon Biologics, successfully completed the acquisition of the global biosimilars business of its partner, Viatris Inc., in a deal worth $3.33 billion.

Zomato Launches AI Chatbot for Seamless Food Ordering

Food delivery and restaurant aggregation platform Zomato introduced 'Foodie Buddy,' also known as Zomato AI, a personalised artificial intelligence (AI) based chatbot.
As per the company, the chatbot has been designed to assist customers in making their dining choices.
This feature will be accessible exclusively to Zomato Gold members and will be launched in a phased manner.
The platform revealed that Zomato AI operates on a multiple-agent framework, endowing it with a diverse range of prompts for various tasks, essentially granting it multiple capabilities to cater to customer needs around the clock.

Sep 03, 2023

Tata Power Arm in Deal with Steel Maker Sanyo to Set up Captive Solar Plant

Tata Power Renewable Energy Ltd (TPREL) signed a power delivery agreement with Sanyo Special Steel Manufacturing India Pvt Ltd (SSMI) to set up a captive solar plant in Maharashtra's Aachegaon.
The plant located at Aachegaon, Maharashtra, is to generate 61.875 MUs (million units) of electricity in a year and would supply power to Sanyo Special Steel Manufacturing located within the state.
The project will likely be commissioned by March 2024.

Sep 02, 2023

Savart Launches Fully Automated Investment Fund - 'The Ad Astra Fund'

Savart, one of India's largest investment advisors, launched its maiden and flagship Portfolio Management Service (PMS) 'The Ad Astra Fund' in Hyderabad. The launch event was graced by eminent investors and industrialists from across the country. The fund received investment commitments amounting to INR 31 crore on the launch day itself and plans to achieve an AUM of INR 350 crore by FY24's end.

Centre Announces up to Rs. 50 lakh Grant for Technical Textiles Start-ups

The government will provide a grant-in-aid of up to Rs. 50 lakh for start-ups and individuals to promote innovation in the niche technical textiles segment.
The Start-up Guidelines for Technical Textiles - Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) providing grant-in-aid of up to Rs. 50 lakh for up to a period of 18 months was approved.
With a strong emphasis on developing the start-up ecosystem in technical textiles, the guidelines focus on supporting individuals and companies to translate prototypes to technologies & products, including commercialisation.

Sep 01, 2023

Bandhan Bank Authorized by RBI for Civil Pension Disbursement

Bandhan Bank was appointed by the Reserve Bank of India (RBI) as an authorised pension disbursement bank on behalf of the Central Pension Accounting Office (CPAO), Ministry of Finance, for civil pensioners. The Bank will soon be integrating with the office of the CPAO to operationalise the disbursement process.
This authorisation entitles the Bank to disburse pensions to the Central Government employees in Civil Ministries and Departments (other than Railways, Posts, and Defence), the National Capital Territory of Delhi, Union Territory Administrations without legislatures, retired Judges of the High Courts and the Supreme Court, and All India Service Officers.
This Scheme also covers the payment of pensions to former Members of Parliament and the payment of pensions and other amenities to former Presidents and Vice Presidents of India.

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