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BUSINESS AND ECONOMY - February 2017

Feb 2017

Nov 12, 2021

Shriram Capital Names Ajay Thomas John as Chief Digital Officer

Shriram Capital Ltd announced the appointment of Ajay Thomas John as chief digital officer to lead the digital transformation at the company.
John has 17 years of experience as a business and digital leader in the financial services industry. Before joining Shriram, he headed corporate strategy and fintech at Bajaj Finance Ltd wherein he has played multiple roles in the digital transformation and business innovation space. He has also worked at fin-tech start-ups for close to six years and notable brands like HDFC Bank and CitiFinancial earlier and is an MBA in finance from Anna University.

BSE Joins Hand with All India MSME Association to Promote Listing of MSMEs

Leading stock exchange BSE collaborated with the All India MSME Association (AIMA MSME) to encourage and promote the listing of MSMEs and start-ups.
Through this pact, AIMA MSME will assist BSE in evaluating MSMEs and start-ups for listing on the exchange's SME platform while also sensitising its investor network for investing in listed MSMEs.

UCO Bank Enters Co-lending Agreement with Aadhar Housing Finance

Kolkata-based UCO Bank entered into a co-lending agreement with Aadhar Housing Finance to offer home loans at competitive rates.
The partnership aims at providing easy and convenient home finance solutions to customers from the economically weaker sections of society.
The co-lending framework of the Reserve Bank of India provides a tool for banks and non-banks to collaborate, leverage on their respective strengths to give an affordable solution to the unserved and underserved sections.

Bank of India Holds Loan Outreach Programme

As part of the customer outreach programme, state-owned Bank of India (BoI) disbursed about Rs. 12,500 crore under the special drive.
The credit outreach programme was launched on October 16 by all banks across the country on the advice of Finance Minister Nirmala Sitharaman to expand loan growth to support the economic revival.
Under this programme, banks have been holding special camps across various parts of the country to sanction loans to eligible borrowers as per the prudential norms.

Bajaj Allianz, India Post Payments Bank in Pact to Offer Term, Annuity Products

India Post Payments Bank (IPPB), Department of Posts, and Bajaj Allianz Life Insurance Company (BALIC) announced a strategic alliance to offer term and annuity products to customers through the Bank's extensive network of 650 branches and over 1,36,000 banking access points.
The tie-up will help customers, particularly from weaker sections and living in unbanked and underserved areas, to become financially secure and empowered, and is in line with IPPB's objective of offering value added products and services to its customers.
This partnership will enable customers to manage their financial goals in an all-inclusive manner.

Nov 11, 2021

Junio Ties up with RuPay for Debit Card for Pre-teens, Teenagers

Children-focussed fintech, Junio, has launched a smart multipurpose card for pre-teens and teenagers on the RuPay platform.
The Junio RuPay Card is designed for kids and can function as a debit card for both their online and offline purchases.
Kids and parents can sign up on the Junio app, and use virtual Junio smart cards with zero annual charges. In addition, children can enjoy up to seven per cent cashback and other reward benefits on Junio payments.
"The newly launched Junio Smart Card powered by RuPay will allow youngsters to make online and offline payments with ease. We are already seeing increased acceptance of the card across the merchant network given the robustness of the RuPay platform," said Ankit Gera, Co-Founder, Junio.

Power Grid Corp of India Approves Investment Plans of Rs. 552 crore

State-run Power Grid Corporation of India (PGCIL) has approved investments proposals worth around Rs. 552 crore.
These investment proposals worth Rs. 552 crore include capital expenditure for procurement of telecom equipment and associated power system for augmentation of telecom backbone and access network with an estimated cost of Rs. 429.24 crore based on June 2021 price level with commissioning schedule of 24 months from the date of award.
The company also approved the proposal for a regional system strengthening scheme to mitigate the overloading of 400 kV NP Kunta-Kolar SIC line at an estimated cost of Rs. 122.71 crore including IDC of Rs. 3.39 crore based on June 2021 price level scheduled to be commissioned by October, 2022.
The filing stated that the PGCIL has also approved signing of "Joint Development Agreement" with Africa50 for development of transmission project in Kenya on PPP-JV Model and undertake initial expenditure to the extent of POWERGRID's share for project development activities.

RBI to Hold its First-ever Hackathon, HARBINGER 2021, on Payments System

The Reserve Bank of India (RBI) will be organising its first global hackathon on the theme of digital payments.
"HARBINGER 2021–Innovation for Transformation" with the theme 'Smarter Digital Payments' will see participants identify and develop solutions "that have the potential to make digital payments accessible to the under-served, enhance the ease of payments and user experience, while strengthening the security of digital payments and promoting customer protection.

Nov 10, 2021

GE Will Split into 3 Units, Ending Conglomerate for Good

General Electric Co. will split into three separate companies, breaking up the once-mighty conglomerate into standalone businesses focused on health care, power and aviation.
The health unit will be spun off in early 2023, according to a statement Tuesday. GE will combine its renewable energy, power equipment and digital businesses into a separate unit that will then be spun off in early 2024. The remaining company will consist of GE Aviation, the company's engine-manufacturing operation.
The move ends years of speculation about the future of GE, long one of the most admired U.S. companies but one that's strugged since the global financial crisis more than a decade ago. Since then it's been retrenching from its once sprawling conglomerate structure, including the sale of the bulk of the GE Capital finance arm.

KKR Names K. V. Kamath as Sr Advisor for India Business

Global investment firm KKR appointed eminent banker and former ICICI bank chairman K. V. Kamath as senior Advisor in its Indian operations.
In October 2021, he was appointed the Chairperson of India's newly established National Bank for Financing Infrastructure and Development. The entity has been created to support the development of long-term infrastructure financing in the country.

Indian Bank Launches Video KYC Facility Enabled by VCIP Technology

Public sector Indian Bank launched the Video KYC (know your customer) facility, which allows an applicant to open an account from anywhere by incorporating its Video-Based Customer Identification Process (VCIP) technology, on its web-based platforms.
To begin with the initiative would dispense with the need for a personal visit to any branch of the bank to complete the physical verification process in place, currently.

Rajib Kumar Mishra Given Charge as PTC India's CMD

Rajib Kumar Mishra was given the charge of PTC India's chairman and managing director.
Mishra is an alumnus of NIT, Durgapur; postgraduate from NTNU, Norway, under Norad Fellowship and PhD in Business Administration from AMU. Mishra was granted the visiting scholar status by the University of Texas, Austin, in 2008. He has over 36 years of experience working in the power sector majors like NTPC and PowerGrid before joining PTC.
Mishra joined PTC India in 2011 as executive director and is now a whole-time director since February 2015. Currently, he is director (business development and marketing), in PTC India. Additionally, he is holding the post of managing director of PTC Energy.

Nov 09, 2021

Former SC Judge Justice Ashok Bhushan Takes Charge as NCLAT Chairperson

Former Supreme Court judge Justice Ashok Bhushan took over as the chairperson of the National Company Law Appellate Tribunal.
NCLAT has got a permanent head after a gap of almost 20 months following the retirement of its first Chairperson Justice S J Mukhopadhaya.
In the last 20 months, NCLAT had three Acting Chairpersons, with two of them getting several extensions.

RBI Imposes Curbs on Maharashtra-based Babaji Date Mahila Sahakari Bank

RBI imposed several restrictions on Maharashtra-based Babaji Date Mahila Sahakari Bank, including capping withdrawals at Rs. 5,000 for customers, amid deterioration in the lender's financial position.
As per RBI, the restrictions under the Banking Regulation Act 1949, will remain in force for six months and are subject to review.
According to the central bank, Babaji Date Mahila Sahakari Bank, Yavatmal, should not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, and incur any liability. The liability part includes borrowing of funds and acceptance of fresh deposits.

IBM Opens New Innovation Centre Focused on Hybrid Cloud and AI in Mysuru

IBM announced the opening of its new IBM Client Innovation Center (CIC) in Mysuru, India to support the rapid, high-tech driven economic growth in the region and provide comprehensive hybrid cloud and AI technology consulting capabilities.
As an entrepreneurial start-up within IBM Consulting, the CIC specialises in design, software engineering and analytics. The CIC's mission is to support clients in the transformation of their business by utilizing delivery capabilities throughout the entire system development life cycle, from design to architecture to creation.

RIL Exits US Shale Gas Business by Divesting Eagleford Upstream Asset Stake

Mukesh Ambani-led Reliance Industries has exited all its business in the upstream oil and gas shale play that was based out of the United States.
A company statement said that Reliance Eagleford Upstream Holding (REULP), a wholly-owned step-down subsidiary of Reliance Industries, announced the signing of agreements with Ensign Operating III, a Delaware limited liability company, to divest its interest in certain upstream assets in the Eagleford shale play of Texas, USA.
"With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America.

Gujarat Retains Top Slot on Logistics Performance Index

Gujarat topped the logistics index chart for the third time in a row, an indicator of the efficiency of logistical services necessary for promoting exports and economic growth, according to a Commerce Ministry report. Gujarat occupied the first spot among 21 states, followed by Haryana, Punjab, Tamil Nadu, and Maharashtra in that order.
The report ranks the states on the basis of their logistics ecosystem, highlights the key logistics-related challenges faced by the stakeholders and includes suggestive recommendations, according to the third LEADS (Logistics Ease Across Different States) 2021 report unveiled by Commerce and Industry Minister Piyush Goyal. 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.

ESAF Joins Hands with NABARD for Local Economic Development in Kerala

ESAF Small Finance Bank launched State Level Local Sustainable Economic Development Training Programme in Kerala in collaboration with NABARD.
Initially, this project will benefit 300 panchayats across Kerala, the Bank said, adding that it was aimed at bringing financial empowerment and economic independence at the local level.
The project was inaugurated by state Revenue Minister K Rajan.
This Project is aimed at bringing financial empowerment and economic independence at the local level through training and enabling the elected representatives of the Panchayati Raj Institutions to meaningfully intervene and build the well-being of the people in the constituencies they represent.

Nov 08, 2021

PhonePe Launches Tokenisation Solution 'SafeCard'

Digital Payment firm, PhonePe has launched a tokenization solution named 'SafeCard' for online debit and credit card transactions. Earlier in September 2021, RBI had made a device-based tokenization framework applicable to Card-on-File Tokenisation (CoFT) services as well, i.e. Card-on-File (CoF) means that the Credit/Debit card details are stored by merchants for ease of payment.

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