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BUSINESS AND ECONOMY - October 2017

Oct 2017

Oct 16, 2023

NTPC the Only Indian PSU in Forbes "World's Best Employers 2023" List

India's largest integrated energy conglomerate, NTPC Limited, was recognised as one of the World's Best Employers 2023 in the Forbes World's Best Employers list 2023 released in Oct 2023. It ranked 261st out of top 700 companies in the World ranking and is the only Indian PSU to figure in the list. This is a testimony that the people practices at NTPC are at par with the top companies in the world.
Every year Forbes publishes the World's Best Employers List through independent market research to identify top 700 companies which offer exciting working and a positive environment, opportunities for training and career advancement, employee benefits, employee centric and workplace diversity. Forbes partnered with market research firm Statista to create the seventh annual list of the World's Best Employers this year.

RBI Slaps Monetary Penalties on RBL Bank, Union Bank, and Bajaj Finance

The Reserve Bank of India (RBI) imposed monetary penalties on RBL Bank, Union Bank, and Bajaj Finance due to violation of certain norms.
RBL Bank was fined Rs. 64,00,000 for its failure to obtain an annual declaration in Form B from one of its major shareholders within the stipulated time frame of one month after the close of the financial years ending on March 31, 2018, March 31, 2019, and March 31, 2020.
Union Bank of India has incurred a penalty of Rs. 1 crore for its failure to comply with specific directions.
A penalty worth Rs. 8,50,000 was imposed on Bajaj Finance. The penalty was levied due to the company's non-compliance with the 'Monitoring of Frauds in NBFCs Directions, 2016,' a set of guidelines issued by the RBI.

Mphasis Acquires Salesforce Service Partner Silverline

Mphasis, the India-based information technology (IT) solutions provider, acquired Silverline, a New York-based digital transformation consultancy and Salesforce service partner, for $132.5 million. Silverline will give Mphasis expertise in Salesforce and industries that include financial services, retail, healthcare, life sciences and media and entertainment.
The Silverline acquisition is part of Mphasis's plan to prepare for the future applied technology and predict trends. Silverline, which was established in 2009, has more than 400 specialists around the world.

Oct 15, 2023

Bharti Group to Acquire French Insurer AXA's 49% Stake in Bharti AXA Life Insurance Co

In a significant development in the Indian insurance industry, the Bharti Group announced its acquisition of French insurer AXA's 49% stake in Bharti AXA Life Insurance Co. This move marks the consolidation of a venture that was jointly run for nearly two decades. While the details of the deal remain undisclosed, this acquisition raises questions about AXA's continued presence in the Indian insurance market. Additionally, Bharti Group is exploring opportunities to scale up its business by partnering with other investors.
For almost twenty years, Bharti AXA Life Insurance Co. was a joint venture between Bharti Group and AXA, a leading French insurance company. During this partnership, the two companies worked together to provide a wide range of insurance and financial products to the Indian market. However, the recent announcement indicates a change in the partnership dynamics.

Oct 14, 2023

Radha Vembu, India's Richest Self-Made Woman in India as Per Hurun India List 2023

Zoho Corp. co-founder Radha Vembu became the richest self-made Indian woman surpassing Falguni Nayar, founder and CEO of online beauty and fashion retailer Nykaa, according to a report by Hurun India.
The report titled '360 One Wealth Hurun India Rich List 2023' was released in October. As per the report, the 50-year-old entrepreneur became the richest self-made Indian woman with a net worth of Rs. 36,000 crore.
Radha Vembu was ranked 40th among India's 100 richest persons, while Falguni Nayar ranked 86th with a net worth of Rs. 22,500 crore.

Spice Money Partners with NSDL Payments to Revamp Rural Banking in India

Spice Money (a subsidiary of DiGiSPICE Technologies), India's leading rural fintech company that creates nanopreneurs for emerging India, announced a groundbreaking collaboration with NSDL Payments Bank to make a significant impact in rural India by allowing citizens to open zero balance accounts. Spice Money hopes to empower rural communities with greater financial inclusion by providing them with access to critical banking services and supporting economic growth in these areas. More people in rural India will be able to participate in formal banking institutions, unlocking the potential for increased financial stability and possibilities, thanks to the convenience of zero balance accounts.
Spice Money and NSDL Payments Bank formed a strategic relationship that will pave the path for a brighter and more equitable future for rural India.

Oct 13, 2023

South Indian Bank Names V. J. Kurian as its New Chairman

V. J. Kurian was appointed as the non-executive part time chairman of the Thrissur based South Indian Bank with effect from November 2 to March 22, 2026.
The Reserve Bank of India conveyed its approval for the appointment.
Kurian will succeed Salim Gangadharan, who will be retiring as non-executive part-time chairman of the bank on November 1 after completion of his term.

RBI Slaps Rs 5.39 crore Penalty on Paytm Payments Banks

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 5.39 crore on Paytm Payments Bank for violating Know Your Customer norms, among others.
As per RBI, Paytm Payments Bank failed to meet certain regulatory provisions under Know Your Customer (KYC), as well as the norms on enhancement of maximum balance at the end of the day as indicated in the licensing conditions of payments banks.
The bank was also found non-compliant with the 'Cyber Security Framework in Banks', in the context of 'Guidelines on Reporting of Unusual Cyber Security Incidents' and 'Securing Mobile Banking Applications Including UPI Ecosystem'.

Oct 12, 2023

IMF Raises India's FY24 GDP Growth Forecast to 6.3%

The International Monetary Fund (IMF) raised its FY24 growth projection for India by 20 basis points to 6.3 per cent, citing stronger than expected consumption between April and June.
The IMF's latest World Economic Outlook (WEO) kept its global growth forecast unchanged at 3 per cent for 2023 and pared down the 2024 projection by 10 basis points to 2.9 per cent.
The IMF's inflation projection for India has been revised upward to 5.5 per cent for FY24.

UNCTAD released the 'Trade and Development Report 2023'

UNCTAD's Trade and Development Report 2023 warns that the global economy is stalling, with growth slowing in most regions compared with last year and only a few countries bucking the trend.
It says the global economy is at a crossroads, where divergent growth paths, widening inequalities, growing market concentration and mounting debt burdens cast shadows on the future.
The prospect of meeting the Sustainable Development Goals (SDGs) by 2030 is fading as a combination of rising interest rates, weakening currencies and slowing export growth squeezes the fiscal space needed for governments to fight climate change and provide for their people.
The report calls for a change in policy direction – including by leading central banks – and accompanying institutional reforms promised during the COVID-19 crisis to avert a lost decade.

Air India commissions mega warehouse facility in Delhi

Air India has commissioned a mega warehouse facility in Delhi for storing over 1,000,000 engineering spares for aircraft maintenance.
Spread across 54,000 square feet and located near Terminal 3, at Delhi Airport's cargo complex, the centralized warehousing facility will improve the turnaround time of flights operating out of Delhi.
The facility will offer a one-stop solution for storing aircraft spares, tools, and ground support equipment ranging from hardware to sophisticated and complex avionics, hydraulics, structural, pneumatic, and mechanical components.
This facility will not only boost Air India's fleet and operational efficiency but will also strengthen India's aviation ecosystem.
The warehouse will offer us more proximate access to and better control over our aircraft spares enabling us to meet any engineering requirement promptly — leading to improved punctuality of flights.

Bangladesh inaugurated the 82-km Padma Bridge Rail Link

Bangladesh Prime Minister Sheikh Hasina on Tuesday inaugurated the 82-kilometre railway track, connecting Dhaka to Bhanga, as part of the "Padma Bridge Railway Link Project."
She opened the rail route unveiling a plaque by pressing a button at a civic rally at Mawa Railway Station in Munshiganj in presence of PM's younger sister Sheikh Rehana.
Padma Bridge Rail Link Project (PBRLP), is being implemented to build a 172-km rail line from Dhaka, the capital city, with the southwestern district of Jessore through Padma Bridge at a cost of Tk 39,247 crore.
It is being executed by Bangladesh Railway (BR) in collaboration with China Railway Group Limited (CREC), a Chinese construction company, and the Corps of Engineers of the Bangladesh Army acting as the construction supervision consultant.

Indian Navy & SBI launches unique NAV-eCash card for online transactions

India is leading the world with over 100 billion digital financial transactions being recorded annually and the number is steadily growing.
Indian Navy and the State Bank of India have launched the 'Nav-eCash' card, a unique e-cash card that can work in both online and offline mode.
This is a giant step as India eyes complete Self-reliance and digital transformation. The SBI Nav-eCash card will be implemented pan Navy.
This system is ready for implementation in every domain where there are restrictions on real-time internet connectivity or internet usage or there is non-availability of internet due to being in a remote location.

India's Fiscal Deficit Rose to Rs 6.42 trillion, 36% of the FY24 Target

In the same period in FY23, the fiscal deficit was 32.6 per cent of the full-year target.
It aim to narrow its fiscal deficit to 5.9 per cent of gross domestic product (GDP) by the end of the current financial year, against 6.4 per cent last year.
India's fiscal deficit in the first five months of the financial year 2023-24 (FY24) stood at Rs 6.42 trillion, 36 per cent of the full-year target of Rs 17.87 trillion.

Mukesh Ambani overtakes Gautam Adani become richest Indian on Hurun list

Adani's wealth fell significantly due to the effect of the Hindenburg report on the group's shares.
Reliance Industries chairman Mukesh Ambani overtook Gautam Adani and reclaimed the title of the richest Indian, according to Hurun India Rich List 2023.
Cyrus S Poonawalla and family remained in third position.
Industrialist Kumar Mangalam Birla and family and Niraj Bajaj and family re-entered the top 10.

India's Net Direct Tax Collections Surge by 21.8%

While tax refunds amounting to ₹1.5 lakh crore have been remitted to taxpayers so far, some refunds are being withheld on the basis of pending tax demands from the past that taxpayers are being given a chance to address.
India's net direct tax collections grew 21.8% to ₹9.57 lakh crore by October 9, surpassing over half of the Budget estimates for 2023 with personal income tax revenues rising 32.5% and corporate taxes increasing 12.4%.

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