Sterlite Power Commissions its Largest Green Energy Corridor
Sterlite Power successfully commissioned its largest green energy corridor in Gujarat called Lakadia-Vadodara Transmission Project. The project aims to deliver more than 5,000 MW of power from renewable rich regions of Bhuj and Kutch to the national grid, a step towards accelerating India's transition towards a greener economy.
Sterlite Power is a leading power transmission company in India and Brazil.
Built with an investment of Rs. 2,024 crore, this inter-state transmission project connects the 765/400 kV substation at Lakadia to Vadodara.
With 812 towers spanning seven districts in Gujarat, this transmission corridor is also one of the largest in India till date.
RBI Launches Mission to Make every Citizen a User of Digital Payment
While digital payments have skyrocketed during the past few years, a significant portion of the population still does not use digital payments for day-to-day transactions. In order to bridge this gap, Reserve Bank of India (RBI) Governor Shaktikanta Das launched a mission -- "Har Payment Digital" – with the aim of making every citizen in the country a user of digital payments as part of Digital Payments Awareness Week (DPAW) 2023.
The theme of the awareness week is "Adopt digital payments and Teach others also".
The central bank launched "Har Payment Digital" (HPD) mission that would run till the period of Vision 2025, with an intention to convert the non-users into users of digital payments. Vision 2025 has its theme as "E-Payments for Everyone, Everywhere and Everytime".
Hero MotoCorp Collaborates with US-based Zero Motorcycles on E-Bikes
Two wheeler major Hero MotoCorp inked a pact with the US-based Zero Motorcycles to collaborate on premium electric motorcycles.
The collaboration combines the expertise of Zero in developing power trains and electric motorcycles with the scale of manufacturing, sourcing and marketing of Hero MotoCorp.
In September 2022, Hero MotoCorp's board approved an equity investment of up to USD 60 million in California-based Zero Motorcycles, a leading player in electric motorcycles and power trains.
Mar 07, 2023
Paytm, Andhra Govt Tie up on Financial Inclusion, Health and Cyber Security
One97 Communications Limited (OCL), which owns the Paytm brand, on the sidelines of the Andhra Pradesh Global Investors Summit 2023 signed an MoU with the state government in the areas of industrial development, financial Inclusion, public health, cyber security and prevention of financial frauds.
In sync with its mission of bringing half a billion Indians into the mainstream economy, Paytm plans to empower merchants, street vendors and Chiru Vyaparulu to accept digital payments and give them access to loans on its lending partners.
HDFC Bank Recommends Re-appointment of Sashidhar Jagdishan as MD and CEO
HDFC Bank announced that its board of directors recommended the re-appointment of Sashidhar Jagdishan as Managing Director and CEO for a period of three years with effect from October 27, 2023.
The proposal is subject to the Reserve Bank of India (RBI) and shareholder approval.
Sashidhar Jagdishan joined the Bank in 1996 and was appointed as chief financial officer in 2008. In 2020, HDFC Bank named Sashidhar Jagdishan as its new Chief Executive Officer and Managing Director who replaced famed banker Aditya Puri.
Axis MF Appoints Former Credit Suisse Executive Ashish Gupta as CIO
Axis Mutual Fund appointed former Credit Suisse executive Ashish Gupta as its Chief Investment Officer (CIO). Till now, Axis MF did not have a CIO. The investment team was led by Jinesh Gopani (Head-Equity) and R. Sivakumar (Head-Fixed Income).
Previously, Gupta was the head of equity research for India at Credit Suisse. He left the Zurich-based bank in November 2022 after a 14-year stint.
Gupta is known for his 'House of Debt' report that first uncovered the extent of non-performing assets (NPAs) in the Indian banking industry.
Mar 06, 2023
PNB Makes Positive Pay System Must for Cheques Worth more than Rs. 5 lakh
In a move to safeguard customers from fraudulent payment of cheques, state-owned Punjab National Bank (PNB) made the Positive Pay System (PPS) compulsory for cheque payments worth Rs. 5 lakh and above.
This will come into effect from April 5, 2023.
Earlier, the mandatory submission of cheque details in PPS was set at Rs. 10 lakh and above.
The PPS is a system developed by the National Payments Corporation of India (NPCI), which requires customers to reconfirm essential details (account number, cheque number, cheque alpha code, issue date, amount, and beneficiary name) when issuing cheques of a certain amount.
Tata Steel Mining Signs MoU with GAIL to Get Clean Fuel
In order to reduce carbon footprint in its operations, Tata Steel Mining Limited signed a memorandum of understanding with GAIL (India) Limited for supply of natural gas to its ferro alloys plant at Athgarh in Odisha's Cuttack district. According to the MoU, GAIL will supply the agreed quantity of natural gas through its pipeline from Gujarat to Athgarh.
The project will lower green house gas emission by 968 tons.
Hyderabad Hosts Meeting on Theme of Knowledge and Experience Exchange Program for Emerging Econom...
Hyderabad hosted a meeting on the theme of Knowledge and experience exchange Programme for the emerging economies of the Global South from March 4 to 6. It provided a platform to discuss ways to accelerate development in the Global South. The inaugural session of the event 'India & The Global South: A Vision for a Shared Future' was addressed by G20 India Chief Coordinator Harsh Vardhan Shringla in Hyderabad.
The second session was focussed on Digital Public Infrastructure: a digital revolution on global financial Inclusion. The third session was on financial inclusion through digital innovations Knowledge and experience exchange. A side event on the topic of Role and Significance of G20 and GPFI also took place.
Mar 05, 2023
Karnataka Bank Appoints Abhishek Sankar Bagchi as New CFO
Karnataka Bank appointed Abhishek Sankar Bagchi as chief financial officer (CFO) on contract basis.
Bagchi has over 18 years of work experience in financial reporting, financial planning & control, taxation, RBI reporting, strategic planning, fund management and budgeting. He was Chief Financial officer and Head Finance at NSDL Payments Bank since September 2017.
Muralidhar Krishna Rao demitted the office of chief financial officer of the Bank on 1 March 1, 2023 upon completion of his term.
Karnataka Bank is an Indian private sector bank based in Mangalore.
RBI Slaps Amazon Pay (India) with Rs. 3.06 crore Penalty
The Reserve Bank of India (RBI) imposed a penalty of Rs. 3.06 crore on Amazon Pay (India) Private Limited, on charges of not complying with certain norms of the Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction.
RBI said that after considering the response from Amazon Pay on charge of non-compliance with RBI directions it imposed monetary penalty.
The central bank said that the charges were imposed under Section 30 of the Payment and Settlement Systems Act, 2007.
Mar 04, 2023
State Bank of India Completes First Commercial Trade in Sri Lankan Rupees
Indian lender State Bank of India completed its first non-dollar transaction with Sri Lanka, by paying for exports in Sri Lankan rupees as India looks to bring countries that are short of U.S. dollars into the trade mechanism.
The move came as Sri Lanka grapples with its worst economic crisis since its independence, triggered by a shortage of dollars. The island nation's forex reserves stood at $2.1 billion as of end-January 2023.
Foxconn to Set up Electronics Manufacturing Facility in Telangana
Electronics major Foxconn will set up a manufacturing facility in Telangana with employment generation potential for over one lakh people.
This was announced after Foxconn Chairman Young Liu met Telangana Chief Minister K. Chandrasekhar Rao.
Hon Hai Technology Group (Foxconn) and the Government of Telangana signed an agreement at the Pragati Bhavan.
The historic deal has the potential to generate employment for more than one lakh people over a period of 10 years.
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