ReNew Power, subsidiary of renewable energy company ReNew Energy Global Plc, signed a renewable energy agreement of 150 MW with Microsoft India, in one of the largest such deals in the country.
As part of the arrangement, ReNew will produce 150 MW of clean energy from a recently commissioned solar site near Bikaner.
This deal signifies that corporates globally, including India, are increasingly integrating renewable energy into their operations in every form, and this partnership further paves the way for innovative models that will accelerate the energy transition.
Punjab Ranks 2nd in Average Monthly Income per Agricultural Household
Punjab ranked second in the country in average monthly income per agricultural household. This fact came to light in a data provided by Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar.
As per information, Meghalaya topped across the country with average monthly income per agricultural household (Rs. 29,348).
Punjab (Rs. 26,701) is followed by Haryana (Rs. 22,841), Arunachal Pradesh (Rs. 19,225), Jammu and Kashmir (Rs. 18,918), group of Union Territories (Rs. 18,511), Mizoram (Rs. 17,964), Kerala (Rs. 17,915), group of northeastern states (Rs. 16,863), Uttarakhand (Rs. 13,552), Karnataka (Rs 13,441), Gujarat (Rs 12,631), Rajasthan (Rs. 12,520), Sikkim (Rs. 12,447) and Himachal Pradesh (Rs. 12,153).
PNB Housing Fin Opens 'Roshni' Branches for Affordable Housing Loans
PNB Housing Finance opened 'Roshni' initiative branches in various locations, including tier II and III cities, for deepening its customer base in the affordable housing segment.
Through its affordable home loan scheme Roshni, the city-based lender also renewed its commitment towards the government's Housing for All mission.
Under this initiative, PNB Housing Finance will offer retail loans to individuals in the range of Rs. 5 lakh to Rs. 30 lakh.
The company's Roshni branches inaugurated in Chennai, Coimbatore, Ghaziabad, Hyderabad, Indore/Ujjain, Lucknow, Mumbai, Nagpur, Pune, Rajkot and Varanasi will cater to customers in this segment.
The Union Cabinet Approves the National Geospatial Policy
The Union Cabinet is learnt to have approved the National Geospatial Policy that seeks to boost entrepreneurship for the socio-economic development of the country.
Prime Minister Narendra Modi chaired a meeting of the Union Cabinet.
The policy also seeks to promote the use of geospatial products and services, generate useful insights from geospatial data and strengthen India's geospatial infrastructure and capabilities.
Dec 18, 2022
Wipro Signs Multi-year Deal with Finastra for Corp Banks in Middle East
IT company Wipro signed a multi-year digital transformation partnership with fintech firm Finastra for corporate banks in the Middle East.
The multi-year engagement will make Wipro the exclusive implementation and go-to-market partner to deploy Finastra's trade finance solutions in the region.
This exclusive partnership with Finastra will enable Wipro help clients transform into truly digital platform players.
Wipro has been operating in Middle East since last several decades. It is one of the six focus regions that comprise Wipro's Asia Pacific, Middle East, India, and Africa (APMEA) Strategic Market Unit.
HDFC Bank Partners with Startup India for Parivartan SmartUp Grants
HDFC Bank announced the launch of its sixth annual grants program for social start-ups in partnership with the Government of India's flagship initiative 'Startup India'. Known as Parivartan SmartUp Grants, the program aims to identify start-ups working in the social impact space and support them through monetary grants to their incubators.
The grants have been offered under the aegis of Parivartan, the umbrella name for the bank's social initiatives. So far, the bank has disbursed over INR 30 crore to more than 45 incubators which supported over 165 start-ups working in areas like environment, agri-business, ed-tech, waste management, healthcare, and skill development sectors.
NITI Aayog, UNDP Launch Fifth 'Youth Co:Lab' for Social Entrepreneurs
NITI Aayog's Atal Innovation Mission (AIM) and UNDP India launched the fifth edition of 'Youth Co:Lab' to support young social entrepreneurs.
The applications for this edition were launched by AIM mission director Chintan Vaishnav and UNDP India Resident Representative Dennis Curry.
Launched in partnership with AIM in 2019, Youth Co:Lab is an UNDP India initiative that aims to establish a common agenda for Asia-Pacific countries to invest in and empower youth to accelerate implementation of the Sustainable Development Goals (SDGs) through leadership, social innovation, and entrepreneurship.
The Prime Minister appoints the Vice-Chairperson of NITI Aayog. NITI serves as a think tank for Government of India. Its objective is to foster Cooperative federalism through the involvement of State Governments.
NITI Aayog is headquartered in New Delhi.
Dec 17, 2022
TMB Ties up with Kotak Mahindra General Insurance Co.
Private sector lender Tamilnad Mercantile Bank Ltd. (TMB) entered into a strategic alliance with Kotak Mahindra General Insurance Co. Ltd., to market the latter's general insurance products.
Since getting listed in the stock exchanges, TMB is adding features to the choice of its customers on various products and services.
In November, Tamilnad Mercantile Bank tied up with Cholamandalam General Insurance and Max Life Insurance Company to offer their insurance products.
Headquartered in Tamil Nadu's Thoothukudi, the bank has a pan India presence with 509 branches and 12 regional offices across 16 states and 4 Union Territories and serves more than 5 million customers.
WhatsApp Pay India Chief Vinay Choletti Quits
WhatsApp Pay India chief Vinay Choletti resigned just four months after he was elevated to the position.
Choletti's resignation is the fourth high-profile exit in about one and half months from Meta in India after its country head Ajit Mohan stepped down in November.
After Mohan, WhatsApp India head Abhijit Bose and Meta India Public Policy Head Rajiv Aggarwal also resigned from the company in November.
He joined WhatsApp from Amazon in October 2021 to head Merchant Payments vertical WhatsApp Pay.
DealShare Appoints Kamaldeep Singh as President of Retail Business
Social e-commerce company DealShare announced the appointment of former Big Bazaar CEO Kamaldeep Singh as its president of retail.
As per DealShare, Singh's deep knowledge of Indian consumer behaviour, building sourcing organization, vast network of brands, and building talent and team fits well for DealShare's next phase of growth.
The move came after DealShare, a Jaipur-based social commerce start-up owned and operated by Merabo Labs Pvt Ltd, raised an additional $45 million from Abu Dhabi Investment Authority (ADIA), as an extension of its Series E round, earlier this year.
AstraZeneca Pharma India said that Gagandeep Singh Bedi resigned from the post of Managing Director.
The drug firm approved the appointment of Sanjeev Panchal as its Managing Director for a period of three years with effect from January 1, 2023.
Panchal had joined AstraZeneca Pharma in February 2003 as Brand Associate and progressed through several positions in India, Indonesia, Asia Pacific and the international region, based in Singapore and the United Kingdom (UK).
Bank of Baroda Board to Divestment Majority Stake in Nainital Bank
Bank of Baroda's board approved the divestment of its majority shareholding in the Nainital Bank.
The board of the Mumbai-based bank authorised issuance of an advertisement inviting expressions of interest (EOI) through a preliminary information memorandum (PIM) from interested parties (IPs).
The government backed lender currently holds 98.57% of the total equity share capital of Nainital Bank.
Nainital Bank NBL) was originally promoted by Late Bharat Ratna Pandit Govind Ballabh Pant and few prominent personalities of Nainital in 1922. In 1974, the Reserve Bank of India (RBI) directed Bank of Baroda to manage the affairs of NBL.
IEX Become India's First Carbon-neutral Power Exchange
India's leading energy trading platform IEX said that it became the country's first carbon-neutral power exchange using market-based tradable instruments to offset its carbon emissions.
To reduce its carbon footprint, the Indian Energy Exchange (IEX) voluntarily cancelled the certified emissions reductions (CERs) from clean projects registered under the Clean Development Mechanism of the United Nations Framework Convention on Climate Change. A CER is a certificate issued by the United Nations to member countries for preventing one tonne of carbon dioxide emissions.
Dec 15, 2022
Pension Fund Regulatory and Development Authority Launches 'NPS Prosperity Planner' to Calculate ...
The Pension Fund Regulatory and Development Authority (PFRDA) launched "NPS Prosperity Planner" which is a personalised calculator for subscribers to calculate their retirement Income (Annuity) as per the annuity options based on their existing contribution under NPS. This initiative is a part of Azadi Ka Amrit Mahotsav (AKAM) and the new calculator will allow subscribers to plan for adequacy retirement income and the NPS Prosperity Planner (NPP) has been made available by the CRAs.
NPS Prosperity Planner is futuristic and offers personalized retirement planning for the subscribers based on their past contribution, expected income rise in the future and their cost of living. The calculator thus can provide the subscriber with the reasonable projections which aid in better retirement planning to ensure adequate and sustainable old age income.
RBI Removes Informal Restrictions on Rupee NDF Trades
The Indian central bank lifted the informal restrictions on rupee non-deliverable forward trades it had placed on local banks in October.
All banks are now back to building positions in this segment.
The central bank had in October informally communicated to banks to halt building new positions in the NDF market to manage the rupee's volatility. The rupee had dropped to record low of 83.29 in October.
NDFs are offshore dollar-settled currency derivatives used by investors with limited access to onshore markets to hedge their exposure or speculate.
Vedanta Emerges as Successful Bidder for Bicholim Mining Block in Goa
In a development paving the way for resumption of iron ore mining in Goa, the state government announced that Vedanta Limited emerged as successful bidder for a mining block auctioned earlier this year.
Chief Minister Pramod Sawant said that Vedanta was the highest bidder with 63.55 per cent revenue for Bicholim Mining Block, spread over 485 hectares. The state government had started the process to auction four mining blocks in the state including the Bicholim one earlier this year.
The existing block was being operated by Vedanta itself before iron ore mining was stopped in the coastal state on the Supreme Court's orders in 2012.
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