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BUSINESS AND ECONOMY - May 2017

May 2017

Jul 04, 2023

Tamil Nadu Overtakes UP and Karnataka to Emerge India's Top Electronics Exporter

  • Tamil Nadu for the first time overtook Uttar Pradesh and Karnataka to emerge as India's top electronics exporter in the fiscal year ended March 2023 as the global giants Foxconn and Pegatron accelerated iPhone exports last year.
  • Exports data released by the Central government for FY23 showed that Tamil Nadu's electronics exports almost tripled in the last fiscal and stood at $5.37 billion up from from $1.86 billion in the previous year. This helped TN swiftly climb the ladder from the fourth spot and bag the top spot in FY 23.
  • A review of data from FY 17-18 to FY 22-23 shows that TN, Uttar Pradesh and Karnataka have been in the top three but the state never made it to the top.

CoinDCX Partners with KoinX to Allow Crypto Tax Tracking on its Platform

  • Crypto exchange CoinDCX announced a partnership with crypto taxation platform KoinX to provide an infrastructure enabling users to file their crypto taxes on its platform. According to the company's announcement, investors and traders on the CoinDCX platform will have access to KoinX's tax calculation and reporting system.
  • CoinDCX users will not only be able to track their tax computation on the CoinDCX exchange but also effortlessly connect multiple exchanges and wallets to the KoinX platform. This will enable investors to track all their crypto transactions, including NFTs and DeFi investments, and view the corresponding tax amount in real-time.

Zee Entertainment Clears IndusInd Bank Payment Dues, NCLAT Disposes Appeal

  • Zee Entertainment and Induslnd Bank announced that all payments due to Induslnd Bank were made by ZEEL in June end. The NCLAT (National Company Law Appellate Tribunal) accordingly disposed off the appeal.
  • The tribunal asked both parties to pay the cost of the interim resolution professional for the period the case was under the resolution process. The NCLAT also set aside NCLT's order allowing the admission of ZEEL for insolvency.

Jul 03, 2023

SBI opens 34 transaction banking hubs

  • State Bank of India (SBI) said it has opened 34 Transaction Banking Hubs in top 21 district centres across the country to provide quick and efficient transaction banking solutions to customers. As part of the transaction banking services and current account-related offerings, SBI is planning to meet all customer needs and provide comprehensive solutions for their transaction, payment, and collection requirements under one roof. The newly set-up hubs will be staffed by product specialists who will also assist business customers with their other financial service needs.

Indian Bank rolls out digital services under 'Project WAVE' initiative

  •  Accordingly, the city-headquartered bank in collaboration with National E-Governance Services Ltd, has introduced an electronic bank guarantee (e-BG) service to ease traditional paper-based processes.
  • This move will also reduce the turn-around time of the bank guarantee issuance and delivery to the beneficiary from an industry average of 3-4 working days to a few minutes, a bank statement said.
  • Besides, the facility would replace the need for physical stamp paper and physical signatures of customers by replacing them with digital stamping and e-signing making the entire process digital.

Bank of Baroda to divest 49% in credit card arm BOB Financial Solutions

  • State-owned Bank of Baroda (BoB) plans to sell up to 49 per cent stake in credit card business arm BOB Financial Solutions Ltd.Currently, it is 100 per cent owned by BoB.The bank has floated a Request for Proposal for roping in a strategic investor, and the process is expected to complete in one year, a senior bank official said.
  • BOB intends to offload up to 49 per cent in a combination of primary and secondary capital from one or multiple investors to create more value in BOB Financial Solutions and take it to the next level of growth, the official said.
  • BOB Financial doubled the acquisition of new credit cards in FY23 by issuing close to 1.2 million credit cards compared to 0.5 million a year ago.

Jul 02, 2023

Lenders Vote in favour of Hinduja Offer for Bankrupt Reliance Capital

  • Lenders to debt-ridden Reliance Capital voted in favour of a resolution plan submitted by Hinduja Group firm IndusInd International Holdings Ltd (IIHL), which made the highest cash offer of Rs. 9,661 crore and was the lone bidder in the second round of auction.
  • An overwhelming majority of 99.6 per cent votes supported the IIHL plan.
  • Taking into account the cash balance of Rs. 500 crore in the books of Reliance Capital, the lenders are expected to receive nearly Rs. 10,200 crore for distribution as against Rs 16,000 crore principal secured debt. This would mean about 65 per cent recovery for the lenders.
  • The insolvency administrator for Reliance Capital plans to file the Hinduja group company's resolution plan with the Mumbai Bench of the National Company Law Tribunal (NCLT) next week.
  • The transaction, however, will depend on the Supreme Court's decision on a petition filed by Ahmedabad-based Torrent Group, which objected to the lenders conducting a second auction for Reliance Capital. In the first auction held last December, Torrent was the highest bidder with an offer of Rs. 8,640 crore.

ICICI Securities to Become 100% Subsidiary of ICICI Bank after Delisting

  • ICICI Securities announced that it will become a wholly-owned subsidiary of ICICI Bank upon delisting. The company said that its board of directors approved a draft scheme of arrangement for the delisting of the company's equity shares.
  • As a part of the acquisition, shareholders of ICICI Securities will get 67 equity shares of ICICI Bank for every 100 shares of the company. ICICI Bank will issue equity shares to public shareholders of ICICI Securities in lieu of cancellation of their equity shares in the company.
  • The acquisition is likely to be completed in the next 12-15 months after various regulatory approvals.

Jul 01, 2023

Deloitte Appoints Former SoftBank India Head Manoj Kohli as Senior Advisor

  • Deloitte appointed Manoj Kohli, an experienced professional, as a senior advisor. With a remarkable career spanning 44 years and encompassing 30 countries, Kohli held significant positions such as the Country Head of Softbank India. During his tenure, he played a crucial role in expanding the firm's presence in the Indian digital start-up market. Prior to that, he served as the CEO and Managing Director of Bharati Airtel, where he successfully drove the company's growth and market dominance in India's telecommunications industry.
  • Kohli's extensive knowledge in technology, telecommunications, renewables, and digital sectors makes him a valuable asset in providing guidance on strategic initiatives, innovation, adapting to the evolving business landscape, improving client experience, and generating value for stakeholders.
  • Deloitte Touche Tohmatsu Limited, commonly referred to as Deloitte, is a British multinational professional services network headquartered in London, England. Deloitte is the largest professional services network by revenue and number of professionals in the world and is considered one of the Big Four accounting firms along with EY, KPMG and PwC.
  • The firm was founded by William Welch Deloitte in London in 1845.

Canara Bank Offers UPI Payments through RuPay Credit Cards

 

ICICI Lombard, ICICI Prudential Launch Combi Product 'iShield'

  • ICICI Lombard General Insurance and ICICI Prudential Life Insurance jointly launched a combi product, 'iShield', which provides customers with both health and life insurance under the use and file procedure.
  • The use and file procedure allows an insurer to launch a product without prior approval of the regulator. A combi product offers benefits of a life insurance, along with that of general or other insurance covers.
  • 'iShield' will enable customers to take care of expenses required for medical treatments.

Canara Bank Offers UPI Payments through RuPay Credit Cards

  • Bengaluru-based Canara Bank became the first public sector bank in India to introduce UPI (Unified Payments Interface) payments for merchants through its RuPay Credit Card. This exciting feature is now accessible within the bank's 'Canara ai1' Banking Super App, thanks to a partnership with the National Payments Corporation of India (NPCI).
  • This development means that Canara Bank customers can now make UPI payments to merchants directly from their RuPay Credit Cards. Customers will have to link their Canara Bank RuPay Credit Cards to their UPI IDs, to conduct credit card transactions using this secure and seamless digital payment method.

Jun 30, 2023

Tata AIA Introduces Industry-First Premium Payment through WhatsApp and UPI

  • Tata Group-backed life insurance arm, Tata AIA introduced digital payments via WhatsApp and Unified Payment Interfaces. This newly added payment option is first-of-its-kind in the insurance industry and offers an instant premium payment facility through WhatsApp and UPI-enabled payment options.
  • For easy use for both tech and non-tech-savvy consumers, it also offers a hassle-free premium payment experience.
  • Through the new feature, policyholders can pay premiums digitally and receive a quick premium payment confirmation & acknowledgment.
  • This is also part of Tata AIA's goal to improve its Net Promoter Score (NPS), a system used to measure how well the company is meeting its consumer's needs and improving consumer behaviour.

Micron, Gujarat Govt. Ink Deal to Set up Semiconductor Plant

  • Micron Technology, a US-based semiconductor manufacturer, signed a Memorandum of Understanding (MoU) with the Gujarat government to set up a state-of-the-art semiconductor unit in Sanand, near Ahmedabad. The project, valued at Rs. 22,500 crore, marked a significant milestone in India's journey towards self-reliance in memory chip manufacturing. The MoU signing ceremony was attended by Union Minister Ashwini Vaishnaw, Chief Minister Bhupendra Patel and Micron Technology's senior vice-president, Gursharan Singh.
  • This collaboration between Micron Technology and the Gujarat government is the second MoU signed by the state with a semiconductor manufacturer. In September 2022, a similar MoU was inked with the Foxconn-Vedanta joint venture for a Rs. 1.54-lakh crore unit in Gujarat. While the project at Dholera SIR awaits formal approval from the Central government, the signing of the MoU with Micron Technology demonstrates Gujarat's commitment to attracting semiconductor investments.
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