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BUSINESS AND ECONOMY - September 2015

Sep 2015

Jun 15, 2021

PNB Housing Deal

  • The Carlyle Group along with other entities floated a "draft letter offer" with regard to an open offer for acquisition of over 7 crore equity shares representing 26 per cent stake in PNB Housing Finance.
  • This forms part of the proposed deal to invest Rs. 4,000 crore in the company through a preference issue.

IDFC FIRST Bank Launches Customer COVID Relief Ghar Ghar Ration Program

  • IDFC FIRST Bank has announced the launch of 'Ghar Ghar Ration' Program, an employee-funded program for its low-income customers whose livelihoods are affected by COVID-19. The bank has also announced a comprehensive program for the families of employees who unfortunately lost their lives due to COVID-19, and a number of other social responsibility initiatives.
  • "Ghar Ghar Ration" is a unique program where employees have contributed from their personal income to set up a Customer COVID Care Fund to provide relief to 50,000 COVID affected low-income IDFC FIRST Bank customers.
  • Employees of the Bank contributed one day to one month's salary for the purpose.
  • Employees are procuring ration kits comprising 10 kg rice/flour, 2 kg dal (lentils), 1 kg sugar and salt, 1 kg cooking oil, 5 packets of assorted spices, tea and biscuits and other essentials needed to support a small family for about a month.

JSW Cement Enters Construction Chemical Segment

  • Sajjan Jindal-led JSW Cement has entered the construction chemical sector with the launch of a unique green product range in the category.
  • The sector offers new opportunities for JSW Cement to combine innovation in concrete mix products with responsible construction, as the product range consumes less water during application.
  • Also, it replaces use of river sand during concreting with screen slag, thereby conserving natural resources and contributing to prevention of landslides, floods and air pollution.
  • This makes JSW Cement's construction chemical products, one of the most environment-friendly range currently available in the market.

RBI Expands Scope of BBPS

  • Reserve Bank of India on has expanded the scope of Bharat Bill Payment System (BBPS) which will be effective from August 31, 2021.
  • Scope of BBPS has been expanded by adding 'mobile prepaid recharges' as a biller category. This move will help millions of prepaid phone subscribers across India.
  • Scope and coverage of BBPS were expanded in September 2019 which then included all categories of billers raising recurring bills as eligible participants voluntarily.
  • It did not include billers of mobile prepaid recharges. Before 2019, facility of payment of recurring bills through BBPS was available only to five sectors viz, direct to home (DTH), gas, electricity, water and telecom.

Sterling and Wilson Solar Names Amit Jain as Global CEO

  • Sterling and Wilson Solar Limited (SWSL), part of the Shapoorji Pallonji group, announced the appointment of Amit Jain as global chief executive officer. He succeeded Bikesh Ogra.
  • Ogra would continue as a director on the company's board. Jain has been with Sterling and Wilson Solar Limited since January 2019 as the country head for the United States and Australia, which are now key markets for the company.
  • Jain would take over the global operations of the company and report to the board of directors. He would now be responsible for business development, market growth and the P&L for SWSL that has its operations across more than 25 countries.

Bank of Maharashtra Tops Loan and Deposit Growth

  • State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in terms of loan and deposit growth during financial year 2020-21.
  • As per the published data of BoM, the lender recorded 13.45 per cent increase in gross advances at Rs. 1.07 lakh crore in 2020-21.
  • It was followed by Punjab & Sind Bank which posted 8.39 per cent growth in advances with aggregate loans at Rs. 67,811 crore at the end of March 2021.
  • When it came to deposit mobilisation, BoM with nearly 16 per cent growth was ahead of even the country's largest lender State Bank of India, which recorded 13.56 per cent rise.

Jun 14, 2021

At $605 bn, India Ties With Russia as Fourth Largest Forex Reserves Holder

  • India's foreign exchange reserves crossed $600 for the first time. As on June 4, 2021 the foreign exchange reserves stood at $605 billion, almost tying with Russia as the fourth-largest reserve holder in the world.
  • While India's forex reserve was $605.008 billion, Russia's was $605.2 billion.
  • It took just about a year for the reserves to rise by $100 billion, which has generally been the pace of accumulation since Shaktikanta Das became the governor of the Reserve Bank of India (RBI) in November 2017.

Tesla to Use Bitcoin Transactions When Mining Cleaner: Elon Musk

  • Bitcoin jumped above $39,000 after Elon Musk said Tesla Inc. would resume transactions with the cryptocurrency when mining is done with more clean energy.
  • The transactions will start back up "when there's confirmation of reasonable (~50%) clean energy usage by miners with positive future trend."
  • Musk also reiterated the electric-car maker had sold about 10% of its Bitcoin holdings to demonstrate the token's liquidity.

Exports of India's Organic Farm Products Jump 51% in 2020-21

  • Exports of India's organic farm products surged 51 percent in 2020-21 beating Covid induced hiccups in the supply chain.
  • Commerce Secretary, Anup Wadhawan said that outbound shipments of organic products hit 1,040 million dollars last fiscal compare with 689 million dollars a year before.
  • Farm exports rose over 17 percent last fiscal to 41.25 billion dollars.
  • Even in volume term, exports of organic products grew at 39 per cent to 8 lakh 88 thousand 179 tonnes last fiscal.
  • The key organic products that were shipped out include oil cake and meals, oil seeds, cereals, millets, spices and condiments, tea, medicinal plant products, dry fruits, sugar, pulses and coffee.

India Slips 12 Spots to 55th Position in Global Home Price Index: Knight Frank

  • India has moved down 12 spots in the global home price index to 55th rank in Q1 2021 against 43rd rank in Q1 2020, with a decline of 1.6 percent year-on-year (YoY) in home prices, Knight Frank, an international property consultancy, in its latest research report - Global House Price Index - Q1 2021, has said.
  • India gained a spot, compared to last quarter (Q4 2020), where India ranked last globally amongst the 56 countries tracked by the Index.
  • With respect to 6-month (Q3 2020 – Q1 2021) and 3-month (Q4 2020 – Q1 2021) changes, residential prices in India witnessed a growth of 0.6 percent and 1.4 percent, respectively. The report highlighted that the United States witnessed the highest annual price growth rate since 2005, with a 13.2 percent increase YoY. 

Jun 13, 2021

India, Kuwait Sign Deal to Streamline Recruitment of Indian Domestic Workers

  • India and Kuwait signed an agreement to streamline the recruitment of Indian domestic workers and discussed ways to boost cooperation in food security, cyber security and the energy sector during external affairs minister S. Jaishankar's visit to Doha.
  • The signing of the memorandum of understanding for cooperation on the recruitment of domestic workers was among the key outcomes of Jaishankar's visit that concluded on Friday. The MoU brings Indian workers in Kuwait within the ambit of a legal framework that streamlines their recruitment and provides them protection of law.
  • It also introduces an employment contract to ensure the rights and obligations of employers and workers, and a mechanism for 24-hour assistance to workers. A joint committee will be created to carry out periodic reviews and follow up the implementation of the MoU. With this MoU, the total number of agreements between the two countries has gone up to 34.
  • The agreement was signed by officials during a meeting between Jaishankar and his Kuwaiti counterpart, Ahmed Nasser Al-Mohammad Al-Sabah. The meeting was also attended by Kuwait's trade minister Abdullah Issa Al Salman.

SBI to Offer Kavach Personal Loans for Covid-stressed Customers

  • The country's largest lender, State Bank of India (SBI), came up with a new loan offering 'Kavach Personal Loan' to provide relief to its customers who are facing financial challenges due to covid related treatment costs.
  • Kavach Personal Loan is a collateral-free offering by SBI, under which a maximum of Rs. 5 lakh loan can be availed at 8.5 per cent per annum for a period of 5 years.
  • This unique product is being offered under the collateral-free personal loan category and comes at the cheapest rate of interest under this segment. Reimbursement of expenses already incurred for Covid related medical expenses shall also be provided under the scheme.
  • This loan scheme by SBI will be under the Covid loan book that the Reserve Bank of India (RBI) had asked banks to create to provide relief to individuals and institutions affected due to covid.

Jun 12, 2021

United States Tops Bitcoin Investment Gains in 2020

  • The US traders have benefited the most in Bitcoin Investment Gain in 2020, with a profit of $4.1 billion, according to the latest report by Chainalysis, a blockchain analysis company based in Manhattan, New York. Chinese traders stood second, with a profit of $1.1 billion. India has been ranked at 18th spot with a profit of $241 million, among the top 25 countries, in Bitcoin investment gains 2020.

BharatPe Acquires Payback India

  • Merchant payment and lending service provider BharatPe acquired Payback India from American Express and ICICI Investments Strategic Fund.
  • This is the first-ever acquisition by BharatPe and will make Payback India a wholly-owned subsidiary of BharatPe.
  • Payback India - launched in 2010 - is a multi-brand loyalty programme with over 100 million members in the country. It has a network of more than 100 offline and online partners and allows its customers to earn and redeem points on every transaction at its partner merchant outlets.
  • The acquisition of Payback India is in line with BharatPe's strategy to build a robust and engaged network of over 20 million small merchants by 2023.

Gati Ltd Looks to Shut Two More Businesses Post Cold Chain Exit

  • After exiting the cold chain business, express distribution company Gati Ltd is now looking to shed some more weight and is currently engaged in doing away with two more of its subsidiaries-- trading solution and freight forwarding businesses.
  • While the company is engaged in closing down the Gati Import Export Trading Limited subsidiary, for its freight forwarding business, Gati Limited is in search of a suitable buyer.

Jun 11, 2021

Zomato Names Akriti Chopra as Co-founder

  • Initial public offering (IPO)-bound Zomato has named its Chief People Officer Akriti Chopra as co-founder of the food delivery platform, adding another name under its Founders' Programme.
  • Last year, the food delivery firm named Mohit Gupta Chief Executive Officer (CEO) of its food delivery business - as co-founder.
  • Gaurav Gupta, its chief operating officer, was also named co-founder earlier. These elevations are part of an initiative Zomato launched in 2019 called the Zomato Founders Programme.
  • Chopra has been with Zomato since November 2011, when she was senior manager, finance and operations, and moved on to vice-president of the same division. She was chief financial officer from April 2019 until October last year, and handed over the title to Akshant Goyal in November.

United States Tops Bitcoin Investment Gains in 2020

  • The US traders have benefited the most in Bitcoin Investment Gain in 2020, with a profit of $4.1 billion, according to the latest report by Chainalysis, a blockchain analysis company based in Manhattan, New York. Chinese traders stood second, with a profit of $1.1 billion. India has been ranked at 18th spot with a profit of $241 million, among the top 25 countries, in Bitcoin investment gains 2020.

GAIL Scraps Split Plan

  • A proposal to bifurcate state-owned gas utility GAIL (India) Ltd has been scrapped for now, and instead the company will monetise some of its pipelines by selling a minority stake through InvIT.
  • The company has sent a plan for monetising two of its pipelines to the Ministry of Petroleum and Natural Gas and an Infrastructure Investment Trust (InvIT) is possible within the current fiscal if approvals come soon.
  • GAIL is India's biggest natural gas marketing and trading firm and owns nearly three-fourth of the country's 17,126-km gas pipeline network, giving it a stranglehold on the market.

Deal with Tellurian for 40-year Gas Supply No Longer Exists

  • Petronet's Managing Director and Chief Executive Officer A. K. Singh revealed that Petronet LNG and US-based Tellurian Inc. do not have an agreement any more.
  • This means that the proposed $2.5-billion investment in Tellurian's Driftwood LNG project will not fructify.
  • Under the terms of agreement, the two were to finalise an investment deal by December 2020. This was after an earlier extension to the agreement had lapsed in March 2020. When asked about the reason for another extension not being sought, Singh said, "It is not from Petronet LNG, it is from Tellurian. We did not get any request for an extension," indicating the deal agreement stands annulled.

RBI Hikes ATM Interchange Fee per Transaction

  • The Reserve Bank of India (RBI) allowed an increase in the interchange fee structure for ATM transactions after almost 9 years, considering the increasing cost of Automated Teller Machines (ATM) deployment and expenses towards ATM maintenance incurred by the banks and white label ATM operators.
  • Accordingly, the RBI has hiked the interchange fee per transaction from Rs. 15 to Rs. 17 for financial transactions and from Rs. 5 to Rs. 6 for non-financial transactions in all centres, effective August 1, 2021.
  • The card issuing bank pays an interchange fee to the operator of the ATM when a customer makes a transaction at an ATM that does not belong to the card-issuing bank. Currently, the card-issuing bank pays an interchange fee of Rs. 15 for each cash transaction and Rs. 5 for each non-cash transaction.

Central Bank of India Inks Pacts with Indiabulls Housing, IIFL Home Finance

  • State-owned Central Bank of India announced co-lending partnerships with NBFC players Indiabulls Housing Finance and IIFL Home Finance.
  • Under this arrangement, non-banking finance companies (NBFCs) will originate and process retail home loans while Central Bank of India will take into its book 80 per cent of the housing loan under direct assignment transactions.
  • The bank said it has entered into strategic co-lending partnership with Indiabulls Housing Finance and IIFL Home Finance to offer housing loans under priority sector to homebuyers at competitive rates.

India Ranks at the Bottom of Global House Price Index

  • The ongoing Covid-19 pandemic has impacted India's housing sector more severely than it has in other major economies. While the local housing market was already struggling to attract enough buyers, the current crises have resulted in a fall in average home rates by 1.6 percent dragging India's ranking by 12 positions in last one year. The Knight Frank Global House Price Index that measures rate fluctuations in 56 countries found India at the bottom of the list – at 55th position – only followed by Spain. In fact, average price in India was lowest in January-March quarter at least since mid-2015.

HUL Names Kedar Lele as Executive Director for Customer Development

  • Hindustan Unilever Ltd (HUL) named Kedar Lele, currently Chairman & Managing Director Unilever Bangladesh, to the HUL Management Committee as Executive Director, Customer Development.
  • The appointment would come into effect from July 1, 2021.
  • Kedar takes over the role from Srinandan Sundaram who will move into his new role as Executive Director, Foods & Refreshment, the company said in a regulatory filing.
  • Kedar joined HUL in 2004 and over the last 17 years demonstrated a strong performance track record across Customer Development, Marketing and General Management.
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