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BUSINESS AND ECONOMY - October 2017

Oct 2017

Nov 06, 2023

Intel announced collaboration with eight Indian electronics manufacturing services (EMS) companie...

The Indian companies joining forces with Intel include Bhagwati Products Ltd, Dixon Technologies India Ltd, Kaynes Technology India Ltd, Optiemus Electronics Ltd, Panache Digilife Ltd, Smile Electronics Ltd, Syrma SGS Technology Ltd, and VVDN Technologies Private Ltd.
For some of these companies, this venture represents their inaugural entry into the laptop manufacturing arena. The collaboration between Intel and the Indian manufacturing ecosystem aims to equip these firms to meet both domestic and global demand for laptops.
Union Minister of State for Electronics and IT, Skill Development, and Entrepreneurship, Rajeev Chandrasekhar said, "I am very pleased that global organisations like Intel are partnering with India, helping to build and catalyse the electronics manufacturing ecosystem for laptops and compute.
This aligns with Prime Minister Narendra Modi's vision to drive India's Digital Economy to $1 Trillion and enable the electronics manufacturing ecosystem to contribute $300 billion by 2025-26."

Nov 04, 2023

EESL Launched 'National Efficient Cooking Programme' To Transform Cooking Practices In India

Energy Efficiency Services Limited (EESL), a joint venture of Public Sector Undertakings under the Ministry of Power, unveiled two groundbreaking initiatives, the National Efficient Cooking Programme (NECP) and the Energy Efficient Fans Programme (EEFP) on November 2, 2023, in New Delhi.

RBI Prescribe Norms For Closure Of DCCB Branches

The Reserve Bank of India (RBI) has recently made an important announcement regarding District Central Co-operative Banks (DCCBs).
These banks are now permitted to close their un-remunerative branches without seeking prior permission from the central bank, although they will require approval from the Registrar of Cooperative Societies of the respective state. This decision aims to streamline the functioning of DCCBs and ensure that the process of branch closure is carried out responsibly and transparently.

Nirmala Sitharaman inaugurated SBI's branch in Trincomalee

Finance Minister Nirmala Sitharaman has inaugurated the State Bank of India's branch in Trincomalee, Sri Lanka.
Governor of Eastern Province of Sri Lanka Senthil Thondaman, High Commissioner of India to Sri Lanka Gopal Baglay, and SBI Chairman Dinesh Khara graced the event.
Recognizing SBI's 159-year-long presence, Mrs. Sitharaman praised its commitment to growth at home and abroad, especially during the Sri Lankan economic crisis.
SBI's endeavors facilitated the smooth extension of a Line of Credit worth 1 billion dollars by the Government of India to Sri Lanka.
SBI Sri Lanka has been a pivotal support for international trade corporations and has actively bolstered remittance activities through a robust digital platform.

RBI launches two key surveys for monetary policy inputs

The Reserve Bank of India (RBI) has announced the introduction of two crucial surveys, namely the 'Inflation Expectations Survey of Households' and the 'Consumer Confidence Surveynetary'.
They're aimed at gathering essential data for the upcoming bi-monthly monetary policy. The next monetary policy review is scheduled to take place from December 6-8.

Nov 03, 2023

Zurich Insurance Company to acquire 51% stake in Kotak General Insurance

Zurich Insurance Company to acquire 51% stake in Kotak General Insurance
Kotak Mahindra Bank on Thursday announced that Zurich Insurance Company Ltd will acquire 51% stake in Kotak General Insurance for ₹4,051 crore.
Kotak Mahindra Bank and Kotak Mahindra General Insurance Company have entered into definitive agreements with Zurich Insurance Company Ltd, whereby Zurich will invest approximately ₹4,051 crore to acquire a 51% stake in Kotak General Insurance, the private sector lender said in a release.

BoB Appoints 'Kadgatoor Sheetal Venkatesmurt' As Head Of Digital Channels

Bank of Baroda (BOB) is facing a significant change in its digital leadership as Akhil Handa, the head of digital lending, has decided to leave the organization.
Handa was a key figure in the development of BOB's mobile banking application 'bob World,' but his departure comes in the wake of regulatory restrictions imposed by the Reserve Bank of India (RBI).

SBI Card Partners With Reliance Retail To Introduce 'Reliance SBI Card'

SBI Card and Reliance Retail came together to launch the co-branded Reliance SBI Card.
The lifestyle-focused credit card will offer a holistic and rewarding shopping experience to customers.
Aim: To leverage the extensive network of SBI Card with the vast consumer reach and unique retail proposition of Reliance Retail to bring a spectrum of exclusive rewards.
To unlock rewards and benefits while transacting at Reliance Retail's extensive and many more.

Nov 02, 2023

Fincare SFB to merge with AU Small Finance Bank

Fincare Small Finance Bank (Fincare SFB) is set to merge with AU Small Finance Bank (AU SFB) from 1 February 2024.
As per the terms of the merger, the share exchange ratio for the amalgamation shall be 579 equity shares of face value of ₹10 each of AU SFB for every 2,000 equity shares of face value of ₹10 each of Fincare SFB.
Following the transaction, it is expected that existing shareholders of Fincare SFB will maintain approximately 9.9% ownership in AU SFB.
Fincare Small Finance Bank, a digitally enabled small finance bank, offers a broad range of deposit and asset solutions to its customers, with a total customer base of approximately 54 lakh.
It has 1,292 banking branches in 23 states and Union territories and is expected to have a total branch count of 2,334 by the completion of the merger.
The merged entity is expected to serve approximately 98 lakh customers and employ around 43,000 people by the end of September 2023, with a combined balance sheet size of more than Rs 1,1 lakh crores.

Nokia Partners with TATA Play Fiber to Launch India's First WiFi6

• Nokia has teamed up with broadband provider Tata Play Fiber to roll out India's first WiFi6-ready broadband network.
• As part of the deal, the Finnish gear maker will provide Tata Play Fiber with a variety of fiber-to-the-home (FTTH) and WiFi equipment, including optical line terminal (OLT) and optical network terminal (ONT) with WiFi6.
• The partnership with Nokia allows us to bring Wi-Fi6-ready network to our customers - which is a first in the category.

IIT Roorkee and THDC sign MoU for Collaborative Translational Research and Development

According to a press release by IIT Roorkee, the MoU outlines the commitment of both institutions to engage in a wide array of research activities. THDC India Limited (THDCIL), a power generation company, and the Indian Institute of Technology (IIT), Roorkee signed an MoU for Collaborative Translational Research and Development.
According to a press release by IIT Roorkee, the Memorandum of Understanding (MoU) outlines the commitment of both institutions to engage in a wide array of research activities, encompassing domains such as Energy Conservation, Alternatives to Li-Ion Storage Batteries, Nano Technology for Electric Vehicle Battery, Green Hydrogen, Geo-Thermal Technology, Climate Change, waste management and recycling, water management and conservation, Vortex induced vibrations, Tunnelling techniques, Bio Fuels, Grid Stability Improvements, and various other pertinent fields, aligned with the United Nations Sustainable Development Goals (SDGs).

Nov 01, 2023

BigBasket Tops Fairwork Index for Gig Workers

Ride hailing platform Ola and tech-enabled logistics company Porter scored zero in fair work standards for gig workers on a scale of 0-10, according to Fairwork India report 2023. bigbasket topped the list with six points.
The 'Fairwork India 2023' report, spearheaded by the Centre for IT and Public Policy (CITAPP) at the International Institute of Information Technology Bangalore (IIIT-B), in association with Oxford University, examined Amazon Flex, bigbasket, BluSmart, Dunzo, Flipkart, Ola, Porter, Swiggy, Uber, Urban Company, Zepto and Zomato for the survey.
Fairwork India interviewed workers from 12 platforms in four cities — Bengaluru, Delhi, Kochi, and Thiruvananthapuram — for minimum standards of fair work in the platform economy. The agency examined the working conditions of platform workers on digital labour platforms in India.
A key highlight of the report is that none of the 12 platforms evaluated on five principles, including fair pay, fair conditions, fair contracts, fair management, and fair representation, managed to get a perfect score.

Jhunjhunwala Family-backed IKS Health Acquires US Tech Firm

Healthcare platform IKS Health, backed by the Jhunjhunwala family, acquired US-based tech solution firm AQuity Solutions, as a wholly owned subsidiary for US$ 200 million (Rs 1,600 crore).
AQuity Solutions is a leading tech-enabled clinical documentation, medical coding and revenue integrity solutions provider in the healthcare domain while IKS Health primarily provides administrative, clinical and operational services to clinicians.
The combined company is forecast to have an annual revenue of over US$330 million (Rs 2748 crore), as well as a global workforce of over 14,000 employees serving over 150,000 clinicians in many of the largest hospitals, health systems and specialty groups in the United States.

JSW Energy Joint Managing Director & CEO Resigns

Private power producer JSW Energy said that the company's joint Managing Director and Chief Executive Officer resigned.
Prashant Jain, joint Managing Director and CEO, expressed his intention to take early retirement from active professional life and pursue his personal interests.
As per JSW Energy, Jain will continue to serve in his current position until January 31, 2024 to support an orderly transition.
Jain took the position of joint Managing Director and CEO of the company in 2017.

Tata Motors Wins Rs. 766 Crore Arbitration Award in Singur Plant Dispute

Tata Motors Wins Rs. 766 Crore Arbitration Award in Singur Plant Dispute
Tata Motors secured an arbitral award amounting to Rs. 766 crore as compensation for their investment in the now-defunct Singur plant. The Singur plant was initially intended for the production of the Tata Nano cars.
This arbitration stems from a dispute between Tata Motors Limited (TML) and the West Bengal Industrial Development Corporation Limited (WBIDC). The conflict pertained to TML's claim for compensation from WBIDC, covering various aspects of capital investments. These investments were related to the automobile manufacturing facility in Singur, West Bengal.
Under the award, Tata Motors is entitled to recover a total sum of Rs. 765.78 crore, in addition to an 11 percent per annum interest, commencing from September 1, 2016, until the full recovery is achieved from WBIDC.

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