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BUSINESS AND ECONOMY - January 2017

Jan 2017

Oct 17, 2022

PM Modi Inaugurates 75 Digital Banking Units

To deepen financial inclusion, the Prime Minister inaugurated 75 digital banking units (DBUs) of different banks across the country of which two are of Jammu and Kashmir Bank.
As part of the Union budget 2022-23, Finance Minister Nirmala Sitharaman had announced the setting up of the 75 DBUs in as many districts of the country to commemorate 75 years of India's Independence.
The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country. Eleven banks in the public sector, 12 in the private sector and one Small Finance Bank are participating in the endeavour.
DBUs will provide a variety of digital banking facilities to people such as opening a savings account, account balance check, printing passbook, funds transfer, fixed deposit investments, loan applications, application for credit or debit cards, and bill and tax payments among others.

Centre Hikes Windfall Tax on Domestic Crude Oil, Jet Fuel and Diesel Export

The Centre increased the Special Additional Excise Duty, commonly known as windfall tax, on domestically produced crude oil and export of aviation turbine fuel and diesel following the recent decision by the Organization of the Petroleum Exporting Countries and allies' (OPEC+) to cut their oil production. The new rates are effective October 16.
OPEC+'s move has pulled global prices, showing an average price of over $90 per barrel.
According to the government notification, it hiked tax on domestically produced crude oil to Rs. 11,000 per tonne from Rs. 8,000 per tonne.
It has also hiked the tax on the export of aviation turbine fuel (ATF) to Rs. 3.50 per litre from nil.

HDFC Life Completes Merger of Exide Life a Day after IRDAI's Approval

A day after insurance regulator IRDAI's final approval, HDFC Life Insurance announced completion of Exide Life merger.
This marked the completion of the first-ever merger and acquisition (M&A) transaction in the Indian life insurance sector.
HDFC Life had completed the acquisition of Exide Life in January 2022.
The entire transaction from announcement of the deal in September 2021 followed by the acquisition in January 2022 and the eventual merger was completed in less than 14 months.
This merger will accelerate the scale-up of HDFC Life's agency channel and enhance its geographical presence in tier II and tier III markets.

Tata Power Partners with 75F Smart Innovations for Energy-efficiency Solutions

Tata Power Trading Company (TPTCL) signed an agreement with 75F Smart Innovation India to jointly promote automation and energy efficiency solutions in the commercial building space. This will include industry verticals like IT/ITeS, BFSI hospitality, healthcare, education, government, and retail.
The collaboration of TPTCL and 75F will offer solutions in the space of HVAC optimization and smart building automation powered by the finest technology like cloud, IoT, and AI.
The solutions by a collaboration of TPTCL and 75F will help commercial buildings with centrally air-conditioned spaces attain assured savings in their HVAC energy consumption.
The HVAC energy consumption constitutes 50% or more of total building energy consumption.
TPTCL holds a category-I trading license and is engaged in the business of energy sourcing, trading, and energy efficiency services.

Oct 16, 2022

Fifteen States among Achievers in Logistics Performance Index 2022

Andhra Pradesh, Assam and Gujarat are among the 15 states and UTs categorised as achievers in the logistics index chart 2022, according to a report released by the Commerce and Industry Ministry.
The index is an indicator of the efficiency of logistical services necessary for promoting exports and economic growth.
Kerala, Madhya Pradesh, Rajasthan, Puducherry, Sikkim and Tripura are the other states and UT categorised as fast movers in the ranking.
The 15 states and UTs ranked in the aspirers category include Bihar, Chhattisgarh, Goa and Mizoram.
The report ranked the states on the basis of their logistics ecosystem.
The index aims at enhancing the focus on improving logistics performance across states which is essential for improving the country's trade and reducing transaction cost.
The first logistics report was released in 2018. No ranking was released in 2021 due to the COVID-19 pandemic. Gujarat was at the first position in both 2018 and 2019 ranking lists.

Singapore Airlines Confirms Vistara-Air India Merger Discussions

Singapore Airlines (SIA) is engaged in confidential talks with Tata Sons for merging Vistara with Air India, the flagship carrier of the Republic of Singapore informed the stock exchange in the Southeast Asian nation in a first acknowledgement of a possible integration of the two airlines.
"In line with its multi-hub strategy, SIA is currently in confidential discussions with the Tatas to explore a potential transaction in relation to the securities of Vistara and Air India. The discussions seek to deepen the existing partnership between SIA and Tatas and may include a potential integration of Vistara and Air India.
SIA owns 49 per cent stake in Vistara and is among the four airlines run by Tata Group. Others include Air India, Air India Express, and AirAsia India.

Coal India to Set Up 1,190 MW Solar Power Plant in Rajasthan, Signs MoU

Coal India Ltd (CIL) will set up a 1,190-MW solar power plant in Bikaner district of Rajasthan.
For this, the CIL signed a Memorandum of Understanding (MoU) with the Rajasthan Vidyut Utpadan Nigam Ltd (RUVNL).
The solar plant will be set up in a 2,000-MW solar park being developed by RVUNL in Poogal, Bikaner.
The state government has allotted 4,846 hectare land to develop the park in which the RVUNL will set up its own solar project of 810 MW, and a power project of 1,190 will be set up by the CIL.

Oct 15, 2022

Karur Vysya Bank Re-appoints K.G. Mohan as Board Member for 3 Years

Karur Vysya Bank (KVB) re-appointed non-executive independent director K.G. Mohan for three years on its board.
The first term of Mohan was completed on October 11, 2022.
He was re-appointed by the board in its meeting in September, for the second term of three years with effect from October 12, 2022, as an additional director under the independent category.
Mohan's re-appointment is subject to the bank's shareholders' approval.

NTPC, Siemens Inks MoU for Demonstrating Hydrogen Co-firing in Faridabad Gas Power Plant

NTPC and Siemens signed a Memorandum of Understanding (MoU) to demonstrate the feasibility for hydrogen co-firing blended with natural gas in Siemens V94.2 gas turbines installed at NTPC Faridabad gas power plant.
The total installed capacity of Faridabad gas power plant is 432 megawatt (MW) with two V94.2 gas turbines operating in combined cycle mode.
Under this MoU, both the companies will collaborate to study the feasibility of introducing hydrogen co-firing in Faridabad gas power plant. Based on the feasibility studies, a pilot project for 5% (by volume) hydrogen co-firing may be implemented for demonstrating the capability and the hydrogen required for the project shall be arranged by NTPC.

Oct 14, 2022

Paytm Partners with Jana Small Finance Bank for Deployment of Card Devices

One97 Communications Limited (OCL) that owns the brand Paytm, announced a partnership with Jana Small Finance Bank to deploy card machines to further drive digitisation among merchants across the country.
This partnership would enable Jana Small Finance Bank to extend Paytm's All-in-one EDC machines to its existing and potential customers, providing a one-stop solution for all their digital payment needs.
This partnership is in line with Jana Small Finance Bank's vision to become the leading digitised bank of aspirational India to further financial inclusion in the country.
With over 4.5 million devices deployed, Paytm remains the market leader in offline payments. Paytm's EDC devices and All-in-One POS devices have revolutionised digital payments in India with their flexibility of accepting multiple payment methods, integrated billing and instant settlement.

RBL Bank, BookMyShow Partner to Launch 'Play' Credit Card

RBL Bank and BookMyShow announced a partnership to launch a new credit card, 'Play' that would take the entertainment quotient for Indian audiences several notches higher. Earlier in 2016, RBL Bank had partnered with BookMyShow for the launch of Fun Plus credit card.
The 'Play' credit card would be available to select customers on BookMyShow and give them access to lucrative offers on transactions across movies, live entertainment offerings (online and offline), as also binge-watching movies and TV series on BookMyShow Stream by renting or buying a title, while enjoying benefits with every purchase made.
BookMyShow customers can purchase the 'Play' credit card for an annual fee of Rs. 500.
The launch of the 'Play' credit card in partnership with BookMyShow gives RBL Bank a fillip to its efforts to remain closely associated with a vast, young, digitally-savvy, spending consumer base across industries including Media & Entertainment, Food & Beverages and consumer facing brands in line with the demographic of the BookMyShow audience.

Oct 13, 2022

World Bank Extends Unconditional Loan of $250 Million for SALT Project in Andhra Pradesh

Special Chief Secretary (School Education) B. Rajasekhar said that the World Bank (WB) extended an unconditional loan of $250 million to the Supporting Andhra's Learning Transformation (SALT) project in appreciation of the path-breaking reforms implemented by the state government.
As per Secretariat, Mr. Rajasekhar, the reforms initiated under the SALT project had brought about a paradigm shift in the way education was imparted and that the outcomes had been encouraging. Besides, the facilities in schools were vastly improved under the Nadu-Nedu programme to provide an atmosphere that was conducive for teaching and learning.
The SALT is the first project in the school education sector to be funded by the World Bank without any precondition.

NPCI Collaborates with Worldline to Support UPI, RuPay Payments in Europe

French multinational payment services firm Worldline collaborated with NPCI International Payments Ltd (NIPL), the global arm of National Payments Corporation of India (NPCI), to support Indian digital payment modes in Europe.
Worldline, as part of the tie-up, will enable merchants' point-of-sale (POS) systems in European markets to accept payments from Unified Payments Interface (UPI), an instant real-time payment system, as well as RuPay, NPCI's proprietary card payment network solution.
Currently, customers from India pay through international card networks for their expenses in Europe.
Facilitated via Worldline QR, the company's universal product for the acceptance of all QR-based payments, the first target markets for NIPL are set to include Benelux and Switzerland with further plans for expansion.
According to Worldline Deputy CEO Marc-Henri Desportes, the partnership with NPCI's international arm "seeks to mitigate the risk of excluding or limiting Indian customers from safely using electronic payments in the EU".

West Bengal Govt. Hands over Letter of Award for Tajpur Port to Adani Ports

The West Bengal government handed over the Letter of Award for development of a deep-sea port at Tajpur to Adani Ports.
It was received by Karan Adani, CEO, Adani Ports and Special Economic Zone (APSEZ) at an event hosted by the state government in the presence of Chief Minister, Mamata Banerjee.
The hand-over of the LoA for the port at Tajpur follows the Bengal Cabinet approval last month for issuing it.
As per the state government, the port would entail an investment of Rs. 15,000 crore.

IDBI Bank Partners Vayana Network on Supply Chain Finance

IDBI Bank signed a memorandum of understanding with Vayana Network as its first fintech partner for end-to-end digitalization services.
This partnership aims to contribute in the growth of the supply chain finance penetration in India, which is less than 1% of gross domestic product (GDP) and contributes only 5% of the outstanding banking assets.
IDBI Bank has an existing CMS and e-trade platform and with the introduction of end-to-end digitalization, the bank aims to provide complete digital solutions to corporate banking and small business clients. This platform is expected to reduce paperwork, and transaction processing time while providing a smooth customer experience throughout.

SBI Chairman Inaugurates Next-Gen Contact Center for Personalised Customer Experience

State Bank of India (SBI) chairman Dinesh Kumar Khara inaugurated their Next-Gen Contact Centre service in order to provide a better and more individualised client experience. With 30+ financial options available 24 hours a day, 7 days a week from the convenience of home, and offered in 12 languages, the redesigned Contact Center will establish a new industry norm.
The bank has developed simple-to-remember 4-digit toll-free numbers (1800-1234 or 1800-2100) to further streamline the procedure.
State Bank of India (SBI) stated that their contact centre, which is available in 12 different languages, receives 1.5 crore calls each month.
It has 3500 agents working for it, giving bank clients great experiences once more. The contact centre also assists with first collections.
To help all customer service personnel properly handle most banking inquiries on the phone, the bank has updated, streamlined scripts and soft skill training capabilities.

RBI Raises Minimum Capital Requirement for Setting up ARCs

The Reserve Bank raised the minimum capital requirement for setting up an asset reconstruction company (ARC) to Rs. 300 crore from the existing Rs. 100 crore with an aim to strengthen the securitisation sector which plays a vital role in the management of distressed financial assets.
The existing ARCs have been given a glide path to meet the minimum net owned fund (NOF) requirement till April 2026, the RBI said in a circular amending the existing regulatory framework for such entities.
Under the earlier guidelines, each ARC was required to frame a board-approved policy laying down the broad parameters for settlement of debts due from the borrowers.

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