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BUSINESS AND ECONOMY - December 2017

Dec 2017

Jan 21, 2024

HDFC Bank Aims for Singapore Expansion with Banking License Application

HDFC Bank Ltd, India's biggest private sector lender, is seeking to open its first branch in Singapore, signalling its overseas ambitions after sewing up a landmark merger with mortgage financier Housing Development Finance Corporation in 2023.
The bank applied to the Monetary Authority of Singapore for a banking license and is awaiting approval.
As per reports, the banking giant is seeking a bigger presence abroad to tap the Indian diaspora for savings and term deposits, as well as to cross-sell more products, including mortgages.

Jan 20, 2024

Coal India's Venture into Power Generation Gets Cabinet Approval

The Union Cabinet Committee of Economic Affairs (CCEA) approved the Rs. 22,000 crore two maiden thermal power generation units planned by Coal India Ltd (CIL) in collaboration with its subsidiaries.
These units, slated to come at pithead (in the vicinity of coal mines), are also part of the Centre's increased efforts to have more pithead units.
The CCEA approved 660 megawatt (Mw) Amarkantak supercritical coal-based thermal power plant (TPP) in Anuppur district of Madhya Pradesh, through a joint venture between CIL subsidiary South Eastern Coalfields Limited (SECL) and Madhya Pradesh Power Generating Co Ltd (MPPGCL), owned by the state government.
The Cabinet also approved 1,600 Mw supercritical thermal power plant in Sundargarh district through Mahanadi Basin Power Ltd (MBPL), a wholly-owned subsidiary of Mahanadi Coalfields Ltd (MCL), another arm of Coal India.

PepsiCo India Appoints Jagrut Kotecha as New CEO

PepsiCo India appointed Jagrut Kotecha as its Chief Executive Officer (CEO). Kotecha took over from Ahmed El Sheikh, who held the position for seven years.
Kotecha was the company's chief marketing officer in Africa, Middle East, and South Asia (AMESA).

DMI Group Acquires BNPL Start-up ZestMoney

DMI Group, a pan-India financial services platform, acquired the beleaguered 'buy now pay later' (BNPL) ZestMoney (Zest) platform. DMI, which raised over $1.5 billion of equity investment and is supported by global institutional investors and international banks.
This development came more than a month after Bengaluru-based ZestMoney, shut down amid an unsuccessful attempt to revive its business under new management and regulatory uncertainty.
DMI Finance, the NBFC arm of DMI, will be a preferred lender on the ZestMoney platform. Through this acquisition, DMI will have the exclusive right to the use of all ZestMoney brands.

Jan 19, 2024

ICICI Bank Canada Launches 'Money2India (Canada)' Mobile Banking App

ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank, introduced its latest mobile banking app, 'Money2India (Canada),' providing Canadian customers with a seamless platform for 24/7 fund transfers to any Indian bank without the necessity of opening an account with ICICI Bank Canada.
The app offers a user-friendly interface for customers across Canadian banks, enabling instant and round-the-clock money transfers to any bank in India.
Users can send amounts of up to CAD 30,000 in a single transaction, enhancing flexibility and catering to various transaction needs.

Hyundai India Acquires General Motor's Talegaon Plant

Hyundai Motor India completed the acquisition of General Motors India's manufacturing plant at Talegaon in Maharashtra.
The country's second-largest carmaker also announced that it will invest Rs. 6,000 crore in Maharashtra as part of an agreement inked between the company and the state government in Davos.
The Talegaon manufacturing plant will play the role of a catalyst in achieving HMIL's 1 million annual production capacity milestone.

Google Pay Signs Agreement to Expand UPI for International Payments

Google Pay and NPCI International Payments signed an agreement to expand the scope of Unified Payments Interface (UPI) payments outside India.
It will enable Indian travellers to transact digitally abroad while establishing systems similar to UPI in other countries. The memorandum of understanding (MoU) was signed at a time when India is simplifying cross-border digital payments by using the UPI's rails to enable remittances between countries.

RBI Clears Appointment of Whole-time Director for 3 Years by Bandhan Bank

Private-sector lender Bandhan Bank informed that the Reserve Bank of India (RBI) granted approval for the appointment of Rajinder Kumar Babbar as Whole-Time Director (designated as Executive Director) of the bank for a period of three years.
Babbar has 35 years of experience in the banking sector across various leadership roles.

Jan 18, 2024

Competition Commission of India Approves Amalgamation of Shriram GI Holdings Private Limited with...

The Competition Commission of India (CCI) approved the proposed amalgamation of Shriram GI Holdings Private Limited with Shriram General Insurance Company Limited.
The proposed combination relates to the amalgamation of Shriram GI Holdings Private Limited (SGIH) with Shriram General Insurance Company Limited (SGIC) (Proposed Combination).
SGIH undertakes the business of investments, facilitate strategic, private equity and third-party investors, and to carry on consultancy business, including in particular in relation to the general insurance products sector.
SGIC is engaged in the business of providing general insurance, undertake re-insurance, counter insurance of insurances and to carry on generally every kind of non-life insurance and re-insurance business relating to general insurance.

LIC Becomes the most Valuable PSU

Life Insurance Corporation of India, a government-owned insurance giant, regained its status as the most valued public sector undertaking, surpassing the market capitalisation of State Bank of India.
While SBI holds a market value of Rs. 5.63 lakh crore, LIC surpassed it with a market capitalisation (MCap) of Rs. 5.64 lakh crore.

Karnataka Bank and Clix Capital Forge Digital Co-Lending Partnership via Yubi Platform

In a strategic move aligned with Reserve Bank of India guidelines, Karnataka Bank (KBL) and Clix Capital joined forces through the Yubi Co.lend Platform. This digital co-lending partnership targets the Indian MSME sector, a key driver of the country's GDP and employment growth.
The collaboration leverages Karnataka Bank's cost-efficient funds, end-to-end digital capabilities, and credit expertise in the MSME sector. Paired with Clix Capital's robust lending tech platform and thorough due diligence, the alliance aims to provide seamless and accessible finance solutions. This initiative is a response to the RBI's encouragement for banks and NBFCs to co-lend to priority sectors.

Jan 17, 2024

IndusInd Bank Ties up with EazyDiner to Launch Credit Card

IndusInd Bank launched the 'EazyDiner IndusInd Bank Platinum Credit Card' in association with EazyDiner. The credit card offers an additional discount of Rs. 500 while paying through the EazyDiner App via PayEazy for both dining and take-away at select restaurants.

Yes Bank Introduces Veefin's SmartFin for Digital Supply Chain Finance

In a move to bolster support for Micro, Small, and Medium Enterprises (MSMEs), Yes Bank introduced SmartFin, an advanced digital Supply Chain Finance (SCF) platform developed in collaboration with Veefin Solutions. The initiative reflects Yes Bank's commitment to fostering innovation and enhancing its digital offerings, particularly in the realm of working capital efficiencies.

L&T Bags Mega Order for Mumbai-Ahmedabad Bullet Train Project

Larsen & Toubro (L&T) said that its construction arm bagged a mega order to set up an electrification system for the bullet train project in the country. The order was bagged from an authorised Japanese agency.
While L&T did not disclose the exact value of the contract, it counts an order as 'mega' when it is valued at Rs. 10,000-15,000 crore.
This electrification system will enable trains to travel at speed of up to 320 km per hour.

Apple Pips Samsung to Become Top Global Smartphone Brand in 2023

Apple marched ahead of Samsung and became the top global smartphone brand in terms of shipments in 2023, according to noted industry trackers International Data Corporation (IDC) and Canalys reports. According to IDC, Apple recorded an all-time high market share of over 20 per cent in 2023, driving it ahead of Samsung that recorded a market share of 19.4 per cent in the same year.

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