General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Oct 20, 2020

Fino Payments Bank to Add 300 More Points at BPCL Outlets in TN

Fino Payments Bank is planning to add another 300 points at BPCL outlets to its existing 1,075 in Tamil Nadu, to help truck drivers to get fleet cards recharged by paying equivalent cash, without any hassles.
Recharging the Bharat Petroleum (BPCL) SmartFleet cards that are used to pay for fuel has been a challenge to truck drivers for quite some time and in order to ease this discomfort, Fino with BPCL has started such facilities.
The digitised cash in the form of prepaid fleet cards allows drivers to make payments for fuel at BPCL outlets, which also completely frees BPCL from handling the cash given by the drivers.

Bank of Baroda Inks Pact With Mahindra & Mahindra for Tractor Finance Biz

To push agriculture finance, state-owned Bank of Baroda (BoB) said it has entered into a pact with Mahindra and Mahindra for tractor finance business.
The lender, through its over 5,000 rural and semi-urban branch network, will provide tractor loan facility to customers of Mahindra and Mahindra.
This memorandum of understanding (MoU) will give a boost to agri business and will help farmers in availing hassle-free credit facilities for buying tractors.
The bank has tied up with Gromax under the Mahindra stable as the preferred brand.

Canara HSBC OBC Life Insurance Launches Invest 4G Plan

Canara HSBC Oriental Bank of Commerce Life Insurance has launched a new Unit Linked insurance plan (Ulip) titled 'Invest 4G'.
It is an individual life insurance savings plan which can be customized as per the goals and changing requirements of the individual.
This Unit Linked Individual Life Insurance cum Savings Plan provides a combination of Portfolio Management Options and flexibilities which gives choice to opt for protection suiting the demand for every individual as well as provide an opportunity to save for future goals.

50% Deposit of Decreed Amount to File Appeals not Retrospective: NCDRC

The National Consumer Disputes Redressal Commission (NCDRC) has done away with the requirement of asking individuals or companies to deposit half the payment ordered by the State Consumer Dispute Redressal Commissions as a precondition for admitting their appeals.
The Commission said that this condition was introduced in the Consumer Protection Act on July 20, 2020 and won't apply to complaints or orders passed before this date.
The new condition was inserted as an amendment to Section 51(1) of the newly amended Consumer Protection Act 2019 and was challenged by several individuals and companies before a two-member bench of the NCDRC.

Oct 19, 2020

Jewar to Catapult Gautam Budh Nagar into First Aerotropolis

With a global airport arising at Jewar in Gautam Budh Nagar, it would turn out to be the primary aerotropolis of the nation, ushering in financial actions, primarily within the MSME and agriculture sectors.
Spread over 5,000 acres, the Jewar airport, to be managed by Flughafen Zürich AG (FZAG), based mostly in Kloten, Switzerland, could be the nation's largest airport having six runways.
In reality, the Jewar Aerotropolis (JA) would increase up enterprise actions, leading to extra job avenues for locals in addition to from outdoors the district.

Religare Health Insurance renamed to Care Health Insurance

Religare Health Insurance Company, subsidiary health insurance entity of Religare Enterprises, changed its name to 'Care Health Insurance'.
"The name of 'Religare Health Insurance Company Limited', subsidiary of the company, has been changed to 'Care Health Insurance Limited' w.e.f. August 19, 2020," the company mentioned in a regulatory exchange.
The company did not disclose any particular reason for changing the name is its health insurance subsidiary.

Tata Motors Partners with HDFC Bank for Financing of Passenger Vehicles

Tata Motors has partnered with HDFC Bank for financing of its passenger vehicles. Through the partnership, the company said it has introduced two new schemes -- 'Gradual Step Up Scheme' and 'TML Flexi Drive Scheme' with an eye on making its products more accessible and driving up sales in the festive season.
The schemes will be available till the end of November 2020 and can be redeemed on the entire new BS-VI range of cars and SUVs along with the company's EV range.
Under the Gradual Step Up scheme, customers can avail EMI options as low as ₹799 per lakh per month, depending on the product and variant. The EMI payments gradually increase over a period of 2 years depending on the payment convenience of the buyer.

Oct 18, 2020

World's Biggest Zinc Smelter Project in Gujarat

The Hindustan Zinc Limited is to invest Rs. 10,000 crores to set up the biggest zinc smelter in the world. The smelter is to be set up in the industrial region of South Gujarat. The smelter is capable of producing 300 kilo tonnes per annum.
The State Government of Gujarat has signed Memorandum of Understanding with the Vedanta group to set up the smelter. The project will provide employment opportunities for the youth in the state. Also, the smelter to be erecter will be the lowest cost smelter in the world. The facility is to be constructed in an area of 415 hectares.
Smelting is the process by which heat is applied to extract a metal from its ore. The process is used to extract copper, iron, silver, zinc and other base metals. During heating, apart from the metal, several other chemical components are emitted. Of these, sulphur dioxide and hydrogen dioxide nauseous and pollute the atmosphere.
The waste products of smelting are released into water supplies. Such waste contains lead and chromium that are hazardous to plant and animal life.
Acid rains are common in the regions of smelting plants. Acid rain erodes land and makes it unfit for cultivation.
The workers in the smelting plans are exposed to toxic chemicals. Inhalation of these chemicals harm the worker health and productivity.

Jet Airways' CoC Approves Kalrock Capital-Murari Jalan's Resolution Plan

Jet Airways' committee of creditors (CoC) on Saturday approved the resolution plan submitted by the consortium of UK's Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan under the insolvency resolution process.
The plan was approved after the conclusion of the e-voting on the proposal.
The resolution submitted by Murali Lal Jalan and Florian Fritsch has been duly approved by the CoC under Section 30(4) of the Code as the successful resolution plan.
The grounded airline had received bids from two consortiums, one comprising UK-based Kalrock Capital founded by Florian Fritsch and UAE-based entrepreneur Murari Lal Jalan.
The other bid was submitted by the consortium consisting of Haryana-based Flight Simulation Technique Centre, Big Charter of Mumbai and Abu Dhabi's Imperial Capital Investments LLC.
The RP is in the process of filing an application in accordance with section 30(6) of the Code for approval of the said resolution plan by the National Company Law Tribunal (NCLT) and intimation of the same shall be given to the members as required, the statement to the BSE stated.
The defunct airlines had extended the deadline for voting on the resolution plans as only half the lenders had submitted their votes and the remaining had sought time to submit their votes.

Oct 17, 2020

Jana SFB Becomes First SFB to Go Live Under Sponsor Bank Program

Jana Small Finance Bank has joined hands with Ashoknagar Co-operative Bank Limited under the Bank Sponsorship Program. Jana Bank becomes the first Small Finance Bank to go live under this Program.
RBI has permitted co-operative banks which are CBS enabled, to issue ATM cards/ATM-cum-debit cards in tie-up with a sponsor bank. Ashoknagar Co-operative Bank Limited in association with Jana Small Finance Bank can now extend ATM, POS & E-Commerce Services to its customers.
This association marks the fulfilment of Jana Bank's endeavour to promote full suite of services to co-operative banks. The bank's digital capability will now be available to all its partner banks.
Jana Small Finance Bank is a scheduled commercial bank catering to more than 40 lakh customers served by over 15,000 employees over 475 bank branches and over 125 Asset centres in 22 states and union territories.

IB Housing Finance Sells Additional Stake in OakNorth Holdings

Indiabulls Housing Finance sold an additional stake in OakNorth Holdings Ltd for Rs. 220 crore. The sale proceeds will be accretive to the regulatory net worth and the CRAR (capital to risk weighted assets ratio) of the company.
The company with the latest stake sale has raised a total of Rs. 2,493 crore as fresh equity in the months of September and October 2020 (Rs. 683 crore through qualified institutional placement (QIP) and Rs. 1,810 crore through sale of stake in OakNorth) adding to the regulatory equity capital of the company.

Punjab, Haryana, Himachal in Fray for Drug Park

All northern states, except J&K, will compete with each other besides southern and western states for a bulk drug park to reduce the country's dependence on China.
The Centre has framed an area scoring criteria for the selection of states for setting up the bulk drug parks. The government proposes to develop three bulk drug parks through grant-in-aid to states with a cap of Rs. 1,000 crore per park with 70% financial assistance.
The Punjab Government has proposed to set up the park in Bathinda. Haryana proposes to set up the park in Hisar. Himachal Pradesh had earlier decided to send a proposal to the Centre to set up the bulk drug park in Una district.

Flipkart Boosts Partnerships with Banks, NBFCs

Walmart-owned Flipkart will offer credit options through 17 banks, NBFCs and fintech players that will drive credit accessibility for customers during the upcoming festive season.
Flipkart is ramping up its fintech constructs so that consumers across the country can avail the benefits of easy accessibility to credit and affordability options.
Through these partnerships, Flipkart aims to tap into the new-to-credit audience across different geographies and pin codes and offer them access to its over 250 million product offerings on the Flipkart marketplace.

Liberty Group Eyes Assets of Steel Giant in Europe

UK-based Liberty Steel Group has made a non-binding indicative offer to Thyssenkrupp to acquire the German steel major's assets in Europe. Liberty Steel Group is part of diversified GFG Alliance, owned by Indian-origin metals tycoon Sanjeev Gupta, which also has a presence in India.
A possible combination of Liberty Steel and Thyssenkrupp Steel would create a strong group well positioned to tackle the challenges faced by the European steel industry.
Given the opportunity to proceed in the transaction process, Liberty said that it is open to intensifying the dialogue with Thyssenkrupp and would like to engage in further due diligence to present a potential binding offer.

Oct 16, 2020

BPCL to Cut Dependence on Middle East LPG

An Indian buyer of liquefied petroleum gas is once again attempting to ease its dependence on Middle East shipments after some supply shocks last year stemming from drone attacks and even a trade war.
Bharat Petroleum Corp. is seeking bids from global suppliers for a fifth of its typical LPG needs in 2021. Bidding is still open to Middle East producers, which already provide BPCL with the majority of its contracted needs. India's second-biggest fuel retailer made an attempt to broaden its sources of supply earlier this year but the tender wasn't awarded due to a lack of attractive offers.
The latest tender is aimed at getting better prices for supplies compared with those from the Middle East and to diversify sources of LPG, according to the objectives listed in the document. India's fuel retailers get most of their LPG -- typically used for cooking -- from Saudi Arabia, Qatar, the U.A.E. and Kuwait, leaving them exposed to price fluctuations and supply shocks.

Centre to Borrow on Behalf of States to Meet GST Shortfall

As per the Finance Ministry, the Central government will borrow up to Rs. 1.1 lakh crore on behalf of the states to bridge the shortfall in GST collections.
A slowdown in the economy since last fiscal has resulted in a drop in the Goods and Services Tax (GST) collections, upsetting the budgets of states which had given up their right to levy local taxes such as sales tax or VAT when GST was introduced in July 2017.
To make up for the shortfall, borrowing from the market was proposed.

J&K Govt Signs MoU with Flipkart to Promote Handloom, Handicraft Products

Jammu and Kashmir government signed a MoU with Flipkart to provide an online platform for showcasing and facilitating the local artisans/craftsmen/weavers to reach customers across the globe.
This is an important step towards the promotion of rural economy and to boost the sale of genuine exotic products of Handicrafts and Handloom sector and find new destinations for niche handmade products from Jammu and Kashmir.
This meaningful initiative will eliminate the role of the middleman to a lesser extent and will benefit the artisans in a way that the proceeds of the sale of their products shall go directly into their accounts.

RIL's Retail Arm Receives Rs. 5,550 cr from KKR

Reliance Industries Ltd (RIL) received Rs. 5,550 crore from global investment firm KKR, which has picked up 1.28 per cent stake in its retail arm.
Reliance Retail Ventures Limited, a subsidiary of the company, received the subscription amount of Rs. 5,550 crore from Alyssum Asia Holdings II Pte. Ltd. (a unit of KKR) and allotted 81,348,479 equity shares to KKR.
The investment valued Reliance Retail, which runs grocery stores and fashion chains, at a pre-money equity value of Rs. 4.21 lakh crore.

Religare Approaches Exchanges for Declassifying Singh Brothers as Promoters

Religare Enterprises Ltd (REL) approached exchanges BSE and NSE for removal of Singh brothers, who stepped down following allegations of siphoning off funds, as promoters and shift them to public shareholders category.
Following the exit of Shivinder Mohan Singh and Malvinder Mohan Singh, the new management under executive chairperson Rashmi Saluja had moved the market regulator Securities and Exchange Board of India (SEBI) to remove Singh brothers and declassify them as REL promoters in 2018.
However, the decision got delayed after changes in norms by SEBI wherein stock exchanges were authorised to take a call on declassification of promoters with shareholding up to 10 per cent.

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