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BUSINESS AND ECONOMY - November 2015

Nov 2015

Nov 07, 2021

BSE Joins Hand with HDFC Bank to Promote Start-up, SME Listing

Leading stock exchange BSE collaborated with private sector lender HDFC Bank to further encourage and promote the listing of start-ups and small and medium enterprises (SMEs) across India.
Through this pact, HDFC Bank and BSE will evaluate banking and lending solutions for start-ups, undergoing listing process on start-ups and SME platform.
Both the parties have agreed to conduct and participate in joint outreach activities and contribute to each other's publications on the start-up ecosystem in India.
BSE became the first stock exchange to get approval from markets regulator SEBI and had launched its SME platform in March 2012.

Nigeria One Step Closer to Mobile Money Rollout

Mobile phone operators MTN and Airtel have both received partial approval from the Central Bank of Nigeria to operate mobile payments in the country.
This comes three years after the CBN initially said that it would allow non-financial companies to apply for mobile banking licences.
A final approval which is subject to the fulfilment of certain conditions will be issued to the Telcos within six months.
Under the guidelines, mobile network operators are allowed to provide financial services to millions of unbanked Nigerians. However, they can do so only as Payment Service Banks (PSBs) and through a subsidiary separate from their core operations.
PSBs accept deposits from individuals and small businesses, offer payment and remittance services, and other activities prescribed by the central bank.
This could make a huge difference for Nigeria's 38 million unbanked adults - about 36% of the total adult population in the country.

Hindalco Industries Acquires Ryker Base

Hindalco Industries Limited aquired Ryker Base Pvt Ltd, a wholly-owned subsidiary of Polycab India Limited, for an enterprise value of Rs. 323 crore.
The acquisition will be through Hindalco's wholly-owned subsidiary Renuka Investments & Finance Ltd, with a purchase consideration for 100 percent equity stake, subject to customary adjustments for working capital and net debt as on the date of closing.
The acquisition will strengthen Hindalco's copper rod manufacturing capacity by providing a time-to-market advantage, allowing the Company to cater to the growing demand from electrical and electronics sectors.

Nov 06, 2021

RBI's Revises PCA Framework

Reserve Bank of India (RBI) modified its prompt corrective action (PCA) framework to exclude the profitability parameter from its triggers list.
In its 2017 framework, capital, asset quality & profitability were the key areas to monitor.
In recent modification, round capital, asset quality & leverage will be key areas.
RBI has also modified the level of shortfall in total capital adequacy ratio. It will push the lender to "risk threshold three" category. Lenders who breach this risk threshold, will be placed under stringent PCA restrictions.
PCA framework are put in place with the objective of enabling supervisory intervention at appropriate time. It requires the supervised Entity to implement remedial measures in a time bound manner, for restoring its financial health.
The PCA framework was introduced in December 2002. It acts as a tool for effective market discipline. These regulations were revised in April 2017, on the recommendations of working group of Financial Stability & Development Council. Under this framework, RBI puts banks with weak financial metrics under watch. It aims to check the Non-Performing Assets (NPAs) problems in banking sector of India. It helps in alerting regulator, investors and depositors in case bank heading for trouble.
PCA framework is applicable only to commercial banks. Co-operative banks and non-banking financial companies (NBFCs) are not covered under it.

IndiGo Appoints Saguna Vaid as General Counsel

IndiGo airlines appointed Saguna Vaid as its general counsel with effect from December 1.
Vaid will be replacing Priya Mehra, who has joined upcoming low-cost carrier Akasa Air as its legal head.
Saguna joins IndiGo from Nokia Networks, where she was the director and head of Legal and Compliance for India and the APJ (Asia Pacific and Japan) region.
Prior to Nokia, Vaid was the vice president and general counsel for Asia at Genpact for over a decade during which time she also supported GE Aviation's operations.

Infosys Partners with Shell to Market Shell Inventory Optimizer Solution

IT services major Infosys announced strategic collaboration with Shell Global Solutions International BV (Shell) as the commercialisation partner of the 'Shell Inventory Optimizer' solution.
Through this collaboration, Shell and Infosys will launch 'Shell Inventory Optimizer' as the first product offered to its energy customers.
The solution leverages artificial intelligence (AI) that enables companies to optimise warehouse inventory levels based on historical consumption.
This collaboration will further strengthen the long-standing relationship that has existed between the two companies since 2000s.

Nov 05, 2021

CCI Approves HDFC Life's Acquisition of Exide Life

Competition Commission of India (CCI) approved HDFC Life Insurance's acquisition of Exide Life Insurance. The regulator informed that post the completion of the share acquisition, Exide Life would operate as a wholly-owned subsidiary of HDFC Life.
HDFC Life aspires to strengthen its presence in Southern India, especially in tier-2 and tier-3 cities, with this acquisition.
The terms of the acquisition announced on September 3 stated that HDFC Life would acquire a 100 per cent stake in Exide Life Insurance from Exide Industries by issuing 8.70 crore shares at an issue price of Rs 685/share and a cash payout of Rs. 726 crore, aggregating to Rs. 6,687 crore.
Exide Life Insurance offers various individual and group life insurance products including protection plans (term insurance, child insurance plans), savings and investment plans (including ULIPs), retirement and pension plans. It does not have any subsidiaries.

Standard Chartered Launches Sign Language Service for Hearing Impaired

Standard Chartered Bank launched a special sign language service proposition for hearing impaired priority segment clients.
Currently, the lender has trained 13 frontline employees who will be placed in designated branches across five cities, namely, Mumbai, Delhi, Kolkata, Bengaluru and Chennai for offering this service in Indian sign language. However, if a hearing-impaired priority segment client were to walk into any other branch without a similarly trained employee, the branch team would be able to arrange an engagement with a trained employee through a video call.
The bank said that it is also working on making product offering videos in sign language for savings account, term deposits, credit card, wealth offerings and loans, to enable hearing impaired clients get a better understanding of these products. Also, on the anvil is a central video helpline to cater to servicing of all such clients in the Indian sign language.

State Bank of India Offers Pre-approved 2-wheeler Loan on Mobile App

To further push its digital platfrom Yono, the nation's largest lender State Bank of India launched a pre-approved two-wheeler loan scheme provided it is applied online and the ticket size is under Rs. 3 lakh.
Already, the bank gives a 5 basis points discount on home loans if it is applied online/Yono.
All eligible SBI customers can avail of the digital two-wheeler loans through the Yono app without visiting a branch.
Customers can apply for the 'easy ride' loan for up to Rs. 3 lakh and a minimum loan of Rs. 20,000, at 10.5 per cent per annum onwards for a maximum tenure of four years.

Nov 04, 2021

TCS Expands Partnership with Malaysia's Celcom for Digital Transformation

IT services major Tata Consultancy Services (TCS) is expanding its partnership with Celcom Axiata Berhad (Celcom), a leading telecommunications provider in Malaysia, to transform the latter's core business support systems (BSS) using TCS HOBS and TCS TwinX hosted on Microsoft Azure.
With the new core platforms transformation project, TCS will enable Celcom to further enhance its digital and platform positioning through advanced digital capabilities like AI/ML-driven business simulations, an enterprise product catalogue, and partner ecosystem enablement.

Yes Bank and BankBazaar Launch 'FinBooster' Credit Card

Yes Bank and BankBazaar.com together launched a Co-Branded credit card named FinBooster to measure the Creditworthiness of the customers. FinBooster is built around a credit fitness tracker. FinBooster uses the CreditStrong app Subscription (credit fitness report) which helps customers to track creditworthiness that improves the Credit score.
The tracking of a credit scores will be done through an intuitive CreditStrong app subscription (credit fitness report), which is complimentary for the cardholder for the first year. The credit card offers never expiring rewards points with no capping on the accrual. Customers can earn accelerated rewards points on online dining, grocery and apparel purchases which can be easily redeemed for more than 250 catalogue products.

BoB signs MoU with NCDEX e-Markets

Bank of Baroda has signed a Memorandum of Understanding (MoU) with NCDEX e Markets Ltd (NeML) to become a "clearing bank" for handling financial transactions in the NeML market place and procurement/auction platform.
NeML, a wholly-owned subsidiary of agricultural commodity exchange, NCDEX, is an online commodities spot market and services company.
This tie-up opens up multiple opportunities for both institutions. The bank will partner with agriculture marketing federations and other procurement agencies across the country and increase its presence in agri e-commerce through its wide network across the country.

Nov 03, 2021

Tata Power to Seek Shareholders' Nod to Not Merge Tata Power Solar Systems

Tata Power will seek shareholders nod to amend a scheme of arrangement to keep Tata Power Solar Systems Ltd (TPSSL) as an independent entity, contrary to its earlier plan to merge it with itself through a postal ballot notice.
Tata Power had given a postal ballot notice to amend an amalgamation scheme to keep the TPSSL as a separate entity and let it continue as a wholly-owned subsidiary of the company, rather than merging it with the company as envisaged under the composite scheme.
TPSSL is in the solar manufacturing business, and the government policies will help it further expand its existing manufacturing capacities to avail these benefits/incentives and create more shareholder value to the company and its shareholders.
Therefore, the company said it was felt that it would be commercially prudent and desirable by the Board of Directors as well as the Transferor Companies to keep TPSSL as a separate entity and let it continue as a wholly-owned subsidiary rather than merging it with the company as envisaged under the Composite Scheme.

Jio Becomes 1st Operator to Bring Mobile Connectivity to Demchok

Billionaire Mukesh Ambani's Reliance Jio became the first operator to bring mobile connectivity to Demchok in eastern Ladakh with the start of its 4G voice and data services in the border village.
Jamyang Tsering Namgyal, Member of Parliament from Leh, inaugurated Jio mobile tower in Demchok and dedicated 4G services to the people of the border village, Army, ITBA, and travellers.
Sitting at over 13,000 feet above sea level, Demchok serves as the last landmark on the Indian border with China to facilitate communication to Jawans posted at high altitudes and also local residents.

Edelgive Hurun India Philanthropy List 2021

Hurun India and EdelGive jointly released the Edelgive Hurun India Philanthropy List 2021. The list was topped by Azim Premji, the founder chairman of Wipro, with a donation of Rs. 9,713 crore during fiscal 2020-21 which is around Rs. 27 crore a day. HCL's Shiv Nadar once again retained the second spot on the list with an annual donation of Rs. 1,263 crore, marking a 59 per cent rise. Mukesh Ambani, the chairman of Reliance Industries, and his family occupied the third spot on the philanthropy list with an annual donation of Rs. 577 crore.

SpaceX Sets up Subsidiary in India

World's richest person Elon Musk-owned SpaceX incorporated its wholly-owned subsidiary in India to start local broadband operations.
SpaceX's satellite broadband arm Starlink aims to start broadband services in India from December 2022, with 2 lakh active terminals subject to permission from the government.

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