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BUSINESS AND ECONOMY - December 2016

Dec 2016

Sep 25, 2022

South Korea Ranks 11th in Number of Billionaires in Global Wealth Report

Last year, the number of millionaires, people with assets worth more than USD 1 million (about 1.394 billion won), was 1.29 million. The global investment bank "Credit Suisse" released the "Global Wealth Report 2022". The figure increased by 116,000 from 1.174 million in 2020.
Based on assets, 1,043,000 Korean adults were included in the "Global Top 1 per cent," and 18.483 million adults were included in the "Global Top 10 per cent".
Korea also ranked 11th in the number of Ultra high-net-worth (UHNW) individuals following the US, China, Germany, Canada, India, Japan, France, Australia, the UK, and Italy.

Solapur-based Laxmi Co-op Bank Loses Licence after Failing RBI Norms

Solapur-based Laxmi Co-operative Bank ceased operations after the Reserve Bank of India (RBI) cancelled its licence for not having adequate capital and earning prospects.
The RBI requested the Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra, to issue an order for winding up the bank and appoint a liquidator for the bank.
On liquidation, every depositor would be entitled to receive insurance claim amount of his/her deposits up to a monetary ceiling of Rs. 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC). About 99 per cent of the bank's depositors are entitled to receive the full amount from the DICGC.

Federal Bank Ties up with BBPS for Utility Bill Payment Services for NRIs

Federal Bank tied up with Bharat Bill Payment System (BBPS) to facilitate utility bill payment services for the NRI diaspora.
This arrangement enables overseas remittance partners (exchange houses and banks) to pay Indian utility bills of over 20,000 billers in more than 20 categories in a cost effective and convenient option.
Shalini Warrier, Executive Director, Federal Bank said, "We are delighted to be the first mover in launching this much-awaited facility for NRI diaspora in collaboration with NBBL and Lulu International Exchange at the Global Fin tech festival in Mumbai. The direct payment facility in the cross border transactions has optimised the digital payment ecosystem and will equally delight the beneficiaries as it enables seamless bill payment."

Sep 24, 2022

UCO Bank Becomes First Lender to Get RBI's Approval for Rupee Trade

Public sector lender UCO Bank received the Reserve Bank of India's (RBI's) approval to open a special vostro account with Gazprombank of Russia for trade settlement in Indian rupees. The Kolkata-based lender is the first bank to receive regulator's approval following the RBI's decision to allow Indian banks to settle trade in Indian currency.
The Russian lender, which was set up by world's largest gas producer and exporter Gazprom to provide banking services for gas industry enterprises has been operating since 1990. One of the top three banks in Russia, Gazprombank offers a whole range of banking and investment services to over 45,000 corporate and three million private clients.

Biological E's Mahima Datla Richest woman in AP, Telangana

With a wealth of Rs. 8,700 crore, Mahima Datla and family, promoter of Biological E Ltd is the richest woman in Andhra Pradesh and Telangana to feature in the IIFL Wealth Hurun India Rich List 2022.
She is in the 10th position when it comes to overall list of both the states.
Krishna Ella, chairman and managing drector of Bharat Biotech International Limited and his family for the first time figured in the list with Rs. 4,700 crore wealth in 18th position.
Commenting on the launch of the India Rich List, Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said, "The number of entrants in IIFL Wealth Hurun AP and Telangana Rich List has grown from just under three, 11 years ago to 78 today.

Sep 23, 2022

RBI directs Mahindra Finance to Stop Outsourcing its Recovery Activity through Agents

The Reserve Bank of India (RBI) directed Mahindra & Mahindra Financial Services Ltd (MMFSL) to immediately stop any recovery or repossession operations through outsourcing arrangements, till further orders.
However, RBI said the NBFC may continue with recovery or repossession activities through its own employees.
The RBI action comes after a 27-year-old pregnant woman was crushed to death under the wheels of a tractor being forcibly driven away by the recovery agent of MMFSL in Hazaribagh district of Jharkhand.

Swiggy, Zomato Make it to top 10 Global Online Food Delivery Firms

Home-grown online food delivery platforms Zomato and Swiggy made it to the list of the world's 'Top 10' e-commerce-based food delivery companies, says a new report.
According to the Canada-headquartered global research firm ETC Group, Swiggy was placed in 9th place and Zomato on 10th.
Meanwhile, China's Meituan, the UK's Deliveroo, and the US' Uber Eats, a subsidiary of Uber, captured the top 3 positions, respectively.

India's Rich Club Grows to 1,103; Zepto's Kaivalya Youngest in Hurun List

One hundred and forty nine new individuals joined the rich list club of 1,103 Indians across 122 cities who cumulatively accumulated a wealth of Rs. 100 trillion. Bengaluru -based Kaivalya Vohra, 19, of grocery delivery application Zepto is the youngest self-made and the youngest rich individual, according to IIFL Wealth Hurun India Rich List 2022.
The report found 1,103 Indians with a networth of Rs. 1,000 crore each — an increase of 62 per cent over five years. There are 221 billionaires (Rs. 100 crore networth) in India on the 2022 list — down 16 compared with last year, while 13 people born in the 1990s made it to the list, all self-made.

Sep 22, 2022

HDFC Bank Signs Multi-year Data and Technology Deal with Refinitiv

HDFC Bank signed a multi-year data and technology agreement with Refinitiv, a London Stock Exchange Group business, as the Mumbai-based lender looks to reach more customers and cut costs.
HDFC Bank, India's largest private sector lender, would get comprehensive access to Refinitiv's data and products under the agreement, enabling cost savings across several bank divisions.
HDFC Bank would also get access to Refinitiv Workspace, which provides access to tools including real-time market data, news and fundamentals data. The lender would use the Workspace to provide data analysis to its treasury customers.

Mahindra & Mahindra to Acquire Stake in Swaraj Engines from Kirloskar Industries

Mahindra & Mahindra (M&M) would acquire an additional 17.41 per cent stake in Swaraj Engines Ltd from Kirloskar Industries Ltd (KIL) for Rs. 296 crore.
The acquisition would result in increasing the company's stake in Swaraj Engines (SEL) to 52.13 per cent from 34.72 per cent.
Consequently, SEL, which is currently an associate of the company, would become a subsidiary of M&M.
Based in Mohali, Punjab, SEL is in the business of manufacturing diesel engines and its components. It was promoted in 1985 by erstwhile Punjab Tractors, which has since merged with M&M, and the then Kirloskar Oil Engines (now KIL).

RBI Governor Launches Three Key Digital Payment Initiatives at Global Fintech Fest 2022

Reserve Bank of India (RBI) Governor Shaktikanta Das launched RuPay Credit Card on UPI, UPI Lite, and Bharat BillPay Cross-Border Bill Payments to further boost digital payments in India.
With the linkage of RuPay Credit Card on UPI, customers will benefit from the increased opportunity to use their credit cards, and merchants will benefit from the increase in consumption by being part of the credit ecosystem with the acceptance of credit cards using assets like QR codes.
The launch of Bharat BillPay Cross-Border Bill Payments would make bill payments easier for people residing out of India but also maintaining a house in India. The facility would enable NRIs to pay utility, water, and telephone-related bills on behalf of their families in India. Federal Bank with UAE's Lulu Exchange would be the first to go live with Bharat BillPay Cross-Border Bill Payments.

Sep 21, 2022

CCI Approves Amalgamation of Jio Cinema OTT Platform with Viacom18 Media

Fair-trade regulator Competition Commission of India (CCI) approved the proposed merger of Jio Cinema OTT with Viacom18 Media.
In April, Reliance Industries Ltd (RIL) and Viacom18 had announced a strategic partnership with Bodhi Tree Systems, where Bodhi Tree would invest Rs. 13,500 crore in Viacom18 while Reliance Projects & Property Management Services, a wholly-owned subsidiary of RIL, would invest Rs. 1,645 crore in the broadcaster as part of the tripartite partnership, to form one of the largest TV and digital streaming firms in India.
Under the partnership, Reliance's popular Jio Cinema OTT app would be transferred to Viacom18.

RBI Removes Central Bank of India from PCA Framework after More than 5 Years

Reserve Bank of India removed the Central Bank of India from the Prompt Corrective Action (PCA) framework on complying with parameters like net non-performing assets (net NPAs) and capital ratios.
While removal paves way for normal functioning for business growth, Mumbai-based public sector lender would still be subject to certain conditions and continuous monitoring.
RBI had placed Central Bank under PCA in June 2017 due to high net NPAs and negative return on assets. Central Bank was the last of the public sector lenders to come out of PCA.

RBI Approves Appointment of R. Gandhi as Non-executive Chairman of Yes Bank

The Reserve Bank approved the appointment of its former deputy governor R. Gandhi as non-executive part time chairman of Yes Bank for three years.
The appointment followed recommendation of its board of directors to the RBI.
A seasoned central banker with 37 years of experience, Gandhi was a deputy governor of the Reserve Bank of India (RBI) for three years from 2014 to 2017.

Singapore Central Bank, India's IFSCA to Pursue Fintech Innovations

The Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA) signed a FinTech Co-operation Agreement to facilitate regulatory collaboration and partnership in FinTech technology.
The agreement is expected to leverage existing regulatory sandboxes in their respective jurisdictions to support experimentation of technology innovations. It will include referral of companies to each other's regulatory sandboxes and enable innovative cross-border experiments in both jurisdictions.
The agreement will also allow both the organisations to evaluate the suitability of use cases which could benefit from collaboration across multiple jurisdictions, and invite relevant jurisdictions to participate in a Global Regulatory Sandbox.

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