Ashok Kumar Singh Takes Over Director General, ESIC
Ashok Kumar Singh, IAS took over the charge of Director General of Employees' State Insurance Corporation (ESIC) under Ministry of Labour & Employment, Govt. of India at its Headquarters in New Delhi.
Ashok Kumar Singh is an IAS Officer of 1999 batch of Kerala cadre. Earlier, he has worked as a Principal Secretary, Water Resources Department, Govt. of Kerala. He has got vast experience of governance and management of District and State level organisations.
NCLT Approves Slice and North East Small Finance Bank Merger
Fintech company Slice received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank. The Guwahati bench of the NCLT sanctioned the scheme of arrangement and amalgamation involving several entities, including Garagepreneurs Internet, Quadrillion Finance, Intergalactory Foundry, RGVN (North East) Microfinance, and North East Small Finance Bank.
NPCI Launches 'UPI Circle' for Secure Delegated Payments with Trusted Users
The National Payments Corporation of India (NPCI) introduced a new feature called 'UPI Circle' on its Unified Payments Interface (UPI) platform. This feature allows primary UPI account holders to securely delegate payment responsibilities to trusted secondary users.
The Reserve Bank of India introduced this facility during its August MPC meeting. "Delegated Payments" would allow an individual (primary user) to set a UPI transaction limit for another individual (secondary user) on the primary user's bank account. This product is expected to add to the reach and usage of digital payments across the country. Detailed instructions will be issued shortly." the central bank said in its MPC meeting.
Aug 19, 2024
Government Initiates Anti-Dumping Investigation into Steel Imports from Vietnam
India has initiated an anti-dumping investigation into the import of hot rolled flat products from Vietnam following complaints that these products are being sold at significantly low prices, negatively impacting the domestic steel industry. The move, driven by requests from leading Indian steelmakers such as JSW Steel and ArcelorMittal Nippon Steel India (AM/NS India), seeks to address the adverse effects of cheap imports on the domestic market, particularly under the India-Asean free trade agreement.
Mahindra Finance Names Bijoy Thaplial CBO, Mod Narayan Singh as CCO
Non-banking financial company (NBFC) Mahindra Finance announced the appointment of Bijoy Thaplial as the Chief Business Officer (CBO) – Leasing, Partnerships, and Payments, and Mod Narayan Singh as Chief Compliance Officer (CCO).
Thaplial will lead the vehicle leasing and subscription business, Quiklyz, while strengthening execution strategy across all payment products. He will also improve payment and lending solutions to drive growth and enhance customer satisfaction.
Singh will lead the compliance function across the organisation and assist the board and senior management in overseeing the implementation of the company's compliance policy.
Aug 18, 2024
Deutsche Bank Appoints Manik Chhabra as Head of Global Corporate Coverage for India, Sri Lanka
Deutsche Bank appointed Manik Chhabra as the Head of Global Corporate Coverage for India and Sri Lanka.
Chhabra, who previously served as India Head for mid corporates at Citibank, brings over 22 years of experience in senior leadership roles across sales and product management. In his new role, he will be responsible for expanding Deutsche Bank's presence in the Indian and Sri Lankan markets, focusing on accelerating growth among local and multinational corporate clients.
Chhabra will report to Chintan Shah, Head of Corporate Coverage and Head of Cash Management Sales for APAC, and Kaushik Shaparia, CEO of Emerging Asia and Chief Country Officer for India. Additionally, Chhabra will join the Deutsche Bank India Branch Management Board.
Government Reduces Crude Oil Tax, Eliminates Diesel and ATF Levies
India reduced the windfall tax on petroleum crude oil to Rs. 2,100 per metric tonne, effective August 17, down from Rs. 4,600 per tonne. This adjustment follows a previous reduction of 34.2 per cent to Rs. 4,600 on July 31. The government also eliminated the windfall tax on the export of diesel and aviation turbine fuel (ATF).
Introduced in July 2022, the windfall tax aimed to address the preference of private refiners to sell fuel internationally for better margins, rather than selling domestically. The tax is revised bi-weekly based on international crude and product price fluctuations.
RBI Approves Salee Sukumaran Nair as MD & CEO of Tamilnad Mercantile Bank
The Reserve Bank of India (RBI) approved the appointment of Salee Sukumaran Nair as the Managing Director and Chief Executive Officer of Tamilnad Mercantile Bank (TMB) for a three-year term. Nair, a seasoned banker with over 35 years of experience, is stepping into this role following his tenure as Deputy Managing Director and Chief Credit Officer at the State Bank of India (SBI). His appointment came after the bank was temporarily overseen by a three-member Committee of Executives (COEs) due to the RBI's earlier rejection of proposed candidates.
Aug 17, 2024
Fintech Co Navi Partners with Karnataka Bank to Introduce Credit Line on UPI
Fintech firm Navi announced a partnership with Karnataka Bank to roll out a credit line on UPI product for customers on the platform.
At present, the Sachin Bansal-founded fintech company has introduced the offering to a closed group of select users. It plans to launch it to a wider user base based on feedback.
The announcement came as credit transactions on India's flagship payments platform, Unified Payments Interface (UPI), are reaching Rs. 10,000 crore each month, out of which about Rs. 100 to 200 crore come from the credit line on UPI product.
Adani-led Ambuja Cements Completes Acquisition of Penna Cement Industries
Ambuja Cements Limited, a subsidiary of Adani Cement, completed its acquisition of Penna Cement Industries Limited (PCIL). With this acquisition, Penna Cement has officially become a subsidiary of Ambuja Cements, bolstering its capacity and market presence, particularly in southern India and marking a significant milestone in Adani Group's strategic expansion in the cement sector.
Ambuja Cements' board of directors had approved the acquisition of 100 per cent stake in Penna Cement at an enterprise value of Rs. 10,422 crore. This move aligns with Ambuja's ambitious goal of reaching a cement production capacity of 140 million tonnes per annum (MTPA) by 2028, further establishing its position as a leading player in India's cement industry.
Axis Bank and Visa Launch Exclusive 'PRIMUS' Credit Card for India's Elite
Axis Bank, in partnership with Visa, unveiled the 'Primus' credit card, an ultra-premium offering tailored exclusively for India's ultra-high-net-worth individuals (UHNWIs). This invite-only card is designed to meet the discerning needs of the wealthy elite, offering unparalleled luxury, exclusivity, and personalised services. With a joining fee of Rs. 5 lakh and an annual fee of Rs. 3 lakh, the Primus card is positioned as a symbol of ultimate prestige.
The launch of the Primus credit card aligns with Axis Bank's strategic focus on premiumization, building on the success of its Burgundy Private offering. By introducing a product that caters specifically to the unique needs of UHNWIs, Axis Bank aims to solidify its position in the ultra-premium segment.
Aug 16, 2024
L&T Finance Achieves NBFC-ICC Status from RBI
L&T Finance Ltd. transitioned from an NBFC-Core Investment Company (NBFC-CIC) to a Non-Banking Financial Company (Investment and Credit Company) (NBFC-ICC) following the merger of its wholly-owned subsidiaries, including L&T Finance, L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd. The Reserve Bank of India (RBI) issued the certificate of registration. This change in registration is not expected to affect the company's compliance with the NBFC-ICC guidelines.
RBL Bank Announces Vijay Fixed Deposits to Honour 78th Independence Day
RBL Bank introduced a special 'Vijay Fixed Deposits' scheme to commemorate India's 78th Independence Day. The bank offers a 500-day fixed deposit tenor with highly competitive interest rates, providing an opportunity for customers to grow their savings while paying tribute to the nation's brave soldiers.
The Vijay Fixed Deposit offers 8.85% p.a. for super senior citizens, 8.60% p.a. for senior citizens, and 8.1% p.a. for regular customers.
RBL Bank was originally founded as Ratnakar Bank in 1943 and rebranded to RBL Bank in 2014. It has its headquarters in Mumbai, India.
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