Sri Lanka Gives Nod to $442-million Wind Project of Adani Group
Crisis-hit Sri Lanka approved a $442-million wind power project of Adani Green Energy, barely a month since the Indian multinational conglomerate's stocks plummeted following U.S.-based short-seller Hindenburg's damaging report on the Group.
As per the Board of Investment (BOI) of Sri Lanka, the project would likely create 2,000 jobs, and in two years, generate about 350 MW of power.
The BOI's approval effectively takes the Adani Group's total investments in the island nation over the $1 billion-mark. It has already committed to pumping in $700 million at a strategic port terminal in Colombo, and work on the West Container Terminal began in November 2022.
Thomas Cook, Pine Labs Launch UPI Payment Facility for Foreign Visitors
Pine Labs and Thomas Cook (India) Limited have partnered with National Payments Corporation of India (NPCI) to enable payments via UPI for foreign nationals from G20 countries.
The prepaid payment product is issued by Pine Labs under the PPI authorisation from RBI. This facility can be accessed on arrival in India at Thomas Cook's airport counters.
When encashing foreign currency at Thomas Cook's counter, instead of collecting rupees in cash, the customer can open a Pine Labs Fave Money prepaid account loaded with the rupee value.
The customer would need to download the Pine Labs Fave app and sign in to use the preloaded money by scanning any UPI QR code at merchant outlets. On departure, the balance can be encashed at Thomas Cook's airport counters.
NSE Indices Launches India's first Municipal Bond Index
NSE Indices Ltd, an NSE arm, launched the country's first ever municipal bond index.
The new Nifty India Municipal Bond Index will track the performance of municipal bonds issued by Indian municipal corporations across maturities and having investment grade credit rating, NSE Indices said in a statement.
The index was launched at a Securities and Exchange Board of India (SEBI) workshop on Municipal Debt Securities in Bengaluru.
Presently, the index has 28 municipal bonds issued by 10 issuers all having credit rating in the AA category. The index constituents are assigned weights based on their outstanding amount.
Feb 25, 2023
UK Surpasses India as the World's Sixth-biggest Equity Market
The UK surpassed India as the sixth-largest equity market in the world for the first time since May 2022 as a weaker pound increases the attraction of exporters and concerns over the Adani-Hindenburg controversy being felt throughout Indian markets.
Since US-based short-seller Hindenburg Research published a damning report against the conglomerate, India's equity market has been dealing with a double whammy of a lower currency and the significant fallout of the stock tumble being experienced by Adani Group enterprises.
The company refuted the allegations made in the Hindenburg Research study from January 24 that it had inappropriately used offshore tax havens and had manipulated stock prices.
Paisalo Digital Signs Co-lending Agreement with Karnataka Bank for MSME, Agri Lending
Non-banking financial firm Paisalo Digital Ltd. entered into a co-lending loan agreement with Karnataka Bank to meet the funding requirements of priority segments such as agriculture, retail, MSME, and women entrepreneurs.
As per the Agra-based NBFC, the co-lending agreement with Karnataka Bank will enable it to drive financial inclusion by providing low-cost financial solutions to priority sectors.
The agreement is in conformity with the RBI circular on co-lending of loans as released on November 5, 2020. Under co-lending agreements, banks and NBFCs enter into tie-ups for joint contribution of funding for priority sectors.
MCA Approves Demerger of Core and Non-core Assets of SCI
The Ministry of Corporate Affairs (MCA) issued an official order approving the proposed demerger of the core and non-core assets of Shipping Corporation of India (SCI).
The sanction of demerger of non-core assets (demerged undertaking) of SCI into Shipping Corporation of India Land and Assets (SCILAL) was under Section 230-232 of the Companies Act.
This could pave the way for the privatisation of SCI, with the government looking to divest its entire 63.75 per cent stake in the national cargo carrier.
Feb 24, 2023
Wipro President Rajan Kohli Resigns
Wipro president Rajan Kohli resigned after a nearly three-decade career with the IT firm. He was president of Wipro's Integrated Digital, Engineering, and Application Services Business Line (iDEAS), and led a team of over 100,000 employees.
Wipro CEO Thierry Delaporte had conducted a reshuffle when Kohli was elevated to a bigger role. Prior to that, he was president of Wipro Digital, the digital transformation business of the company.
Kohli incubated and scaled the digital transformation business, making it one of the company's most recognised businesses.
HDFC Bank, Lulu Exchange Sign to Enhance Cross-border Payments
The HDFC Bank announced its partnership with the UAE-based financial services company Lulu Exchange to strengthen cross-border payments between India and the Gulf Cooperation Council (GCC) region.
Both sides signed a memorandum of understanding (MoU) to enable remittances to India through HDFC's online and mobile banking powered by LuLu Exchange. HDFC will launch the 'RemitNow2India' service for quick money transfer from UAE.
In the first phase, the partnership will draw on the Lulu Exchange's expertise and regulatory framework to launch the 'RemitNow2India', a digital inward remittance service, which will allow individuals in the UAE to send money to any bank account in India via IMPS and NEFT through HDFC Bank's digital banking channels.
Niva Bupa Launches ReAssure 2.0 Health Insurance Policy with New Features
Niva Bupa Health Insurance launched a health insurance policy 'ReAssure 2.0'.
The first of its kind indemnity plan offers lock-in of entry age until a policyholder makes his/her first claim, thereby helping customers save on premiums.
This new-age indemnity plan offers 'live healthy' benefit that gives premium discount of up to 30 per cent on policy renewal basis health points earned.
The product is available as an individual, multi-individual and family floater starting from Rs. 5 lakh to Rs. 1 crore for the age bracket of 18 years to 65 years.
Feb 23, 2023
RBI Cancels Licence of MP-based Garha Co-operative Bank
The Reserve Bank of India (RBI) cancelled licence of Garha Co-operative Bank, Guna in Madhya Pradesh as the lender does not have adequate capital and earning prospects.
As per RBI, about 98.4 per cent of the depositors of the co-operative bank are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
Consequent to the cancellation of its licence, the bank is prohibited from conducting various activities, including acceptance of deposits and repayment of deposits with immediate effect.
Samsung Electronics Ranks First in Global TV Market for 17 Years in Row
Samsung topped the global TV market last year (2022), making it the 17th year in a row that the company has ranked first in the TV industry.
This success can be credited to the company's dedication to high-quality viewing experiences and user-centred design.
The company sold 9.65 million QLED and Neo QLED televisions last year, pushing total sales to 35 million units since its launch in 2017.
Axis Bank Enables Cross-border Transaction in Real Time via UPI
Axis Bank enabled cross-border transactions in real-time using the Unified Payments Interface (UPI) network. With this, the lender will act as the settlement bank for peer-to-peer (P2P) foreign inward remittance transactions initiated through PayNow by the Liquid Group in Singapore.
The cross-border UPI transaction initiative is a part of the joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) to develop cross-border payments between India and Singapore.
Feb 22, 2023
Kotak Mahindra Bank Takes Corporate Digital Banking Portal 'Kotak fyn' Live
Private sector lender Kotak Mahindra Bank went live with 'Kotak fyn', an integrated portal developed to offer comprehensive digital banking and value-added services to its business banking and corporate clients.
The portal will offer services across all products, including trade & services, account services, payments, and collections and make banking seamless for the bank's clients.
It is expected to reduce complexity and friction for customers. The portal will assure paperless transactions and will offer the facility to unify data across multiple product-specific portals and back-office systems to create a single view of transactions, positions and balances, enabling self-service and driving operational efficiency.
Rajan Amba to Take Over as JLR Managing Director
Rajan Amba, currently the vice president-sales, marketing and customer care at Tata Motors Passenger Vehicles, now will take charge as the Managing Director of Jaguar Land Rover from March 1.
Rajan Amba succeeds Rohit Suri, who is due to retire on March 31.
His appointment comes at a time when JLR is facing supply chain issues that are impacting its production plans.
Amba has contributed to the growth of Tata Motors Passenger Vehicle's market share, developed commercial teams, and expanded its network. He has also been actively involved in the company's cultural, diversity and inclusion programmes at Tata Motors.
Sanjay Nayar is Vice-president of ASSOCHAM
Associated Chambers of Commerce and Industry (ASSOCHAM) announced the appointment of global financial markets expert Sanjay Nayar as its new vice-president.
Sanjay Nayar who is a senior finance professional in the private equity as well as banking landscape in India, has nearly four decades of experience in the global as well as Indian financial markets. At present, he is the founder and chairman of early-stage technology fund Sorin Investment Fund.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) is a non-governmental trade association and advocacy group based in New Delhi, India.
The goal of this organisation is to promote both domestic and international trade, and reduce trade barriers while fostering conducive environment for the growth of trade and industry of India.
ASSOCHAM was established in 1920 by a group of chambers of commerce led by the Calcutta Traders Association. The Association's regional offices are located in the cities of Ahmedabad, Bengaluru, Ranchi, Jammu, Chandigarh and Kolkata.
Rajesh Rai is New CMD of ITI Limited
The Union government appointed Rajesh Rai as the new Chairman and Managing Director of Indian Telephone Industries Limited (ITI Limited) for a period of five years.
In accordance with the Government Order, Rakesh Chandra Tiwari, director, Marketing, ITI Ltd., who had been holding the additional responsibility as CMD of the company was relinquished from the duty with immediate effect.
Mr. Rai has over 30 years of working experience in the telecommunication industry. Prior to assuming charge as CMD in ITI, he served as General Manager (Admin) of Mahanagar Telephone Nigam Ltd. (MTNL), Mumbai. He was also Chief Technology Officer of Mahanagar Telephone Mauritius Ltd. (MTML) in Mauritius for 12 years, where he was responsible for CDMA, GSM, 3G, & 4G network and customer acquisition.
ITI Limited is a PSU in the telecommunications technology segment established as a departmental factory in 1948. The company has manufacturing facilities in Bengaluru, Naini, Rae Bareli, Mankapur and Palakkad along with an R&D centre in Bengaluru and 25 Marketing, Services & Projects (MSP) centers in India, which are located at Bengaluru, Bhubaneshwar, Chennai, Hyderabad, Kolkata, Lucknow, Mumbai, New Delhi and 17 other places spread across the country.
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