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BUSINESS AND ECONOMY - November 2015

Nov 2015

Oct 12, 2021

RBI Issues Revised Operational Guidelines on on-tap SLTRO Scheme for SFBs

  • The Reserve Bank of India (RBI) issued revised operational guidelines on the special long-term repo operations (SLTRO) scheme for small finance banks (SFBs).
  • In the monetary policy announced last week, the RBI had extended the on-tap SLTRO for SFBs till December 31, 2021. This facility was earlier made available till October 31, 2021.
  • As per the RBI, all SFBs eligible under the liquidity adjustment facility (LAF) can participate in the scheme.

Adani Group Takes over Management of Jaipur International Airport

  • Adani Group took over the responsibilities of the Jaipur International Airport from the Airports Authority of India (AAI).
  • The airport has been leased out to the group by the government of India for a period of 50 year.
  • Airport director J. S. Balhara handed over a symbolic key of the airport to Chief Airport Officer Adani Jaipur International Ltd Vishnu Jha.

RBI Retains Advisory Committee on Srei Group Companies

  • The RBI decided to retain the advisory committee of Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) to advise the administrator in the operations of the two Srei group companies during the corporate insolvency resolution process.
  • After superseding the boards of SIFL and SEFL last week, the Reserve Bank had appointed a three-member advisory committee to assist Rajneesh Sharma, administrator of the two crisis-ridden firms.
  • The members of the committee are: R Subramaniakumar (Former MD & CEO, Indian Overseas Bank), T T Srinivasaraghavan (Former Managing Director, Sundaram Finance Limited), and Farokh N Subedar (Former Chief Operating Officer and Company Secretary, Tata Sons Limited).

RBI Imposes Penalty on Janata Sahakari Bank

  • The RBI imposed a penalty of Rs. 30 lakh on Janata Sahakari Bank Ltd, Pune for non-compliance with certain directions.
  • Janata Sahakari Bank Ltd, Pune was imposed with a penalty for non-compliance with specific directions issued by RBI under the Supervisory Action Framework (SAF) and RBI directions on 'Frauds in UCBs: Changes in Monitoring and Reporting mechanism.

Akasa Air Gets Nod to Operate in India

  • The Ministry of Civil Aviation gave a no-objection certificate (NOC) for the operation of Rakesh Jhunjhunwala-backed new airline 'Akasa Air' in India.
  • The new airline aims to start operations by the summer of 2022, the holding company, SNV Aviation Private Limited.

Morgan Stanley Names Anahita Tiwari Head of India Global in-house Centres

  • Morgan Stanley announced the appointment of Anahita Tiwari as the new Head of its India Global Centers, the global in-house centres of the firm in India.
  • Tiwari will be based in Mumbai, and will be responsible for implementation of the firm's global growth and deployment strategy in India.
  • She joins Morgan Stanley from JP Morgan Chase India where she was the head of Global Finance and Business Management and is a certified chartered accountant.
  • Tiwari has over 25 years of experience in finance and technology consulting, project management, corporate finance and business transformation.
  • Tiwari takes over from John McGrory who will head the Morgan Stanley's global center in Baltimore and will also functionally lead the Institutional Securities Group (ISG) Product Operations team in Baltimore.

Oct 10, 2021

Guwahati Airport Handed over to Adani Group for Operations, Management

  • The Lokpriya Gopinath Bordoloi International Airport in Guwahati was handed over to the Adani Group for operations, management and development responsibilities.
  • In 2018, the government of India included the Guwahati airport in the group of six airports -- Ahmedabad, Lucknow, Mangalore, Jaipur and Thiruvananthapuram -- set for privatisation for operations, management and development (OMD) for a period of 50 years.
  • Adani Enterprise Limited emerged as the successful bidder for all the six airports.

Mukesh Ambani Joins Jeff Bezos, Elon Musk in World's Exclusive $100 billion Club

  • Asia's richest individual Mukesh Ambani has now joined Tesla CEO Elon Musk and Amazon founder Jeff Bezos in the $100 billion club as Reliance Industries' stock climbed to a record high. As per Bloomberg Billionaires Index, the Reliance Chairman & Managing Director is now worth $100.6 billion and has officially joined 11 other men in the world's most exclusive wealth club.
  • Mukesh Ambani had inherited the oil-refining and petrochemicals businesses of his late father Dhirubhai Ambani's empire back in 2005. Since then, Ambani has sought to transform his energy business into a retail, technology, and e-commerce juggernaut.

Tata Sons Acquires Air India

  • Tata Sons made winning bid of Rs. 18,000 crore for Air India. The salt-to-software conglomerate won the bid to acquire debt-laden state-run Air India offering Rs. 18,000 crore for acquiring 100 per cent shareholding.
  • Tata Sons defeated SpiceJet promoter to bag Air India. Tatas' bid of Rs. 18,000 crore comprises taking over of 15,300 crore of debt and paying the rest in cash. The government is selling 100 per cent of its stake in the state-owned national airline, including Air India's 100 per cent shareholding in AI Express Ltd and 50 per cent in Air India SATS Airport Services Private Ltd.
  • Air India is the flag carrier airline of India, headquartered at New Delhi.
  • The airline was founded by J. R. D. Tata as Tata Airlines in 1932.
  • Air India had its origin as Tata Air Services later renamed to Tata Airlines.

Oct 09, 2021

Ola Launches Vehicle Buying Platform Ola Cars, Names Arun Sirdeshmukh CEO

  • Ola, India's largest mobility platform announced Ola Cars, its new vehicle commerce platform that will provide vehicle purchase and ownership experience to consumers.
  • It will compete with players such as Droom, CarDekho, Cars24, Spinny, Carwale and CarTrade. Ola Cars will begin with pre-owned and, over time, Ola will open it up for new vehicles from Ola Electric and other automotive brands.
  • Ola Cars will enable consumers to purchase both new and pre-owned vehicles through the Ola App. It will offer a bouquet of services to customers, beginning with purchase, vehicle finance and insurance, registration, maintenance including vehicle health diagnostics and service, accessories and finally resale of the vehicle back to Ola Cars. It will be a one-stop shop for customers looking at hassle-free buying, selling and managing their cars.

Badal Bagri resigns as CFO of Airtel; Soumen Ray is New CFO

  • Telecom operator Bharti Airtel said that Badal Bagri has resigned as Chief Financial Officer of the company to pursue other opportunities and that Soumen Ray has been appointed as new CFO with effect from December 21, 2021.
  • Ray will report to Gopal Vittal, Managing Director, and CEO (India and South Asia) of Bharti Airtel.
  • Ray is a Chartered Accountant with over 23 years of experience in Financial Planning, Management Accounting, Factory Commercial, Treasury, and Corporate Accounts. He will be joining Airtel from Bajaj Auto Ltd., where he is currently the Chief Financial Officer.

RBI to Introduce Internal Ombudsman for NBFCs for Grievance Redressal

  • In order to improve complaint redressal in finance companies, the Reserve Bank of India (RBI) will introduce the Internal Ombudsman Scheme (IOS) for NBFCs having a higher customer interface.
  • The IOS for NBFCs will be on the lines of IOS for banks and non-bank payment system participants. The finance companies will appoint an ombudsman in addition to the grievance redressal mechanism to examine complaints about deficiency in service.

Ola Launches Vehicle Buying Platform Ola Cars, Names Arun Sirdeshmukh CEO

  • Ola, India's largest mobility platform announced Ola Cars, its new vehicle commerce platform that will provide vehicle purchase and ownership experience to consumers.
  • It will compete with players such as Droom, CarDekho, Cars24, Spinny, Carwale and CarTrade. Ola Cars will begin with pre-owned and, over time, Ola will open it up for new vehicles from Ola Electric and other automotive brands.
  • Ola Cars will enable consumers to purchase both new and pre-owned vehicles through the Ola App. It will offer a bouquet of services to customers, beginning with purchase, vehicle finance and insurance, registration, maintenance including vehicle health diagnostics and service, accessories and finally resale of the vehicle back to Ola Cars. It will be a one-stop shop for customers looking at hassle-free buying, selling and managing their cars.
  • The company also announced the appointment of Arun Sirdeshmukh as chief executive officer of Ola Cars. Sirdeshmukh brings more than 30 years of experience in consumer internet, FMCG, retail and fashion industries, including with Amazon India, Reliance Trends and IBM Global Services. He will oversee the entire sales and distribution, service, marketing, customer support, and go-to-market strategy for the business.

Oct 08, 2021

P. L. Haranadh Takes Charge as Chairman of Paradip Port Trust

  • P. L. Haranadh, an Indian Railway Traffic Service (IRTS) officer of the 1994 batch, was appointed as the new Chairman of Paradip Port Trust (PPT). Haranadh has worked in various capacities, during his 27 years of service, which includes 22 years in the Indian Railways and 5 years in the Ministry of Shipping. Paradip Port Trust (PPT) is the lone major port in Odisha.

RBI Monetary Policy October 2021

  • The Reserve Bank of India kept the key policy rates unchanged in its bi-monthly Monetary Policy review.
  • The central bank announcing the outcome of its bi-monthly Monetary Policy rates in October said that it has decided to keep the repo rate unchanged at 4 per cent and the reverse repo rate at 3.35 per cent. Repo is the rate at which RBI lends funds to commercial banks when needed. It is a tool that the central bank uses to control inflation. The reverse repo rate is the rate at which the RBI borrows from banks.
  • The MPC kept the key benchmark rate unchanged in its last seven reviews. This is the eighth time in a row that MPC has decided to keep the policy rate unchanged. RBI had last revised its policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rates to a historic low.

India Joins Seychelles' Tax Inspectors Without Borders Programme

  • The Tax Inspectors Without Borders (TIWB) launched its programme in Seychelles. India was chosen as the Partner Administration for this programme. The country would providing its Tax Expert in support of the initiative. The focus of the 12-month programme would be on Transfer Pricing cases of tourism and financial services sectors.
  • TIWB is a joint initiative of the United Nations Development Programme (UNDP) and the Organisation for Economic Cooperation and Development (OECD), since its launch in 2015.
  • The aim of the initiative is to aid countries in strengthening their tax administration by transferring technical know-how and skills to the tax auditors through sharing of best audit practices.
  • This is the sixth TIWB programme in which India has supported by providing Tax Expert.

NTPC, Électricit de France Ink Pact for Int'l Power Project Opportunities

  • State-run power giant NTPC inked a pact with Électricit de France S.A. (EDF) for cooperation in international power sector.
  • EDF, one of the world's leading power sector companies headquartered in Paris, France, and NTPC have signed a memorandum of understanding (MoU) to explore potential power project development opportunities in the Middle East, Asia, Europe and Africa.
  • The two companies will also collaborate for knowledge sharing, research and development, technical services and consultancy assignments globally.
  • EDF and NTPC will jointly explore the possibility of power project development in the countries of mutual interest, as well as exchange knowledge and technical expertise.

Federal Bank Ties up with CredAvenue

  • Private sector lender Federal Bank tied up with CredAvenue for portfolio management of its securitisation book and implemented CredPool, an institutional debt platform of CredAvenue.
  • This arrangement, the bank said, will help digitally monitor its asset-backed securities (ABS) and mortgage-backed securities (MBS) pool assets more efficiently through the technology platform.
  • The partnership entails CredAvenue providing post-transaction fulfilment services and portfolio management for their direct assignment portfolio. CredAvenue's pooled transaction fulfilment platform has been supporting a host of leading banks, with Federal Bank being the latest addition. The platform helps banks and non-banking financial companies (NBFC's) meet existing and new regulatory guidelines pertaining to securitisation and direct assignment.

Piramal Group to Demerge Financial, Pharma Business into Separate Listed Entities

  • A decade after selling its branded formulations business to US-major Abbott Laboratories for $3.72 billion, the Ajay Piramal Group has announced it would demerge its pharmaceutical and financial services arms into separate listed entities.
  • With an FY21 turnover of Rs. 5,776 crore, Piramal Pharma will rank among the top 10 pharma companies in the country by revenue.
  • As per reports, PHL Fininvest, the non-banking financial company (NBFC), will be amalgamated with Piramal Enterprises (PEL) to create a large listed NBFC in India.

Reliance Retail Launches 7-Eleven Stores in India

  • Adding to its burgeoning retail empire, billionaire Mukesh Ambani's Reliance Retail will bring 7-Eleven convenience stores to India, days after Future Retail ended its deal with the US chain.
  • The first 7-Eleven store opened in Mumbai and will be followed by a further "rapid rollout", Reliance Retail said in a statement, without providing financial details.
  • 7-Eleven will add to the expansion spree of Reliance, which already has around 13,000 stores across the country.
  • The 7-Eleven stores aim to provide shoppers with a unique style of convenience, offering a range of beverages, snacks and delicacies specifically curated to appeal to local tastes, along with a refill of daily essentials, having affordability and hygiene at its very core.

Oct 07, 2021

Amazon Opens First General Store Outside the US

  • Amazon opened its first general store outside the United States in a mall in Britain, selling the online retailer's most popular products including books, toys, games and consumer electronics.
  • The store is called '4-star' because it sells products rated 4 stars or above by customers, reflects what customers are regularly buying and enjoying.
  • Amazon launched the general store model in 2018 in the US where it already has several dozen outlets.
  • The company said the launch at the Bluewater Shopping Center in Kent, southeast of London, had been planned for two years, prior to the pandemic.

Forbes India Rich List 2021: Mukesh Ambani Retains top Spot

  • Reliance chairman Mukesh Ambani retained the title of richest Indian as he added $4 billion to his net worth (which has now reached $92.7 billion) in the year 2021, according to Forbes magazine's 100 richest Indians list, which was released on Thursday. It is the 14th year in a row since 2008 that Mukesh Ambani has been named the wealthiest man in the country.
  • On number two is Gautam Adani who is "now a close second with a $74.8 billion fortune, only $17.9 billion shy of Ambani," according to the list. Industrialist Shiv Nadar retained his third spot as the country's buoyant tech sector increased his wealth by $10.6 billion. His total net worth has now soared to $31 billion. Shiv Nadar is the founder and chairman of HCL technologies.
  • Meanwhile, Savitri Jindal, chairperson of OP Jindal Group, re-entered the top-10 club with $18 billion.

TCS Extends Long-standing Partnership with SBI

  • Tata Consultancy Services (TCS) extended its long-standing partnership with State Bank of India (SBI), India's largest bank, for another five years as the bank embarks on its next leg of growth based on the three pillars of technology, resilience and people.
  • The extended partnership builds on a two-decades-long relationship between the two partners that began with the implementation of the TCS BaNCS core banking solution in 2001, the largest such transformational program of that era. As part of the new contract, TCS will continue to maintain and enhance SBI's application estate around core banking, trade finance, financial reporting, and financial inclusion with new features and functionality. This will support the bank's ability to launch newer offerings and respond to business and regulatory changes.

DoT Slashes Bank Guarantee Requirement for Telecom Operators

  • According to a licence amendment note, the Department of Telecom has slashed performance and financial bank guarantee requirement of telecom operators by 80 per cent.
  • Under the amended norms, telecom operators will be required to provide a performance bank guarantee of up to Rs. 44 crore for each service for the telecom licence compared to Rs. 220 crore mandated under the old rule.
  • Similarly, telecom operators will need to provide a financial bank guarantee of maximum Rs. 8.8 crore per circle now, against the previous requirement of Rs. 44 crore.
  • The rule will not be applicable in cases where bank guarantees (BG) have been furnished due to any court order or are subject to any litigation.
  • The rules will not apply to telecom operators, who are currently going through the liquidation process.

Eric Braganza is President of CEAMA

  • The Consumer Electronics and Appliances Manufacturers Association (CEAMA) appointed Eric Braganza as its president for a two-year term. He succeeded Godrej Appliances Business Head and Executive Vice-President Kamal Nandi for the CEAMA chair. Braganza, an alumnus of Sri Ram College of Commerce, Delhi, has over 35 years of experience and has held senior management positions in the consumer electronics and appliances industry in various companies.

Visa Launches India's 1st Card 'Token' Service for Online Platforms

  • Digital payments firm Visa launched Card-on-File (CoF) tokenization services in India in line with the guidelines issued by the Reserve Bank of India (RBI) to secure customers' financial data.
  • Visa's card tokenisation service is currently available with ecommerce platforms such as Grofers, Bigbasket and MakeMyTrip.
  • Tokenisation is the process of replacing credit or debit card details with a unique set of characters or a 'token' that enables payments to be processed without exposing any sensitive account details that could potentially breach security and privacy of the consumers.
  • The tokenisation system generates 16 random characters, called as 'token', to replace the original credit card number while online shopping.

CoinSwitch Kuber India's Second Crypto Unicorn

  • Coinswitch Kuber raised USD 260 million (around Rs. 1,943 crore) in a fundraising round that values it at USD 1.9 billion. The company becomes the second crypto exchange to achieve the unicorn status after rival CoinDCX, even as deep concerns on the crypto currencies among the regulators continue.
  • In business parlance, a unicorn is a privately held start-up company valued at over USD 1 billion.
  • Coinswitch Kuber was founded only 16-months ago by Ashish Singhal, Govind Soni and Vimal Sagar. It is the 30th company to enter the unicorn club this year and the youngest company ever. Other young start-ups to enter the unicorn club include two-year-old Apna and three-year-old BharatPe that were valued over $1 billion this year. Ecommerce platform for business Udaan and Ola's electric vehicles (EV) arm Ola Electric turned unicorns when they were three year old.

Kotak Mahindra Bank Gets Approval from the Government to Collect Direct, Indirect Taxes

  • Kotak Mahindra Bank(KMB) received approval from the government for collection of direct and indirect taxes, such as income tax, Goods and Services Tax (GST) etc, through its banking network.
  • With this, the bank becomes the first scheduled private sector bank to receive approval after the announcement by Finance Minister Nirmala Sitharaman allowing all banks to participate in government-related business.
  • After technical integration, KMB customers will be able to pay their direct and indirect taxes straight from KMB's mobile banking or net banking platforms as well as through KMB's branch banking network, resulting in immense ease and convenience for customers.

BharatPe Forays into Buy Now Pay Later Segment

  • BharatPe, one of India's fastest growing fintech companies, announced its foray into the 'Buy Now Pay Later' (BNPL) segment, with the launch of 'postpe'.
  • postpe provides credit to customers. Customers can download the app from Play Store and avail interest-free credit limit of up to Rs.10 lakh. BharatPe aims to facilitate a loan book of $300 million on postpe in the first 12 months, for its lending partners.
  • Customers can open the app, scan QR code and pay using postpe credit at merchant outlets. They will also have the option to pay via a postpe card that will be accepted across millions of offline merchants as well as on e-commerce platforms.
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