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BUSINESS AND ECONOMY - December 2017

Dec 2017

Mar 22, 2024

DBS Bank India Announces $250 Million Lending Support for Start-ups, 'New Economy' Companies

  • DBS Bank India announced a lending commitment of $250 million for new-age start-ups. The initiative is part of the bank's focus on fostering innovation and entrepreneurship within the country's thriving start-up ecosystem.
  • The Indian start-up sector, a foundational pillar of the country's development goals, has seen significant expansion over the years with over 90,000 start-ups and more than 100 unicorns as of 2024. Despite their growing resilience, access to capital for these companies in the current dynamic environment presents an ongoing challenge. Recognising the disruptive power of the start-up segment, particularly those harnessing emerging technologies, DBS Bank India has earmarked lending support of $250 million, focusing on enterprises that are set to redefine industry standards with innovative solutions.

M. V. Rao New Chairman of Indian Banks Association

  • The Indian Banks' Association (IBA) elected M. V. Rao, Managing Director and Chief Executive Officer of the Central Bank of India, as its new Chairman. The decision was taken during the IBA's managing committee meeting.
  • The committee also elected the following three individuals as Vice-Chairmen of the banking lobby group: Dinesh Kumar Khara, Chairman of State Bank of India (SBI), S. L. Jain, Managing Director and Chief Executive of Indian Bank and N. Kamakodi, Managing Director and Chief Executive of City Union Bank.
  • Madhav Nair, the Country Head and Chief Executive of the Bank of Bahrain and Kuwait, was unanimously elected as the Honorary Secretary of the IBA.
  • The IBA is a representative body of Indian banks, comprising public sector, private sector, foreign, cooperative, and regional rural banks. It plays a crucial role in shaping banking policies and promoting best practices in the Indian banking industry.

GRID-INDIA Achieves Miniratna Status

  • Grid Controller of India Limited (GRID-INDIA) achieved a significant milestone by being conferred with the status of Miniratna Category-I Central Public Sector Enterprise (CPSE). This recognition was bestowed upon by the Ministry of Power, Government of India, highlighting GRID-INDIA's pivotal role in the nation's power landscape.
  • Established in 2009, GRID-INDIA holds the crucial mandate of overseeing the seamless and uninterrupted operation of the Indian Power System. Its responsibilities include ensuring the efficient transfer of electric power within and across regions, facilitating trans-national power exchanges, with a focus on reliability, economy, and sustainability. It also facilitates competitive and efficient wholesale electricity markets and administers settlement systems.
  • GRID-INDIA comprises five Regional Load Despatch Centres (RLDCs) and the National Load Despatch Centre (NLDC). It shoulders the immense responsibility of managing the All India synchronous grid, one of the world's largest and most intricate power systems.

Mar 21, 2024

RBI Imposes Penalties on Tamilnad Mercantile Bank and DCB Bank

  • The Reserve Bank of India (RBI) levied penalties on Tamilnad Mercantile Bank and DCB Bank for non-compliance with certain regulatory directions pertaining to interest rates on advances.
  • Tamilnad Mercantile Bank was penalised with Rs. 1.31 crore for non-compliance with RBI directives on 'Interest Rate on Advances' and 'Central Repository of Information on Large Credits (CRILC) – Revision in Reporting'.
  • DCB Bank was penalised with Rs. 63.6 lakh for failure to comply with RBI guidelines concerning 'Interest Rate on Advances'.

Wipro Appoints Anne-Marie Rowland as CEO of Capco

  • IT major Wipro appointed Anne-Marie Rowland as the Chief Executive Officer (CEO) of Capco, the London-headquartered consulting firm it had acquired for $1.45 billion in 2021.
  • Rowland is currently Managing Partner of Capco's business in the UK and Ireland and a member of Capco's global leadership team. She will take on the CEO's role effective April 1, 2024.
  • As CEO, Rowland will report to Delaporte and will become a member of Wipro's Executive Committee (WEC).
  • She had joined Capco 14 years ago and has consulting expertise in business change management, innovation, and transformation.

Mar 19, 2024

Startup Mahakumbh 2024: Revolutionising India's Entrepreneurial Landscape

  • Startup Mahakumbh 2024, a groundbreaking initiative led by industry giants such as ASSOCHAM, Nasscom, Bootstrap Incubation & Advisory Foundation, TiE, and Indian Venture and Alternate Capital Association, is set to unite over 1,000 startups, 50 unicorns, 500 incubators, and 5,000 delegates from 23 countries. 
  • This three-day event, supported by the Department for Promotion of Industry and Internal Trade (DPIIT), aims to foster innovation and collaboration across various sectors, featuring prominent figures like Amitabh Kant, Sivasubramanian Ramann, and Falguni Nayar.

Poonawala Fincorp Appoints Arvind Kapil as MD and CEO

  • Poonawalla Fincorp share price gained over 3% in early trade on Tuesday after the company announced the appointment of retail banking veteran Arvind Kapil as its new Managing Director & Chief Executive Officer for a five-year term starting June 24.
  • Kapil is currently serving as Group Head - Mortgages at HDFC Bank and comes with over 25 years of experience with the largest private lender in handling a bouquet of retail products.
  • He will replace current MD & CEO Abhay Bhutada, who will move to Poonawalla Group, and remain a non-executive director in the company, as per a regulatory filing.
  • Analysts expect the leadership transition to pivot to a phygital approach (branch + digital) with a wider product offering to target a larger customer base. 
  • "With the backing of the Poonawalla Group, AAA credit rating, guidance of Keki Mistry, and a retail banking veteran in Arvind Kapil at the helm of affairs, the right ingredients are in place to establish a successful retail lending franchise," said Avinash Singh, Senior Research Analyst at Emkay Global Financial Services.

Startup Mahakumbh 2024: Revolutionising India's Entrepreneurial Landscape

  • Startup Mahakumbh 2024, a groundbreaking initiative led by industry giants such as ASSOCHAM, Nasscom, Bootstrap Incubation & Advisory Foundation, TiE, and Indian Venture and Alternate Capital Association, is set to unite over 1,000 startups, 50 unicorns, 500 incubators, and 5,000 delegates from 23 countries. 
  • This three-day event, supported by the Department for Promotion of Industry and Internal Trade (DPIIT), aims to foster innovation and collaboration across various sectors, featuring prominent figures like Amitabh Kant, Sivasubramanian Ramann, and Falguni Nayar.

NCRTC Managing Director Vinay Kumar Singh Resigns

  • In a sudden development, Vinay Kumar Singh, the Managing Director of the National Capital Region Transport Corporation (NCRTC), resigned from his position.
  • Singh has been spearheading the Regional Rapid Transit System (RRTS) project in India, and his resignation came at the cusp of the successful completion of India's first Namo Bharat service (formerly RapidX).
  • Singh has been the MD of the corporation since 2016.

YES Bank Partners with Indian Olympic Association for Paris Olympics 2024

  • YES Bank announced its partnership with the Indian Olympic Association (IOA) as the Official Banking Partner for Team India at the Paris Olympics 2024.
  • As part of the collaboration, the bank launched the campaign 'Milkar Jitayengey' and introduced the 'YES Glory Debit Card,' specially designed for India's Olympic athletes.
  • The bank also unveiled the 'YES Glory' savings account proposition, extending benefits to athletes and their immediate family members.
  • The YES Glory account offers a range of benefits tailored to the needs of champion athletes. These perks include a complimentary Welcome on-board Taj voucher, free orthopedic consultations, and zero cross-currency mark-up on international spends.

YES Bank Partners with Indian Olympic Association for Paris Olympics 2024

  • YES Bank announced its partnership with the Indian Olympic Association (IOA) as the Official Banking Partner for Team India at the Paris Olympics 2024.
  • As part of the collaboration, the bank launched the campaign 'Milkar Jitayengey' and introduced the 'YES Glory Debit Card,' specially designed for India's Olympic athletes.
  • The bank also unveiled the 'YES Glory' savings account proposition, extending benefits to athletes and their immediate family members.
  • The YES Glory account offers a range of benefits tailored to the needs of champion athletes. These perks include a complimentary Welcome on-board Taj voucher, free orthopedic consultations, and zero cross-currency mark-up on international spends.

P&G India appoints Kumar Venkatasubramanian as CEO effective May 1

  • Kumar Venkatasubramanian will be the new chief executive officer (CEO) of Procter & Gamble (P&G) India beginning May 1, as the incumbent LV Vaidyanathan has decided to move on after 28 years at the FMCG giant.
  • Venkatasubramanian is currently leading the P&G business in Australia and New Zealand as CEO, where he has delivered record metrics. Before the overseas role, he was leading the sales team in P&G India till 2020.
  • An alumnus of IIM Calcutta, Venkatasubramanian had started his journey with P&G in the sales team in India in 2000, soon after leaving the campus.

Mar 18, 2024

Bandhan Bank to Launch Credit Card in Apr-May

  • Private sector lender Bandhan Bank will be the latest to join the credit card market and the roll out is expected around April-May this year (2024).
  • The bank has hired former Bank of Baroda (BoB) executive Piush Jha to head the credit card unit.
  • The credit card team at Bandhan will also see former bankers from Citi and YES Bank, among others, coming on board.
  • Bandhan will tie up with card networks like Visa, Mastercard and homegrown Rupay of the National Payments Corporation of India (NPCI).

Kotak Mahindra Bank Appoints Jaideep Hansraj as Group President-One Kotak

  • Mumbai-based Kotak Mahindra Bank appointed Jaideep Hansraj, the Managing Director & CEO of Kotak Securities, as the group President-One Kotak.
  • The appointment is important for leveraging the Group's financial conglomerate model and delivering holistic propositions to customers.
  • Kotak Securities president and COO Shripal Shah will take over as the MD & CEO from Hansraj after receiving necessary approvals.

B. Sairam is the New Chairman and Managing Director of NCL

  • B. Sairam was appointed as the new Chairman and Managing Director (CMD) of Northern Coalfields Limited (NCL). NCL is the Singrauli-based flagship subsidiary of Coal India Limited.
  • Sairam has 33 years of dedicated service in the coal sector.
  • He has a vast knowledge and experience in the coal industry.
  • Sairam is a distinguished graduate mining engineer from NIT Raipur.
  • He has worked in various domains, including mine operations, planning, logistics, and regulatory affairs.
  • NCL is a pioneering coal company operating in Singrauli and Sonebhadra districts of Madhya Pradesh and Uttar Pradesh.
  • It operates 10 highly mechanised mines in the region.
  • NCL is eyeing over 135 Million Tonnes of Coal production and Dispatch in the financial year 2023-24.

Mar 16, 2024

Arya.ag Partners Shivalik Bank for Commodity Financing

  • Grain commerce platform Arya.ag collaborated with Shivalik Small Finance Bank to extend financial assistance to farmers, agro-processors, and micro-enterprises. This partnership aims to facilitate over Rs. 200 crore in warehouse receipt financing in the current fiscal year, enhancing financial inclusion in the agricultural ecosystem.
  • Initiative aids in expanding the bank's reach across India's agricultural landscape.
  • It democratises access to financial services, ensuring equitable pricing and consistent credit supply.

Paytm Gets a Lifeline with Third-party License

  • Paytm was granted a third-party application provider license by the National Payments Corporation of India (NPCI), just a day before the deadline for Paytm Payments Bank to cease its operations. The license offers Paytm's customers a means to continue using its app for payments following the shutdown of Paytm Payments Bank on March 15.
  • Paytm now partnered with other banks (like Axis, HDFC, SBI, YES Bank) to process UPI transactions instead of their own bank.
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