IndusInd Bank Likely to Get Added to MSCI India Index
IndusInd Bank is likely to get added to the MSCI India Index during the rebalancing exercise in August following a sharp increase in the investment legroom for foreign portfolio investors (FPIs). The addition will be a boost for the private sector lender's stock price as it could result in inflows of over $300 million (Rs. 2,500 crore).
IndusInd Bank was removed from the MSCI India Index at the February 2012 quarterly index review following a drop in foreign room.
Adani Ports Completes Sale of Myanmar Port
India's largest private port operator Adani Ports and Special Economic Zone (APSEZ) announced the sale of the controversial Myanmar Port for a total consideration of $30 million, which is $120 million less than its last-known investment value in the port.
As per Karan Adani, Chief Executive Officer and whole-time Director of APSEZ, this exit is in line with the guidance provided by the APSEZ Board based on the recommendations made by the risk committee in October 2021.
May 06, 2023
Axis Bank, India Shelter Finance Partner for Co-lending Small Loans
Axis Bank, India's third largest private sector Bank and India Shelter Finance Corporation Ltd (IndiaShelter), a Gurgaon based Housing Finance Company, announced a strategic partnership under the co-lending model. With this partnership, both lenders will be offering Secured MSME loans to middle and low-income segment borrowers based in the semi-urban regions.
This partnership will leverage the deep financial expertise of Axis Bank and the strong loan processing technology of IndiaShelter to assess the borrower's credit profile and offer them loans at an optimal interest rate, ensuring a seamless banking experience. The partnership will empower Axis Bank and IndiaShelter to reach out to potential customers in the informal segment who are new to credit and are underserved by larger institutions.
RBI Report Focuses on Climate Change, Challenges to Sustainable Growth
The Reserve Bank of India (RBI) released a report on currency and finance for the financial year (FY) 2022-23. The theme of the report is 'Towards a Greener Cleaner India'.
The apex bank said that the report covered four major dimensions of climate change to assess future challenges to sustainable high growth in India, viz., the unprecedented scale and pace of climate change; its macroeconomic effects; implications for financial stability; and policy options to mitigate climate risks.
The central bank highlighted that there is a need for a balanced policy intervention with progress ensured across all policy levers for India to achieve its green transition targets by 2030 and later make the net zero goal by 2070 attainable.
BharatPe Rebrands Multi-brand Loyalty Program PAYBACK India as 'Zillion'
BharatPe Group, one of India's leading names in the fintech industry, rebranded PAYBACK India, the multi-brand loyalty program to 'Zillion'.
This new brand identity is in line with the company's vision to make Zillion ubiquitous to loyalty and rewards across the country.
The new brand identity intends to appeal to clients of all ages and give their overall shopping experience—across brands and categories—a new dimension.
Customers will have a variety of alternatives from Zillion to earn and redeem points at a variety of partners across the country.
May 05, 2023
Cashfree, Yes Bank Partner to offer International Payment Collection
Cashfree Payments and Yes Bank came together to offer 'Global Collections', an international collection service for exporters, who are account holders of Yes Bank. Under this partnership, the Bank's account holders will be able to collect payments in over 30 foreign currencies using the Global Collections service. The funds so received can then be converted into INR and settled into their local bank account in India within one business day.
In addition to having dedicated facilities in 4 currencies (USD, GBP, EUR and CAD), the product also enables global collections in over 30 currencies up to the equivalent of $10,000 in line with the Reserve Bank of India's (RBI's) Online Payment Gateway Service Providers (OPGSP) guidelines.
Pine Labs Partners ICICI Bank to Enable Digital Rupee on PoS Terminals
Merchant commerce platform Pine Labs announced the acceptance of the digital Rupee on its PoS (point-of-sale) terminals in partnership with ICICI Bank. The technology integration between the two entities will now support Digital Rupee acceptance at Pine Labs' point-of-sale terminals across key retail outlets in Mumbai and Bengaluru.
Pine Labs' execution of the Digital Rupee payment process is completely digital via dynamic QR (quick response) built within its smart Android PoS terminals.
HDFC ERGO General Insurance Elevates Anuj Tyagi to Joint Managing Director
HDFC ERGO General Insurance elevated Anuj Tyagi and designated him as Joint Managing Director of the Company.
As per reports, the elevation was approved by the nomination and remuneration committee and the board of directors of the company decided during their meeting held in April in Mumbai.
Tyagi has been associated with HDFC ERGO for the last 14 years. During these years, he has spearheaded the development of retail, commercial and rural business apart from reinsurance, technology and human resources. He has also been a part in ensuring the merger of Apollo Munich Health Insurance Company with HDFC ERGO.
May 04, 2023
Alchemy India Long Term Fund Relocates from Mauritius to Gift City IFSC
Alchemy India Long Term Fund, an offshore fund, re-domiciled from Mauritius to the Gift City IFSC. Kotak Mahindra Bank acted as the custodian and issued the first-ever foreign portfolio investor (FPI) license to the fund incorporated in Gift City.
The government had allowed India-sponsored funds and managers to relocate to Gift City. As per Industry players, more such funds could move to Gift City as the tax treatment is now at par with other global jurisdiction.
One of the important objectives of IFSC initiative is to bring back India centric business from offshore to onshore in GIFT IFSC.
Singapore's Vantage Point is Highest Bidder for Bankrupt SKS Power
Singapore's Vantage Point Asset Management emerged as the highest bidder for bankrupt SKS Power Generation (Chhattisgarh) by offering Rs. 1,800 crore. Ahmedabad-based Torrent, came a close second with a difference of just Rs. 7 crore from Vantage's offer.
Nagpur-based Sarda Energy and Jindal Power, which is owned by Naveen Jindal, also made good offers.
SKS owns a 600-mw power plant in Chhattisgarh that is now run by state-owned NTPC, which didn't make an aggressive bid for the company.
The company was sent to bankruptcy court after it defaulted on loans worth Rs 1890 crore to State Bank of India and Bank of Baroda. Hong Kong-based Agritrade Resources bought the plant from Indian lenders in November 2018 in a one-time settlement. Agritrade itself fell into financial problems and could not service the loan.
The market capitalisation (m-cap) of state-owned aerospace & defense company Hindustan Aeronautics (HAL) crossed the Rs. 1-trillion mark.
HAL claimed the 52nd spot in the overall market cap ranking, the BSE data showed.
HAL, a defence public sector undertaking (DPSU), is engaged in the business to undertake design, development, manufacturing, maintenance, repair, overhaul, and servicing of products like aircraft, helicopters, engines and other related systems like avionics, instruments, and accessories.
It also engages with the Indian Space Research Organisation (ISRO) to contribute to the space programmes of the country. The Government of India (GoI) remains HAL's largest shareholder, with a current shareholding of around 75 per cent.
May 03, 2023
LIC Unveils Group Post-retirement Medical Benefit Scheme
The Life Insurance Corporation of India (LIC) introduced Group Post Retirement Medical Benefit Scheme, a non-linked, non-participating, life, group savings insurance product for those employing 50 or more persons.
It is intended to help meet employers' obligation for post-retirement medical benefit to their employees. The plan also offers a fixed life cover benefit (sum assured) to each member. The product is an addition to the bouquet of LIC's eleven group products and one group accident benefit rider.
Airtel Signs Binding Term Sheet to Merge Sri Lanka Ops with Dialog Axiata
Bharti Airtel Limited, Dialog Axiata Plc, and Axiata Group Berhad entered into a binding term sheet to combine operations of Bharti Airtel Lanka (Private) Limited.
As per the company, the proposed transaction envisages Airtel being granted a stake in Dialog, representing the fair value of Airtel Lanka. Airtel would accordingly be issued new shares in Dialog upon completion of the transaction.
Discussions with respect to the proposed transaction are ongoing between the parties and also with the relevant regulatory authorities as per applicable laws and regulations. The proposed transaction is subject to the signing of definitive agreements and necessary closing conditions including applicable regulatory and shareholder approvals.
Airtel Payments Bank Rolls Out Face Authentication for AePS
Airtel Payments Bank rolled-out face authentication for Aadhaar-enabled Payment System (AePS) at its 500,000 banking points as part of its collaboration with the National Payments Corporation of India (NPCI).
Airtel Payments Bank is amongst the first four banks to offer Face Authentication for AePS in the country.
NPCI's AePS allows customers to carry out financial and non-financial transactions at any banking point using their Aadhaar number or virtual ID to access their Aadhaar-linked bank account.
BharatPe Acquires Majority Stake in Mumbai-based NBFC Trillion Loans
Fintech firm BharatPe Group completed acquiring a 51 per cent stake in Trillion Loans, a non-banking financial company (NBFC).
BharatPe also revealed that Ravindra Pandey, Nalin Negi and Sabyasachi Senapati were appointed to the Board of Trillion Loans.
This acquisition is in line with BharatPe Group's vision to be at the forefront of addressing the credit gap for millions of businesses and consumers in India.
Trillion Loans is a fast-growing NBFC that claims to offer a range of secured and unsecured loans to SMEs, including small business loans as well as working capital loans. Additionally, the company offers a range of products for consumers, such as education loans, auto and gold.
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