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BUSINESS AND ECONOMY - November 2015

Nov 2015

Nov 02, 2021

Centrum-BharatPe's Unity Small Finance Bank Starts Operations

Unity Small Finance Bank, founded by Centrum Group and fintech start-up Bharatpe, commenced operations as a Small Finance Bank (SFB. Unity Bank will take over the assets and liabilities of the Punjab and Maharashtra Co-operative Bank.
RBI, in October had issued a SFB licence to the consortium of Centrum Financial Services Limited (Centrum), the small business lending arm of the Centrum Group, and Resilient Innovations Private Limited (BharatPe).

Yes Bank Appoints Sharad Sharma as Non-executive Director

Yes Bank appointed Sharad Sharma as a non-executive director with effect from November 1, 2021.
The decision comes vide a notification from the Finance Ministry under the 'Yes Bank Ltd Reconstruction Scheme 2020'.
Sharma will continue to hold his office until an alternate board is constituted by the bank in accordance with the procedure laid down in its Memorandum and Articles of Association.
He will be eligible to be appointed on the alternate board to be constituted under the Scheme with the approval from shareholders in due course.
Sharma is a career banker with 40 years of experience in the banking industry.

Odisha Announces Full Tax Exemption for EVs

Government of Odisha announced full exemption of motor vehicles taxes and registration fees on electric vehicles (EVs) in the state.
This decision was taken for encouraging faster adoption of EVs.
Exemption was granted under the Odisha Motor Vehicles Taxation Act and is applicable till 2025.
State government also proposed to extend some incentives for the manufacturers, buyers, batteries & charging stations of electric vehicles in accordance with Odisha Electric Vehicle Policy.
Transport department had submitted a proposal to the government to allow subsidy on e-vehicles in order to attract customers. Government has now approved the proposal. However, these subsidies will not be provided as per the battery capacity, like other states including Delhi and Gujarat are providing.

SBI Launches Video Life Certificate Service for Pensioners

The State Bank of India (SBI) launched Video Life Certificate (VLC) facility for pensioners. This facility was launched with an aim to offer seamless life certificate submission experience for millions of pensioners (other than family pensioners).
As per SBI, with the help of VLC facility, pensioners can schedule a video call with SBI staff at their convenience and complete the process of life certificate submission without having to visit the bank branch.

Bandhan Bank Gets Empanelled as Agency Bank of Reserve Bank of India

Bandhan Bank was empanelled by the Reserve Bank of India (RBI) to act as an agency bank to facilitate transactions related to government businesses.
The RBI's decision will help Bandhan Bank in contributing to nation-building.
The announcement comes months after a RBI guideline that authorised scheduled private sector banks as agency banks of the regulator for the conduct of government business.
With this, Bandhan Bank joins ranks with a few other scheduled private sector banks to be empanelled as agency banks of the RBI.
As an agency bank, Bandhan Bank will be able to handle transactions related to collection of state taxes, and revenue receipts such as GST and VAT, collection of stamp duty, and pension payments on behalf of central and state governments.

Nov 01, 2021

Kotak Bank, NPCI Tie up to Launch Credit Card for Armed Forces

Private lender Kotak Mahindra Bank partnered with the National Payments Corporation of India (NPCI) to launch a credit card on the RuPay platform. "The 'Veer' credit card for the Armed Forces is the first credit card offered by Kotak on the RuPay network.
The credit card is available in two variants: Kotak RuPay Veer Platinum and Kotak RuPay Veer Select Credit Card. It added that these contactless cards come with zero joining fees.

Snapdeal Appoints Ullas Kamath, Anisha Motwani as Directors on Board

SoftBank-backed Snapdeal continues adding new members to its board of directors with FMCG veteran Ullas Kamath and brand expert Anisha Motwani, even as it plans to file its Draft Red Herring Prospectus soon.
Last week, it appointed Zomato chairman Kaushik Dutta and Richa Arora, managing partner and CEO for ESG Stewardship Services at ECube Investment Advisors,as directors on its board.
Dutta is also on the boards of Policy Bazaar and HCL Infosystems. Arora has been on the board of Tata Group's e-commerce venture.

Oct 31, 2021

Adani Group Buys Minority Stake in Online Travel Aggregator Cleartrip

The Adani Group announced it would acquire a significant minority stake in Cleartrip, an online travel aggregator (OTA) and part of the Flipkart Group.
The amount of investment was not disclosed. As part of the investment, Cleartrip will also serve as the Adani Group's OTA partner. The deal is expected to close in November, subject to customary closing conditions.
By collaborating with the Adani Group, Cleartrip aims to provide consumers with a seamless travel experience and further accelerate its growth.

KPMG Appoints Yezdi Nagporewalla as India CEO

Yezdi Nagporewalla was appointed as the new chief executive of KPMG India for a four-year term commencing February 2022 and ending December 2026.
Nagporewalla succeeds Arun M Kumar, the current chairman and CEO who completes his five-year term in the first week of February 2022.
Nagporewalla joined the financial and tax advisory over two decades ago.
KPMG India has seen brisk growth in revenues and its workforce strength has grown by 70 per cent in the past four years. The firm has introduced many new offerings and inducted over 90 partners to broaden its skill-base and strengthen its delivery capabilities.
KPMG, which entered the country in August 1993, has offices across Ahmedabad, Bengaluru, Chandigarh, Chennai, Gurugram (Delhi), Hyderabad, Jaipur, Kochi, Kolkata, Mumbai, Noida (Delhi), Pune, Vadodara, and Vijayawada.

IL&FS Gets NCLT Nod for InvIT

Scam-hit Infrastructure Leasing & Financial Services (IL&FS) received approval from National Company Law Tribunal (NCLT) to introduce its phase 1 of Infrastructure Investment Trust (InvIT).
With this approval, six road projects — Barwa Adda Expressway Ltd, Baleshwar Kharagpur Expressway Ltd, Sikar Bikaner Highway Ltd, East Hyderabad Expressway Ltd, Moradabad Bareilly Expressway Ltd and Jharkhand Road Projects Implementation Company Ltd — will be transferred to the newly formed Roadstar Infra Investment Trust under its InvIT Phase 1.

Oct 30, 2021

ICICI Direct Launches Facility for Instant Payout on Redemptions

ICICI Direct has introduced a new facility, e-ATM for Mutual Funds, using which investors can get an instant payout on their mutual fund redemption orders. So, this means that if a mutual fund investor needs funds in an emergency, then he or she can get instant money in their bank accounts by redeeming their mutual funds.
Previously, customers had to wait for two to four working days to receive their funds against their mutual fund redemptions. ICICI Direct said that its customers can get a payout within 30 min of redemption with e-ATM for MFs.

Mark Zuckerberg Changes Facebook's Name to Meta

Facebook is now called Meta, in a rebrand that focuses on building the "metaverse," a shared virtual environment that it bets will be the successor to the mobile internet. The name change, the plan for which was first reported by the Verge, is a significant rebrand for Facebook, but not it's first. In 2019 it launched a new logo to create a distinction between the company and its social app.
The metaverse is a term coined in the dystopian novel "Snow Crash" three decades ago and now attracting buzz in Silicon Valley. Zuckerberg said that the new name, coming from the Greek word for "beyond," symbolized there was always more to build. It refers broadly to the idea of a shared virtual realm that can be accessed by people using different devices.

Oct 29, 2021

Jana Small Finance Bank Appoints Subhash C. Khuntia as Part-time Chairman

Jana Small Finance Bank appointed Subhash C. Khuntia as its part-time Chairman.
A 1981-batch officer of the Indian Administrative Service, Khuntia was also Chairman of the Insurance Regulatory and Development Authority of India (IRDAI).
Khuntia has vast administrative experience of working in several departments at the central government, including the Ministry of Finance, Human Resource Development and Petroleum and Natural Gas. For the Karnataka government, he worked in the Departments of Finance, Revenue, Personnel, Urban Development, Public Works and Ports.

OYO Appoints Ankit Gupta as CEO

Global travel-tech company OYO appointed of Ankit Gupta to Chief Executive Officer - Franchise & Frontier, India. As a part of his expanded responsibilities, Gupta will be leading OYO's flagship Hotels & Homes business as well as other verticals.
Gupta has been instrumental in significantly strengthening the India business over the last two years. He will continue reporting to Rohit Kapoor, CEO, OYO India & South-East Asia.
Gupta will focus on key areas of the business including revenue growth, patron trust, consumer experience and delivering on key business metrics through technology and business innovation for India, which is one of the core growth regions for the company.

Kotak Mahindra Bank Ties up with IndiGo to Launch 'Ka-ching' Credit Card

IndiGo and Kotak Mahindra Bank (KMB) entered into a strategic partnership for the launch of a co-branded credit card named 'Ka-ching'. The credit card was launched under IndiGo's 6E Rewards programme and linked with it to enable the members to earn rewards by using the card on IndiGo and other merchants. The co-branded card will be available in 2 variants such as 6E Rewards and 6E Rewards XL by offering exclusive travel benefits for domestic and international travel.

Tata Motors Unveils 21 Commercial Vehicles for Cargo, Passenger Verticals

Tata Motors unveiled 21 new commercial vehicles, including trucks and buses, to cater to evolving needs of cargo and people transport across segments.
The company has unveiled 7 products in the medium and heavy commercial vehicles (M&HCV) segment and 5 products in the intermediate and light commercial segment (4-18 tonne GVW) with CNG powertrains.
Besides, the auto major unveiled 4 new LCVs (Light Commercial Vehicles) to improve last-mile delivery efficiency and reduce operational cost.
Tata motors also unveiled 5 passenger commercial vehicles including buses for intra-city transportation requirements.

RBI Approves Appointment of Baldev Prakash as J&K Bank MD & CEO

Jammu & Kashmir Bank said that the Reserve Bank has approved the appointment of Baldev Prakash as its next Managing Director and CEO for a period of three years from the date of taking charge or April 10, 2022, whichever is earlier.
Prakash has over 30 years of experience in banking in various roles at small and large size branches at SBI.

PayU Launches 'PayU Token Hub' to Help Businesses Comply with RBI Norms

PayU, a leading online payments solutions provider, announced the launch of its unique tokenisation solution 'PayU Token Hub', which will enable businesses to comply with Reserve Bank of India's (RBI's) latest guidelines on online card data storage, while allowing issuing banks to also generate their own tokens. This solution has been built by PayU and Wibmo, a PayU-owned full stack global PayTech company, in partnership with major card networks such as Visa and MasterCard, and leading issuing banks. The solution offers both network tokens and issuer tokens under single hub.
Powered by Wibmo, PayU Token Hub is developed as an interoperable plug-n-play solution, to enable card on file and device tokenization using a single integration point.

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