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BUSINESS AND ECONOMY - January 2016

Jan 2016

Jul 18, 2023

CoinDCX Collaborates with Jocata Over Anti-money Laundering Processes

CoinDCX, India's leading crypto company, partnered with Jocata, a leading B2B FinTech and RegTech platform provider for the BFSI industry, to further strengthen its anti-money laundering (AML) compliance processes.
As per reports, this partnership will help CoinDCX leverage Jocata's artificial intelligence-based insights to make faster decisions, thus correctly identifying false negatives.
According to Chainalysis 2022 Geography of Cryptocurrency Report, India has emerged as the fourth biggest nation in adopting crypto, receiving $172 billion in crypto value from July 2021 to June 2022.

Credit Suisse Ltd Appoints Daniel Hunziker as Head of Corporate Banking

Credit Suisse (Switzerland) Ltd. announced a change in leadership within its Corporate Clients area. Daniel Hunziker, who currently serves as the Head of Institutional Clients and is a member of the Executive Board, was appointed head of Corporate Clients business, effective immediately, in addition to his current role.
The appointment of Daniel Hunziker came as Andreas Gerber, the current Head of Corporate Banking and a member of the Executive Board at Credit Suisse (Switzerland) will be taking a break for the time being.

HDFC Bank Breaks into $100 Billion Market-cap Club as World's 7th Largest Lender

HDFC Bank, India's largest private sector lender, entered the exclusive global club of companies with a $100 billion market capitalisation following the listing of new shares of HDFC Bank issued to shareholders of parent company HDFC Ltd after the $40 billion reverse merger.
HDFC Bank is now the world's seventh largest lender, beating the likes of Morgan Stanley and Bank of China.
In terms of market cap, HDFC Bank is behind JP Morgan at $438 billion, Bank of America at $232 billion, the Industrial and Commercial Bank of China at $224 billion, the Agricultural Bank of China at $171 billion, Wells Fargo at $163 billion, and HSBC at $160 billion.

Shantanu Deshpande New MD of Michelin India

French tyre major Michelin appointed Shantanu Deshpande as Managing Director of its Indian operations. He will be based out of Pune.
Across his 23-year tenure with Michelin, Deshpande held various leadership roles in sales and marketing, both in India and in other geographies such as North America, Africa, Middle East and Asia.
He had joined Michelin India in 1999 as an Area Sales Manager.
He was later appointed India Marketing Director in 2007 and in this role, he was instrumental in establishing the company's presence in the country.
From 2012 to 2015, Deshpande served as Vice President Marketing with a Michelin subsidiary in North America.
He was Director Marketing B2B business for Africa, India & Middle East Region from 2015 to 2020.
Since 2020, Shantanu has served as Global Marketing Director for Michelin Group's Urban Business Line based out of Bangkok.
Headquartered in Clermont-Ferrand, France, Michelin is present in 175 countries and operates 67 tyre production facilities.

Indian Oil Inks LNG Deals with UAE's Adnoc, France's TotalEnergies

Indian Oil Corporation, the country's top refiner, signed long-term liquefied natural gas (LNG) import deals with United Arab Emirates' Abu Dhabi Gas Liquefaction Co Ltd (ADNOC LNG) and France's TotalEnergies.
The two deals were signed during Prime Minister Narendra Modi's Visit to France and UAE. Supplies under the two deals would commence from 2026.
ADNOC LNG would supply up to 1.2 million metric tonnes per year of LNG to IOC for 14 years.
This is the first time that an Indian company has signed a long term LNG import deal with ADNOC.
TotalEnergies would supply 0.8 million metric tonnes per year LNG to IOC under the 10 year deal.

Jul 17, 2023

IRDAI Appoints Tata AIG as Lead Non-life Insurer for Maharashtra

The Insurance Regulatory and Development Authority of India (IRDAI) selected Tata AIG General Insurance as the lead non-life insurer for the state of Maharashtra.
As lead insurer the company will collaborate with all non-life and health insurance companies in the state to increase insurance penetration.
The regulator developed the concept of a lead insurer to increase insurance penetration in the states in line with its vision of 'Insurance for all by 2047'.
Besides non-life and health insurance companies, Tata AIG will collaborate with IRDAI, and the state government of Maharashtra to create awareness, enhance insurance reach, and improve accessibility at the Gram Panchayat, district, and state levels.
The company will also promote the adoption of flagship government schemes such as Pradhan Mantri Jan Arogya Yojana (PMJAY) in Maharashtra.

India and UAE Sign Historic Memorandum of Understanding on LCS System

In a significant move to strengthen economic ties, India and the United Arab Emirates signed a historic Memorandum of Understanding on the Local Currency Settlement (LCS) system. This groundbreaking agreement, signed between the Reserve Bank of India and the Central Bank of the UAE, aims to revolutionise cross-border transactions between the two nations.
The LCS system allows for the use of the Indian Rupee and UAE Dirham in bilateral trade, marking India's first-ever LCS arrangement. This innovative system is expected to have a transformative impact on transaction costs and processing time while also increasing reliance on local currencies. The agreement came as a significant milestone in the rapidly evolving India-UAE relationship, in line with the Vision Statement unveiled by the two leaders during their virtual summit in February 2022.
Under the LCS system, traders and businesses will have the flexibility to choose the payment currency based on mutual agreement, providing a seamless and efficient mechanism for cross-border transactions. This move is set to reduce dependence on international currencies and further strengthen economic cooperation between India and the UAE. Additionally, the LCS system enables the use of surplus balances in local currencies for investment in various local currency assets, such as corporate bonds, government securities, and equity markets, creating new avenues for growth and collaboration.

Jul 15, 2023

Enkash Launches Accounting Automation Solution Olympus

Spend management platform Enkash launched Olympus, which will enable the automation of business payables and receivables of start-ups and small to medium-sized businesses.
The company's Olympus stack aims to empower businesses with efficiency and accuracy in accounting and auditing processes. The tech automates processes associated with transaction entries, bank reconciliation, payment management, collection management, expense tracking, and invoice management.
Olympus enables end-to-end AP management using features like remittance automation and real-time automated payment entry into the underlying accounting platform.

HDFC Bank Offers Interoperability of UPI and CBDC QR Code Payments

HDFC Bank announced the launch of UPI QR code interoperable with India's sovereign digital currency, Central Bank Digital Currency (CBDC). With this, HDFC Bank became one of the first banks in the country to complete the integration process.
The lender has registered over 1 lakh customers and 1.7 lakh merchants under CBDC pilot programme.
HDFC Bank customers can now transact money available in their CBDC wallet across UPI QR code and there will be no need to scan different QR codes at the same merchant.
The interoperable UPI QR code allows HDFC Bank merchants who have been onboarded on the bank's CBDC platform, to accept payments from their customers in the form of Digital Rupee currency, boosting usage of CBDC in day-to-day transactions.

Jul 14, 2023

A New Campaign for Banks under Agri Infra Fund Launched

Manoj Ahuja, Secretary of the Ministry of Agriculture & Farmers Welfare, inaugurated a new campaign for banks under the Agri Infra Fund called BHARAT (Banks Heralding Accelerated Rural & Agriculture Transformation). The campaign, which will run from July 15, 2023 to August 15, 2023, aims to raise Rs. 7200 crore.
The launch took place via a video conference attended by over 100 banking executives, including Managing Directors, Chairpersons, and Executive Directors from commercial banks in the public and private sectors, regional rural banks, small finance banks, NBFCs, and select cooperative banks.
During the conference, Samuel Praveen Kumar, Joint Secretary (AIF), highlighted the progress achieved since the inception of this ambitious flagship scheme.
So far, the scheme has facilitated the creation of more than 31,850 agricultural infrastructure projects across the country, with a loan amount of Rs. 24,750 crore under the Agri Infra Fund, which has a total outlay of Rs. 42,000 crore.

Max Life, DCB Bank Join Hands to Offer Insurance Products

Max Life Insurance Company Ltd. entered into a strategic partnership with DCB Bank Ltd., a new-generation private sector bank in India. The collaboration aims to provide a diverse range of life insurance products to DCB Bank's customers, including term, savings, and retirement plans, enabling them to secure their financial future and expand their investment portfolio.
The partnership aims to leverage DCB Bank's extensive reach and customer-centric approach, along with Max Life's expertise in protection and long-term savings solutions. By combining their strengths, the two organizations aim to deliver superior customer experience, digital servicing, and an omni-channel approach.
DCB Bank is a new-generation private sector bank with 427 branches across India.
It is regulated by the Reserve Bank of India and is professionally managed.
The bank provides contemporary technology infrastructure, including internet and mobile banking services.
DCB Bank serves various business segments, including retail, micro-SME, SME, mid-corporate, agriculture, commodities, government, public sector, Indian banks, co-operative banks, and NBFCs.
With approximately one million customers, DCB Bank aims to empower its customers through innovative financial solutions.

Jul 13, 2023

RBI to Introduce UPI QR Codes for CBDC Transactions

The Reserve Bank of India (RBI) will implement interoperability between central bank digital currency (CBDC) and United Payments Interface (UPI) by the end of July 2023, Deputy Governor T. Rabi Sankar said at an Indian Banks' Association conference.
The customers would be able to use a single QR code to pay through UPI and CBDC. Thirteen banks have placed the system, and the central bank aims to reach 1 million transactions through CBDC per day by the end of the current calendar year. At present, banks process 5,000-10,000 transactions per day.
UPI is a platform that facilitates digital transactions, where the beneficiary will be able to make payments through debit or credit cards, internet banking or by mobile wallets.

ONGC Becomes India's First PSU to Achieve Anti-Bribery Management System Certification

Oil and Natural Gas Corporation (ONGC) made history by becoming the first Central Public Sector Enterprise (CPSE) in India to receive certification for its Anti-Bribery Management System (ABMS). The certification was awarded by the internationally accredited certification body InterCert USA. ONGC's commitment to combat bribery was previously demonstrated in 2005 when it became the first organization in India to adopt the Integrity Pact (IP) initiated by Transparency International.
ONGC's pursuit of an ABMS certification marks a significant milestone in its journey as an Energy Maharatna, further solidifying its position as a trusted business partner. The certification was achieved by successfully implementing the ISO 37001:2016 International Standard, following a thorough assessment and validation process conducted by InterCert USA.

Razorpay Launches First International Payment Gateway in Malaysia through Curlec

Fintech major Razorpay India launched its first international payment gateway in Malaysia with Curlec, known as 'Curlec by Razorpay'.
In February 2022, Razorpay had acquired a majority stake in Kuala Lumpur-based fintech firm Curlec at a valuation of $20 million, kicking off its global expansion plans. The balance stake acquisition was to be completed in 2023.
The company currently works with over 700 Malaysian businesses, including Tune Protect, CTOS, Courts, Mary Kay and The National Kidney Foundation. "The new Curlec payment gateway will serve more than 5,000 businesses with a target of RM10 billion ($2 billion) in annualized gross transaction value (GTV) by 2025.

ITC Board Reappoints Sanjiv Puri as Chairman & Managing Director

ITC Ltd's board reappointed Sanjiv Puri as the company's Chairman & Managing Director for a period of five years.
Puri was appointed as chief executive officer in February 2017 and re-designated as the managing director in May 2018. He was appointed as the chairman of the tobacco-to-hotels conglomerate effective May 13, 2019.
Puri joined ITC in January 1986. With a career spanning over three decades at ITC and its subsidiaries, he has held several business leadership positions and also handled a wide range of responsibilities in manufacturing, operations and information & digital technology.

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