General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Jul 08, 2020

Liberty General Insurance Launches 'Liberty Assure'

Liberty General Insurance launched, 'Liberty Assure', an Industry first service. The auto insurance customers, who avail this service, are not required to pay the 'Compulsory Deductible' cost for each claim. In addition to this no premium will be charged from the buyers to provide this unique cost-effective feature at the time of raising a claim/loss. The service is a part of its existing Private Car Package Policy under the Regulatory Sandbox approval received from the Insurance Regulatory and Development Authority of India (IRDAI).

Fino Payments Bank launches 'Bhavishya' Savings Account for Minors

Fino Payments Bank Limited launched 'Bhavishya', a savings account scheme for minors aged between 10-18 years. The subscription-based savings account aims to inculcate banking and saving habits in children.
The Bhavishya Savings Account can be only opened through the Electronic-Know Your Customer (e-KYC) mode.
The account comes with a free Platinum RuPay Debit card and there is no requirement to maintain any minimum monthly average balance. The annual Subscription charges for the account is Rs. 349 (inclusive of Goods and Service Tax-GST)
The minors should have a mobile number that is different from the parent's number for security reasons.
If the children attain 18 years, the account will be upgraded to a regular savings account, if Re-KYC is submitted with updated information.
The account can be used to get benefits of various government schemes for children such as scholarship and DBT (direct benefit transfer) subsidy amount.

Karur Vysya Bank Ties- up with Star Health Insurance

Karur Vysya Bank (KVB), a Scheduled Commercial Bank joined hands with Star Health and Allied Insurance Co Ltd for bancassurance (selling of life assurance and other insurance products and services by bank).
As per the pact, KVB will market wide range health insurance products of the Star Health through its 780 branches.
In addition, all bank customers will be able to access value-added services like STAR WELLNESS and get telehealth consultation using TALK TO STAR.
Bancassurance is a partnership between a bank and an insurance company, where the bank sells the tied insurance company's insurance products to its clients.

Customs Stations to Set Up Turant Suvidha Kendras

All Customs stations would set up Turant Suvidha Kendras (TSKs) by July 15 which will act as the sole physical interface point with Customs officers for physical submission of documents, the CBIC has said. In a communication to all Principal Chief Commissioners of Customs and Central Tax, the Central Board of Indirect Taxes and Customs (CBIC) said that the step is being taken ahead of the pan-India roll out of faceless assessment, which will be done in phases.
In its efforts to make India enter top 50 rank in World Bank's 'Ease of Doing Business' ranking, the CBIC had last year announced reform measure - Turant Customs - for speedy clearance of goods at air and sea ports.
Turant Customs is a comprehensive package which is being implemented in a phased manner.
Faceless assessment (commonly known as anonymised or virtual assessment) enables an assessing officer, who is physically located in a particular jurisdiction, to assess a 'Bill of Entry' pertaining to imports made at a different Customs station, whenever such a 'Bill of Entry' has been assigned to him in the Customs automated system.

Jul 07, 2020

SoftBank to Offload SBG Cleantech

As per reports, Japan's SoftBank Group Corp. is in talks with Canada Pension Plan Investment Board (CPPIB), Mubadala Investment Co. and Brookfield Asset Management Inc. to sell its entire 80% stake in Indian green energy firm SBG Cleantech.
Bank of America (BofA) and Barclays have been appointed to run the stake sale process as well as raise around $500 million through a dollar bond, the people cited above said on condition of anonymity.
Softbank's plan to sell its entire stake comes after a previous attempt where it hired Mizuho Bank to find a 'significant' minority investor. SBG Cleantech is a joint venture between SoftBank and Bharti Enterprises.

Payments Platform Paytm to Acquire Raheja QBE General Insurance

Indian e-commerce payment system Paytm & QorQl Pvt. Ltd, a Healthcare start-up company with majority shareholding of Paytm founder Vijay Shekhar Sharma, is set to acquire Mumbai (Maharashtra)-based private sector general insurer Raheja QBE General Insurance Company Limited in a deal worth around $76 million (or Rs. 570 crore).
Raheja QBE is a joint venture of India's Prism Johnson (51%) and QBE Australia (49% ).
Following the acquisition, Sharma, who owns 51% stake in QorQI, will hold the same stake in Raheja QBE, with the remaining 49% owned by Paytm.
The acquisition will require further approvals other than the approval of Insurance Regulatory and Development Authority of India (IRDAI).

YES Bank Launches a Digital Solution, 'Loan in Seconds'

YES Bank launched a digital solution, 'Loan in Seconds' for instant disbursement of retail loans. It is available for the bank's pre-approved liability account holders. The algorithm evaluates the loan application in real-time and eliminates the need for documentation.
The solution aims to provide customers, hassle-free loans to help them meet their immediate financial needs.
All the eligible customers under the solution will receive communication from the bank with the link to apply for the loan.
Those customers have to verify and accept the final offer.

Government Not Considering Merger of CBDT and CBIC

The government is not considering any proposal to merge the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC).
The said merger was one of the recommendations of the Tax Administration Reforms Commission (TARC), headed by Parthasarathi Shome.
Reacting to a media report which suggested that a merger of policy making bodies of direct and indirect taxes CBDT and CBIC is on cards, the ministry in a statement said, "The government has no proposal to merge the two Boards created under the Central Boards of Revenue Act, 1963."
The ministry said that the report of TARC was examined in detail by the government and this recommendation of TARC was not accepted by the government.

SBM Bank India and Mastercard to Facilitate Cross Border Transactions and Remittances

Government of Mauritius-promoted SBM Bank India and global payments technology major Mastercard have joined hands to facilitate cross-border payments and remittances services.
The SBM Bank India customers will be able to make real-time domestic business-to-consumer transfers quickly and efficiently using 'Mastercard Send'.
Remittances and payments businesses have become the cornerstone of SBM Bank India's growth strategy.
Neeraj Sinha, Head-Retail & Consumer Banking, SBM Bank (India), said that Mastercard Send is a secured and innovative solution - crafted to modernize domestic and cross-border payments and remittances.
SBM Bank India is the first bank to receive universal banking licence from the RBI to set up and operate as a scheduled commercial bank through the wholly-owned subsidiary mode.
The bank has a network of six branches located in Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Ramachandrapuram.

Jul 05, 2020

Bharti, UK Govt. Win Bid for OneWeb

Telecom tycoon Sunil Mittal's Bharti Enterprises Ltd and the UK government jointly won satellite operator OneWeb in a bankruptcy auction in New York, helping the company complete its satellite deployments and bring wireless internet to remote areas across the world.
Bharti Global, the foreign arm of Bharti Enterprises, and the UK government will invest $500 million in equity in OneWeb, which filed for bankruptcy protection in March, statements by Bharti Enterprises and the UK government said. The two investors will hold 45% each in the company post the transaction with existing shareholders holding the rest.
OneWeb, which operates 74 satellites in the low-earth orbit, had planned to launch 550 more by the end of 2021. It filed for Chapter 11 bankruptcy protection after failing to secure $2 billion financing from lead shareholder SoftBank Group. The company has the second largest low-earth orbit satellite broadband network, which makes it a direct rival to Elon Musk's Starlink that has more than 500 in operation and plans at least 50 more.
The deal will enable OneWeb to complete the construction of a global satellite constellation that will provide enhanced broadband and other services to mobile and fixed terminals in countries around the world.

Jul 04, 2020

Kotak Mahindra Bank & Innoviti Collaborates to Offer EMIs on Kotak Debit Cards

Kotak Mahindra Bank and Innoviti Payment Solutions Pvt. Ltd. have collaborated to provide Equated Monthly Installments (EMI) billing options on Kotak Debit Cards which are swiped on Innoviti Point of Sale (POS) terminals.
This facility will enable about 10 million(1 crore)Kotak customers to pay for their purchases in instalments by using the EMIs on debit cards facility at over 70,000 Innoviti POS terminals across more than 1,000 cities.

HDFC Bank to Offer 'ZipDrive', an Online Instant Auto Loans

HDFC Bank announced that it will offer 'ZipDrive', an online instant auto loan to its customers in 1,000 cities. The auto loan disbursal product is only for customers with pre-approved offers. It is a technology-enabled loan product where credit assessment is done by banking software.
The product will be available to tier 2 and 3 cities across India, such as Bhimavaram in Andhra Pradesh, Hardoi in Uttar Pradesh, Thalassery in Kerala, and Balasore in Odisha among other places.
The customers can avail the loan from anywhere, anytime, through Netbanking or by scanning QR code or through phone banking or through assistance from the bank's phone banking team within 10 seconds. It is claimed to be the country's fastest online auto loan disbursement offering.

HUL Rebrands Fair & Lovely'as 'Glow & Lovely'

FMCG major HUL rebranded its popular skincare brand 'Fair & Lovely' as 'Glow & Lovely' after dropping the word 'fair' in its name.
According to the company, it is taking a more inclusive vision of positive beauty while introducing 'Glow & Lovely' — the new name for the brand.
Meanwhile, the men's range of its products will be called 'Glow & Handsome'.
As per HUL, over the next few months, Glow & Lovely will be on the shelves, and future innovations will deliver on this new proposition.

ADB Joins Network For Greening the Financial System as Observer

Asian Development Bank (ADB), a regional development bank, joined the Paris (France)-based Network for Greening the Financial System (NGFS) as an observer.
The NGFS is a global forum that brings together central banks and supervisors committed to understanding and managing the financial risks and opportunities associated with climate change.
ADB now joins the ranks of the World Bank (WB), the International Finance Corporation (IFC), the International Monetary Fund (IMF), and the Organisation for Economic Co-operation and Development (OECD) as NGFS observers.
Following the joining of ADB, NGFS now includes 46-member institutions and 10 observers that participate in 3 various work related to reducing climate risks, including supervision, macro-financial issues, and mainstreaming green finance.
ADB's inclusion to the NGFS is aligned with the goals in its corporate strategy, the Strategy 2030, particularly in tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; fostering regional cooperation and integration; and strengthening governance and institutional capacity.

Intel Capital to Buy Stake in Jio Platforms

Reliance Industries (RIL) announced a stake sale of 0.39 per cent in its digital services subsidiary, Jio Platforms, to Intel Capital for Rs. 1,894.50 crore.
The latest fundraising comes two weeks after RIL announced that it had turned net debt-free well ahead of its deadline of March 2021.
Intel Capital is an arm of Intel, the world's largest semiconductor manufacturer. It joins 11 other investors, including sovereign funds and private equity firms, which now collectively own 25.09 per cent in Jio Platforms.
In the past two months, Jio has raised Rs. 1.17 trillion through stake sales to ramp up its digital services business and expedite its debt reduction goals.

Jul 03, 2020

JSW Group Will Bring Down China Imports to Zero

As the clamour to boycott Chinese products grows amid a stand-off between the Indian and Chinese armies in eastern Ladakh, several companies have indicated they would cut imports from the neighbouring country and support the government's self-reliance theme.
As per Parth Jindal, managing director of JSW Cement, the JSW group, would be bringing down its imports from China to zero within two years.
The firm's defence division does not import from China, its other businesses source products from that country.

ICICI Bank Launches a Facility, 'Insta Loans against Mutual Funds'

ICICI Bank launched 'Insta Loans against Mutual Funds', a facility in partnership with Computer Age Management Services (CAMS). The facility is an extension of the Insta Loan Against Shares (LAS).
The facility enables the retail customers to avail loans upto Rs. 1 crore instantly by pledging their holdings in both debt and equity Mutual Funds (MFs).
It is a full digital and paperless facility. It empowers customers to get this loan as an overdraft (OD) within a few minutes without having to visit a branch and submit physical documents.
Customers can avail the loan against a vast range of debt and equity schemes of mutual funds serviced by CAMS and approved by the Bank.
Minimum loan amount for debt and equity schemes of MFs is Rs. 50,000. Maximum loan amount for debt schemes of MFs is Rs. 1 crore and for equity schemes of MFs is Rs. 20 lakh.

KKR to Acquire Controlling Stake in JB Chemicals

Global investment firm KKR & Co. Inc. will pick up a controlling stake in Mumbai-based branded formulation player JB Chemicals and Pharmaceuticals (JB Chemicals).
As part of the deal, KKR will acquire stake from the founding Mody family at Rs. 745 per share (or 5 per cent premium to the closing price of Rs. 715 on the BSE).
According to a BSE notification, KKR has entered into an agreement to acquire 41.7 million equity shares of JB Chemicals, representing 54 per cent, from the promoters of the company.
After this transaction, an open offer will be launched to acquire 20.93 million fully paid-up equity shares of JB Chemicals, representing 26 per cent. The open offer, too, is being made at a price of Rs. 745 per share, said the company statement.
The deal size is estimated to be around $500 million (Rs. 3,750 crore).
This is the second KKR investment in the past two months. In May, it agreed to invest Rs. 11,367 crore ($1.5 billion) in Reliance Industries' digital assets subsidiary Jio Platforms to acquire 2.32 per cent stake — its largest investment in Asia to date.

Carlyle Group to Acquire 25% Stake in Nxtra Data

American multinational private equity company Carlyle Group has decided to acquire about 25% stake in India's second largest telecom company Bharti Airtel's data centre business –Nxtra Data Ltd– for $235 million (about Rs. 1,780 crore) through a company called Comfort Investments II, which is an affiliated entity of CAP V Mauritius Ltd, an investment fund managed and advised by affiliated firms of the Carlyle.
At the same time, Airtel will continue to hold the remaining 75 % stake.
The deal, which helps Airtel to open up massive growth opportunities for data centers to accelerate the investment , is yet to get regulatory approval, including permission from the Competition Commission of India (CCI).

HDFC Life To Replace Vedanta in Nifty

As per reports, NSE's index maintenance sub-committee is replacing Vedanta with HDFC Life Insurance Co in its flagship Nifty50 index, effective July 31 due to the proposed voluntary delisting of the mining major.
HDFC Life Insurance will cease to be a part of Nifty Next 50, and will be replaced by SBI Cards and Payments Services.
Vedanta will also cease to be a part of Nifty 500, Nifty 100, Nifty LargeMidcap 250, Nifty 200, and will be replaced by SBI Card in each of these indices.
Vedanta will be replaced in Nifty Metal, Nifty Commodities, Nifty MNC, Nifty 50 Value 20, Nifty 500 Value 50 and Nifty High Beta 50 indices by Mishra Dhatu Nigam, Coromandel International, Nippon Life India Asset Management, Hindalco Industries, SJVN and IDFC First Bank, respectively.
The index maintenance sub-committee also decided to exclude Total Transport Systems and Univastu India from Nifty SME Emerge index effective July 9, as these companies shift to the main board.

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