Govt. Approves Incentive Scheme for Promotion of RuPay Debit Cards
The Union Cabinet gave its nod to a Rs. 2,600 crore-incentive scheme, which is aimed at boosting low-value transactions done through Unified Payments Interface (UPI) and promote Rupay debit cards.
The incentives will be provided on the use of Rupay debit cards and the person-to-merchant BHIM-UPI transactions of low value.
Under the scheme, the acquiring banks will be provided financial incentive for promoting point-of-sale (PoS) and e-commerce transactions for current FY2022-23.
The benefits of the scheme include the building of a robust digital payment ecosystem, and to promote UPI Lite and UPI 123Pay as economical and user-friendly digital payment options.
Infosys Appoints Govind Iyer Independent Director
IT major Infosys approved the appointment of Govind Vaidiram Iyer as an additional and independent director of the company.
The appointment is based on recommendation of the Nomination and Remuneration Committee of the Infosys board, and is for a period of five years, subject to the approval of shareholders.
Iyer, an industry veteran, retired as a partner from Egon Zehnder, a global leadership advisory firm. Prior to joining Egon, he worked at Procter & Gamble, Coca-Cola, and Heinz.
Jan 12, 2023
EnKash Gets in-principle Approval for Payment Aggregator Licence
Fintech startup EnKash got in-principle approval from RBI for payment aggregator's licence.
The licence will enable EnKash to broaden its product offerings to millions of businesses for digital transactions.
Founded in 2018, EnKash claims to have assisted 1 lakh businesses to digitise and decentralise their corporate payments.
RBI Imposes Monetary Penalty on 5 Cooperative Banks for Rules Violation
The Reserve Bank of India (RBl) imposed a monetary penalty on five cooperative banks for some contravention or for non-compliance with varied central bank directions.
The entities are Shree Mahayogi Lakshmamma Co-operative Bank Ltd., Kurnool, Andhra Pradesh; The Attur Town Co-operative Bank Ltd., Attur, Salem District, Tamil Nadu; Gondia District Central Co-operative Bank Limited, Gondia (Maharashtra); The Shirpur Peoples' Co-operative Bank Ltd., Shirpur, Maharashtra; and Tirupati Urban Co-operative Bank Ltd., Nagpur, Maharashtra.
The monetary penalties slapped on these entities range between Rs. 50,000 to Rs. 3 lakh.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Jan 11, 2023
Tata Motors Completes Acquisition of Ford's Sanand Manufacturing Plant
Tata Motors said that the acquisition of Ford India's manufacturing plant at Sanand through its subsidiary was completed.
In August 2022, the company had announced that its arm Tata Passenger Electric Mobility Ltd (TPEML) would acquire Ford India Pvt Ltd's (FIPL) Sanand plant, Gujarat for Rs. 725.7 crore.
With the fulfilment of the necessary conditions, including receipt of relevant regulatory approvals, the parties have completed the transaction and TPEML has acquired the Sanand property and the vehicle manufacturing plant and machinery.
Hitachi Payment, BharatPe Get RBI Nod to Operate as Payment Aggregators
Hitachi Payment Services and BharatPe received in-principle authorisation from the Reserve Bank of India (RBI) to operate as payment aggregators.
Hitachi, as a payment aggregator, will be able to provide its business-to-business (B2B) customers with digital payment products and value-added services such as EMI, PayLater, BBPS, and loyalty solutions.
BharatPe would be able to widen its reach and provide digital payment acceptance solutions.
Payment aggregators facilitate e-commerce sites and merchants to accept payment instruments from customers. They facilitate merchants to connect with acquirers.
Govt. Extends RBI Deputy Governor Michael Patra's Tenure by One Year
The government re-appointed Michael Patra as deputy governor, Reserve Bank of India for an additional period of one year with effect from January 15, 2023.
The Appointments Committee of the cabinet, headed by Prime Minister Narendra Modi, approved the re-appointment of Patra.
Patra, who is in charge of the monetary policy department and a member of the six-member Monetary Policy Committee, originally had a three-year tenure which was ending on January 14.
Prior to being elevated to the position of deputy governor, Patra was an executive director with the RBI.
Patra, a central banker since 1985, was Principal Adviser of the Monetary Policy Department, from July 2012 to October 2014. He has worked with the International Monetary Fund as a senior advisor to the executive director from December 2008 to June 2012.
Guyana Wants Indian Companies to Invest in its Oil and Gas Sector
Guyana wants Indian companies to invest in its oil and gas sector as the South American nation aims to expand its oil output.
Guyana's President Mohamed Irfaan Ali and Suriname's President Chandrikapersad 'Chan' Santokhi, who visited India, held discussions with Indian Prime Minister Narendra Modi.
Guyana is home to one of the largest oil discoveries in the last decade. It currently produces 340,000 barrels per day (bpd) of oil and aims to raise it to 1.64 million bpd by end of the decade.
Jan 10, 2023
Meta Appoints former Tata CliQ CEO as Global Business Head in India
Vikas Purohit will head Facebook parent Meta's global business group in India, said the social media platform.
Purohit, the former CEO of Tata CLiQ, will lead Meta's strategic relationship with brands and agencies to drive revenue growth across key channels. He will partner with the media and others for accelerating the adoption of digital tools by advertisers and agencies.
Purohit has more than 20 years of experience in senior business, sales and marketing roles at major fashion and retail companies. An alumnus of Indian Institute of Management (IIM) Bangalore and Indian Institute of Technology (Varanasi), Purohit has headed business for Tommy Hilfiger, Reliance Brands Limited, Amazon Fashion, and Aditya Birla Fashion & Retail. His last stint was at Tata CLiQ, where he joined as COO and later became the CEO.
Anurag Kumar New CMD of ECIL
Anurag Kumar was appointed Chairman and Managing Director of Electronic Corporation of India Limited (ECIL).
Kumar was present ECIL's Executive Director.
The Appointments Committee of the Cabinet (ACC) approved Kumar's appointment to the post till the date of his superannuation, i.e 31.01.2026.
ICICI Prudential Life Insurance Ropes in Suryakumar Yadav for New Campaign
ICICI Prudential Life Insurance announced the launch of its '360° Financial Protection with ICICI Prudential Life Insurance' digital-first campaign featuring cricketer Suryakumar Yadav. According to the company, Yadav has emerged as a consistent and dependable batter in the white ball format since his international debut.
The campaign's central message is how ICICI Prudential Life Insurance offers a comprehensive suite of protection products providing all-around life cover that offers 360-degree financial protection in any critical situation.
Jan 09, 2023
India Surpasses Japan to Become 3rd Largest Auto Market Globally
India's sales of new vehicles totalled at least 4.25 million units, based on preliminary results, topping the 4.2 million sold in Japan. New vehicles delivered in India totalled 4.13 million between January and November 2022, according to the Society of Indian Automobile Manufacturers. Adding December's sales volume reported on Sunday by Maruti Suzuki, India's largest carmaker, brings the total to roughly 4.25 million units.
RBI Allows Six Entities to Test Fintech Products to Deal with Financial Frauds under Sandbox Scheme
Six entities, including HSBC and Creditwatch, were allowed to test their fintech products to prevent and mitigate financial fraud as part of the fourth cohort under the RBI's regulatory sandbox scheme. Regulatory sandbox refers to the live testing of new products or services in a controlled/test regulatory environment for which the regulators may permit certain relaxations.
The Reserve Bank had announced the opening of the fourth cohort under the regulatory sandbox in June 2022 for the prevention and mitigation of financial fraud.
The RBI had received nine applications under the fourth cohort, of which six entities were selected for the 'test phase'.
The six entities are -- Bahwan Cybertek, Crediwatch Information Analytics, enStage Software (Wibmo), HSBC in collaboration with Wibmo, napID Cybersec and Trusting Social.
The selected entities would commence testing their products in February.
The regulatory sandbox allows the regulator, innovators, financial service providers and customers to conduct field tests to collect evidence on the benefits and risks of new financial products.
The objective of the regulatory sandbox is to foster responsible innovation in financial services, promote efficiency and bring benefits to consumers.
Gem and Jewellery Domestic Council Elects Saiyam Mehra as Chairman
The All India Gem and Jewellery Domestic Council (GJC) its members elected Saiyam Mehra as Chairman and Rajesh Rokde as Vice Chairman of the industry body for a period of two years (2023-24). GJC represents over 6,00,000 industry players comprising manufacturers, wholesalers, retailers, distributors, laboratories, gemologists, designers and allied services providers. GJC is constantly creating newer and better platforms for the industry and his focus will be on connecting with the maximum number of people creating a synergy for development of the industry.
All India Gem and Jewellery Domestic Council is a national trade federation established with the objective to address the industry, its functioning and its cause with a 360° approach to promote and progress its growth, while protecting the industry's interests. As a self-regulated trade body, GJC, since the last 15 years, has been serving as a bridge between the Government and the trade as well as undertaking various initiatives on behalf of and for the industry. GJC represents various industry segments such as Manufacturers, Retailers, Wholesalers, Allied, gold, silver, platinum, diamonds, Gem stones, machinery, etc. including the entire industry value chain from bullion to retail.
Paytm Payments Bank Appoints Surinder Chawla as MD, CEO
Paytm Payments Bank received banking regulator RBI's nod to appoint Surinder Chawla as its Managing Director and CEO.
The RBI, however, continues to bar Paytm Payments Bank from on-boarding new customers.
Before joining PPBL, Chawla was working with RBL Bank, where he served as Head - Branch Banking and focused on expanding the CASA base, fee revenue, and cross-selling across channels.
Kerala Becomes Country's First Fully Digital Banking Service
Chief Minister Pinarayi Vijayan declared Kerala as the first state in the country to go fully digital in its banking service and said this recognition would boost the state economy.
As per Vijayan, this achievement was possible due to social interventions through local self-government institutions along with infrastructure development and technological advances in the banking sector.
The Chief Minister also said that the ambitious Kerala Fibre Optic Network (K-FON) project of the state government, which was almost 90 per cent completed, will reduce the digital divide.
Axis Bank Partners with OPEN to Launch a Fully Digital Current Account
Axis Bank partnered with OPEN to provide a fully native digital current account journey for its customers including SMEs (small and medium enterprises), freelancers, homepreneurs, influencers and more. This is the bank's first-ever partnership with a fintech player to launch a fully digital current account. Using this account, customers can avail 250+ banking services and claim up to 50 per cent cashback through grab-deals. With this partnership, all existing Axis Bank account holders also get access to OPEN's all-in-one digital banking platform that is used by over 30 lakh businesses currently.
The partnership aims to offer access to Axis Bank's holistic banking services coupled with OPEN's end-to-end financial automation tools for business management like payments, accounting, payroll, compliance, expense management and several other services to a larger business community.
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