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BUSINESS AND ECONOMY - November 2015

Nov 2015

Dec 26, 2023

MedTech Mitra: Health Minister Launches Online Portal for Medtech Start-ups

Union Minister of Health and Family Welfare Mansukh Mandaviya launched MedTech Mitra, an online portal that aims to assist medtech innovators in clinical evaluation, regulatory facilitation, and uptake of new products.
The portal will be coordinated collaboratively by the Indian Council of Medical Research (ICMR) and the Central Drugs Standard Control Organisation (CDSCO), under the guidance of NITI Aayog's Atal Innovation Mission.
The launch of a separate portal for medtech start-ups came months after the government launched the National Medical Device Policy and a scheme worth Rs. 5,000 crore for the promotion of research in pharma and medtech sectors.

S. K. Kalra is Interim MD & CEO of North East Small Finance Bank

Satish Kumar Kalra was appointed interim Managing Director and Chief Executive Officer of the merger-bound North East Small Finance Bank (NESFB). The Reserve Bank of India and the board of NESFB granted approval to the appointment of S. K. Kalra, a former Managing Director of Andhra Bank.

Maruti Suzuki Signs MoA with Haryana Government to Set up Fourth JIM

Maruti Suzuki India signed a memorandum of agreement (MoA) with the government of Haryana to set up its second Japan-India Institute for Manufacturing (JIM) in the state.
Spread over five acres, the existing ITI Kansala (in Rohtak, Haryana) will be upgraded to a JIM with an investment of Rs. 5.8 crore as a corporate social responsibility (CSR) activity of Maruti. This would be the carmaker's fourth JIM overall in India.

India Skills Report Finds Kerala the Most Preferred State to Work

Kerala emerged the most preferred State to work in the India Skills Report 2024.
The report, which surveyed 3.88 lakh youths through a National Employability Test conducted across the country, indicated the employability in India has improved with 51.25% of the assessed youths found to be employable with the required skills.

Innovative All-in-One Insurance Product, Bima Vistaar, to Debut in Q1 FY25

Bima Vistaar, a groundbreaking all-in-one insurance product encompassing life, health, and property coverage, is poised for launch in the first quarter of the upcoming financial year.
As per Insurance Regulatory and Development Authority of India (IRDAI), the product design and crucial rollout aspects are nearing completion, with a keen focus on leveraging technology for a seamless launch.
Bima Vistaar holds strategic importance as part of the "Insurance Trinity," a trio featuring Bima Sugam (a digital platform), Bima Vistaar, and Bima Vahak (a women-led field distribution force). Aligned with IRDAI's vision to achieve universal insurance coverage by 2047, these components aim to address existing gaps in product design, pricing, and distribution.

Dec 25, 2023

Kotak Mahindra Bank Shareholders Approve Vaswani's Appointment as MD & CEO

Shareholders of Kotak Mahindra Bank approved the appointment of Ashok Vaswani as Managing Director (MD) & Chief Executive Officer (CEO) of the bank and his remuneration.
In October 2023, the Reserve Bank of India cleared Vaswani's appointment as MD & CEO of the bank for a period of three years.
A graduate in Commerce, Economics, and Accountancy from the Sydenham College of Commerce and Economics, Mumbai, Vaswani has a proven track record of building and growing businesses at scale. He was initially with Citigroup and then with Barclays.

Dec 24, 2023

Ministry of Rural Development Collaborates with JioMart

The Ministry of Rural Development (MoRD) entered into a Memorandum of Understanding (MoU) with JioMart. This partnership aims to amplify the reach of products crafted by Self-Help Groups (SHGs) associated with the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM), empowering rural artisans.
The MoU facilitates the on boarding of SHGs as sellers on the JioMart e-commerce platform.
The collaboration aligns with MoRD's SARAS collection initiative, ensuring a broader consumer base for SHG products.

BEL Bags Rs 2,673 crore Order from Goa Shipyard, Garden Reach Shipbuilders

Bharat Electronics Limited (BEL) received an order of Rs. 2,673 crore from Goa Shipyard Limited and Garden Reach Shipbuilders & Engineers for the supply of 14 types of sensors for use on Next Generation Offshore Patrol Vessels (NGOPV).
With this, BEL has bagged cumulative orders of worth Rs. 25,935.15 crore till now in the current financial year (2022-2023).

Dec 23, 2023

LIC Granted Extension Till 2032 to Achieve 25% Public Shareholding

The Ministry of Finance granted a one-time exemption to Life Insurance Corporation of India (LIC) regarding the 25% Minimum Public Shareholding (MPS) rule. The decision allows LIC to achieve the mandated 25% MPS within 10 years of its listing, extending the deadline to May 2032.

ArSRLM Signs MoU with SBI for SHG Banking Services

In a significant move towards empowering self-help groups (SHGs) in Arunachal Pradesh, the Arunachal State Rural Livelihoods Mission (ArSRLM) forged a strategic alliance with the State Bank of India (SBI). The memorandum of understanding (MoU) signed between the two entities aims to provide comprehensive banking services to the SHGs operating in the state.
The MoU signing ceremony saw the participation of key representatives from both ArSRLM and SBI. Amarnath Talwade, the secretary of Rural Development and Panchayati Raj, represented ArSRLM, while Aftab Ahmad Mallick, deputy general manager of SBI Dibrugarh, represented the banking giant.
The primary objective of this MoU is to streamline and expedite the SHG bank linkage on various fronts, including savings, credit, insurance, and remittances. The initiative is set to benefit around 12,000 self-help groups that have been promoted under the Deendayal Antyodaya Yojana National Rural Livelihood Mission (DAY-NRLM) in Arunachal Pradesh.

IFSCA Forms Committee on Transition Finance to Formulate Framework

The International Financial Services Centres Authority (IFSCA) constituted an expert committee on transition finance to formulate a regulatory framework to promote green and sustainable debt securities.
The committee, which includes representatives from corporates, banks, standard setters, exchanges, consultants, and think tanks, is chaired by Dhruba Purkayastha, the India Director for Climate Policy Initiative.
The committee has been tasked to assess the trends in the segment and identify the best practices for transition finance in India by 2047.

Dec 22, 2023

ICICI Bank Secures RBI Nod for Sandeep Batra's Re-appointment as Executive Director

ICICI Bank received the Reserve Bank of India's (RBI) approval for the re-appointment of Sandeep Batra as the Executive Director (ED). The approval is effective from December 23, 2023, to December 22, 2025.
Sandeep Batra has been serving as ED on ICICI Bank's Board, overseeing the Corporate Centre since July 2018. His responsibilities span across crucial domains, including credit, corporate communications, data science, finance, human resources, legal, operations, customer service, technology, and secretarial groups.

RBI Introduces Card-on-File Tokenisation Facility through Banks

The RBI introduced a Card-on-File (CoF) token facility at the level of banks and other institutions to provide convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications.
At present, a CoF token can only be created through the merchant's application or webpage. For a CoF, a token is a 16-digit number unique for a combination of card, token requestor and merchant. Through tokenisation, the actual card details are replaced with token credentials that can be used only with the intended merchant.

Ashok Leyland Wins Order to Supply 552 Buses to Tamil Nadu Transport Corporation

Ashok Leyland, the country's leading commercial vehicle manufacturer, won an order from the Tamil Nadu government for providing 552 Ultra-Low Entry (ULE) diesel non-AC buses.
Ashok Leyland, the Indian flagship company of the Hinduja Group, said that the Tamil Nadu State Transport Corporation (TNSTC) already operates 18,477 of its buses. The new order marks a groundbreaking collaboration between Ashok Leyland and TNSTC in the pursuit of 'Mobility for All'.

SBI Signs 200 mn Euro LoC with EIB to Support Climate Action Projects

State Bank of India (SBI) signed a 200 million euro (about Rs. 1,800 crore) Line of Credit (LoC) with the European Investment Bank (EIB) for supporting climate action projects in the country.
Earlier this month (December 2023), SBI signed a 70 million euro (about Rs. 630 crore) LoC with German Development Bank KfW for promoting solar projects in the country.

Aditya Birla Sun Life, IDFC First Bank in Pact to Collaborate on Financial Solutions

Aditya Birla Sun Life Insurance and IDFC First Bank entered into a bancassurance partnership to offer insurance solutions to the bank's customers. Under this collaboration, the insurer will leverage the extensive distribution network of IDFC First Bank.
Aditya Birla Sun Life will offer products and services, including those that focus on retirement planning, ensuring a steady source of second income and tax-free returns tailored to their life stages.

Razorpay and Cashfree to Operate as Payment Aggregators

Digital payment companies Razorpay and Cashfree Payments received final approval from the Reserve Bank of India (RBI) to operate as payment aggregators, enabling the fintechs to onboard new merchants after a nearly one-year-old regulatory ban.
In December 2022, the RBI had asked Razorpay and Cashfree to stop onboarding new merchants.

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