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BUSINESS AND ECONOMY - December 2015

Dec 2015

Dec 28, 2021

HDFC Bank Ties up with IPPB to Offer Banking Services in Rural Areas

India Post Payments Bank (IPPB) and HDFC Bank have signed a memorandum of understanding for offering latter's various banking products and services to customers of the payments bank in semi-urban and rural areas, focussing on unbanked and underserved segments.
Over 4.7 crore customers of IPPB of whom nearly 90 per cent are residing in rural areas are expected to benefit from this partnership.
The strategic alliance will enable IPPB to provide affordable and diversified offerings, including access to finance, to its customers through its innovative Doorstep Banking Service.

Ashok Leyland Ties up with Shriram Auto Mall to Enter Used Vehicle Business

Ashok Leyland (AL) is entering the used vehicles business by tying up with Shriram Automall India Limited (SAMIL), a marketplace connecting pre-owned vehicles and equipment buyers and sellers.
The companies will launch a physical and digital platform for facilitating the exchange, disposal and purchase of old commercial vehicles. Ashok Leyland, the flagship company of the Hinduja group, aims to streamline the used vehicle market by leveraging its commercial vehicle digital ecosystem and partners for physical interactions in over 100 locations across India. The company aims to bring in more transparency into used vehicles business.

RBL Bank Appoints Rajeev Ahuja as MD

The RBL Bank board appointed Rajeev Ahuja, who's currently working as the Executive Director at the bank, as interim Managing Director & Chief Executive Officer of the bank with immediate effect, subject to the regulatory and other approvals. The board of directors at its meeting has accepted the request of Vishwavir Ahuja, Managing Director and CEO of the bank, to proceed on leave with immediate effect.

HDFC Life Signs Bancassurance Deal with South Indian Bank

HDFC Life Insurance Company announced a bancassurance tie-up with South Indian Bank (SIB).
This bancassurance arrangement will enable customers of SIB to avail HDFC Life's life insurance products, including solutions for protection, savings and investment, retirement and critical illness.
HDFC Life aims to provide SIB's customer base with innovative products and superior levels of service via both the physical and digital routes.

HFCL Gets Approval as 'Trusted Source' for Telecom Providers from NSCS

HFCL Ltd received approval as a 'Trusted Source' from National Security Council Secretariat (NSCS).
With this nod, HFCL became the 'Trusted Source' for all Indian telecom service providers (TSPs) for sourcing their active network products and infrastructure, and is among few companies to have received the 'trusted sources' approval in the country.
The development will cement HFCL's position in the telecom sector, amplifying the growth opportunities. HFCL's inclusion in the select list as one of the trusted sources is a "distinguished achievement" and reinforces the company's commitment to delivering Make in India products/solutions.

IndusInd Bank Launches 'Green Fixed Deposits'

IndusInd Bank launched 'Green Fixed Deposits' where the deposit proceeds would be used to finance projects and firms supporting the United Nations Sustainable Development Goals (SDGs). IndusInd Bank is amongst few banks globally, to bring forth this proposition, thereby integrating SDG into a regular fixed deposit product.
These deposits shall be offered to both retail and corporate customers. The Bank, will use the proceeds from these deposits to finance a wide array of sectors falling under the SDG category including, energy efficiency, renewable energy, green transport, sustainable food, agriculture, forestry, waste management, and greenhouse gas reduction.

Dec 27, 2021

BOB Financial Solutions Ltd. and the Indian Navy Unveil Co-branded Credit Card

BOB Financial Solutions Limited (BFSL), a wholly owned subsidiary of Bank of Baroda (BoB), and Indian Navy launched a co-branded credit card for Indian Navy personnel.
The card, offered on the RuPay platform, has contactless features.
Indian Navy personnel can choose from 3 variants of the co-branded credit card.
"While the base variant will be offered as a life time free (LTF) credit card, the other two variants will be offered at very attractive joining and annual fees.

Paytm Lending CEO Gets Additional Role to Lead Offline Payments Vertical

One97 Communications Limited, which owns the fintech firm Paytm, announced consolidatation of leadership of its offline payments business with lending, with an aim to increase penetration of credit to its 23 million merchants.
The company elevated Bhavesh Gupta, CEO, Paytm Lending to take on leadershipfor the offline payments vertical in addition to his existing responsibilities. Bhavesh has led the company's lending vertical, which has reached over $1 billion of annualised runrate of disbursals through the company's platform. Before joining Paytm, Gupta had over 22 years of experience in the financial sector with major banks like IDFC Bank, ICICI Bank.

Dec 26, 2021

HSBC's AMC Acquires L&T Mutual Fund Business

L&T Housing Finance sold L&T Investment Management (LTIM) to HSBC Asset Management (India) at $425 million. LTIM is the investment manager of the mutual fund business of L&T.
The divestment of the mutual fund business is in line with the strategic objective of L&T Finance Holdings of unlocking value from its subsidiaries to strengthen its balance sheet.
L&T Investment Management (LTIM) is the 12th largest asset management company (AMC) in India and offers a basket of equity, fixed-income, and hybrid schemes to retail and institutional investors.

IFFCO Tokio General Insurance Appoints H O Suri as MD

IFFCO-TOKIO General Insurance appointed HO Suri as its new managing director and chief executive officer. Suri was the financial advisor, head, internal audit & legal, at the company.
Suri, who was the financial advisor, head, internal audit & legal at the insurer, began his professional journey in 1982 with Indian Farmers Fertiliser Cooperative Limited (IFFCO). A chartered accountant by profession, he is one of the founder-members of IFFCO-TOKIO General Insurance Company in 2000.

IndiGo Appoints Neetan Chopra as Chief Digital & Information Officer

Budget carrier IndiGo announced the appointment of Emirates former executive Neetan Chopra as its chief digital and information officer (CDIO), effective January 3.
In this newly-created position, Chopra, who is currently the group chief technology officer at Dubai Holding, will be responsible for all aspects of IndiGo's information technology and systems, processes, and organisation, with a strong focus on attracting, retaining, and developing key IT and digital talents.
He previously held the position of senior vice-president of IT and innovation at Emirates.
According to IndiGo, the newly created role of CDIO will provide vision and leadership for developing and implementing IT and digitalisation initiatives as an integral part of IndiGo's business strategy.

Dec 25, 2021

RBI Extends Card Tokenisation Rule by 6 Months

The Reserve Bank of India (RBI) extended the deadline for wiping off card data on merchant sites and applying tokenisation by another six months until June 30, 2022 as merchants and payments companies expressed their inability to meet the December 31 deadline.
After that, all card data "shall be purged". In addition to tokenisation, industry stakeholders must devise an alternative mechanism to handle recurring e-mandates, equated monthly instalment (EMI) options, etc. or any post-transaction activity that currently involves the storage of card-on-file data by entities other than card issuers and card networks.

Govt. Appoints Non-official Directors on Boards of Various Banks

According to regulatory filings by banks, the government appointed independent directors on board of various public sector banks, including Union Bank of India, Punjab National Bank and Canara Bank.
The government has appointed Non-Official Director (NOD) on the board of these banks for three years.
Shashank Shrivastava and Sardar Baljit Singh were appointed as NODs of Bank of Maharashtra.
Ajay Singhal was appointed as part time non-official director on the board Bank of Baroda for a period of three years while Nalini Padmanabhan was appointed on board of Canara Bank.
Pankaj Joshi and Sanjeev Kumar Singhal were appointed on board of PNB and Suraj Srivastava on Union Bank's board.

Dec 24, 2021

India Displaces UK to be Third Top Country Hosting Unicorns

Adding 33 'unicorns' in a single year helped India displace the United Kingdom to be third in the list of countries that are home to such enterprises valued at over USD 1 billion each.
India was placed fourth when it comes to the number of unicorns last year. However, the US and northern neighbour China, who occupy the first two ranks, are way ahead, according to the data compiled by Hurun Research Institute.
The US added 254 unicorns and now totals 487 companies in the coveted list, while China added 74 to take its tally to 301 start-ups having a valuation of over USD 1 billion.

Bank of Baroda Grabs Top Spot in Digital Payments

Bank of Baroda won the #1 position in overall digital transactions amongst large banks for FY20-21. The bank showed the exceptional growth of digital payment transactions achievement and was felicitated by the Ministry of Electronics & Information Technology (MeitY), Govt. of India at the Digital Payments Utsav.
To commemorate the 75th anniversary of the Independence of India, MeitY celebrated "Digital Payments Utsav". As a part of the celebration, the Bank of Baroda was conferred with 5 DigiDhan awards for FY 2019-20 & 2020-21 in various categories.

Wizikey Report: Reliance is India's most-visible Corporate in Media

Reliance Industries Ltd, India's largest corporate by revenues, profits and market value, topped the 2021 Wizikey News Score ranking as India's most-visible corporate in the media. State Bank of India is a close second on the ranking, followed by Bharti Airtel, Infosys and Tata Motors. Others on the India list include HDFC at the sixth spot, followed by HDFC Bank, TCS, Maruti Suzuki India, Vodafone Idea and ICICI Bank.
Wizikey's News Score is the industry's first integrated metric that measures news visibility. The ranking is based on Wizikey's news score of each brand that analyses the volume of news, headline grabs, the unique reach of media publications, and readership.

IDFC Approves Anil Singhvi's Appointment as Chairman

The board of directors of IDFC approved the appointment of Anil Singhvi as the chairman of the board.
The board also approved a proposal to seek shareholders' approval, by means of a postal ballot, for the appointment of Anita Belani as an independent director of the company for a period of three years.
The board also approved a scheme of amalgamation of IDFC Alternatives, IDFC Trustee Company and IDFC Projects, all wholly owned subsidiaries, into IDFC, subject to regulatory approvals from various authorities.

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